Current Areas of Exploration
ENGAGING WITH BUSINESSES
A recent article in Fortune Magazine notes that US Firms have pledged 50 Billion to a range of racial equity and justice initiatives in the wake of the murder of George Floyd and the 2020 summer of protest. However, a report by the consulting firm Creative Investment Research shows that only $250 million has been spent or committed to a specific initiative. We see an important opportunity for The Reparations Finance Lab to engage with many of these firms to design initiatives that align with their business models and create avenues for channeling capital to their articulated desired outcomes. We are designing a Reparations Impact Measurement Tool that we will use to guide and target interventions with the best opportunity for impact and sustainability.
Eleven Mayors across the United States, from small towns like Tullahasse, Oklahoma, to Sacramento California have announced plans to explore how they can pay reparations to the descendants of African enslavement in their jurisdictions. The mayors note that they have not fully worked out how they will fulfill their pledge. The Reparations Finance Lab could play a role in working with these mayors to ideate, explore options for making these payments, and play a role in engaging the private sector to design payment options that are meaningful and scalable. We have begun a process to engage some of these Mayors and feel confident that we will be successful.
WORK WITH THE UN
The United Nations Human Rights Chief, Michelle Bachelet Jeria, has released a far-reaching document and call for former Colonial powers to take on the paying of Reparations to combat racism that is faced by people of African descent globally. We will engage with the United Nations to explore how our proposed intervention can be utilized to achieve this goal.
CONSULTING FOR FAILING BUSINESSES
When a Target in Mondawmin, a predominantly Black neighborhood closed down, it raised concerns about the promises that Target had made to support Black neighborhoods. Rev. Frank Lance, pastor of Mount Lebanon Baptist Church said that opening a store like Target in a Black neighborhood gave that neighborhood a new legacy. Consulting companies like Accenture have an important role to play in advising businesses like Target on how to manage their businesses effectively and not only function successfully through different economic periods but also promote an equitable and inclusive environment that promotes diversity and supports its employees. For many lower-income communities, these businesses are vital to their economic well-being. It is important for consulting companies to advise businesses like Target on how to operate successfully and support their employees through tough times.