Color of Wealth Policy Summit - 2009

Insight Center's "Social Change Circles" via insightcced.org

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The Insight Center's Closing the Racial Wealth Gap Initiative is a "national effort to address the wealth gap that leaves the average American family of color with only 16 cents for every dollar owned by the average white family. To close this gap in the next generation, we have brought together over 180 scholars, advocates, and practitioners of color to inform the national economic debate with diverse perspectives and provide policy solutions to create a more inclusive and equitable future for all Americans."

The Color of Wealth Policy Summit occurs annually. The goal of the summit is to "close the gap in wealth between whites and people of color."

The Color of Wealth Policy Summit - 2009 was described on Facebook as bringing "about 75 experts of color from around the country, 75 allies, and 10 members of the Obama Administration and the Congress to discuss policies to help us close America's racial wealth gap and reinvigorate the US economy."

Meizhu Lui, Director, Closing the Racial Wealth Gap Initiative, Insight Center praised the Summit, “It was an honor to have respected congressional leaders and members of the administration join us in our efforts to unleash the potential of all America’s people to generate economic growth...Our leaders showed us they understand that in order to fulfill the promise of the American dream, our nation must commit to helping families of color build assets and increase community economic capacity.”

Color of Wealth Policy Summit - 2009

A Post-Summit release from the Insight Center quoted members of Congress:

• Rep. Xavier Becerra (D-Calif.): "Looking at the numbers showing that the racial gap has grown over the last five years, we have to figure out a way to fight back. If we don’t, we will set ourselves back 30 years."
• Rep. Keith Ellison (D-Minn.): “We have the opportunity to build, build, build,” Ellison said. “We have nowhere to go but up on the wealth chart.”

Other speakers included:

• Dr. Jason Furman, deputy director of the White House Council of Economic Advisers;
• House Majority Leader Rep. Steny Hoyer (DMD);
• Rep. Mel Watt (D-NC);
• Rep. Elijah Cummings (D-MD);
• Rep. Chaka Fattah (D-PA);
• Congressional Black Caucus Chair Rep. Barbara Lee (D-CA); and
• Congressional Asian Pacific American Caucus chair Rep. Mike Honda (D-CA).

The Summit Agenda referenced the following speakers:

• Roger Clay, President, Insight Center for Community Economic Development
• Dr. Kilolo Kijakazi, Program Officer, Ford Foundation
• Meizhu Lui, Director, Closing the Racial Wealth Gap Initiative, Insight Center

For Roundtable 1: "How Will Seismic Political Shifts Affect Economic Security for Communities of Color?"

• Moderator: Mark Winston-Griffith, Interim Executive Director, Drum Major Institute
• John Powell, Executive Director, Kirwan Institute at Ohio State University
• Rebecca Adamson, Executive Director, First Peoples Worldwide
• Lisa Hasegawa, Executive Director, National Coalition of Asian Pacific American Community Development
• Miguel Soto-Class, Executive Director, Center for the New Economy

For Luncheon Keynote: "Recovery and Beyond: Creating an Inclusive Agenda for Renewed Prosperity"

• Roger Clay, President, Insight Center for Community Economic Development
• Introduction: Dr. Melvin Oliver, Dean of Social Sciences, University of California at Santa Barbara
• Dr. Jason Furman, Deputy Director, National Economic Council, Office of the President

Roundtable: "Global to Local: Community Responses to the New Environment" held at Rayburn House Office Building, U.S. Capitol Complex

• Moderator: Puanani Burgess, Hawaiian Economic Development Consultant
• Dr. Trina Shanks, Associate Professor of Social Work, University of Michigan
• Luis Granados, Executive Director, Mission Economic Development Agency

Closing Remarks and Instructions

• Ludovic Blain, Program Manager, Closing the Racial Wealth Gap Initiative, Insight Center

The Color of Wealth Reception, Rayburn House Office Building, U.S. Capitol Complex

• Welcome: Roger Clay, President, Insight Center for Community Economic Development

Remarks by Congress Members, including:

• Honorable Barbara Lee (D-CA)
• Honorable Mike Honda (D-CA)
• Honorable Mazie Hirono (D-HI)
• Honorable Ruben Hinojosa (D-TX)

Roundtable: "How Can Congress Support Wealth Creation in Communities of Color?"

• Meizhu Lui, Director, Closing the Racial Wealth Gap Initiative, Insight Center
• Janis Bowdler, Associate Director, Wealth-Building Policy Project, National Council of La Raza
• Honorable Steny Hoyer (D-MD), House Majority Leader
• Honorable Xavier Becerra (D-CA) Vice Chair of the House Democratic Caucus, member of the Ways and Means Committee
• Honorable Mel Watt (D-NC), chair of the Domestic Monetary Policy and Technology Subcommittee
• Honorable Keith Ellison (D-MN), member of Financial Services Committee

• James Carr, Chief Operations Officer, National Community Reinvestment Coalition
• Jose Garcia, Associate Director for Research and Policy, Demos
• Dr. Tom Shapiro, Pokross Professor of Law and Social Policy Director, Institute on Assets and Social Policy, Brandeis University

Policy Panel 1: "Between Credit and Crunch: Homeownership, Home Lending and Financial Services"

• Moderator: James Carr, Chief Operations Officer, National Community Reinvestment Coalition

• Jose Garcia, Associate Director for Research and Policy, Demos
• Aracely Panameno, Director, Latino Affairs, Center for Responsible Lending
• Jacqueline Pata, Executive Director, National Congress of American Indians

Policy Panel 2: "Small and Micro Business: Generating Individual and Community Wealth"

• Moderator: Dr. Barbara Robles, Associate Professor, Arizona State University
• Seema Agnani, Executive Director, Chhaya Community Development Corporation
• Rudy Arredondo, Executive Director, Latino Farmers and Ranchers Association
• Tanya Fiddler, Executive Director, Four Bands Community Fund
• Paul Hudson, CEO, Broadway Federal Bank

The Federal Agenda: What are the Opportunities for Addressing Economic Inequality?

• Welcome: Roger Clay, President, Insight Center for Community Economic Development
• Algernon Austin, Director of the Race, Ethnicity, and the Economy Program, Economic Policy Institute
• Dr. Jeffrey Liebman, Executive Associate Director, Office of Management and Budget

Policy Panel 3: "Mobility and Security for Workers: Life-Long Income, Assets and American Competitiveness"

• Moderator: Linda Chavez Thompson, Vice-President Emeritus, AFL-CIO
• Honorable Chaka Fattah (D-PA), member of the House Appropriations subcommittee on financial services and general government
• Dr. William Spriggs, Chair, Department of Economics, Howard University
• Kirsten Moy, Director, Economic Opportunities Program, Aspen Institute

References

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