Economics

Jesse Jackson’s Rainbow PUSH Wall Street Economic Project Summit Plans Global Impact

Published

9 years ago

February 3, 2015

Jesse Jackson’s Rainbow PUSH recently held a Wall Street Project Economic Summit to bring together the power of Main Street, Wall Street and Silicon Valley.

Hosted at the Sheraton Times Square in New York City, the weeklong convention featured Steve Ballmer, new owner of the Los Angeles Clippers; World Bank President Dr. Jim Yong; National Newspaper Publisher Association President John W. Rogers Jr.; Ariel Investments CEO & Chief Investment Officer Cloves C. Campbell Jr.; and Black Enterprise President and Chief Executive Officer Earl G. Graves Jr.

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“We have the power to make great change, and by connecting everyone in the sectors of capital, tech and corporate American, we can create solutions to some of the world’s greatest problems,” said Jackson.

Jackson has already been instrumental in getting Silicon Valley tech titans to publicly share their statistics on diversity and inclusion and has successfully helped Intel lead the way in a $300 million commitment to the cause over the next five years.

Intel Vice President, Chief Diversity Officer Rosalind Hudnell said her company is at the forefront of change.

“We are committed to changing the landscape of Silicon Valley and by committing dollars to pipelines that contribute to the diversity of our company and the world of tech is a step in the right direction,” she said. “It has been amazing having a partner in the Rev. Jackson and Rainbow PUSH.”

“We are excited about capital commitments, Intel’s role, and we expect to see jobs created and more under-represented people employed,” said Butch Wing, Rainbow PUSH’s Director of Communications.

“What we are seeing today is once again more a matter of economics,” said author and economist Dr. Julianne Malveaux.

“Racism still exists, but if we can eradicate the economic disparities, we will see great change,” she said.

Black Enterprise publisher Earl “Butch” Graves Jr. hosted a luncheon at the convention honoring its top “40 Best Companies for Diversity.”

The publisher also presented copies of the magazine’s January 2015 edition, highlighting each company. “We must celebrate companies that are ensuring that our community receives more opportunities, and inclusion is a large part of their platform,” Graves said.

Shawn Granberry, CEO of Watch Now Networks, Inc. attended the convention for the first time and hosted a press conference and panel discussion on the Business of Hip Hop.

“Hip hop is a multi-billion dollar business, and Hip Hop TV will be at the core of developing high-end content for the industry and developing revenue streams for artists as well as harnessing the power of hip hop as a voice for change in the world,” he said.

For more information visit: rainbowpushwallstreet.org, hiphoptv.com, or hiphopunion.org.

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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

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April 26, 2024

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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

6 days ago

April 20, 2024

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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.”