Panel + Q&A (*Maximum 4 Panelists)
101

Where do we go from here? Corporate investment in economic justice.

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This year has been hard. We are witnessing the dire confluence of two virus in our nation – the novel coronavirus and the enduring virus of racism.

Not only are Black Americans dying from COVID-19 at higher rates, communities of color have been hardest hit by job losses – less than half of Black adults had a job as of June 2020 – and other economic effects of the pandemic. Since March, the number of Black business owners has fallen 40%, and simultaneously, Black-owned businesses have been largely left behind by the $600 billion federal small business relief program. Economic inequalities that trace back to the enslavement of Black people, and perpetuated by a financial system with its roots in the same, are bearing down with extreme oppression.  Even before COVID-19, white households held 10 times the wealth of Black households on average, and nearly 60% of Black Americans did not have enough savings to make ends meet for three months if their income was interrupted.

One year after the Business Roundtable released its Statement on the Purpose of a Corporation – that companies help create more inclusive prosperity by investing in employees and communities – our nation needs corporate leadership more than ever. This panel discussion will feature how and why three companies are partnering with Black-led depositories to mobilize capital to continue dismantling the structural racism that has been core to the US since before its founding.

Confirmed Panelists

Moderator: Bill Bynum, HOPE (Hope Credit Union, Hope Enterprise Corporation, Hope Policy Institute)

For more than three decades, Bill Bynum has worked to advance economic opportunity for disenfranchised populations. He began his professional career in North Carolina by helping to establish Self-Help, a pioneer in the development finance industry, and later built nationally recognized programs at the NC Rural Economic Development Center. In 1994, Bill moved to Mississippi to become the founding CEO of the Enterprise Corporation of the Delta, and in 1995 organized Hope Community Credit Union.

Today, HOPE (Hope Enterprise Corporation, Hope Credit Union, Hope Policy Institute), is a family of organizations that provides financial services; leverages private, public and philanthropic resources; and engages in policy analysis to fulfill its mission of strengthening communities, building assets, and improving lives in economically distressed parts of Alabama, Arkansas, Louisiana, Mississippi and Tennessee. Since 1994, HOPE has generated more than $2 billion in financing that has benefitted more than one million people in of the nation’s most impoverished regions.

Bynum serves on the boards of the Aspen Institute, NAACP Legal Defense Fund, Prosperity Now, William Winter Institute for Racial Reconciliation and is a member of the US Partnership on Mobility from Poverty. Bill previously chaired the Treasury Department’s Community Development Advisory Board and the Consumer Financial Protection Bureau Consumer Advisory Board. A recipient of the University of North Carolina Distinguished Alumnus Award, Bynum’s honors include the John P. McNulty Prize (Aspen Global Leadership Network), Ned Gramlich Award for Responsible Finance (Opportunity Finance Network), National Entrepreneur of the Year (Ernst & Young/Kauffman Foundation), Rural Hero Award (National Rural Assembly), Pete Crear Lifetime Achievement Award (African American Credit Union Coalition) and Annie Vamper Helping Hands Award (National Federation of Community Development Credit Unions).

Unconfirmed Panelists

Panelists: Senior leaders from Goldman Sachs, Netflix and Vista Equity Partners.

Supporting Materials

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