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John,
As I think about ways for local leaders to push racial wealth equity in their communities, my recent conversation at the Black Economic Alliance Solutions Summit with Mayor Justin Bibb of Cleveland and Mayor Melvin Carter of St. Paul remains top of mind.
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Here are some of the key takeaways from On the Ground - How Mayors Drive Local-Level Implementation:
- Equity is about access to ownership and decision-making power. Mayor Carter wants to make Cleveland the cooperative ownership capital of the world. Cooperative ownership allows employees and tenants to have a say in their communities, regardless of income.
- “If you can’t measure it, you can’t manage it.” - Mike Bloomberg. When I asked how the mayors leverage data resources like the Black Wealth Data Center, Mayor Bibb spoke about how data-driven solutions drive long-term systemic change. Data analysis enables policymakers to put forth innovative solutions, like using entrepreneurship to drive financial independence.
- Collaboration is essential. Both Mayor Bibb and Mayor Carter shared how they learn from each other’s work to develop programs for their cities. Mayor Bibb shared that Mayor Carter’s pilot program for guaranteed income in St. Paul, for example, has inspired Cleveland’s new Black Women and Girls Commission, which gives single Black women the resources they need to start a business. By working together, local leaders can leverage collective resources, expertise, and experience to drive meaningful and effective solutions for Black people across the country.
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Supporting Local Leaders Through the CityStart Initiative
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Bloomberg Philanthropies’ Greenwood Initiative will continue supporting local government leaders in building economic opportunities for Black people through our support of the Cities for Financial Empowerment Fund’s (CFE Fund) CityStart Initiative. The initiative will assist partners in crafting a municipal financial empowerment blueprint identifying actionable implementation steps based on the financial needs of residents, especially Black residents.
The CFE Fund recently announced eight cities — Baltimore, MD; Cleveland, OH; Monroe, LA; Newark, NJ; Norfolk, VA; Rocky Mount, NC; Sacramento, CA; and Tallahassee/Leon County, FL — that will work with CityStart to explore policies and programs that support financial empowerment, with advising from the Greenwood Initiative to ensure those efforts are focused on opportunities for Black residents. Learn more →
I remain motivated by the financial empowerment strategies driving systemic change for Black people across U.S. cities.
Sincerely,
Garnesha Ezediaro
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