By Brooke Sinclair
- Goldman Sachs $10B investment focuses on the intersectionality of Black women in the economy, business, and culture
- The fastest way to accelerate change and effectively begin to address the racial wealth gap is to listen to and invest in Black women
Goldman Sachs is putting $10 billion behind the fight to equalize “Black Womenomics,” the idea that investing in women is good for business and the economy (not just fair) is showcased in its 32-page research report. The company found that the fastest ways to accelerate change and effectively address the racial wealth gap is to listen to and invest in Black women. So just how far will the $10 billion actually go to making a difference in the economy for Black women?
Why This Matters: The full report highlights the thirty-one different impactful actions of this initiative to change the economic disadvantages and seven socio-economic gaps Black women face in the public and private sector. Some of my favorite notable methods that the Wall Street firm plans to use the $10 billion for to improve and support the lives of Black women include: achieving pay equity, boosting college graduation rates, increasing investment in Black women’s businesses, and investing in affordable housing. As a Black woman let me say on behalf of all Black women, FINALLY!
“I am very proud of our long history in Global Investment Research writing on the topic of Womenomics, the idea that investing in women is not just the fair thing to do, but that it’s good for business and good for the economy,” wrote Goldman Sachs Managing Director & Chief Operating Officer for Global Investment Research Gizelle George-Joseph.
The notable Black women leading this initiative Gizelle George-Joseph in partnership with colleagues Jan Hatzius, Daan Struyven, and Dan Milo. Born in Dominica, in a moment of vulnerability, George-Joseph admitted the reality of what it meant to be a Black woman in the U.S. was a learning experience for her. The vast majority of people on the island are Black. A lot of the disadvantages faced by Black women in the U.S. don’t exist in Dominica.
Situational Awareness: There were only a few actions that were less than impressive or worth raising an eyebrow over and that was regarding minimum wage and enforcement. In Exhibit 22 of the Public Sector and Private Sector Actions to Change the Economic Disadvantages of Black Women states Goldman Sachs plans to invest in the enforcement of pay equity laws, equitable school funding, fair lending laws, and fair housing laws. Reading between the lines, does that mean lobbying politicians? The same questions we asked ourselves when McDonald’s announced now serving real white chicken, what were you doing before?
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