Black corporate, nonprofit leaders say protests point to America's racial wealth gap, offer solutions

Corporate and nonprofit leaders are echoing the anger, pain and frustration expressed by many Americans after the death of George Floyd, the 46-year-old black man who died in police custody in Minneapolis on May 25 after a white officer kneeled on his neck for more than eight minutes.

On Monday several black leaders in business and finance voiced their reaction to CNBC over the incident, agreeing the unrest that has transpired across America over the past several days is a result of both racial injustice and racial disparity in income and wealth between African Americans and whites in the U.S.

According to the report, black Americans can expect to earn up to $1 million less than white Americans over their lifetime; the median white family had more than 10 times the wealth of the median black family in 2016, a figure that many economists contend will continue to spread.

Further, 65% of black Americans live in 16 states that score “well below the national average” in terms of health-care access, public health and economic opportunities — three areas shown to accelerate wealth generation.

As scientists and health-care companies try to come up with effective treatments and preventative measures to stop the spread of Covid-19, corporate leaders say another crisis is continuing to accelerate: the racial wealth gap.

As a child growing up in Philadelphia in the 1960s, Frazier, 65, was among inner-city African Americans bused out to schools more than an hour away.

To close the “opportunity gap” that still exists today, Frazier said, “Financial literacy is critical.

Financial education and job training, as well as tax incentives, are among the strategies Frazier and other black financial leaders suggested could help close the racial wealth gap.

“We need to acknowledge that there are huge opportunity gaps that are still existing in this country,” Frazier said.

They have to learn certain skill sets, and after that six months, they graduate and get placed into internships, entry-level jobs,” Frazier said.

Bryant also has been urging congressional leaders to expand and deepen the Earned Income Tax Credit for workers making $60,000 or less

“The Earned Income Tax [Credit] is how to get a living wage around African Americans