[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 1096 Introduced in House (IH)]
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118th CONGRESS
2d Session
H. RES. 1096
Expressing support for the House of Representatives to work alongside
the Congressional Black Caucus to build the Black Wealth Agenda and
outline the legislative priorities to achieve the Black Wealth Agenda.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 20, 2024
Mr. Horsford (for himself, Mrs. McBath, Mr. Neguse, Mr. Clyburn, Mr.
Davis of Illinois, Mr. Mfume, Mr. Carter of Louisiana, Ms. Blunt
Rochester, Mr. Veasey, Mr. Cleaver, Ms. Crockett, Ms. Clarke of New
York, Mr. Payne, Mrs. Foushee, Ms. Plaskett, Ms. Waters, Ms. Kamlager-
Dove, Mr. Scott of Virginia, Ms. Bush, Ms. Omar, Ms. Wilson of Florida,
Ms. Brown, Mr. Evans, Mr. Frost, Mr. Allred, Mr. Amo, Ms. Pressley, Ms.
Lee of Pennsylvania, Mr. Bishop of Georgia, Mrs. Sykes, Mr. David Scott
of Georgia, Mr. Torres of New York, Mrs. Hayes, Mr. Davis of North
Carolina, Mr. Bowman, and Mr. Carson) submitted the following
resolution; which was referred to the Committee on Education and the
Workforce, and in addition to the Committees on Financial Services, and
Ways and Means, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
RESOLUTION
Expressing support for the House of Representatives to work alongside
the Congressional Black Caucus to build the Black Wealth Agenda and
outline the legislative priorities to achieve the Black Wealth Agenda.
Whereas 2022 data from the Federal Reserve System has showed that the racial
wealth gap in the United States has persisted into the 21st century, as
the average per capita wealth for White people in the United States was
$284,310 compared to only $44,100 for Black people in the United States;
Whereas access to high-quality education has been identified as a key factor in
narrowing the racial wealth gap in the United States, yet extraordinary
income inequality has diminished opportunities for families from low-
income backgrounds;
Whereas educational segregation by income poses a threat to the promise of equal
opportunities in education;
Whereas the failure of the Federal Government to effectively address growing
inequality has resulted in decreased economic mobility rates in the
United States and made the American dream more elusive, as evidenced by
a decline in the fraction of children who earn more than their parents,
primarily due to the growth in inequality;
Whereas the enduring legacy of Jim Crow laws, which aimed to lower economic
progress of Black people in the United States through racial
segregation, disenfranchisement, and limitation of geographic mobility,
has left a lasting imprint on the socioeconomic standing of Black people
in the United States;
Whereas Jim Crow laws directly targeted education and other areas of life,
significantly hindering the pursuit of prosperity by Black people in the
United States and contributing to the persistent economic divide;
Whereas homeownership in the United States, a critical avenue for wealth
building, remains significantly less attainable for Black people
compared to White people, with disparities in homeownership rates
exceeding 30 percent in some cities, exacerbating the racial wealth gap
and hindering the ability of Black families to accumulate and pass down
wealth across generations;
Whereas homes in majority-Black neighborhoods in the United States are
systematically undervalued compared to those in predominantly White
areas, with the devaluation contributing to underfunded public services,
including education, and perpetuating a cycle of economic disadvantage
and inequality for Black people residing in these communities;
Whereas employment discrimination has resulted in higher unemployment rates and
lower wages for Black people in the United States compared to their
White counterparts, with Black workers being disproportionately
represented in low-wage positions and underrepresented in high-wage
executive roles;
Whereas the war on drugs and discriminatory criminal justice policies in the
United States have led to mass incarceration of Black people at rates
significantly higher than White people, disrupting families, limiting
employment opportunities, and imposing financial burdens that hinder
wealth accumulation;
Whereas systemic racism in healthcare has created disparities in access to
quality care and outcomes for Black people in the United States, leading
to higher healthcare costs and economic instability for affected
families, further widening the racial wealth gap;
Whereas Black people in the United States face significant barriers in accessing
financial services and capital, with a lower likelihood of loan approval
and higher interest rates compared to White applicants, limiting
opportunities for business ownership and investment;
Whereas, according to an analysis by Citi Group, disparities for Black people
across the economic system of the United States from 2004 to 2024 have
cost the economy $16,000,000,000,000;
Whereas 14.4 percent of the population in the United States is Black, yet Black
households hold only 4 percent of total household wealth compared to 84
percent held by White households;
Whereas unions significantly reduce racial wage gaps and racial wealth gaps are
generally smaller among union members as a result of the enhanced job
protections that workers covered by a union contract enjoy;
Whereas the median nonunion White family has more than $7.00 in wealth for every
$1.00 held by the median nonunion Black family, but that ratio is
roughly half as large among union families, with the median union White
family holding $3.70 in wealth for every $1.00 held by the median union
Black family;
Whereas, in 2022, the median income for Black households in the United States
was $52,860 compared to a median income of $81,060 for White households;
Whereas, according to economic data from the Federal Reserve--
(1) only 46 percent of Black households in the United States owned
their home, compared to 75 percent of White households, a disparity on par
with the 1960's; and
(2) the unemployment rate for Black workers in the United States is
consistently twice as high as it is for White workers;
Whereas addressing economic disparities for Black people in the United States
requires reimagining governmental and societal policies and practices,
which have been rooted in discriminatory intent since the founding of
the United States;
Whereas addressing the racial wealth gap in the United States must be a holistic
effort concentrated across several policy principles, including
entrepreneurship, financial services, affordable housing, workforce
development, protecting and promoting civic participation, and reforming
tax policy;
Whereas we must commit to growing the economy of the United States by creating
legislative solutions that deconstruct barriers to economic
opportunities for Black people and that build Black intergenerational
wealth;
Whereas the Congressional Black Caucus believes it is of the utmost importance--
(1) to enact legislation that boosts equitable outcomes; and
(2) to coordinate a legislative agenda that cements positive changes
and reinforces a commitment to preserving Black economic prosperity in the
United States;
Whereas the Black Wealth Agenda will have an amplified impact on all policy
areas where existing oppressive regulation prevents progress; and
Whereas, from removing barriers to quality healthcare for Black people in the
United States, to addressing environmental justice issues for Black
communities that continue to be on the frontlines of the climate crisis,
it is clear that a holistic approach is critical to closing the economic
divide: Now, therefore, be it
Resolved, That the House of Representatives--
(1) commits--
(A) to promoting Black entrepreneurship by
expanding funding solutions, strengthening outreach to
educate communities in the United States; and
(B) to reforming policies that have created
obstacles to success for Black businesses;
(2) supports establishing forward-looking entrepreneurial
goals and driving communities to the center of innovation in
the 21st century by--
(A) creating opportunities in sectors such as--
(i) green energy;
(ii) technology; and
(iii) healthcare; and
(B) building a workforce to be an investment in a
better future;
(3) asserts that systemic discrimination in the housing
market in the United States has greatly contributed to the
widening of the racial wealth gap and must be rectified;
(4) will create solutions to address the affordable housing
crisis in the United States by increasing the supply of
available housing, reducing housing costs generally, enhancing
programs to support and protect renters, and enforcing anti-
discrimination laws;
(5) supports initiatives to build the Black workforce and
equip the Black community in the United States with the
necessary tools to compete for stable jobs in every career and
at every career level;
(6) recognizes that as Black people in the United States
are overrepresented in minimum wage jobs, the Federal minimum
wage must be updated to reflect inflation;
(7) acknowledges that additional necessary reforms
addressing the economic disparity in the United States include
improvements to career pathways programs, investing in
historically Black colleges and universities, increasing the
affordability of post high-school education, expanding access
to apprenticeship and job skills training programs, and other
solutions that maximize the potential of the Black workforce;
(8) supports the goal of expanding economic opportunity,
equity, and wealth creation for Black people in the United
States at every socioeconomic level, in every industry, and in
every residential setting, with progress toward this goal--
(A) being monitored, evaluated, and enhanced by
Federal agencies that have relevant programs and
initiatives; and
(B) requiring that Black people in the United
States be able to build a financially secure
retirement;
(9) must support tax reform initiatives for Black families
in the United States that--
(A) help secure retirement, end poverty, and
increase homeownership affordability;
(B) sustain students, families, and the economy;
and
(C) facilitate the accumulation of generational
wealth; and
(10) must commit to creating equitable and balanced tax
policy in the United States that levels the economic playing
field, addresses wealth concentration, and advances
opportunities for economic gain.
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