From the President & CEO

Dear friends,  

It’s been an eventful October here at Prosperity Now and in our country. As we move toward a pivotal election that will undoubtedly guide the future of our work, my colleagues and I are excited to seize the current moment for meaningful change. Regardless of the outcome of the election, our vision remains steadfast: to create an economy where everyone can participate equally, without exception.  

In fact, I recently co-authored an opinion piece with my good friend john powell on a national poll designed by Prosperity Now and the Othering and Belonging Institute. This poll shows that a majority of people across the United States of different racial and ethnic backgrounds support broad economic programs to help close the racial wealth divide. While we still have work do to reach consensus, the results inspire hope and possibility for the future—one that is far less divided and much more equitable than our present reality.  

Additionally, I co-authored a report entitled Big Ideas for Small Business: A Five-Step Roadmap for Rebuilding the U.S. Small Business Sector, Reviving Entrepreneurship, and Closing the Racial Wealth Gap.  Published by Drexel University and the Yale Institute for Social and Policy Studies, the report provides a detailed look at the state of small business, examines the structural deficiencies that COVID-19 has exposed and calls for comprehensive reforms around five dimensions (e.g., emergency response, entrepreneurial support, capital access, supplier diversity, and data/research). My co-authors and I believe the report provides a roadmap for significant change at the federal level to better support small businesses, particularly BIPOC businesses, and to close the racial wealth gap.  

I look forward to working alongside you in the weeks and months ahead to enact our vision of a fair and just economy that is free from structural inequity and racism.  

With appreciation, 

Gary L. Cunningham  

Highlights

The Prosperity Summit Action Hour’s 100+ Calls to Legislators Advocating for the Baby Bonds Bills 

“Advocacy must happen at the local, state and federal levels to make sure that policies reflect the needs of working Americans.”. These important words were spoken by Minnesota Attorney General Keith Ellison on September 30, during the 2020 Prosperity Summit Action Hour. During the Action Hour, prominent speakers discussed the importance of advocacy and described easy steps one can take to support the legislation they care about. One of the policies that was highlighted is the American Opportunity Accounts Act, also known as the “Baby Bonds” bill, which was introduced by Sen. Cory Booker (D-NJ) and Rep. Ayanna Pressley (D-MA-7). Using the script from the Prosperity Now Advocacy Center, Prosperity Summit attendees made more than 100 calls to their legislators advocating for Baby Bonds. Most of the calls were from attendees in Maryland, exemplifying how simple, but powerful, advocacy can be.

Traditionally, during the in-person Prosperity Summits, advocates travel to Capitol Hill to meet directly with their federal legislators. However, a virtual format did not stop attendees from making their voices heard. More than 100 calls were made to 57 legislators by advocates from across the country advocating for the support of the Baby Bonds bill. Many attendees shared that the staffers they spoke with were kind and open to listening to their personal experiences. Several attendees left voice messages; 15 sent e-mails and one attendee pledged to send a letter to their representative by mail. Most importantly, attendees shared that the process was easy. 

The Action Hour was led by Prosperity Now Senior Advocacy Manager Vanna Cure and featured other powerful speakers, including Senator Booker; Darrick Hamilton, professor at The New School; and Robin McKinney, the CEO of CASH Campaign of Maryland, who is a Prosperity Now Community Steering Committee member. Each speaker presented a different perspective on advocacy, but the common thread was that advocacy is one of the most impactful ways to ensure your voice and the voices of your community members are heard. It is a pathway to creating real, systemic change on the state and federal level. Summit attendees described the variety of policy issues they are working on, such as affordable housing, consumer protections, scaling minority-owned small businesses and many more. Therefore, advocacy must happen in order to move policy forward. Download the Advocacy Toolkit to become a stronger advocate, and visit our Prosperity Now Advocacy Center to take action today! 

Resources from Across the Community 

What Types of Economic Policies Do Americans Support to Help Close the Racial Wealth Gap? | Prosperity Now  
This report shares findings from a national survey that identifies the various types of economic policies people across the United States support to address racial disparities. 

Wealth and Health Equity: Investing in Structural Change | Asset Funders Network  
The social determinants of health are explored in this report, which describes how philanthropy can contribute to improving health and wealth outcomes. 

Race, Ethnicity and the Financial Lives of Young Adults | Financial Health Network 
This report sheds light on the financial instability of many young people of color, including managing debt, paying bills on time and more. 

Making Entrepreneurship a Viable Path to Prosperity | Prosperity Now 
This brief describes policies that can support small businesses and entrepreneurship that will benefit financially vulnerable workers and close the racial wealth gap. 

Design and Evaluation Principles for Children’s Savings Account Programs | Consumer Financial Protection Bureau  
The CFPB shares key design considerations for CSA programs as well as best practices on selecting performance indicators.  

Mark Your Calendar  

Webinar: Understanding Financial Aid and CSA’s | Prosperity Now | November 17, 2020 

Prosperity Now in the Media

BizJournal: CDFIs look for help to close lending gap, Gary Cunningham, President & CEO of Prosperity Now  

The Washington Informer: America is Ready for a More Equitable Economy and Society, John Powell, Director of the Othering & Belonging Institute at UC Berkeley and Gary Cunningham 

The Published Reporter: Nationwide Poll Shows Broad Support Across Racial Groups For Wide Variety Of Reforms To Policing, Public Safety, And Economic Policy, featuring Prosperity Now  

Black News Channel: Interview with Gary Cunningham on New National Poll, featuring Gary Cunningham 

CBS: Newark Launches Investment Fund to Support Black- And Latino-Owned Businesses,  featuring Prosperity Now  

Next Avenue: What Could Help Address the Racial Wealth Gap, featuring Prosperity Now  

Midland Reporter: Ending racism would add trillions to US economy, featuring Gary Cunningham