How does banking affect the racial wealth gap in America?
The racial wealth gap sees massive differences in median net worth between white and black Americans. The divide means that crises like the Great Recession and the COVID 19 Pandemic on average affect the latter far more than the former, not to mention deep-rooted issues like poverty, hunger, and health outcomes. An often-ignored contributor to the disparity has been the banking industry and its historic, systemic discrimination against nonwhite citizens. To get some clarity on the situation, we’re joined by Executive Vice President of Strategic Initiatives the National Cooperative Bank (NCB) John Holdsclaw IV. Together we walk through the policy failures that have led to the present moment and how their consequences manifest in people’s daily lives.
John Holdsclaw IV is a thought leader in community development and equitable banking who serves as Executive Vice President of Strategic Initiatives the National Cooperative Bank (NCB) located in Washington, D.C. In addition, he currently serves as the Board Chair of the National Coalition of Community Development Financial Institutions and serves on the boards of Self Help Venture Fund, Charleston LDC, Global Communities, and the ABA Stonier Graduate School of Banking.
A renegade not only listens but acts. We've consolidated a few tips from this episode to help you invest in local communities.
Resources and Tools.
Business Case for Racial Equity