| Friend, The latest statistics are staggering: The median wealth of Black households in the U.S. is just 13% of that of white households.(1) Only 45% of Black families in the United States own a home, compared to 75% of white families.(2) Prospective Black homebuyers are much less likely to be approved for a mortgage.(3) The problem has gotten even worse since the COVID-19 pandemic and as interest rates have soared.(4) But it doesn't have to be this way. California has already passed the California Public Banking Act and the California Public Banking Option Act to begin the path toward equitable banking in our state. Now it's time to do so nationwide. Tell Congress: Pass the Public Banking Act!
These racial wealth disparities have evolved across centuries of racist and inequitable policies in housing, education, employment, and more -- and they just keep growing worse. Current policy, including ongoing redlining and unfair lending practices, are serious roadblocks for Black households to close the gap.(5) We know what policy solutions are needed to address the persistent American racial wealth gap -- all we need to do is implement them. In fact, legislation is in Congress right now that seeks to address inequities in banking. The Public Banking Act of 2023, introduced by Representatives Rashida Tlaib and Alexandria Ocasio-Cortez, would make establish public banks whose rules would be determined by the votes of the American people rather than by the financial interests of Wall Street tycoons, and historically marginalized groups would no longer be shut out.(6) The Public Banking Act represents a significant step in undoing the unfair practices that are holding families of color back from financial security. And we have proof that public banking works: Almost 1,000 of them operate successfully worldwide.(7) This critical bill needs our backing. Add your name today to take on Wall Street and close the racial wealth gap once and for all. Sign the Petition: Support Public Banking! Yours in the fight for justice, –Irene, Annie, Angela, Isidra, Mario, Marvin, Alyssa Jen, and Lindsay (the Courage team)
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