Birmingham, AL — Today, in conjunction with the Birmingham Urban League and the Birmingham Business Resource Center, U.S. Rep. Terri Sewell (AL-07) hosted a Black Entrepreneurship Roundtable at the Birmingham Civil Rights Institute. The event featured a panel discussion on the role of Black entrepreneurship in closing the Black wealth gap and the progress made under President Biden to advance Black economic empowerment.

Joining Rep. Sewell was Senior Advisor to the President and White House Director of Public Engagement Steven Benjamin, Congressional Black Caucus (CBC) Chairman Steven Horsford (NV-04), CBC Vice Chairwoman Yvette Clarke (NY-09), Birmingham Urban League President and CEO William Barnes, Birmingham Business Resource Center Executive Director Bob Dickerson, and Birmingham Business Alliance Network Navigator Director Naila Jackson.

The Black-white wealth gap in the United States has persisted into the 21st century with the typical per capita wealth of white Americans being $284,310, compared to only $44,100 for Black Americans. To close this gap, the CBC—under the leadership of Chairman Steven Horsford and Vice Chairwoman Yvette Clarke—released a Black Wealth Agenda in March. The plan’s core tenants include housing, entrepreneurship, employment, tax fairness and equity, and safeguarding the democratic process through the protection of voting rights.

The plan will be implemented in partnership with the Biden-Harris Administration which has committed to leveraging the full force of the federal government—including with the signing of two executive orders on advancing racial equity—in order to ensure the promise of America for all communities, including Black Americans. 

Under President Biden:

• The Black unemployment rate and gap between Black and white unemployment hit record lows. 
• Black wealth is up 60% relative to pre-pandemic levels.
• The share of Black business owners more than doubled between 2019 and 2022.
• Black-owned businesses are being created at the fastest rate in 30 years.

Find more information about the CBC’s Black Wealth Agenda here. Find more information on President Biden’s efforts to close the Black wealth gap here.

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