MCF is pleased to host a conversation about a reparative approach to address racial wealth disparities. Join us as we host the Bush Foundation, U.S. Bank Foundation and author Edgar Villanueva for a critical conversation about addressing historic racial inequities.
Early in 2021, Minnesota’s philanthropic sector made strides toward addressing racial injustice through commitments to combat racial wealth disparities. The Bush Foundation and U.S. Bank both announced historic commitments to address wealth disparities caused by historic racial injustice. U.S. Bank committed $100 million in additional capital to Black owned and led businesses or organizations along with a plan to help Black families build wealth. The Bush Foundation, with $100 million to seed two trust funds, will invest directly in Black and Native American communities through grants to individuals.
Both commitments are made in recognition of the profound racial wealth gaps and the need for bold action to address them. According to the Bush Foundation, “our intention is to be reparative and restorative. We want to address the wealth and opportunity gaps that are a result of historic racial injustice by helping to build wealth in the most impacted communities.”
The commitments align well with the approach proposed by Edgar Villanueva in his book, “Decolonizing Wealth”. He made an urgent call to bring more money directly to communities that have been affected by historic racial injustice. Whether through individual grants, business loans, hiring, educational supports, capacity building or other strategies – there are many ways institutions can respond to the call for decolonizing wealth and building more equitable communities.