SOLUTIONS TO ADDRESS RACE AND ECONOMIC INEQUALITY
On February 26, 2018, we held a solutions-oriented forum at the
Federal Reserve Bank of Boston featuring 7 political and business leaders.
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Dr. Marija Bingulac is the Senior Community Development Analyst at the Federal Reserve Bank of Boston. She helped to frame the purpose of our forum, presenting a summary of the "Color of Wealth" report published in 2015 that made the startling claim that White families in Boston had, on average, $247,500 in wealth, and that Black families in Boston had, on average, only $8 in wealth.
Dr. Karilyn Crockett is the Director of Economic Policy and Research for Small Business Development at the City of Boston. Her office is responsible for implementing the "Promoting Equity in City of Boston" ordinance discussed by Councilor Pressley. Here, she presents both her role in fulfilling the intent of the ordinance, as well as discussing the day-to-day work of her office.
Peter Hurst is the President & CEO of the Greater New England Minority Supplier Development Council. The GNEMSDC works to connect minority businesses to opportunities in procurement services and other business areas. Mr. Hurst discussed the work of GNEMSDC under his leadership and how investment in minority businesses can help close the racial wealth gap in the Commonwealth.
Ayanna Pressley has served as an At-Large Boston City Councilor since 2009, becoming the first African-American woman elected to that position in the Council's 108-year history. She, along with Councilor Michelle Wu, introduced and passed an ordinance that codified ways for the city to make contracts and procurement opportunities available to minority- and women-owned businesses.
Kenn Turner is the Director of Diversity & Inclusion Compliance at the Massachusetts Port Authority. Mr. Turner discussed the importance of collaboration between Executive leadership and Board members. By working with L. Duane Jackson - a Massport Board member - Massport adopted the state's most progressive major contractor requirements - a minimum of 25% must be allocated to a MBE partner.
Greg Janey is President and CEO of Janey Construction Management and Consulting, and John Moriarty is Founder and President of John Moriarty & Associates, Inc. Both shared stories of rising to the top of their fields and the importance of relationships. Because of past encounters, the two work together on major projects, helping Janey Co. scale up and provide additional opportunities for the community.
Bob Rivers serves as the Chairman & CEO of Eastern Bank. Mr. Rivers discussed the important work of Eastern Bank's "Business Equity Initiative," which seeks to "mitigate growing inequality by combining business growth, supplier partnerships, and community transformative development as a means of addressing growing wealth and income inequality in Massachusetts."