On Tuesday, February 16, the Rainbow PUSH Coalition & Citizenship Education Fund kicked off the 19th Annual Wall Street Project Economic Summit themed The New Paradigm–Access to Opportunity, on a mission to challenge Corporate America to end the multi-billion dollar trade deficit with minority vendors and consumers, while working to ensure equal opportunities for culturally-diverse employees, entrepreneurs and consumers.
Tuesday’s sessions proved to be enlightening as panels discussed the successes attained in implementing diverse manager programs; financial education as it relates to impacting minority communities; innovative investment strategies providing insight on enhancing the quality of existing stock, increasing inventory, rent affordability, and resident retention, and PUSH Tech 2020 featuring live demonstrations from companies developing technology in the tri-state area.
Tuesday server as the igniter for a week of vibrant discussion and calls to action.
Wednesday, February 17, the Summit took on the access to opportunities on Wall Street by tackling the volatility of the stock market, the instability of public sector entities, and the effect it has on minority and women-owned firms.
“The panel challenges the business landscape and works to see how challenges may turn to opportunities in moving businesses forward,†says Derek Dingle, senior vice president/chief content officer at Black Enterprise, the panels interviewer.
Speakers James F. Haddon, senior managing director and head of marketing, Ramirez Asset Management, Jeffrey L. Humber Jr., senior vice president, public finance, PNC Bank, Suzanne Shank, chairwoman and CEO, Siebert Brandford Shank & Co. and Marianne Spraggins, chief marketing officer, BondFactor shared their insight and ideals on leveraging relationships and adaptation in order to thrive in the stock market and public sector entities despite the general tradition of Wall Street being an ‘old boys club.’
When asked what can be done to force inclusion and diversity on Wall Street, the conversation grew passionate.
“We have commitment to African American team members on minority and majority firms,” says Jeffrey L. Humber, SVP, public finance, PNC Bank. “Our responsibility is to be that voice on those boards. We ourselves have to raise the question of diversity on the boards we sit on.â€
Marianne Spraggins had her own take on what’s needed in order to thrive:
1. We have to expand our
horizons. We can’t become broken records. We don’t have the same powerful minority mayors and there has to be external forces that apply pressure to build business. We have to leverage the influence we do have.2. African Americans have to come together with Hispanics—in that there is power.
3. We have to expand internationally. We have to trace places around the world where we can get business.
4. We have to be entrepreneurs. We have to take risk and create our own businesses and find ways to be strategic about working together business to business.
The harsh reality is that African Americans are less than 1% in gaining access to corporate endowment foundations.
How can we gain access? “It’s all about delivering good product to your client, that’s a start,†says James F. Haddon. “But we still need external help—board members, public officials, etc. to ask the hard questions—why aren’t we having more minority asset managers? We also need to stay ahead of the curve. Wall Street is always changing, there are new products out here. As we grow we have to get into sectors where there are high margin products,†he continued.
Jeffrey L. Humber Jr. exclaimed, “You’re going to have to call on white folks! Market and sell to white folks. You have to ignore the baggage and fish where the fish are. You have to market where the money is. We just want to join the club.â€
Ultimately, the panel agreed that we have to start young with educating our youth on financial literacy so that they may be equipped when the time comes to compete in the ‘big leagues.’
The Reverend Jesse L. Jackson concluded the session with a profound statement, “While effort and excellence means a lot, inheritance, access, and relationships, mean more.â€
Following this panel, The Honorable Steve Benjamin, Mayor, Columbia, South Carolina, Robert L. Greene, president & CEO, National Association of Investment Companies, John W. Rogers, Jr., chairman, CEO and chief investment officer, Ariel Investment, Robert Steele, Cook County commissioner, Illinois and The Honorable Kurt Summers, treasurer, City of Chicago, joined together under the moderation of Georgy Curry, former editor-in- chief, National Newspaper Publishers Association News Service, to discuss the challenges of MWBE (minority women-owned business enterprises) Investment Firms managing money for corporate funds. There are
many challenges for MWBE investment firms that seek to manage funds for corporate pensions, foundations, corporate endowments and hospitals. This panel discussed efforts to increase engagement of minority asset management firms by corporate pension funds, foundations, endowments and hospitals.“So much of our wealth is being created in Silicon Valley and Wall Street,†says John W. Rogers.
While Robert Steele projects the sentiment of many panel goers expressing, “We need the right people in office. You have to local talent to make decisions for large organizations. If you’re on a board, use your seat effectively. Don’t be on a team if you’re not using your voice.â€
The pressing panel question was, what to do now? We hear of all the problems. What would be the solution?
George Green asks, “As consumers, of Verizon, Wells Fargo, and those other Fortune 500Â companies where African Americans are underrepresented or not represented at all on the boards, why can’t we leverage that and say ‘You’re not doing business with us. Why should we do business with you?'”
Sometimes it all calls for a good ‘ole fashion boycott, as voting with your wallet works.