February updates from the Prosperity Now team

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Dear John,

February is a lot of things—it is a time to reflect, celebrate and examine the progress and wellbeing of Black people across the country in observance of Black History Month; it is a moment to celebrate love and partnership as it appears in our lives; and it is an opportunity to set our personal and professional 2023 resolutions in motion. At Prosperity Now, we have harnessed this time to make huge strides toward building an economy that works for everyone.

We know that the entire economic system is stacked against Black communities, [[link removed]] and this month we’re on the precipice of achieving a historic victory against economic injustice in the United States. With the recent reintroduction of Baby Bonds legislation at the federal level [[link removed]], this could be the year that we begin to end intergenerational poverty for Black families and communities. We’ve released the latest iteration of the Prosperity Now Scorecard [[link removed]] to tell the story of wealth in America and critically evaluate the steps that states are taking toward racial economic equity. And finally, we’ve shared our 2023 Federal [[link removed]] and State [[link removed]] Policy Priorities to showcase how Prosperity Now is creating systemic change that allows for everyone, especially low-income, BIPOC communities, to build wealth, prosperity and thrive with the full dignity of racial economic justice.

This month’s newsletter dives into these new resources and so much more. Please read on for more opportunities to join our movement building towards racial economic justice.

In partnership,

Gary Cunningham

President & CEO

Prosperity Now

Until Our Economy Works for Black Women

Black History Month is a time for reflection, celebration, and truth-telling of the progress of Black people and the continued economic inequities that persist. We have recently witnessed historical events for the Black community, specifically by Black women. From Kamala Harris being the first woman of color elected Vice President of the United States to Judge Ketanji Brown Jackson becoming the first Black woman to serve in the U.S. Supreme Court. While both reflect the power and strides of Black women in America, they are a minority. Black women are still highly underrepresented in leadership at all levels and continue to face economic and wealth-building barriers.

Read the full conversation between Ebony White, Director of Racial Economic Justice at Prosperity Now, and Natalie Evans Harris, Executive Director of Black Wealth Data Center.

Read the Full Conversation Here [[link removed]] Fall in Love with the 2023 Prosperity Now Scorecard

Last week, we “fell in love” with the newly released 2023 Prosperity Now Scorecard, an online data and advocacy tool that puts racial wealth equity at the center of building an economy that works for everyone. This year, we’re looking at updated financial security outcomes and progressive policy changes that occurred from January 1, 2022 to December 31, 2022. We're also excited to have added Baby Bonds—one of Prosperity Now’s core policy priorities—to our Scorecard policies this year, to support the growing interest across states in implementing or conducting research on Baby Bonds legislation. Explore the 2023 Prosperity Now Scorecard [[link removed]] today!

The Fight for Financial Inclusion in the Deep South

In the Deep South, Hope Policy Institute [[link removed]], a Prosperity Now Community Champion, is a leader in community development and driving policy change that fights for financial inclusion, racial equity, and investment in vulnerable Black and Brown communities in the Deep South. Hope Policy Institute serves as the policy division of HOPE (Hope Enterprise Corporation and Hope Credit Union [[link removed]]). Hope Policy Institute creates positive change by amplifying the voices of the community members they work with. Recently, we at Prosperity Now had the privilege of interviewing Kiyadh Burt, Vice President & Interim Policy Director at Hope Policy Institute to discuss efforts to create financial inclusivity in the region.

Read More [[link removed]] Driving BIPOC Economic Well-being Forward at the Federal, State and Local Levels

For far too long, changes to individual behavior have been at the core of conversations on improving the financial well-being and economic security of individuals and families across the country. But individual behavior cannot fix a system built only to help the fortunate few. Now is the time to truly center people of color, folks with low incomes and other disenfranchised communities to create genuine change and systemic policy solutions.

Our policy team has identified federal, state and local policies for 2023 to dedicate our efforts and work toward an economy that is just, fair and free from structural racism. [[link removed]]

Federal Policy Priorities [[link removed]] State and Local Policy Priorities [[link removed]] Inclusive Entrepreneurship for an Inclusive Economy

Prosperity Now, in partnership with the Progressive Policy Institute (PPI), recently released “ Inclusive Entrepreneurship Is Key to Unlocking Equal Opportunity [[link removed]],” a report that offers recommendations for how policymakers and other entities can best support entrepreneurs of color. It explores the structural inequities these entrepreneurs have long faced, and it looks at how organizations in cities across the country have used pandemic relief funds to support small businesses in their communities. The report also offers solutions for how to break down barriers for Black and Latine entrepreneurs in three key areas—capital access, technical assistance, and data transparency.

Tax Tuesday is Here!

Now that we are in the midst of tax season, and community tax preparers across the country are working hard to help families file their taxes, we’re excited to launch our #TaxTuesday campaign, expanding on a different tax topic each week. Follow along on social media @ProsperityNow [[link removed]]!

What's New from Prosperity Now and the Field

A Glimpse of the Economic Divide in our Nation’s Capital [[link removed]] | Prosperity Now

This new report underscores key data trends that illustrate growing racial and ethnic economic disparities in the D.C metropolitan region.

To Truly Reward Work, We Must Give People a Fairer Financial Starting Point with Baby Bonds [[link removed]] | Prosperity Now

In America today, working hard is not enough to secure financial security. We must give vulnerable families and their children opportunities to build wealth, and Baby Bonds can do that.

Supporting Returning Citizens’ Financial Health [[link removed]] | Financial Health Network

By using information learned from pilot projects, this Financial Health Network brief maps out ways in which stakeholders can support individuals returning from incarceration in securing financial and identification services.

Communications Toolkit: The American Opportunity Accounts Act and How to Talk about Baby Bonds [[link removed]] | Prosperity Now

With the reintroduction of the American Opportunity Accounts Act, which proposes Baby Bonds on a federal level, please use Prosperity Now’s Communications Toolkit to advocate for Baby Bonds in your state and federally.

Inflation, Public Supports, and Families with Low Incomes [[link removed]] | Urban Institute

This brief analyzes the challenge of keeping up with inflation and the rising cost of living for individuals who use public support, which often does not adjust to inflation or does not do so fast enough.

Biden’s State of the Union Calls for “Building an Economy Where No One is Left Behind” [[link removed]] | Prosperity Now

In this statement, Prosperity Now President & CEO Gary Cunningham gives his ongoing support to President Joe Biden’s economic agenda after February’s State of the Union address.

Are You Joining Us?

Prosperity Summit Encore Webinar: Childcare Entrepreneurship: A Path to Economic Mobility [[link removed]] | Prosperity Now | Thursday, February 23, 2023

Prosperity Summit Encore: Racial Equity in Entrepreneurship Ecosystems: Systemic Solutions to the Pervasive Problem of America’s Racial Wealth Gap [[link removed]] | Prosperity Now | Tuesday, February 28, 2023

Connect to Effect: Building an Equitable Financial Ecosystem for Texans [[link removed]] | Raise Texas Summit | March 2-3, 2023 | Dallas, Texas

Aspen Forum on Children and Families [[link removed]] | Aspen Institute | Tue Apr 11-12, 2023

Bridging the Credit Gap: 10th Annual Credit Building Symposium [[link removed]] | Credit Builders Alliance | June 7-9, 2023 | Washington, DC

Racial Justice Trainings [[link removed]] | Race Forward |Multiple dates and times provided

Race Forward offers various trainings for different skill levels, including Building Racial Equity, Organizing Racial Equity, Shifting Power, and Decision-Making for Racial Equity.

ICYMI

Webinar Recording: Leveraging Racial Equity Impact Assessments (REIA) for Change [[link removed]] | Prosperity Now | February 8, 2023

Webinar Recording: Baby Bonds – Building a Brighter Future in Your State [[link removed]] | Prosperity Now | February 16, 2023

The Pulse on Prosperity Now

Federal News Network, To level the playing field, invest in the IRS [[link removed]], Gary Cunningham, President & CEO

Yahoo! Finance, How big will your tax refund be? Changes this year make it harder to guess [[link removed]], Joanna Ain, Associate Director of Policy

Massachusetts Government, Baby Bonds Task Force Findings Report [[link removed]], Shira Markoff, Policy Fellow

The Grio, How will the economy impact Black Americans in 2023? [[link removed]], Prosperity Now

YouTube, Prosperity Now National Convening-Best Motivational Speaker [[link removed]], Chris James

KUOW, 'Baby Bond' proposal would benefit nearly half of all WA newborns [[link removed]], Prosperity Now

P.S. With the momentum of 44 years’ worth of work behind us, and big goals and aspirations for the year ahead of us, we are proud to launch our 2023 Annual Fund. Click here to be an early supporter! [[link removed]]

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