Racism and the Economy - Get Informed

Today I watched 3 hours of panel discussions hosted by the Federal Reserve Banks of Minneapolis and Boston, with participation from all 12 Feds. The topic was Racism and the Economy. You'll be able to watch this, and find previous events, on this page.  Read this blog article, summarizing the event.

I Tweeted comments and shared those of others using the #RacismandtheEconomy hashtag. 

Below I'm posting a few Tweets that were made. I really hope that many people will visit the Twitter conversation and read these, then visit the home page and look at this and past events hosted by the Federal Reserve Banks over the past year.

The first panel provided the statistical background, showing the severity of this problem. 

U.S. is 4.4% of world population, but U.S. incarcerated pop. is over 20% of world incarcerated pop. Odds are 1 in 3 Black boys born today will be incarcerated vs. 1 in 17 White boys. Black arrest rates for marijuana 4X> White rates despite similar usage. #racismandtheeconomy pic.twitter.com/UvKkSmY6gg

— Rob Grunewald (@RobGrunewald) July 13, 2021

another: 

Maximum employment is difficult to achieve if a prison record creates permanent barriers to participation in the labor market... A challenging reality is that people of modest income and people of color are more likely to be incarcerated in the U.S. #RacismandtheEconomy –ESR

— Boston Fed (@BostonFed) July 13, 2021

another:

Why is the Fed interested in criminal justice? Because the Fed can never achieve full employment if a conviction keeps many Americans from getting jobs – wisdom from @BostonFed President Eric Rosengran #RacismandtheEconomy

— Kevin Washburn (@kevin_washburn) July 13, 2021

another:

"Imagine if we had a society not so geared towards criminalizing people and locking them up. What could that society look like? And what could that economy look like?" @neelkashkari #RacismandtheEconomy: Focus on Criminal Justice
Watch final comments: https://t.co/RoPq2UebyQ

— Minneapolis Fed (@MinneapolisFed) July 13, 2021

another:

"The punishment when you're low income - the punishment for these low-level offenses - far outweighs the damage to society. It is persistent and lifelong." @andreayoungATL of @ACLUofGA discussing bail bond fees #RacismandtheEconomy https://t.co/RoPq2UebyQ

— Minneapolis Fed (@MinneapolisFed) July 13, 2021

Tweet by me:

What if 12 Federal Reserve Banks each adopted this commitment & provided multi-year leadership? This graphic should show on their websites, w them in blue box. https://t.co/6Z5vqb1cQC@MinneapolisFed@AtlantaFed#racismandtheeconomy pic.twitter.com/dqb06GbIHd

— Daniel Bassill (@tutormentorteam) July 13, 2021

Imagine the power and influence of the 12 Federal Reserve banks adopting this commitment, and supporting this 4-Part Strategy. 

How many people are watching? How will you get more people to look at this and think about the issues? #racismandtheeconomy
I hope someone from each Federal Reserve Bank will look at the graphics I've shared and dig into these maps. https://t.co/DkC3e9A91T pic.twitter.com/D0ANs4Dkhb

— Daniel Bassill (@tutormentorteam) July 13, 2021

View this article to understand the components of the strategy map that I've invited the Federal Reserve Banks to adopt.  In the upper left corner it shows that one role they would take is to enlist leaders from every industry, in the cities where they have influence, to also adopt the strategy.

In this article I show Step 2 of the 4-part strategy that can be accessed from the middle link on the strategy map.  Step 2 focuses on building public awareness, while Step 3 focuses on helping people understand the information your are putting in your library. 

Thus, the Presidents of the Federal Reserve would be making a long-term commitment to collecting and sharing information and solutions related to Racism and the Economy.

Here's one more Tweet

Fed leader says "I remember the Rodney King riots in LA. Lot's of outcry, but not much happened." I remember that, too. It's one of the reasons I created Tutor/Mentor Connection in 1993. #RacismandtheEconomy pic.twitter.com/6UF5NihAqp

— Daniel Bassill (@tutormentorteam) July 13, 2021

When one of the Presidents referred to the Rodney King riots in L.A. I pulled an image from my own library that I have used since the 1990s to motivate people to "never forget" and continue working toward solutions.  I encourage you to read my "After the Riots, Do the Planning" article of April 2015. 

Imagine how much could be accomplished if the different Federal Reserve Banks adopted the Tutor/Mentor Connection commitment and strategy and led it for the next 25 years, using the full weight of their influence and resources, just as I have done for the past 25 years.

Interested? Recruit a "get it done" person, a rising star, and assign her to review this Role Of Leaders PDF, and the concept maps I've shared. At the end of each year ask "What have we done? What did we learn? and What will we do next year?"
  

Role of Business Leaders - Helping Kids to Careers from Daniel Bassill

Maybe much would be different in 2045 than now. 

Note: I've attended events hosted by the Federal Reserve Banks in the past.  Here's a 2005 article following one of these.   Here's a 2008 article.  And I wrote this article, just a few weeks ago. 

Thank you for reading this far. If you visit the Twitter feed, please follow me and let's connect. 

8-25-2025 - Exploring the Racial Wealth Gap - Federal Reserve Bank, July 12, 2022. click here
Note:  Search this blog for "Federal Reserve" to find more of their presentations.