Dear supporter,

Today, as we celebrate the life and legacy of Dr. King, we remember that he not only marched for equal rights, he marched for economic justice -- because true equality is only achieved when there is no correlation between race, ethnicity, and success.

Fulfilling Dr. King's vision of economic equality for all people is a monumental challenge -- and I intend to make solving it a centerpiece of my presidency. It won't be easy, but I'm not running for president to do small things. I'm running to do big things that will make a big difference.

I am determined to break the link between the challenge of African-American wealth creation today and the racial inequalities of the past. For hundreds of years, America systematically stole black lives, black freedom, and black labor. It was a theft of labor and a transfer of wealth -- enshrined in law and enforced by violence.

I went to Tulsa yesterday because it represents a stark example of this system. A century ago, the Greenwood neighborhood of Tulsa was a thriving, upper-middle class black community -- until a white mob burned 1,200 homes, looted dozens of shops and left nothing but ruins and rubble across 35 blocks... and massacred more than 200 hundred black residents. Not one white person ever went to jail.

It was one of the deadliest and ugliest attacks in American history -- but like many Americans, I had never heard of it. This is a story that never makes it to our history books, and it is just one example. From 1917 to 1923, more than 1,000 black Americans were killed by white mobs in cities and towns all across the country.

But the numbers don't even begin to do justice to the story. The impact of this theft over a period of centuries has meant an enormous loss of wealth for individuals and families, across generations. Today, the typical black family in America owns one-tenth of the wealth of the typical white family.

One-tenth.

It's past time to say enough -- and to damn well do something about it!

Though my father never earned more than $6,000 a year, I've been very lucky in life. I often say my story would only have been possible in America -- and that's true.

But I also know that my story likely would have turned out very differently if I had been black -- and that more black Americans of my generation would have ended up with far more wealth, had they been white.

Instead, they have had to struggle to overcome great odds, because their families started out further behind, and were excluded from opportunities -- in housing, employment, education, and other areas.

So yesterday, I proposed a sweeping and ambitious strategy to invest in black wealth creation and close the racial wealth gap that plagues our country. We're calling it "The Greenwood Initiative," and it has three big goals:

One: We will help one million more black families buy a home, to counteract the effects of redlining and the subprime mortgage crisis, which are still being felt among many black families.

Two: We will double the number of black-owned businesses, which are far too few. We'll start by increasing capital for entrepreneurs in black communities and by strengthening enforcement of the Community Reinvestment Act, to make sure that lenders are investing in areas that need it most.

And three: We will help black families triple their wealth over the next 10 years -- to an all-time high. Our place-based strategy will invest $70 billion in 100 communities around the country. We will help make sure the quality of a child's education is not tied to their zip code.

Just think about this: If we could eliminate the racial wealth gap in this generation, we would add $1.5 trillion to the American economy.

Everyone would benefit. So what are we waiting for?

Show your support or learn more about my comprehensive and inclusive plan for economic equality.
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Today, let's re-dedicate ourselves to the words Dr. King spoke on his final day on this Earth: "We can get more together than we can apart."

Thank you for helping me bring people together and make his words true for all Americans.

Mike Bloomberg

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