Reading of White House Hearing Session: Boosting US Economy by Closing the Racial Wealth Gap

On Wednesday, in celebration of Black History Month, the White House Office of Public Engagement hosted a listening session with over 70 black venture capital (VC) and private equity (PE) actors entitled “Empowering the US Economy Through Shutdown.” the racial wealth gap”. The discussion was moderated by Undersecretary Don Cravins of the Minority Business Development Agency, which was permanently authorized under President Biden’s leadership, giving the agency expanded powers to support Black and other minority-owned businesses.

Officials in the Biden-Harris administration shared information about programs available to advocacy groups that promote economic growth in the black community. Stakeholders shared ways in which cultivating a Black investor class and leveraging VC and PE can enhance Black wealth creation.

For the past two years, the Biden-Harris administration has enacted legislation, developed programs, and allocated resources to achieve equitable outcomes and opportunities for Black Americans.

Stakeholders hailed the Biden-Harris administration’s continued commitment to racial equality and its connection to economic growth and mobility.

Those involved included:

• Christal Jackson, Founder, Mosaic Genius
• Eric Tait, Founder, Vernonville Asset Management
• Health Butler, Co-Founder, Innovation Center for Urban Entrepreneurship
• Lenny Saizan Jr., Co-Founder, Urban Capital Network
• Lola C. West, Co-Founder and Managing Director of Westfuller Advisors
• Marcus Glover, Managing Partner, Lockstep Ventures
• Marlon Nichols, Founding Managing Director, MaC Venture Capital
• McKeever “Mac” Conwell, Founder and Managing Partner, RareBreed Ventures
• Michael Loeb, Co-Founder and Advisor, Lockstep Ventures
• Monique Idlett, CEO, Reign Ventures
• Phil Spencer, CEO, Vyve Broadband

From the Biden-Harris administration:

• Gina Raimondo, Secretary of Commerce
• Keisha Lance Bottoms, Senior Advisor to the President for Public Engagement
• Don Cravins, Secretary of State for Commerce, Minority Business Development Agency
• Alejandra Castillo, Deputy Secretary of Commerce, Economic Development Administration
• Tara Murray, Special Assistant to the President, Deputy Director, White House Office of Public Engagement

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