Economy

On King Holiday Commemoration: 600 Black Legislators Resolved To Push Policies For Economic Justice

THE SEATTLE MEDIUM — It was three years ago that a group of national business leaders launched a movement called Black Wealth 2020 partially based on the economic vision articulated by Dr. Martin Luther King Jr.

Published

7 years ago

January 22, 2019

Oakland Post

By Hazel Trice Edney

(Trice Edney Wire) – It was three years ago that a group of national business leaders launched a movement called Black Wealth 2020 partially based on the economic vision articulated by Dr. Martin Luther King Jr.

King said in his final speech on April 3, 1968: “It’s all right to talk about streets flowing with milk and honey, but God has commanded us to be concerned about the slums down here and his children who can’t eat three square meals a day. It’s all right to talk about the new Jerusalem, but one day, God’s preacher must talk about the new New York, the new Atlanta, the new Philadelphia, the new Los Angeles, the new Memphis, Tennessee.”

As America commemorates another Martin Luther King Jr. National Birthday Holiday Jan. 21, an organization of Black legislators have adopted a resolution to begin spreading the Black Wealth 2020 principles and initiatives with an aim to grow the economic justice movement that King started in Memphis just before he was assassinated April 4, 1968.

The National Black Caucus of State Legislators (NBCSL), a 600-member group of local and state Black elected officials, has encouraged its members to form Black Wealth 2020 economic task forces and adopted a resolution to promote its economic agenda in 2019.

“State legislators can play a critical role in the sustainability of communities through policy,” said New York State Senator James Sanders Jr., who introduced and shepherded the resolution during the NBCSL’s 42nd Annual Legislative Conference that concluded Dec. 1. “This initiative aims to financially empower the Black community in the areas of home and business ownership as well as to broaden opportunities for Black financial institutions. Under those conditions, I believe we must do more than announce these goals aloud, but work to firmly cement them throughout America in the form of solid legislation, so they can truly flourish.”

This means the NBCSL, which represents 60 million people in 45 states, the U. S. Virgin Islands and the District of Columbia, will spend the next two years – and beyond – prioritizing policies that enhance Black economic growth through business ownership, homeownership and Black banking.

Sanders is chairman of the New York State Senate Banking Committee. He also leads the Senate Democratic Conference’s Task Force on Minority and Women-owned Business Enterprise.

Sanders continues, “As we approach Rev. Dr. Martin Luther King Jr. Day, let us remember that he was a pioneer in this area, planting roots with his ‘Poor Peoples Campaign,’ which propelled the economic justice movement begun in Memphis. I am proud to aid in the continuation of Dr. King’s vision. I look forward to working with my colleagues in government and also the private sector to further assist people of color.”

The resolution is posted in its entirety at NBCSL.org.

The passage of the resolution represents the next steps of a promise made by Rep. Greg Porter, NBCSL’s immediate past president, during his speech at the Black Wealth 2020 second anniversary luncheon last year. He called for unity behind the Black Wealth 2020 vision.

The backing of the legislators reinvigorates and expands the movement, says former National Bankers Association President Michael Grant, one of Black Wealth 2020’s founders and chief spokespersons.

“The National Black Caucus of State Legislators, through exemplary leadership of Representative Greg Porter and State Senator James Sanders, helped the Black Wealth 2020 coalition take a quantum leap forward with the passage of Resolution BED-19-21. The NBCSL connects Dr. Martin Luther King Jr.’s vision of economic justice to a modern day movement that is making wealth-building throughout the Diaspora one of our highest single priorities.”

Other Black Wealth 2020 founders are Ron Busby, president/CEO of the U.S. Black Chambers Inc. and Jim Winston, president of the National Organization of Black Owned Broadcasters.

“Whereas, the economic goals of Black wealth 2020 have historic roots, referencing to when Dr. Martin Luther King Jr. had launched the ‘Poor People’s Campaign’, an economic justice movement that had begun in Memphis; the founders of Black Wealth 2020 view their work as a continuum of Dr. King’s vision, with a unique contemporary strategy for sustainability,” states the resolution.

“Therefore, be it resolved, the National Black Caucus of State Legislators (NBCSL), encourages state policymakers and their membership to establish a Black Wealth 2020 economic task force designed to develop economic building blocks for the African-American population to addresses racial wealth gap.”

The NBCSL, aiming even higher with its goals to spread the initiatives, said it will send a copy of the resolution to the “President of the United States, the Vice President of the United States, members of the United States House of Representatives and the United States Senate, and other federal and state government officials as appropriate.”

At least a dozen other major Black organizations have either joined or expressed support for the Black Wealth 2020 economic initiatives. The goals seek to untangle a web of economic injustices including the following statistics outlined in the resolution:

There are only 2.6 million Black-owned businesses in the United States, whereas the U.S. black population is estimated to be over 40 million, according to the National Black Chamber of Commerce.
27.6 percent of black applicants for conventional mortgage loans were denied in 2013 while White applicants were denied only 10.4 percent of the time, according to the National Association of Real Estate Brokers.
The number of Black-owned banks operating ln the U.S. has been dropping steadily for the past 15 years and fell to 23 last year, the lowest level in recent history, according to the Federal Deposit Insurance Corp.
The median wealth of White households is 20 times that of Black households.

Among the successful initiatives of Black Wealth 2020 in its third year are an agreement between the Bishops of the African American Episcopal Church and Black-owned banks and a credit card established by the Black-owned Liberty Black of New Orleans and the U. S. Black Chamber Inc. The NBCSL resolution points out that such initiatives will empower a nation where the pain of poverty and economic disparities are pervasive.

The resolution concludes: “Be it further resolved that the NBCSL urges state representatives to develop and implement state and community-based intervention programs aimed to address historical and systematic barriers to homeownership, small business and access to capital.”

This article originally appeared in The Seattle Medium.

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2025 in Review: Seven Questions for Sen. Laura Richardson, Who Made Legislative History This Year

Before elected office, she served as a legislative staffer at the local, state, and federal levels and built a strong academic foundation, earning a political science degree from UCLA and an MBA from USC.

Published

1 day ago

December 29, 2025

Oakland Post

Sen. Laura Richardson (D-San Pedro). File photo.

By Edward Henderson, California Black Media

Elected in November 2024 to represent California’s 35th Senate District, Sen. Laura Richardson (D-San Pedro) brings decades of experience to her role.

Richardson says she remains deeply committed to empowering residents, strengthening neighborhoods, and supporting the local economy.

For example, SB 748, a bill she authored that Gov. Newsom signed into law this year, allows cities to use existing homelessness funds to clear unsafe RV encampments, and another measure aimed at expanding provider access for Medi-Cal patients.

California Black Media (CBM) spoke with Richardson about her successes and disappointments over the past year and her plans for 2026.

What stands out as your most important achievement this year?

Being number one in getting the most bills signed by a freshman senator. Our team and staff were able to effectively move legislation through committees in both the Senate and Assembly and gain the governor’s support.

How did your leadership contribute to improving the lives of Black Californians?

Securing overall agency support from the governor to begin the work of understanding and documenting descendants of slavery. The discussion around “40 acres and a mule” will be ongoing for many years, but moving forward with creating an agency—although not fully funded—was significant. They were baby steps, but they were steps.

What frustrated you the most this year?

The administration. Even though federal and state roles differ, California has its own values and priorities. When the federal government makes cuts that impact Californians, the state legislature feels the need to backfill to protect people. It was challenging and frustrating.

What inspired you the most this year?

SB 237, which I was a joint principal author on, inspired me. It dealt with fuel stability. Two refineries closed, and several others are barely hanging on. Even as we work toward zero emissions, we still need a certain amount of fuel. SB 237 opened up some of the fuel potential in Kern County, and there’s a pipeline from Kern County down to my district.

What is one lesson you learned this year that will inform your decision-making next year?

Engage the governor’s staff earlier. I’m going to push to involve the governor’s legislative staff sooner.

In one word, what is the biggest challenge Black Californians are facing right now?

Affordability. No matter how much you make, everything is more expensive—gas, groceries, insurance, mortgages. Costs keep rising while salaries don’t.

What is the goal you want to achieve most in 2026?

Creating a process for dealing with abandoned cemeteries.

The last piece—not specific to this year but building toward the future—is figuring out how people and businesses in the district and in California can participate in major events like the Olympics, FIFA, and the Super Bowl, all of which are taking place here.

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2025 in Review: Seven Questions for Sen. Lola Smallwood-Cuevas – an Advocate for Jobs and Justice

I’m proud of how we fought back against the Trump Administration’s attacks, especially on the budget, and strengthened protections for workers while fortifying the cultural power of Black Los Angeles. Workers’ rights remained central in my bill package because my background in organizing taught me a simple truth: when workers do well, communities do well.

Published

1 day ago

December 29, 2025

Oakland Post

Sen. Lola Smallwood-Cuevas (D-Los Angeles). File photo.

By Edward Henderson, California Black Media

Representing the 28^th Senate District, Sen. Lola Smallwood-Cuevas (D-Los Angeles) brings a lifelong commitment to working families.

After earning her communications degree from California State University Hayward (now known as CSU, East Bay), Smallwood-Cuevas began her career as a journalist telling the stories of working people—an experience that drew her into the labor movement.

Since being elected to the California State Senate, Smallwood-Cuevas has championed legislation that strengthens worker protections, expands access to justice, and uplifts historically marginalized communities.

California Black Media (CBM) spoke with Smallwood-Cuevas about her successes and disappointments this year, as well as her goals for 2026.

What stands out as your most important accomplishment this year?

I also moved forward with the creation of California’s first Black cultural district in South LA. Amid gentrification, this district will protect cultural assets and bring resources as Los Angeles prepares for the FIFA World Cup and Olympic Games.

How did your leadership contribute to improving the lives of Black Californians this year?

We must name the disparities Black communities face—higher homelessness, incarceration, and health incidents. During the budget fight, when the governor proposed zero dollars for homelessness, I pushed hard. We secured $500 million for homelessness response, reinstated $1 billion for supportive programs, and added another $500 million for affordable housing.

What frustrated you most this year?

Our people are under attack. Racial profiling is creeping back into federal policy. Crime is being weaponized to justify disproportionate incarceration—even though crime rates are at historic lows.

But what frustrated me most was how quickly diversity, equity, and inclusion were rolled back through federal orders and preemptive action by corporations and foundations.

What has been your greatest inspiration this year?

Our resilience. California does not stay down. The movement around Proposition 50 was incredibly inspiring. I saw unity across Black California.

What is one lesson you’ve learned this year that will guide your decision-making next year?

Black California is resilient and brilliant. We are stronger than our opposition. And the lesson echoes Dr. King: “Organize, baby, organize.” We must build coalitions across local, county, and state levels.

In one word, what is the biggest challenge facing Black Californians?

Visibility. Visibility is power. We must be present—in rooms, on boards, in media, in headlines. We cannot retreat from Black identity.

What is the goal you most hope to achieve in 2026?

Economic stability. When California enters a recession, Black communities enter a depression. My goal is to advance policies that create real economic opportunity through safety-net protections, contract access, and targeted local hiring for quality jobs. crisis.

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Families Across the U.S. Are Facing an ‘Affordability Crisis,’ Says United Way Bay Area

United Way’s Real Cost Measure data reveals that 27% of Bay Area households – more than 1 in 4 families – cannot afford essentials such as food, housing, childcare, transportation, and healthcare. A family of four needs $136,872 annually to cover these basic necessities, while two adults working full time at minimum wage earn only $69,326.

Published

1 week ago

December 20, 2025

Oakland Post

Affordable housing is the greatest concern for consumers, it’s followed by the cost of groceries. Courtesy photo.

By Post Staff

A national poll released this week by Marist shows that 61% of Americans say the economy is not working well for them, while 70% report that their local area is not affordable. This marks the highest share of respondents expressing concern since the question was first asked in 2011.

According to United Way Bay Area (UWBA), the data underscores a growing reality in the region: more than 600,000 Bay Area households are working hard yet still cannot afford their basic needs.

Nationally, the Marist Poll found that rising prices are the top economic concern for 45% of Americans, followed by housing costs at 18%. In the Bay Area, however, that equation is reversed. Housing costs are the dominant driver of the affordability crisis.

“The national numbers confirm what we’re seeing every day through our 211 helpline and in communities across the region,” said Keisha Browder, CEO of United Way Bay Area. “People are working hard, but their paychecks simply aren’t keeping pace with the cost of living. This isn’t about individual failure; it’s about policy choices that leave too many of our neighbors one missed paycheck away from crisis.”

The Bay Area’s affordability crisis is particularly defined by extreme housing costs:

Housing remains the No. 1 reason residents call UWBA’s 211 helpline, accounting for 49% of calls this year.
Nearly 4 in 10 Bay Area households (35%) spend at least 30% of their income on housing, a level widely considered financially dangerous.
Forty percent of households with children under age 6 fall below the Real Cost Measure.
The impact is disproportionate: 49% of Latino households and 41% of Black households struggle to meet basic needs, compared to 15% of white households.

At the national level, the issue of affordability has also become a political flashpoint. In late 2025, President Donald Trump has increasingly referred to “affordability” as a “Democrat hoax” or “con job.” While he previously described himself as the “affordability president,” his recent messaging frames the term as a political tactic used by Democrats to assign blame for high prices.

The president has defended his administration by pointing to predecessors and asserting that prices are declining. However, many Americans remain unconvinced. The Marist Poll shows that 57% of respondents disapprove of Trump’s handling of the economy, while just 36% approve – his lowest approval rating on the issue across both terms in office.