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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 598 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  2d Session
S. RES. 598

 Expressing support for the Senate to work alongside the Congressional 
     Black Caucus to build the Black Wealth Agenda and outline the 
       legislative priorities to achieve the Black Wealth Agenda.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 20, 2024

  Ms. Butler (for herself, Mr. Booker, and Mr. Warnock) submitted the 
   following resolution; which was referred to the Committee on the 
                               Judiciary

_______________________________________________________________________

                               RESOLUTION

 
 Expressing support for the Senate to work alongside the Congressional 
     Black Caucus to build the Black Wealth Agenda and outline the 
       legislative priorities to achieve the Black Wealth Agenda.

Whereas 2022 data from the Federal Reserve System has showed that the racial 
        wealth gap in the United States has persisted into the 21st century, as 
        the average per capita wealth for White people in the United States was 
        $284,310 compared to only $44,100 for Black people in the United States;
Whereas access to high-quality education has been identified as a key factor in 
        narrowing the racial wealth gap in the United States, yet extraordinary 
        income inequality has diminished opportunities for families from low-
        income backgrounds;
Whereas educational segregation by income poses a threat to the promise of equal 
        opportunities in education;
Whereas the failure of the Federal Government to effectively address growing 
        inequality has resulted in decreased economic mobility rates in the 
        United States and made the American dream more elusive, as evidenced by 
        a decline in the fraction of children who earn more than their parents, 
        primarily due to the growth in inequality;
Whereas the enduring legacy of Jim Crow laws, which aimed to lower economic 
        progress of Black people in the United States through racial 
        segregation, disenfranchisement, and limitation of geographic mobility, 
        has left a lasting imprint on the socioeconomic standing of Black people 
        in the United States;
Whereas Jim Crow laws directly targeted education and other areas of life, 
        significantly hindering the pursuit of prosperity by Black people in the 
        United States and contributing to the persistent economic divide;
Whereas homeownership in the United States, a critical avenue for wealth 
        building, remains significantly less attainable for Black people 
        compared to White people, with disparities in homeownership rates 
        exceeding 30 percent in some cities, exacerbating the racial wealth gap 
        and hindering the ability of Black families to accumulate and pass down 
        wealth across generations;
Whereas homes in majority-Black neighborhoods in the United States are 
        systematically undervalued compared to those in predominantly White 
        areas, with the devaluation contributing to underfunded public services, 
        including education, and perpetuating a cycle of economic disadvantage 
        and inequality for Black people residing in these communities;
Whereas employment discrimination has resulted in higher unemployment rates and 
        lower wages for Black people in the United States compared to their 
        White counterparts, with Black workers being disproportionately 
        represented in low-wage positions and underrepresented in high-wage 
        executive roles;
Whereas the war on drugs and discriminatory criminal justice policies in the 
        United States have led to mass incarceration of Black people at rates 
        significantly higher than White people, disrupting families, limiting 
        employment opportunities, and imposing financial burdens that hinder 
        wealth accumulation;
Whereas systemic racism in healthcare has created disparities in access to 
        quality care and outcomes for Black people in the United States, leading 
        to higher healthcare costs and economic instability for affected 
        families, further widening the racial wealth gap;
Whereas Black people in the United States face significant barriers in accessing 
        financial services and capital, with a lower likelihood of loan approval 
        and higher interest rates compared to White applicants, limiting 
        opportunities for business ownership and investment;
Whereas, according to an analysis by Citi Group, disparities for Black people 
        across the economic system of the United States from 2004 to 2024 have 
        cost the economy $16,000,000,000,000;
Whereas 14.4 percent of the population in the United States is Black, yet Black 
        households hold only 4 percent of total household wealth compared to 84 
        percent held by White households;
Whereas unions significantly reduce racial wage gaps, and racial wealth gaps are 
        generally smaller among union members as a result of the enhanced job 
        protections that workers covered by a union contract enjoy;
Whereas the median non-union White family has more than $7 in wealth for every 
        $1 held by the median non-union Black family, but that ratio is roughly 
        half as large among union families where the median union White family 
        has $3.70 in wealth for every $1 held by the median union Black family;
Whereas, in 2022, the median income for Black households in the United States 
        was $52,860 compared to a median income of $81,060 for White households;
Whereas, according to economic data from the Federal Reserve--

    (1) only 46 percent of Black households in the United States owned 
their home, compared to 75 percent of White households, a disparity on par 
with the 1960's; and

    (2) the unemployment rate for Black workers in the United States is 
consistently twice as high as it is for White workers;

Whereas addressing economic disparities for Black people in the United States 
        requires reimagining governmental and societal policies and practices, 
        which have been rooted in discriminatory intent since the founding of 
        the United States;
Whereas addressing the racial wealth gap in the United States must be a holistic 
        effort concentrated across several policy principles, including 
        entrepreneurship, financial services, affordable housing, workforce 
        development, protecting and promoting civic participation, and reforming 
        tax policy;
Whereas we must commit to growing the economy of the United States by creating 
        legislative solutions that deconstruct barriers to economic 
        opportunities for Black people and that build Black intergenerational 
        wealth;
Whereas the Congressional Black Caucus believes it is of the utmost importance--

    (1) to enact legislation that boosts equitable outcomes; and

    (2) to coordinate a legislative agenda that cements positive changes 
and reinforces a commitment to preserving Black economic prosperity in the 
United States;

Whereas the Black Wealth Agenda will have an amplified impact on all policy 
        areas where existing oppressive regulation prevents progress; and
Whereas, from removing barriers to quality healthcare for Black people in the 
        United States, to addressing environmental justice issues for Black 
        communities that continue to be on the frontlines of the climate crisis, 
        it is clear that a holistic approach is critical to closing the economic 
        divide: Now, therefore, be it
    Resolved, That the Senate--
            (1) commits--
                    (A) to promoting Black entrepreneurship by 
                expanding funding solutions, strengthening outreach to 
                educate communities in the United States; and
                    (B) to reforming policies that have created 
                obstacles to success for Black businesses;
            (2) supports establishing forward-looking entrepreneurial 
        goals and driving communities to the center of innovation in 
        the 21st century by--
                    (A) creating opportunities in sectors such as--
                            (i) green energy;
                            (ii) technology; and
                            (iii) healthcare; and
                    (B) building a workforce to be an investment in a 
                better future;
            (3) asserts that systemic discrimination in the housing 
        market in the United States has greatly contributed to the 
        widening of the racial wealth gap and must be rectified;
            (4) will create solutions to address the affordable housing 
        crisis in the United States by increasing the supply of 
        available housing, reducing housing costs generally, enhancing 
        programs to support and protect renters, and enforcing anti-
        discrimination laws;
            (5) supports initiatives to build the Black workforce and 
        equip the Black community in the United States with the 
        necessary tools to compete for stable jobs in every career and 
        at every career level, including the ability to join a union 
        and collectively bargain;
            (6) recognizes that as Black people in the United States 
        are overrepresented in minimum wage jobs, the Federal minimum 
        wage must be updated to reflect inflation;
            (7) acknowledges that additional necessary reforms 
        addressing the economic disparity in the United States include 
        improvements to career pathways programs, investing in 
        historically Black colleges and universities, increasing the 
        affordability of post high-school education, expanding access 
        to apprenticeship and job skills training programs, and other 
        solutions that maximize the potential of the Black workforce;
            (8) supports the goal of expanding economic opportunity, 
        equity, and wealth creation for Black people in the United 
        States at every socioeconomic level, in every industry, and in 
        every residential setting, with progress toward this goal--
                    (A) being monitored, evaluated, and enhanced by 
                Federal agencies that have relevant programs and 
                initiatives; and
                    (B) requiring that Black people in the United 
                States be able to build a financially secure 
                retirement;
            (9) must support tax reform initiatives for Black families 
        in the United States that--
                    (A) help secure retirement, end poverty, and 
                increase homeownership affordability;
                    (B) sustain students, families, and the economy; 
                and
                    (C) facilitate the accumulation of generational 
                wealth; and
            (10) must commit to creating equitable and balanced tax 
        policy in the United States that levels the economic playing 
        field, addresses wealth concentration, and advances 
        opportunities for economic gain.
                                 <all>
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