Dear Friends,

This Black History Month, I am reflecting on a quote from one of my heroes, Marian Wright Edelman:

“Service is the rent we pay for being. It is the very purpose of life, and not something you do in your spare time.”

As a Black leader, I have made the commitment to serving my community the backbone of my career and the foundation that buttresses everything I do. Today, I think of all the Black leaders who came before me and paved the way for a life of service in a field I care about so deeply. I also think about all the Black leaders who will come after, and I feel a fierce sense of optimism and hope for our future. To them, I say thank you.

I see Black History Month as far more than a symbolic gesture; it’s an opportunity to continue lifting up and amplifying strategies that help Black communities thrive. That’s why I was so honored to speak before Congress last week about BIPOC entrepreneurship and the importance of a strong business support ecosystem. 

This issue is close to my heart, as we know that small business ownership is one of the most promising solutions to addressing the racial wealth divide in all BIPOC households, but particularly in Black households. I was thrilled at the opportunity to advocate on behalf of the BIPOC small business community at such a critical time. Strong supports for BIPOC entrepreneurship are essential for the health of all communities, and our economy writ large. 

I’m also excited to share some changes to the Prosperity Now Scorecard. Our Scorecard can now generate new customizable reports on the true cost-of-living at the state level, information that is more important than ever as we consider how to combat the ongoing economic crisis of the COVID pandemic. The profiles provide a comprehensive look at financial stability based on median monthly income, discretionary funds for savings left over after monthly bills, and data on emergency expenses and aspirational financial goals on the geographic level.

As we continue through Black History Month, I challenge you to consider the ways in which you and your organization can lift the strengths and the contributions of the Black community. Service may look different for each of us, but our purpose is the same: to build an economy that works equally well for everyone.

New State-Level Cost-of-Living Reports
The Prosperity Now Scorecard team has created state-level Cost-of-Living Report profiles, which are now live as new features on the Scorecard website. These profiles reveal how difficult it is for households across the country to save at the end of each month, whether because of the high cost of monthly expenses or the paltry monthly earnings available to the heads of working families in their states. By documenting how quickly monthly income can evaporate as necessary spending—rent, transportation, childcare—accumulates, Prosperity Now’s Cost-of-Living Report profiles can serve as another case-making tool in the hands of advocates striving to help raise the floor for all. Check out our most recent blog post for more details!

Updated Policy Adoption Data Now Available in the Prosperity Now Scorecard
The Prosperity Now Scorecard now includes 29 policy measures recommended for states working toward building more prosperous and equitable economies. New this year is the Scorecard’s first policy examining the connection between economic justice and debt, Driver’s License Debt Suspensions Protections. This policy assesses states’ progress toward addressing the cycle of poverty and punishment by ending the practice of suspending driver’s licenses for failure to pay fines and fees or failure to appear in court for unpaid fines and fees. We encourage you to explore all the latest Prosperity Now Scorecard policy data and learn what you can do in your state as legislative sessions get underway! Learn more in this new blog post!

Six Steps the New Administration Should Take During Its First 100 Days | Prosperity Now
This blog post calls on the Biden administration to advance six of our major policy priorities to increase financial security for low-income households during the first 100 days of the administration. This includes adopting ‘baby bonds’ or long-term trust accounts for children nationwide, expanding the eligibility and refundability of the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), increasing housing affordability and greater investment in Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) to support underserved small businesses. 

Economic Security Programs Reduce Overall Poverty, Racial and Ethnic Inequities | Center on Budget and Policy Priorities
The Center on Budget and Policy Priorities finds in this report that economic security programs, like government benefits, have been effective in reducing poverty and racial disparities and calls for stronger efforts to build opportunity for all.

Alice Rodriguez: Putting Equity into Action | Financial Health Network
This podcast from Financial Health Network’s EMERGE Everywhere series, features JP Morgan Chase’s Head of Community Practices, who discusses the company’s role as a supporter of underserved communities of color. 

Social Listening: COVID-19, Social Media and The Path to a Better Safety Net | Aspen Institute Financial Security Program
The Aspen Institute Financial Security Program’s latest publication discusses how government can use people-centered approaches to policy design amid COVID-19.

Promoting Resident Ownership of Communities | Prosperity Now
This tool summarizes the case for resident ownership of manufactured home communities as a path to affordable housing preservation and asset building. The guide establishes key elements of strong policy and suggests model legislative language.

Policy Call Series | Prosperity Now

• Financial Security Policy Priorities – February 9, 2021 (Recording)
• Affordable Homeownership Policy Priorities – February 23, 2021, 3 p.m. ET
• Consumer Protections Policy Priorities – March 9, 2021, 2 p.m. ET

Pro Bono & Tax Clinics “Fireside Chat” EITC Issues for this Tax Season | American Bar Association | February 17, 2021

Webinar Series: Responding to Clients’ “Now, Soon & Later” Needs | Prosperity Now | March 3, 2021

Webinar Series: Your Money, Your Goals March 2021 Training Series | Consumer Financial Protection Bureau | March 4, 11, 18 and 25, 2021

EMERGE Workplace | Financial Health Network | April 7-8, 2021

Children’s Savings
In early February, Sen. Cory Booker (D-NJ) and Rep. Ayanna Pressley (D-MA-Seventh District) reintroduced the American Opportunity Accounts Act (AKA, the Baby Bonds Bill). Learn more about how this bill would provide every child with the economic resources needed to begin building long-term economic security and generational wealth in this Prosperity Now blog post. Please take two minutes to call or email your legislators, to ask them to co-sponsor the American Opportunity Accounts Act today.

Predatory Lending
A bill to enact the Predatory Loan Prevention Act in Illinois (SB 1792), including rate caps on predatory lending, has passed in the state legislature. The bill, if enacted, would prohibit lenders from charging consumers more than 36% APR on consumer loans in Illinois. The bill now awaits the signature of Gov. J.B. Pritzker. Earlier in January, Prosperity Now signed on to a campaign led by the Illinois Asset Building Group, a Community Champion, encouraging the governor to sign the bill into law.

MPR News, Gary Cunningham on building Black wealth and an economy that works for all, January 25

Marketplace, Biden orders push agencies to reckon with their roles in systemic racism, January 27

WURD, Reality Check with Charles Ellison, January 26

Federal Reserve Bank of Atlanta, For Small Businesses, Recovery from COVID Could Take Years, February 5

Center for NYC Neighborhoods, Homeowner Assistance Fund: Advocates applaud Senate bill fund to help millions of families keep their homes, February 5