A 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.

Bill: 118-sres-598
Sponsor: full_name: Sen. Butler, Laphonza R. [D-CA]
Introduced: 2024-03-20
Policy area: Commerce
Latest action: action_date: 2024-03-20
text: Referred to the Committee on the Judiciary. (text: CR S2472-2473)

Summaries:
action_date: 2024-03-20
action_desc: Introduced in Senate
text: <p>This resolution expresses support for 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.</p><p>It also expresses support for 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.</p>

tv_txt: III 118th CONGRESS 2d Session S. RES. 598 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

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.