Business

White House poised for increased ethnic diversity and a Black agenda, political candidates in play for both

Published

3 years ago

November 3, 2020

David G. Clunie BEA ED

The political action committee of the Black Economic Alliance (BEA) endorses political candidates whose work supports prosperity and economic security for Black Americans. Launched in 2018, consisting of an astute and elite core of business and political influencers, BEA has since brought awareness and education to a wide range of voting constituents, now through virtual engagements, given restrictions wrought from the COVID19 pandemic. Beforehand, they assembled in-person “gatherings of the minds” to address matters of vital import. BEA endorsements and financial contributions are sought after and prized. To date, the organization has bolstered the political campaigns of numerous persons, among them:

Reverend Raphael Warnock (Sr. Pastor of Atlanta’s Ebenezer Baptist Church) who is vying among a very crowded field for US Senate seat

Mike Espy of Mississippi who too is seeking a US Senate seat

Jaime Harrison seeking to unseat South Carolina Republican Senator Lindsey Graham

And yes, there are others on BEA’s roster of 2020 endorsed candidates

Fueled by cachet and strategic comportment, BEA is fast becoming a bellwether of the Black body politic. According to their website, www.blackeconomicalliance.org, the organization’s scope hones in on several targets, including–

OPPORTUNITY ZONES: Modify opportunity zone tax policy to incent new business formation and employment versus real estate projects already in flight. Prioritize opportunity zones for infrastructure spending. Modify allocation formulas that favor rural communities at the county level to more focused opportunity zones.

ENTREPRENEURSHIP: Incent venture capital and private equity firms to incubate and invest in companies in opportunity zones in exchange for favorable carried interest tax rates. Incent business development companies to lend in opportunity zones.

AFFORDABLE HOUSING: Incent rent to own options in public and private housing, alternative financing structures, and technology innovations in modular housing. Modify zoning laws for accessory dwelling units and higher density. Accelerate permitting processes and include affordable housing as part of any federal infrastructure bill.

David G. Clunie is BEA’s Executive Director. He shepherds the operational side of this well-heeled, strategically-aligned body of power brokers, many of them luminaries in their own right.

Before joining BEA, Clunie most recently worked at JPMorgan Chase & Co., where he was a senior member of the Corporate Responsibility department, which uses the bank’s resources to increase opportunities for all people—particularly in the areas of workforce development, financial health, small business expansion, and community development. Clunie led a team of government relations managers who forged partnerships with state and local government officials nationwide on local community investments as well as public policy challenges and opportunities. He was a champion for diversity, equity, and inclusion—chairing the firm’s coalition of Black managing directors, The Black Executive Forum; sitting on the firm’s Diversity Advisory Committee; leading CR’s Equity & Inclusion working group; and serving as an ambassador and mentor for The Fellowship Initiative leadership development program for young men of color.

Prior to joining JPMorgan Chase & Co., Clunie was the Executive Secretary of the U.S. Department of the Treasury. As an appointee of President Barack Obama at the Treasury Department, Clunie was a member of Secretary Jacob J. Lew’s senior staff and ran what is often referred to as the Department’s “nerve center.” There, he was responsible for quality control and policy coordination of all work streams associated with Secretary Lew.

We spoke by phone from his Harlem (New York City) home, regarding leadership and expectations.

Sandra Varner/Talk2SV: The Black Economic Alliance’s political action committee is one to be reckoned with; the organization has given clout, heft, and visibility to a number of viable candidates.

David G. Clunie: Indeed. BEA is a coalition of Black business leaders and allies who prioritize economic progress for the Black community. And, we are trying to bring a new perspective in addition to elevating the conversation around what it means for Black Americans to do well, why that goal is important, and inextricably tied to the success of the US economy. Everything we do–from our political action endorsing candidates or pushing for particular issues as well as our engagement with the private sector and our advocacy on legislation–is all about drivers of economic growth and closing the Black-White wealth gap; removing the obstacles to success for Black communities and what it means to the larger US economy, overall.

To demonstrate, a 2019 McKinsey & Company report shows, if you were to close the Black-White wealth gap, you could add some 4-6% growth to real US GDP by 2028. In more recent reports, findings indicate that racial inequality has cost the US economy, $16 trillion over the last two decades. These are examples of why we are doing the work we’re doing, to make right some very longstanding past wrongs, regarding Black people’s opportunity for economic growth.

Talk2SV: Based on what you’ve said, does the work of BEA lend itself more to legislative policy change or consumer and business economics?

Clunie: All of the above, as an organization, we use the extent of our reach as business leaders. Those who are closely tied to policy will impact the public, private, and nonprofit sectors. It’s our belief and approach that in order to have real systemic change, we need to be rowing in the same direction and pulling on levers in all arenas–industry, public, private, and nonprofits–to really see systemic change. We are doing everything from calling for legislation, helping draft legislation and, helping to push legislation that we think would help on the public policy side, also working closely with the private sector and business leaders. We approach “how” they do business with communities of color; how they’re making decisions internally; what culture they’re creating internally and externally, and how it impacts the economic success of Black Americans.

Sandra Varner/Talk2S

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Oakland Post: Week of April 24 – 30, 2024

The printed Weekly Edition of the Oakland Post: Week of April 24 – 30, 2024

Published

7 days ago

April 26, 2024

Oakland Post

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

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Bay Area

State Controller Malia Cohen Keynote Speaker at S.F. Wealth Conference

California State Controller Malia Cohen delivered the keynote speech to over 50 business women at the Black Wealth Brunch held on March 28 at the War Memorial and Performing Arts Center at 301 Van Ness Ave. in San Francisco. The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

Published

2 weeks ago

April 20, 2024

Oakland Post

American Business Women’s Association Vice President Velma Landers, left, with California State Controller Malia Cohen (center), and ABWA President LaRonda Smith at the Enterprising Women Networking SF Chapter of the ABWA at the Black Wealth Brunch.

By Carla Thomas

The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

“Our goal is to educate Black and Brown families in the masses about financial wellness, wealth building, and how to protect and preserve wealth,” said ABWA San Francisco Chapter President LaRonda Smith.

ABWA’s mission is to bring together businesswomen of diverse occupations and provide opportunities for them to help themselves and others grow personally and professionally through leadership, education, networking support, and national recognition.

“This day is about recognizing influential women, hearing from an accomplished woman as our keynote speaker and allowing women to come together as powerful people,” said ABWA SF Chapter Vice President Velma Landers.

More than 60 attendees dined on the culinary delights of Chef Sharon Lee of The Spot catering, which included a full soul food brunch of skewered shrimp, chicken, blackened salmon, and mac and cheese.

Cohen discussed the many economic disparities women and people of color face. From pay equity to financial literacy, Cohen shared not only statistics, but was excited about a new solution in motion which entailed partnering with Californians for Financial Education.

“I want everyone to reach their full potential,” she said. “Just a few weeks ago in Sacramento, I partnered with an organization, Californians for Financial Education.

“We gathered 990 signatures and submitted it to the [California] Secretary of State to get an initiative on the ballot that guarantees personal finance courses for every public school kid in the state of California.

“Every California student deserves an equal opportunity to learn about filing taxes, interest rates, budgets, and understanding the impact of credit scores. The way we begin to do that is to teach it,” Cohen said.

By equipping students with information, Cohen hopes to close the financial wealth gap, and give everyone an opportunity to reach their full financial potential. “They have to first be equipped with the information and education is the key. Then all we need are opportunities to step into spaces and places of power.”

Cohen went on to share that in her own upbringing, she was not guided on financial principles that could jump start her finances. “Communities of color don’t have the same information and I don’t know about you, but I did not grow up listening to my parents discussing their assets, their investments, and diversifying their portfolio. This is the kind of nomenclature and language we are trying to introduce to our future generations so we can pivot from a life of poverty so we can pivot away and never return to poverty.”

Cohen urged audience members to pass the initiative on the November 2024 ballot.

“When we come together as women, uplift women, and support women, we all win. By networking and learning together, we can continue to build generational wealth,” said Landers. “Passing a powerful initiative will ensure the next generation of California students will be empowered to make more informed financial decisions, decisions that will last them a lifetime.”

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Business

Black Business Summit Focuses on Equity, Access and Data

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship. Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Published

2 weeks ago

April 20, 2024

Oakland Post

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA), answers questions from concerned entrepreneurs frustrated with a lack of follow-up from the state. January 24, 2024 at the Westin Los Angeles Airport Hotel, Lost Angeles, Calif. Photo by Solomon O. Smith

By Solomon O. Smith, California Black Media

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship.

Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) was a guest at the event. He told attendees about his department’s efforts to increase access for Black business owners.

“One thing I’m taking away from this for sure is we’re going to have to do a better job of connecting through your chambers of all these opportunities of billions of dollars that are coming down the pike. I’m honestly disappointed that people don’t know, so we’ll do better,” said Omishakin.

Lueathel Seawood, the president of the African American Chamber of Commerce of San Joaquin County, expressed frustration with obtaining federal contracts for small businesses, and completing the process. She observed that once a small business was certified as DBE, a Disadvantaged Business Enterprises, there was little help getting to the next step.

Omishakin admitted there is more work to be done to help them complete the process and include them in upcoming projects. However, the high-speed rail system expansion by the California High-Speed Rail Authority has set a goal of 30% participation from small businesses — only 10 percent is set aside for DBE.

The importance of Diversity, Equity and Inclusion (DEI) in economics was reinforced during the “State of the California Economy” talk led by author and economist Julianne Malveaux, and Anthony Asadullah Samad, Executive Director of the Mervyn Dymally African American Political and Economic Institute (MDAAPEI) at California State University, Dominguez Hills.

Assaults on DEI disproportionately affect women of color and Black women, according to Malveaux. When asked what role the loss of DEI might serve in economics, she suggested a more sinister purpose.

“The genesis of all this is anti-blackness. So, your question about how this fits into the economy is economic exclusion, that essentially has been promoted as public policy,” said Malveaux.

The most anticipated speaker at the event was Janice Bryant Howroyd known affectionately to her peers as “JBH.” She is one of the first Black women to run and own a multi-billion-dollar company. Her company ActOne Group, is one of the largest, and most recognized, hiring, staffing and human resources firms in the world. She is the author of “Acting Up” and has a profile on Forbes.

Chairman of the board of directors of the California African American Chamber of Commerce, Timothy Alan Simon, a lawyer and the first Black Appointments Secretary in the Office of the Governor of California, moderated. They discussed the state of Black entrepreneurship in the country and Howroyd gave advice to other business owners.

“We look to inspire and educate,” said Howroyd. “Inspiration is great but when I’ve got people’s attention, I want to teach them something.”