This Week in ESG and Impact Investing

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Commerce Secretary Gina Raimondo at Semafor. Daniel Merritt, Gonzaga University, Intern.

Commerce Secretary Gina Raimondo spoke at the Semafor World Economy Summit 2024 on the role of her institution going forward. Secretary Raimondo spoke highly of Biden’s economic policy, specifically citing the Chips Act capacity to empower her Department to make significant progress in semiconductors. According to the Secretary, "America currently manufactures zero percent of leading-edge chips." Raimondo envisions twenty percent of all chips being made on American soil by 2030. She further emphasized localizing the chip ecosystem, claiming that ‘technological security is economic security, and economic security is national security’. Raimondo makes clear that her advocacy for bolstering domestic semiconductor production does not connote an inclination toward economic isolationism. On the contrary, she underscored the need for continued engagement with international trade partners, including China, while cautioning against overreliance on foreign technology. Her

COST-SAVING OPTIONS FOR BLACK AMERICANS TO CONSIDER AS MORTGAGE RATES EXCEED 7%. Black Enterprise Magazine. Jeffrey McKinney April 22, 2024

COST-SAVING OPTIONS FOR BLACK AMERICANS TO CONSIDER AS MORTGAGE RATES EXCEED 7%. William Michael Cunningham, an economist and owner of Creative Investment Research, says that though the 30-year rate has increased, it is still much lower than it was in October 2023, when it was about 7.8%. He says that means the monthly costs for today’s buyer on a $250,000 mortgage with a $10,000 down payment is $1,728 at 7.8%, as opposed to $1,613 on a 7.1 % mortgage. He says the difference would save a buyer over $41,300 over the life of the mortgage in payment and interest costs. “That’s four times the amount of the down payment than you placed on the home that you’re buying, giving you more money to buy another house if you decide to do so.” He says another cost-saving option Black homebuyers should consider is energy-efficient mortgages . See: https://www.blackenterprise.com/cost-saving-options-for-black-americans-to-consider-as-mortgage-rates-exceed-7/

ANALYSIS: ANTI-DEI EFFORTS FUELED HIGHER BLACK UNEMPLOYMENT NATIONWIDE IN MARCH 2024 by Jeffrey McKinney, Black Enterprise Magazine. April 19, 2024.

Presenting a thought-provoking take: The latest unemployment rate for Black Americans may have risen because of a recent rash of anti-DEI efforts, mainly from the education and corporate sectors. According to a new report by Creative Investment Research, the higher jobless rate for Blacks nationwide in March 2024 potentially stems from specific incidents that accentuate the impact of anti-DEI measures on Black employment. That analysis was provided to BLACK ENTERPRISE by William Michael Cunningham, an economist and the owner of Creative Investment Research in Washington, D.C. In his report, Cunningham explained that the unemployment rate for whites stayed relatively stable from January 2023 to March 2024, hitting between 3.1% and 3.5%. For Blacks, he says the rate rose from 5.4% to 5.8% in November 2023 before falling to 5.2% in December 2023 but soared to 6.4% in March 2024. Conversely, Cunningham noted the unemployment rate for Asians is lower among all groups. It was 3.5% in Novemb

Charlamagne and DEI. Daniel Merritt, Gonzaga University, Intern.

In a recent episode of the Daily Show, anchor and host Charlamagne expressed a lack of faith in the use of DEI programs in America. Charlamagne explains how he believes DEI is a front for companies to feign diversity-mindsets while maintaining predominantly white employee populations. He gives the example of Nike who encourages diversity but has a completely white board of directors. His main qualm with this is that DEI is just serving as corporate PR, even going on to explain how DEI programs can act as evidence in a corporation’s favor when facing a civil rights lawsuit. Charlamagne is warranted in these beliefs; the world of corporate DEI is often lacking integrity and authenticity. Where he is wrong, however, is the conclusions he draws from them. Charlamagne claims that DEI is mostly ‘garbage’. He states that over 900 studies have shown that DEI is ineffective. He does not provide sources for these studies or mention any specifics. (Forbes Magazine noted this inaccuracy:

Anti DEI Efforts Lead to Higher Black Unemployment in March

From January 2023 to March 2024, the unemployment rate for whites remained relatively stable, fluctuating between 3.1% and 3.5%. For Black individuals, the unemployment rate initially increased from 5.4% to 5.8% in November 2023 before decreasing to 5.2% in December 2023. The rate reached 6.4% in March 2024. In contrast, the unemployment rate for Asians remains the lowest among all groups, dropping to 2.5% in March 2024. Hispanic individuals saw a modest fluctuation in their unemployment rates, staying within the 4.5% to 5% range. One reason for the increasing unemployment rate for Black individuals, along with the decrease and stability in rates for Asians and Hispanics, is preferential hiring of Asian and Hispanic individuals over Black individuals. We attribute this to systemic biases and to growing anti-Black hiring practices due, in part, to recent anti-DEI efforts. Specific recent incidents quantify and underscore the impact of anti-DEI measures on Black employment. For instanc

Black vs White Labor Force Participation, 1972 to 2024

"The labor force participation rate is the percentage of the civilian noninstitutional population 16 years and older that is working or actively looking for work. It is an important labor market measure because it represents the relative amount of labor resources available for the production of goods and services." Source: US Department of Labor. https://www.bls.gov/opub/mlr/2016/article/pdf/labor-force-participation-what-has-happened-since-the-peak.pdf