CBC Demands Corporate America To Fulfill Promised DEI Efforts To Close The Racial Wealth Gap

The Congressional Black Caucus has given companies a Jan. 31 deadline before they reevaluate their progress.

In a corporate accountability letter, the Congressional Black Caucus revealed that the CBC is pushing again for American corporations to “recommit” to diversify, equity, and inclusion (DEI). In the letter obtained by The Hill, they’re requesting for systemic changes to be made on account of a promised $50 billion in investments.

In the corporate accountability letter, the CBC requested that corporations send an explanatory update on their recent investments in racial equity and begin working more closely with the caucus to create more sustainable solutions to close the racial wealth gap that can be written into legislation.

The CBC wrote in the letter, “For years advocates have taken a front-row seat in this fight, working tirelessly to ensure the Black community prospers against these odds. It is past time to concentrate our efforts and equip our community with the necessary resources to close the racial wealth gap in America. The journey in front of us requires Corporate America to help drive an agenda that will power Black economic mobility.”

The CBC acknowledged that some efforts that major corporations have been making have been performative. They identified some companies hosting fake interviews for diverse candidates to give off the appearance that they’re making DEI efforts.

Due to the increase in reports concerning this, the CBC has given corporate America a Jan. 31 deadline to make marked improvements and share them before they release an encompassing report on where listed corporations are on a grade scale for how invested they are in DEI.

The persistent issue that Black Americans are facing is causing a widening in the racial wealth gap. Black people in the workforce are severely underrepresented in positions of high wages and are often not advanced up the chain as quickly as their white counterparts.

Democratic Reps. Steven Horsford (Nev.), chair of the caucus; Joyce Beatty (Ohio), first chair of the Financial Services Subcommittee on Diversity and Inclusion; and Glenn Ivey (Md.), sat down in an interview with The Hill and elaborated that they hope the letter will spur companies to do better in the DEI apartment.

Horsford explained, “This is about the CBC, collectively, and the 120 million Americans that we represent, 20 million Black Americans, who are literally under assault and under attack when it comes to economic opportunity. We talk a lot about democracy and we will always fight for and uphold the provisions around democracy, including the right to vote, and one of those most fundamental rights is the right for economic justice.”

Beatty added, “When you put us in the room, it puts more diversity on not just race and ethnicity, but diversity of thought, diversity of background, diversity of experience, and it makes it better for the company.”