Black ExperienceBusinessStacy M. Brown

CAP Announces Formation of Advisory Council on Eliminating Black-White Wealth Gap

The Center for American Progress, a D.C.-based nonpartisan research and educational institute, has convened the National Advisory Council on Eliminating the Black-White Wealth Gap.

Comprised of 10 national experts in economics, history, public policy, and presidential transitions, the advisory council will be charged with generating new ideas for closing the gap and outlining clear actions for an incoming administration to take within its first 100 days, according to a news release from the CAP.

Organization officials noted that, for 400 years, structural racism embedded in federal, state and local policies has produced and maintained a stark wealth gap between Black and white Americans.

Today, the typical white household holds 10 times more wealth than the typical Black household, according to the news release.

This disparity persists even after controlling for protective factors such as education, income, or homeownership.

While lawmakers and policy experts increasingly agree that the racial wealth gap poses a serious problem, little consensus exists on the most effective way to eliminate it.

For instance, a recent CAP analysis found that five leading policy proposals will not be enough alone or in combination to fully close the racial wealth gap by 2060.

“The time has long passed for the U.S. government to fully address 400 years of collective harms against Black people,” Danyelle Solomon, vice president of Race and Ethnic Policy at the CAP, said in a statement. “As the next president engages in conversations about systematic inequality, they must be bold; they must be honest; they must deliver intentional and targeted approaches to closing the racial wealth gap.”

The National Advisory Council on Eliminating the Black-White Wealth Gap includes co-Chair Kilolo Kijakazi, a fellow at the Urban Institute; Co-Chair Darrick Hamilton, executive director of the Kirwan Institute for the Study of Race and Ethnicity at The Ohio State University; Mehrsa Baradaran, a law professor at the University of California, Irvine; Lisa D. Cook, an associate professor of economics and international relations at Michigan State University; Henry Louis “Skip” Gates, an Alphonse Fletcher Jr. University professor and director of the Hutchins Center for African American Research at Harvard University; Ibram X. Kendi, a professor of history and international relations and founding director of the Antiracist Research and Policy Center at American University; Trevon Logan, a professor of Economics and associate dean at the College of Arts and Sciences at The Ohio State University; Anne Price, president of the Insight Center; Richard Rothstein, a distinguished fellow at the Economic Policy Institute and senior fellow and emeritus at the Thurgood Marshall Institute of the NAACP Legal Defense Fund and of the Haas Institute at the University of California, Berkeley; and Rhonda Sharpe, founder and president of the Women’s Institute for Science, Equity and Race.

“I’m thrilled to convene the National Advisory Council on Eliminating the Black-White Wealth Gap,” Solomon said. “This exceptional group of scholars and thought leaders will spend the next year developing a meaningful, targeted, and effective set of policy solutions to finally begin to close the gap.”

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Stacy M. Brown

I’ve worked for the Daily News of Los Angeles, the L.A. Times, Gannet and the Times-Tribune and have contributed to the Pocono Record, the New York Post and the New York Times. Television news opportunities have included: NBC, MSNBC, Scarborough Country, the Abrams Report, Today, Good Morning America, NBC Nightly News, Imus in the Morning and Anderson Cooper 360. Radio programs like the Wendy Williams Experience, Tom Joyner Morning Show and the Howard Stern Show have also provided me the chance to share my views.

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