[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.71,0:00:03.25,Default,,0000,0000,0000,,As last recorded\Nby the US Federal Government,
Dialogue: 0,0:00:03.29,0:00:09.23,Default,,0000,0000,0000,,the median wealth for a white family\Nin the United States was 171,000 dollars
Dialogue: 0,0:00:09.25,0:00:13.68,Default,,0000,0000,0000,,and the median wealth for a Black family\Nwas just 17,000 dollars,
Dialogue: 0,0:00:13.71,0:00:18.89,Default,,0000,0000,0000,,a 10x different over 150 years\Nafter the end of slavery.
Dialogue: 0,0:00:18.92,0:00:21.85,Default,,0000,0000,0000,,I think first we have to ask ourselves,\Nwhat is wealth really?
Dialogue: 0,0:00:21.88,0:00:25.06,Default,,0000,0000,0000,,Well, wealth is all of your assets,\Nall of the things that you own,
Dialogue: 0,0:00:25.08,0:00:26.60,Default,,0000,0000,0000,,minus all of your liabilities.
Dialogue: 0,0:00:26.62,0:00:29.93,Default,,0000,0000,0000,,Assets are things like your car,\Nyour house, your savings account,
Dialogue: 0,0:00:29.96,0:00:33.62,Default,,0000,0000,0000,,your checking account, your investments,\Nif you own other properties,
Dialogue: 0,0:00:34.75,0:00:36.64,Default,,0000,0000,0000,,your business.
Dialogue: 0,0:00:36.67,0:00:39.77,Default,,0000,0000,0000,,Well, that gap, that 10x gap,
Dialogue: 0,0:00:39.79,0:00:43.02,Default,,0000,0000,0000,,is partially because for many years,
Dialogue: 0,0:00:43.04,0:00:44.35,Default,,0000,0000,0000,,decades in fact,
Dialogue: 0,0:00:44.38,0:00:46.52,Default,,0000,0000,0000,,Black Americans\Nwere left off of that ladder
Dialogue: 0,0:00:46.54,0:00:48.60,Default,,0000,0000,0000,,and didn't really have access to it.
Dialogue: 0,0:00:48.62,0:00:51.02,Default,,0000,0000,0000,,Well, why are we talking about this now?
Dialogue: 0,0:00:51.04,0:00:55.98,Default,,0000,0000,0000,,Well, in 2020, in the midst of\Na global pandemic and a looming recession,
Dialogue: 0,0:00:56.00,0:00:57.56,Default,,0000,0000,0000,,inequities are really laid bare
Dialogue: 0,0:00:57.58,0:01:00.56,Default,,0000,0000,0000,,across nearly every system\Nin the United States:
Dialogue: 0,0:01:00.58,0:01:05.02,Default,,0000,0000,0000,,health care, education,\Ncriminal justice and finance,
Dialogue: 0,0:01:05.04,0:01:09.18,Default,,0000,0000,0000,,and people were moved\Nto take action online, in streets,
Dialogue: 0,0:01:09.21,0:01:11.85,Default,,0000,0000,0000,,in meetings at work,\Nin corporate boardrooms.
Dialogue: 0,0:01:11.88,0:01:15.23,Default,,0000,0000,0000,,And I, as a consultant, started\Nhaving conversations with clients
Dialogue: 0,0:01:15.25,0:01:16.96,Default,,0000,0000,0000,,that I thought I would never have.
Dialogue: 0,0:01:17.92,0:01:20.43,Default,,0000,0000,0000,,I guess the question\Nthat I'd been asking myself is,
Dialogue: 0,0:01:20.46,0:01:24.10,Default,,0000,0000,0000,,how do we make sure that in this moment,\Nthis results in action and progress
Dialogue: 0,0:01:24.12,0:01:28.35,Default,,0000,0000,0000,,that starts to close that wealth gap\Nfor Black versus white Americans?
Dialogue: 0,0:01:28.38,0:01:29.68,Default,,0000,0000,0000,,So who am I?
Dialogue: 0,0:01:29.71,0:01:31.27,Default,,0000,0000,0000,,My name is Kedra Newsom Reeves.
Dialogue: 0,0:01:31.29,0:01:33.48,Default,,0000,0000,0000,,I am a consultant\Nfor banking institutions,
Dialogue: 0,0:01:33.50,0:01:35.77,Default,,0000,0000,0000,,hedge funds, asset managers.
Dialogue: 0,0:01:35.79,0:01:37.18,Default,,0000,0000,0000,,But before any of that,
Dialogue: 0,0:01:37.21,0:01:40.68,Default,,0000,0000,0000,,I am a Black American\Nwho is the descendant of slaves.
Dialogue: 0,0:01:40.71,0:01:42.60,Default,,0000,0000,0000,,And when we talk about the wealth gap,
Dialogue: 0,0:01:42.62,0:01:44.93,Default,,0000,0000,0000,,it's really important\Nto understand the history,
Dialogue: 0,0:01:44.96,0:01:47.93,Default,,0000,0000,0000,,so I thought I'd tell a little story\Nabout a family, my family,
Dialogue: 0,0:01:47.96,0:01:50.77,Default,,0000,0000,0000,,and how policy intersects with wealth.
Dialogue: 0,0:01:50.79,0:01:53.18,Default,,0000,0000,0000,,So we'll start with\Nmy great-great-grandfather.
Dialogue: 0,0:01:53.21,0:01:54.93,Default,,0000,0000,0000,,He was a man named Silas Newsom,
Dialogue: 0,0:01:54.96,0:01:58.27,Default,,0000,0000,0000,,and Silas was born a slave\Noutside Nashville, Tennessee,
Dialogue: 0,0:01:58.29,0:01:59.68,Default,,0000,0000,0000,,on Newsom Station,
Dialogue: 0,0:01:59.71,0:02:02.48,Default,,0000,0000,0000,,where he and his family\Nworked on a quarry.
Dialogue: 0,0:02:02.50,0:02:03.81,Default,,0000,0000,0000,,He didn't own anything.
Dialogue: 0,0:02:03.83,0:02:06.68,Default,,0000,0000,0000,,He didn't own his home.\NHe didn't own property.
Dialogue: 0,0:02:06.71,0:02:08.73,Default,,0000,0000,0000,,He didn't really even own his own body,
Dialogue: 0,0:02:08.75,0:02:10.48,Default,,0000,0000,0000,,his own labor, his children.
Dialogue: 0,0:02:10.50,0:02:12.85,Default,,0000,0000,0000,,Any of those things, all of those things,
Dialogue: 0,0:02:12.88,0:02:16.10,Default,,0000,0000,0000,,were here to create wealth\Nfor someone else.
Dialogue: 0,0:02:16.12,0:02:18.81,Default,,0000,0000,0000,,So we believe that he was a servant
Dialogue: 0,0:02:18.83,0:02:21.89,Default,,0000,0000,0000,,during the Civil War\Nfor a Confederate general
Dialogue: 0,0:02:21.92,0:02:24.18,Default,,0000,0000,0000,,who was actually fighting\Nto keep him enslaved,
Dialogue: 0,0:02:24.21,0:02:27.08,Default,,0000,0000,0000,,so he really had no wealth,\Nhe had no control over his life.
Dialogue: 0,0:02:27.96,0:02:31.39,Default,,0000,0000,0000,,Well, at the end of slavery,\Nthere was a policy opportunity.
Dialogue: 0,0:02:31.42,0:02:33.06,Default,,0000,0000,0000,,There was a question:
Dialogue: 0,0:02:33.08,0:02:36.35,Default,,0000,0000,0000,,what do we do for\Nthe hundreds of years of slavery
Dialogue: 0,0:02:36.38,0:02:39.73,Default,,0000,0000,0000,,now that we are ending slavery\Nand the country is coming together?
Dialogue: 0,0:02:39.75,0:02:41.06,Default,,0000,0000,0000,,And there was a choice.
Dialogue: 0,0:02:41.08,0:02:43.14,Default,,0000,0000,0000,,We could make a settlement\Nwith the slaves,
Dialogue: 0,0:02:43.17,0:02:45.68,Default,,0000,0000,0000,,or we could make a settlement\Nwith the slave owners.
Dialogue: 0,0:02:45.71,0:02:49.85,Default,,0000,0000,0000,,Well, the slaves had no power\Nto advocate for themselves in that moment,
Dialogue: 0,0:02:49.88,0:02:51.52,Default,,0000,0000,0000,,and the country had to be united,
Dialogue: 0,0:02:51.54,0:02:56.31,Default,,0000,0000,0000,,so the federal government decided\Nto give that settlement to slave owners,
Dialogue: 0,0:02:56.33,0:03:01.18,Default,,0000,0000,0000,,essentially giving them money\Nfor the property that they had lost
Dialogue: 0,0:03:01.21,0:03:02.52,Default,,0000,0000,0000,,at the end of the war.
Dialogue: 0,0:03:02.54,0:03:06.27,Default,,0000,0000,0000,,And not their physical property,\Nnot their homes, but people,
Dialogue: 0,0:03:06.29,0:03:10.85,Default,,0000,0000,0000,,the slaves that had provided\Nfree labor for years and decades.
Dialogue: 0,0:03:10.88,0:03:13.60,Default,,0000,0000,0000,,So Silas, at the end of the Civil War,
Dialogue: 0,0:03:13.62,0:03:14.93,Default,,0000,0000,0000,,had no wealth.
Dialogue: 0,0:03:14.96,0:03:17.64,Default,,0000,0000,0000,,He was free but had no wealth.
Dialogue: 0,0:03:17.67,0:03:18.93,Default,,0000,0000,0000,,He became a sharecropper.
Dialogue: 0,0:03:18.96,0:03:20.81,Default,,0000,0000,0000,,My great-grandfather Silas was born
Dialogue: 0,0:03:20.83,0:03:22.89,Default,,0000,0000,0000,,a number of years\Nafter the end of slavery,
Dialogue: 0,0:03:22.92,0:03:24.98,Default,,0000,0000,0000,,and he was drafted to serve in World War I
Dialogue: 0,0:03:25.00,0:03:28.35,Default,,0000,0000,0000,,along with 350,000\Nother Black American soldiers
Dialogue: 0,0:03:28.38,0:03:30.10,Default,,0000,0000,0000,,in segregated units.
Dialogue: 0,0:03:30.12,0:03:31.39,Default,,0000,0000,0000,,He served in the war.
Dialogue: 0,0:03:31.42,0:03:33.48,Default,,0000,0000,0000,,When he came back to the United States,
Dialogue: 0,0:03:33.50,0:03:36.73,Default,,0000,0000,0000,,at the end of the war,\Nthere was very anti-Black sentiment.
Dialogue: 0,0:03:36.75,0:03:39.73,Default,,0000,0000,0000,,The economy was compressing,\Nthere were a lot of stressors,
Dialogue: 0,0:03:39.75,0:03:45.39,Default,,0000,0000,0000,,and Black people could not get land,\Nthey could not get loans for homes,
Dialogue: 0,0:03:45.42,0:03:49.43,Default,,0000,0000,0000,,they really could not acquire any credit\Nto build wealth over time,
Dialogue: 0,0:03:49.46,0:03:52.10,Default,,0000,0000,0000,,so he also became a farmer.
Dialogue: 0,0:03:52.12,0:03:54.93,Default,,0000,0000,0000,,And he had a son, also named Silas --
Dialogue: 0,0:03:54.96,0:03:57.18,Default,,0000,0000,0000,,there are a lot of Silases in my family --
Dialogue: 0,0:03:57.21,0:03:58.52,Default,,0000,0000,0000,,my grandfather.
Dialogue: 0,0:03:58.54,0:04:02.12,Default,,0000,0000,0000,,My grandfather Silas was also a soldier\Nand fought in World War II.
Dialogue: 0,0:04:02.92,0:04:04.43,Default,,0000,0000,0000,,After World War II,
Dialogue: 0,0:04:04.46,0:04:06.93,Default,,0000,0000,0000,,the US Federal Government\Npassed the GI Bill,
Dialogue: 0,0:04:06.96,0:04:08.85,Default,,0000,0000,0000,,which provided support for veterans.
Dialogue: 0,0:04:08.88,0:04:11.48,Default,,0000,0000,0000,,And the bill provided\Nfor building of hospitals,
Dialogue: 0,0:04:11.50,0:04:12.81,Default,,0000,0000,0000,,student loans
Dialogue: 0,0:04:12.83,0:04:19.14,Default,,0000,0000,0000,,and, most importantly for wealth-building,\Nlow-interest home mortgages for veterans.
Dialogue: 0,0:04:19.17,0:04:21.27,Default,,0000,0000,0000,,In the years following the war,
Dialogue: 0,0:04:21.29,0:04:25.18,Default,,0000,0000,0000,,the GI Bill accounted for\Nfour billion dollars of funding
Dialogue: 0,0:04:25.21,0:04:27.43,Default,,0000,0000,0000,,to nine million veterans.
Dialogue: 0,0:04:27.46,0:04:30.00,Default,,0000,0000,0000,,But Black veterans\Nlargely did not benefit.
Dialogue: 0,0:04:31.12,0:04:34.89,Default,,0000,0000,0000,,So Silas, my grandfather,\Ncame back to Nashville, Tennessee,
Dialogue: 0,0:04:34.92,0:04:37.98,Default,,0000,0000,0000,,and he married my grandmother,\Nwhose name is Cinderella.
Dialogue: 0,0:04:38.00,0:04:40.27,Default,,0000,0000,0000,,Yes, my grandmother's name was Cinderella.
Dialogue: 0,0:04:40.29,0:04:42.68,Default,,0000,0000,0000,,And they had eight children.
Dialogue: 0,0:04:42.71,0:04:44.39,Default,,0000,0000,0000,,But they never bought a home.
Dialogue: 0,0:04:44.42,0:04:46.48,Default,,0000,0000,0000,,And the highlight of their housing journey
Dialogue: 0,0:04:46.50,0:04:48.98,Default,,0000,0000,0000,,was moving into\Na new public housing project
Dialogue: 0,0:04:49.00,0:04:50.52,Default,,0000,0000,0000,,with their children
Dialogue: 0,0:04:50.54,0:04:52.56,Default,,0000,0000,0000,,and paying rent for that housing project,
Dialogue: 0,0:04:52.58,0:04:57.35,Default,,0000,0000,0000,,which in terms of the quality of housing\Nwas fantastic for them and a step up,
Dialogue: 0,0:04:57.38,0:04:59.58,Default,,0000,0000,0000,,but did not allow them to build wealth.
Dialogue: 0,0:05:00.38,0:05:02.31,Default,,0000,0000,0000,,My father, another soldier,
Dialogue: 0,0:05:02.33,0:05:04.56,Default,,0000,0000,0000,,a 20-year veteran\Nof the United States Marines,
Dialogue: 0,0:05:04.58,0:05:06.93,Default,,0000,0000,0000,,bought his first home in his early 50s,
Dialogue: 0,0:05:06.96,0:05:12.23,Default,,0000,0000,0000,,but it took four generations\Nfor our family to move into homeownership
Dialogue: 0,0:05:12.25,0:05:16.04,Default,,0000,0000,0000,,and begin to build ownership\Nand equity in a home.
Dialogue: 0,0:05:17.33,0:05:20.43,Default,,0000,0000,0000,,That's one family's story,\Nand I skipped a lot of things
Dialogue: 0,0:05:20.46,0:05:23.93,Default,,0000,0000,0000,,that happened between\Nthe end of slavery and today:
Dialogue: 0,0:05:23.96,0:05:28.89,Default,,0000,0000,0000,,redlining, housing discrimination\Nbefore the Fair Housing Act in the 1970s,
Dialogue: 0,0:05:28.92,0:05:31.56,Default,,0000,0000,0000,,the really important role\Nthat Black-owned banks played
Dialogue: 0,0:05:31.58,0:05:33.17,Default,,0000,0000,0000,,in building Black communities,
Dialogue: 0,0:05:34.25,0:05:36.52,Default,,0000,0000,0000,,the Savings and Loan Crisis of the 1980s,
Dialogue: 0,0:05:36.54,0:05:38.64,Default,,0000,0000,0000,,which crushed a lot of Black banks,
Dialogue: 0,0:05:38.67,0:05:40.98,Default,,0000,0000,0000,,and the subprime crisis in 2008,
Dialogue: 0,0:05:41.00,0:05:45.23,Default,,0000,0000,0000,,which stripped a lot of Black\Nand brown homeowners of their homes.
Dialogue: 0,0:05:45.25,0:05:46.81,Default,,0000,0000,0000,,There's a lot of history there,
Dialogue: 0,0:05:46.83,0:05:50.73,Default,,0000,0000,0000,,but that story tells you a bit\Nabout how we get to this 10x gap
Dialogue: 0,0:05:50.75,0:05:52.33,Default,,0000,0000,0000,,where we are today.
Dialogue: 0,0:05:53.33,0:05:56.64,Default,,0000,0000,0000,,Now, certainly, as we think\Nabout the size of that gap,
Dialogue: 0,0:05:56.67,0:06:01.50,Default,,0000,0000,0000,,it is critical for the Federal Government\Nto take a number of actions.
Dialogue: 0,0:06:02.25,0:06:05.43,Default,,0000,0000,0000,,That said, financial institutions\Nplay a really important role
Dialogue: 0,0:06:05.46,0:06:09.23,Default,,0000,0000,0000,,in providing access to credit,\Naccess to capital,
Dialogue: 0,0:06:09.25,0:06:10.93,Default,,0000,0000,0000,,to build communities
Dialogue: 0,0:06:10.96,0:06:13.08,Default,,0000,0000,0000,,and allow Black communities to thrive.
Dialogue: 0,0:06:14.21,0:06:16.35,Default,,0000,0000,0000,,We have to be clear;
Dialogue: 0,0:06:16.38,0:06:20.73,Default,,0000,0000,0000,,managing 17,000 dollars better\Ndoes not get us there.
Dialogue: 0,0:06:20.75,0:06:23.77,Default,,0000,0000,0000,,Better education does not get us there.
Dialogue: 0,0:06:23.79,0:06:27.27,Default,,0000,0000,0000,,Access to credit and capital are critical.
Dialogue: 0,0:06:27.29,0:06:29.52,Default,,0000,0000,0000,,So I want to talk\Nabout four solutions today
Dialogue: 0,0:06:29.54,0:06:33.62,Default,,0000,0000,0000,,that financial institutions can contribute\Nto start to close the wealth gap.
Dialogue: 0,0:06:34.67,0:06:37.93,Default,,0000,0000,0000,,Number one is getting\Nmore people on the ladder,
Dialogue: 0,0:06:37.96,0:06:39.33,Default,,0000,0000,0000,,getting more people banked.
Dialogue: 0,0:06:40.79,0:06:43.27,Default,,0000,0000,0000,,We know today that\Nabout half of Black Americans
Dialogue: 0,0:06:43.29,0:06:45.35,Default,,0000,0000,0000,,are un- or underbanked.
Dialogue: 0,0:06:45.38,0:06:47.98,Default,,0000,0000,0000,,Unbanked means that\Nyou don't have a banking account.
Dialogue: 0,0:06:47.100,0:06:50.77,Default,,0000,0000,0000,,Underbanked means\Nthat you have a bank account
Dialogue: 0,0:06:50.79,0:06:55.73,Default,,0000,0000,0000,,but you use alternative services\Nfor check-cashing or payday lending
Dialogue: 0,0:06:55.75,0:06:57.39,Default,,0000,0000,0000,,or paying bills.
Dialogue: 0,0:06:57.42,0:07:00.31,Default,,0000,0000,0000,,And that's not just expensive\Nfrom a transaction perspective
Dialogue: 0,0:07:00.33,0:07:02.02,Default,,0000,0000,0000,,in terms of the fees that you pay,
Dialogue: 0,0:07:02.04,0:07:05.85,Default,,0000,0000,0000,,it's also expensive in terms of the time\Nthat you commit to paying a bill.
Dialogue: 0,0:07:05.88,0:07:08.81,Default,,0000,0000,0000,,Think about how you pay\Nyour utility bill today.
Dialogue: 0,0:07:08.83,0:07:11.06,Default,,0000,0000,0000,,It probably comes\Nout of your checking account.
Dialogue: 0,0:07:11.08,0:07:12.56,Default,,0000,0000,0000,,You don't even think about it.
Dialogue: 0,0:07:12.58,0:07:14.73,Default,,0000,0000,0000,,You set it up in advance,\Nand it's automatic.
Dialogue: 0,0:07:14.75,0:07:16.02,Default,,0000,0000,0000,,Well, if you're unbanked,
Dialogue: 0,0:07:16.04,0:07:18.60,Default,,0000,0000,0000,,you are probably going\Nto get a money order somewhere,
Dialogue: 0,0:07:18.62,0:07:20.35,Default,,0000,0000,0000,,physically, a piece of paper.
Dialogue: 0,0:07:20.38,0:07:23.43,Default,,0000,0000,0000,,You then travel to City Hall or your DMV
Dialogue: 0,0:07:23.46,0:07:24.73,Default,,0000,0000,0000,,to pay that bill.
Dialogue: 0,0:07:24.75,0:07:27.52,Default,,0000,0000,0000,,About 40 percent of people\Nwho are unbanked
Dialogue: 0,0:07:27.54,0:07:31.60,Default,,0000,0000,0000,,say they are unbanked because they think\Nthey don't have the minimum amount
Dialogue: 0,0:07:31.62,0:07:34.14,Default,,0000,0000,0000,,to really maintain a checking account.
Dialogue: 0,0:07:34.17,0:07:35.73,Default,,0000,0000,0000,,Well, that's just not true.
Dialogue: 0,0:07:35.75,0:07:37.23,Default,,0000,0000,0000,,In the last several years,
Dialogue: 0,0:07:37.25,0:07:40.39,Default,,0000,0000,0000,,credit unions, community banks\Nand major banking institutions
Dialogue: 0,0:07:40.42,0:07:45.35,Default,,0000,0000,0000,,have created low-cost, no-minimum\Nchecking and savings account products
Dialogue: 0,0:07:45.38,0:07:48.56,Default,,0000,0000,0000,,specifically made for this population.
Dialogue: 0,0:07:48.58,0:07:51.18,Default,,0000,0000,0000,,So we have an issue with awareness.
Dialogue: 0,0:07:51.21,0:07:53.89,Default,,0000,0000,0000,,Banks, community partners and others
Dialogue: 0,0:07:53.92,0:07:57.06,Default,,0000,0000,0000,,have to work together to increase\Nthe awareness of these products
Dialogue: 0,0:07:57.08,0:07:58.93,Default,,0000,0000,0000,,in communities that need them,
Dialogue: 0,0:07:58.96,0:08:01.43,Default,,0000,0000,0000,,so that we can start to reduce\Nthe number of people
Dialogue: 0,0:08:01.46,0:08:02.81,Default,,0000,0000,0000,,who are un- and underbanked
Dialogue: 0,0:08:02.83,0:08:05.64,Default,,0000,0000,0000,,and get them on the ladder\Nthat we talked about earlier.
Dialogue: 0,0:08:05.67,0:08:08.73,Default,,0000,0000,0000,,The challenge is about 28 percent\Nof Black and Latinx families
Dialogue: 0,0:08:08.75,0:08:10.14,Default,,0000,0000,0000,,are credit-invisible,
Dialogue: 0,0:08:10.17,0:08:14.14,Default,,0000,0000,0000,,which means that you have\Na thin credit file or no credit file.
Dialogue: 0,0:08:14.17,0:08:17.35,Default,,0000,0000,0000,,And the way that credit works\Nand creditworthiness assessments work
Dialogue: 0,0:08:17.38,0:08:19.60,Default,,0000,0000,0000,,is to say, if you can prove
Dialogue: 0,0:08:19.62,0:08:22.68,Default,,0000,0000,0000,,that you have paid credit back\Nconsistently previously,
Dialogue: 0,0:08:22.71,0:08:24.31,Default,,0000,0000,0000,,then I can lend you more credit.
Dialogue: 0,0:08:24.33,0:08:27.02,Default,,0000,0000,0000,,It's kind of a chicken\Nor an egg situation.
Dialogue: 0,0:08:27.04,0:08:30.56,Default,,0000,0000,0000,,The interesting thing is that banks\Nand financial technology companies
Dialogue: 0,0:08:30.58,0:08:33.85,Default,,0000,0000,0000,,have really innovated in recent years\Nto use alternative data --
Dialogue: 0,0:08:33.88,0:08:35.85,Default,,0000,0000,0000,,cable bills,
Dialogue: 0,0:08:35.88,0:08:37.43,Default,,0000,0000,0000,,utility bills,
Dialogue: 0,0:08:37.46,0:08:39.31,Default,,0000,0000,0000,,rent payments, etc. --
Dialogue: 0,0:08:39.33,0:08:42.46,Default,,0000,0000,0000,,to show that you're able\Nto consistently make payments.
Dialogue: 0,0:08:44.42,0:08:47.23,Default,,0000,0000,0000,,The additional challenge on this one,\Nunlike the last one,
Dialogue: 0,0:08:47.25,0:08:48.98,Default,,0000,0000,0000,,which was more about awareness,
Dialogue: 0,0:08:49.00,0:08:53.73,Default,,0000,0000,0000,,is that you need to have\Nregulatory support to do these things.
Dialogue: 0,0:08:53.75,0:08:55.31,Default,,0000,0000,0000,,You need to prove to regulators
Dialogue: 0,0:08:55.33,0:08:57.98,Default,,0000,0000,0000,,that you are able\Nto fairly use alternative data
Dialogue: 0,0:08:58.00,0:09:01.18,Default,,0000,0000,0000,,to lend credit to marginalized groups.
Dialogue: 0,0:09:01.21,0:09:03.77,Default,,0000,0000,0000,,What we need to see is,\Nfrom the Federal Government
Dialogue: 0,0:09:03.79,0:09:05.10,Default,,0000,0000,0000,,and the banking industry,
Dialogue: 0,0:09:05.12,0:09:07.73,Default,,0000,0000,0000,,to come together\Nto create innovation sandboxes
Dialogue: 0,0:09:07.75,0:09:10.92,Default,,0000,0000,0000,,to start to use alternative data\Nto expand to marginalized groups.
Dialogue: 0,0:09:12.04,0:09:14.02,Default,,0000,0000,0000,,Well, what about communities?
Dialogue: 0,0:09:14.04,0:09:16.60,Default,,0000,0000,0000,,Without community wealth,
Dialogue: 0,0:09:16.62,0:09:18.98,Default,,0000,0000,0000,,individual wealth, in a way,\Nis on an island.
Dialogue: 0,0:09:19.00,0:09:21.89,Default,,0000,0000,0000,,And if you go into most\Nmajor cities in the United States
Dialogue: 0,0:09:21.92,0:09:24.06,Default,,0000,0000,0000,,to most communities of color,
Dialogue: 0,0:09:24.08,0:09:27.18,Default,,0000,0000,0000,,what you'll find\Nis underinvested communities.
Dialogue: 0,0:09:27.21,0:09:30.48,Default,,0000,0000,0000,,For every economic crisis,\Nthese communities have suffered severely.
Dialogue: 0,0:09:30.50,0:09:33.52,Default,,0000,0000,0000,,For every economic boom,\Nthey have not benefited.
Dialogue: 0,0:09:33.54,0:09:36.89,Default,,0000,0000,0000,,And so what we're seeing\Nin a number of cities across the country,
Dialogue: 0,0:09:36.92,0:09:38.98,Default,,0000,0000,0000,,and I'll use Chicago as an example,
Dialogue: 0,0:09:39.00,0:09:41.73,Default,,0000,0000,0000,,is the partnerships occurring
Dialogue: 0,0:09:41.75,0:09:44.68,Default,,0000,0000,0000,,between banking institutions,
Dialogue: 0,0:09:44.71,0:09:46.39,Default,,0000,0000,0000,,philanthropists,
Dialogue: 0,0:09:46.42,0:09:48.06,Default,,0000,0000,0000,,the city and community leaders
Dialogue: 0,0:09:48.08,0:09:50.89,Default,,0000,0000,0000,,to invest hundreds of millions of dollars
Dialogue: 0,0:09:50.92,0:09:52.93,Default,,0000,0000,0000,,to build community resources
Dialogue: 0,0:09:52.96,0:09:56.23,Default,,0000,0000,0000,,and communities that have\Nhistorically been disinvested.
Dialogue: 0,0:09:56.25,0:09:58.52,Default,,0000,0000,0000,,Lastly, we've got to talk about business,
Dialogue: 0,0:09:58.54,0:10:01.31,Default,,0000,0000,0000,,and not just small businesses.
Dialogue: 0,0:10:01.33,0:10:05.35,Default,,0000,0000,0000,,Now, when you have individual stability\Nand a banking institution,
Dialogue: 0,0:10:05.38,0:10:08.56,Default,,0000,0000,0000,,and you have access to credit,\Nand when you have community wealth,
Dialogue: 0,0:10:08.58,0:10:11.83,Default,,0000,0000,0000,,those are all fantastic things,\Nbut we need also job creation.
Dialogue: 0,0:10:12.54,0:10:14.85,Default,,0000,0000,0000,,Take all of the new tech companies,
Dialogue: 0,0:10:14.88,0:10:18.31,Default,,0000,0000,0000,,and I say "new" because now\Nthey're not so new,
Dialogue: 0,0:10:18.33,0:10:20.35,Default,,0000,0000,0000,,but take Facebook, Google, Amazon.
Dialogue: 0,0:10:20.38,0:10:23.77,Default,,0000,0000,0000,,At some point, all of those companies\Nwere sole proprietorships
Dialogue: 0,0:10:23.79,0:10:25.60,Default,,0000,0000,0000,,with one employee
Dialogue: 0,0:10:25.62,0:10:26.93,Default,,0000,0000,0000,,or a few employees
Dialogue: 0,0:10:26.96,0:10:29.83,Default,,0000,0000,0000,,that were building a technology\Nthat was not yet proven.
Dialogue: 0,0:10:30.67,0:10:34.02,Default,,0000,0000,0000,,What those companies received early on
Dialogue: 0,0:10:34.04,0:10:36.77,Default,,0000,0000,0000,,was venture capital money.
Dialogue: 0,0:10:36.79,0:10:38.85,Default,,0000,0000,0000,,And when you look\Nat venture capital today,
Dialogue: 0,0:10:38.88,0:10:42.68,Default,,0000,0000,0000,,only one percent of venture capital funds\Ngo to Black founders.
Dialogue: 0,0:10:42.71,0:10:45.77,Default,,0000,0000,0000,,So if Black entrepreneurs\Nare largely shut out of those networks
Dialogue: 0,0:10:45.79,0:10:47.10,Default,,0000,0000,0000,,they're not able to grow,
Dialogue: 0,0:10:47.12,0:10:49.39,Default,,0000,0000,0000,,and the only way for that to change
Dialogue: 0,0:10:49.42,0:10:52.27,Default,,0000,0000,0000,,is from within the industry itself.
Dialogue: 0,0:10:52.29,0:10:56.31,Default,,0000,0000,0000,,In this generation, we must not only\Nbe talking about thriving businesses
Dialogue: 0,0:10:56.33,0:10:57.93,Default,,0000,0000,0000,,in Black communities.
Dialogue: 0,0:10:57.96,0:11:01.60,Default,,0000,0000,0000,,We must also be talking\Nabout seeing more Black-owned
Dialogue: 0,0:11:01.62,0:11:04.00,Default,,0000,0000,0000,,and founded businesses going public.
Dialogue: 0,0:11:05.42,0:11:06.93,Default,,0000,0000,0000,,Those are just four solutions.
Dialogue: 0,0:11:06.96,0:11:09.48,Default,,0000,0000,0000,,There's many other things\Nthat can and should be done
Dialogue: 0,0:11:09.50,0:11:11.23,Default,,0000,0000,0000,,to close the wealth gap.
Dialogue: 0,0:11:11.25,0:11:12.89,Default,,0000,0000,0000,,This gap is not new.
Dialogue: 0,0:11:12.92,0:11:19.10,Default,,0000,0000,0000,,It was born and perpetuated\Nby federal policy, social constructs
Dialogue: 0,0:11:19.12,0:11:20.77,Default,,0000,0000,0000,,and business practice over time,
Dialogue: 0,0:11:20.79,0:11:23.39,Default,,0000,0000,0000,,and all of those things need to change
Dialogue: 0,0:11:23.42,0:11:25.27,Default,,0000,0000,0000,,to start to close the gap.
Dialogue: 0,0:11:25.29,0:11:27.81,Default,,0000,0000,0000,,Financial institutions\Nplay a really critical role
Dialogue: 0,0:11:27.83,0:11:30.10,Default,,0000,0000,0000,,at the individual level,\Nat the community level
Dialogue: 0,0:11:30.12,0:11:31.48,Default,,0000,0000,0000,,and at the business level.
Dialogue: 0,0:11:31.50,0:11:34.68,Default,,0000,0000,0000,,It's important to our families,\Nit's important to our communities
Dialogue: 0,0:11:34.71,0:11:37.27,Default,,0000,0000,0000,,and it's important to our economy.
Dialogue: 0,0:11:37.29,0:11:40.18,Default,,0000,0000,0000,,Instead of talking about\Nhow the gap continues to grow,
Dialogue: 0,0:11:40.21,0:11:42.48,Default,,0000,0000,0000,,let's begin to close the gap now.
Dialogue: 0,0:11:42.50,0:11:44.00,Default,,0000,0000,0000,,Thank you.