[Congressional Record Volume 170, Number 49 (Wednesday, March 20, 2024)]
[Senate]
[Pages S2472-S2473]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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   SENATE RESOLUTION 598--EXPRESSING SUPPORT FOR THE SENATE TO WORK 
  ALONGSIDE THE CONGRESSIONAL BLACK CAUCUS TO BUILD THE BLACK WEALTH 
  AGENDA AND OUTLINE THE LEGISLATIVE PRIORITIES TO ACHIEVE THE BLACK 
                             WEALTH AGENDA

  Ms. BUTLER (for herself, Mr. Booker, and Mr. Warnock) submitted the 
following resolution; which was referred to the Committee on the 
Judiciary:

                              S. Res. 598

       Whereas 2022 data from the Federal Reserve System has 
     showed that the racial wealth gap in the United States has 
     persisted into the 21st century, as the average per capita 
     wealth for White people in the United States was $284,310 
     compared to only $44,100 for Black people in the United 
     States;
       Whereas access to high-quality education has been 
     identified as a key factor in narrowing the racial wealth gap 
     in the United States, yet extraordinary income inequality has 
     diminished opportunities for families from low-income 
     backgrounds;
       Whereas educational segregation by income poses a threat to 
     the promise of equal opportunities in education;
       Whereas the failure of the Federal Government to 
     effectively address growing inequality has resulted in 
     decreased economic mobility rates in the United States and 
     made the American dream more elusive, as evidenced by a 
     decline in the fraction of children who earn more than their 
     parents, primarily due to the growth in inequality;
       Whereas the enduring legacy of Jim Crow laws, which aimed 
     to lower economic progress of Black people in the United 
     States through racial segregation, disenfranchisement, and 
     limitation of geographic mobility, has left a lasting imprint 
     on the socioeconomic standing of Black people in the United 
     States;
       Whereas Jim Crow laws directly targeted education and other 
     areas of life, significantly hindering the pursuit of 
     prosperity by Black people in the United States and 
     contributing to the persistent economic divide;
       Whereas homeownership in the United States, a critical 
     avenue for wealth building, remains significantly less 
     attainable for Black people compared to White people, with 
     disparities in homeownership rates exceeding 30 percent in 
     some cities, exacerbating the racial wealth gap and hindering 
     the ability of Black families to accumulate and pass down 
     wealth across generations;
       Whereas homes in majority-Black neighborhoods in the United 
     States are systematically undervalued compared to those in 
     predominantly White areas, with the devaluation contributing 
     to underfunded public services, including education, and 
     perpetuating a cycle of economic disadvantage and inequality 
     for Black people residing in these communities;
       Whereas employment discrimination has resulted in higher 
     unemployment rates and lower wages for Black people in the 
     United States compared to their White counterparts, with 
     Black workers being disproportionately represented in low-
     wage positions and underrepresented in high-wage executive 
     roles;
       Whereas the war on drugs and discriminatory criminal 
     justice policies in the United States have led to mass 
     incarceration of Black people at rates significantly higher 
     than White people, disrupting families, limiting employment 
     opportunities, and imposing financial burdens that hinder 
     wealth accumulation;
       Whereas systemic racism in healthcare has created 
     disparities in access to quality care and outcomes for Black 
     people in the United States, leading to higher healthcare 
     costs and economic instability for affected families, further 
     widening the racial wealth gap;
       Whereas Black people in the United States face significant 
     barriers in accessing financial services and capital, with a 
     lower likelihood of loan approval and higher interest rates 
     compared to White applicants, limiting opportunities for 
     business ownership and investment;
       Whereas, according to an analysis by Citi Group, 
     disparities for Black people across the economic system of 
     the United States from 2004 to 2024 have cost the economy 
     $16,000,000,000,000;

[[Page S2473]]

       Whereas 14.4 percent of the population in the United States 
     is Black, yet Black households hold only 4 percent of total 
     household wealth compared to 84 percent held by White 
     households;
       Whereas unions significantly reduce racial wage gaps, and 
     racial wealth gaps are generally smaller among union members 
     as a result of the enhanced job protections that workers 
     covered by a union contract enjoy;
       Whereas the median non-union White family has more than $7 
     in wealth for every $1 held by the median non-union Black 
     family, but that ratio is roughly half as large among union 
     families where the median union White family has $3.70 in 
     wealth for every $1 held by the median union Black family;
       Whereas, in 2022, the median income for Black households in 
     the United States was $52,860 compared to a median income of 
     $81,060 for White households;
       Whereas, according to economic data from the Federal 
     Reserve--
       (1) only 46 percent of Black households in the United 
     States owned their home, compared to 75 percent of White 
     households, a disparity on par with the 1960's; and
       (2) the unemployment rate for Black workers in the United 
     States is consistently twice as high as it is for White 
     workers;
       Whereas addressing economic disparities for Black people in 
     the United States requires reimagining governmental and 
     societal policies and practices, which have been rooted in 
     discriminatory intent since the founding of the United 
     States;
       Whereas addressing the racial wealth gap in the United 
     States must be a holistic effort concentrated across several 
     policy principles, including entrepreneurship, financial 
     services, affordable housing, workforce development, 
     protecting and promoting civic participation, and reforming 
     tax policy;
       Whereas we must commit to growing the economy of the United 
     States by creating legislative solutions that deconstruct 
     barriers to economic opportunities for Black people and that 
     build Black intergenerational wealth;
       Whereas the Congressional Black Caucus believes it is of 
     the utmost importance--
       (1) to enact legislation that boosts equitable outcomes; 
     and
       (2) to coordinate a legislative agenda that cements 
     positive changes and reinforces a commitment to preserving 
     Black economic prosperity in the United States;
       Whereas the Black Wealth Agenda will have an amplified 
     impact on all policy areas where existing oppressive 
     regulation prevents progress; and
       Whereas, from removing barriers to quality healthcare for 
     Black people in the United States, to addressing 
     environmental justice issues for Black communities that 
     continue to be on the frontlines of the climate crisis, it is 
     clear that a holistic approach is critical to closing the 
     economic divide: Now, therefore, be it
       Resolved, That the Senate--
       (1) commits--
       (A) to promoting Black entrepreneurship by expanding 
     funding solutions, strengthening outreach to educate 
     communities in the United States; and
       (B) to reforming policies that have created obstacles to 
     success for Black businesses;
       (2) supports establishing forward-looking entrepreneurial 
     goals and driving communities to the center of innovation in 
     the 21st century by--
       (A) creating opportunities in sectors such as--
       (i) green energy;
       (ii) technology; and
       (iii) healthcare; and
       (B) building a workforce to be an investment in a better 
     future;
       (3) asserts that systemic discrimination in the housing 
     market in the United States has greatly contributed to the 
     widening of the racial wealth gap and must be rectified;
       (4) will create solutions to address the affordable housing 
     crisis in the United States by increasing the supply of 
     available housing, reducing housing costs generally, 
     enhancing programs to support and protect renters, and 
     enforcing anti-discrimination laws;
       (5) supports initiatives to build the Black workforce and 
     equip the Black community in the United States with the 
     necessary tools to compete for stable jobs in every career 
     and at every career level, including the ability to join a 
     union and collectively bargain;
       (6) recognizes that as Black people in the United States 
     are overrepresented in minimum wage jobs, the Federal minimum 
     wage must be updated to reflect inflation;
       (7) acknowledges that additional necessary reforms 
     addressing the economic disparity in the United States 
     include improvements to career pathways programs, investing 
     in historically Black colleges and universities, increasing 
     the affordability of post high-school education, expanding 
     access to apprenticeship and job skills training programs, 
     and other solutions that maximize the potential of the Black 
     workforce;
       (8) supports the goal of expanding economic opportunity, 
     equity, and wealth creation for Black people in the United 
     States at every socioeconomic level, in every industry, and 
     in every residential setting, with progress toward this 
     goal--
       (A) being monitored, evaluated, and enhanced by Federal 
     agencies that have relevant programs and initiatives; and
       (B) requiring that Black people in the United States be 
     able to build a financially secure retirement;
       (9) must support tax reform initiatives for Black families 
     in the United States that--
       (A) help secure retirement, end poverty, and increase 
     homeownership affordability;
       (B) sustain students, families, and the economy; and
       (C) facilitate the accumulation of generational wealth; and
       (10) must commit to creating equitable and balanced tax 
     policy in the United States that levels the economic playing 
     field, addresses wealth concentration, and advances 
     opportunities for economic gain.

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