About Black Wealth 2020
Black Wealth 2020 is a Movement
Black Wealth 2020, a movement, aims to unite some of the most historic national economic, civic and civil rights organizations with a goal to impact economic outcomes in Black America through the year 2020 and beyond. The group's three-pronged strategy is to significantly increase the number of Black homeowners, strong Black-owned businesses and deposits in Black banks.
The economic goals of Black wealth 2020 have historic roots. When Dr. Martin Luther King Jr. was assassinated on April 4, 1968, he had launched a "Poor People's Campaign”, an economic justice movement that had begun in Memphis. The founders of Black Wealth 2020 view their work as a continuum of Dr. King's vision, with a unique contemporary strategy for sustainability.
The seeds of Black Wealth 2020 were initially planted in late 2015 during a fight for economic justice. Jim Winston, president of the National Association of Black-owned Broadcasters (NABOB), had moved to assure Black business inclusion in a proposed merger between Comcast and NBC Universal. Winston had asked U. S. Rep. Maxine Waters, ranking Democrat on the House Financial Services Committee, to take action in the situation.
Then National Bankers Association President Michael Grant and U.S. Black Chamber President (USBC) Ron Busby - also stalwart advocates for Black-owned businesses - joined forces with Waters and Winston. The Comcast merger ultimately failed. However, the mutual pursuit for Black economic justice caused the visions of the three non-profit leaders to align.
The group members multiplied as like-minded heads of organizations with strong economic interests began regularly discussing the financial plight of Black people in America. They decided to organize so that whenever such issues arise, they will be met with a united front of organizations with one interest in mind – the economic growth of Black people; thus, the formation of Black Wealth 2020 which has now become a movement to turbo charge Black wealth.
Multi-generational inclusion and participation
We believe that our shared leadership structure must include people from multiple age groups, including youth and millennials. A diversity of generations at the table not only broadens our vision, but enhances our talent base, deepens our perspectives, thereby increases our likelihood for success.
Clear and positive vision
This is not an anti-White movement. This is not a reactionary movement. Rather, it is a demonstration of Black love and Black support and an acceptance of full responsibility for our economic survival.
That strategy includes the following elements:
Several major movements of the past have been tied to one individual. And as soon as there is some issue, perhaps death, the demise of that individual is often becomes tantamount to the demise of the organization. As a result of this, there is no mindset or mentality among any of us to be the one to be glorified or recognized as the so-called leader. We have focused intention about this shared leadership concept and we are determined to make it work.
The umbrella structure of Black Wealth 2020 also lends to unity, accountability, and sustainability. This is not just one organization but a coalition of organizations that have come under one banner for the economic advancement of Black people.