How to reduce the wealth gap between Black and white Americans | Kedra Newsom Reeves

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2020-11-12・ 1295    1268


Visit http://TED.com to get our entire library of TED Talks, transcripts, translations, personalized talk recommendations and more. The racial wealth gap in the United States is shocking: white families have a median wealth nearly 10 times greater than that of Black families. How did we get here, and how can we stop the gap from growing? Wealth equity strategist Kedra Newsom Reeves provides a short history on the origins and perpetuation of racial wealth inequality in the US -- and outlines four ways financial institutions can expand opportunity for Black individuals, families, entrepreneurs and communities. The TED Talks channel features the best talks and performances from the TED Conference, where the world's leading thinkers and doers give the talk of their lives in 18 minutes (or less). Look for talks on Technology, Entertainment and Design -- plus science, business, global issues, the arts and more. You're welcome to link to or embed these videos, forward them to others and share these ideas with people you know. Follow TED on Twitter: http://twitter.com/TEDTalks Like TED on Facebook: http://facebook.com/TED Subscribe to our channel: http://youtube.com/TED TED's videos may be used for non-commercial purposes under a Creative Commons License, Attribution–Non Commercial–No Derivatives (or the CC BY – NC – ND 4.0 International) and in accordance with our TED Talks Usage Policy (https://www.ted.com/about/our-organization/our-policies-terms/ted-talks-usage-policy). For more information on using TED for commercial purposes (e.g. employee learning, in a film or online course), please submit a Media Request at https://media-requests.ted.com

Instruction

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00:00
Transcriber: Joseph Geni Reviewer: Joanna Pietrulewicz
Translator: Inés García Reviewer: Alba Méndez
00:12
As last recorded by the US Federal Government,
Segundo o último rexistro
do Goberno dos EUA
00:15
the median wealth for a white family in the United States was 171,000 dollars
a riqueza media
dunha familia branca nos EUA
foi de 171 000 dólares
00:21
and the median wealth for a Black family was just 17,000 dollars,
e a riqueza media dunha familia negra
tan só de 17 000 dólares
00:25
a 10x different over 150 years after the end of slavery.
10 veces menos,
150 anos despois da fin da escravitude.
00:30
I think first we have to ask ourselves, what is wealth really?
Penso que o primeiro é preguntarse:
que é a riqueza?
00:33
Well, wealth is all of your assets, all of the things that you own,
Ben, riqueza son todos os activos, todo o que un ten
menos todos os seus pasivos.
00:37
minus all of your liabilities.
00:38
Assets are things like your car, your house, your savings account,
Activos son cousas como o coche, a casa, a conta de aforros
00:41
your checking account, your investments, if you own other properties,
a conta corrente, os investimentos.
outras propiedades que se teñan,
00:46
your business.
o seu negocio.
00:48
Well, that gap, that 10x gap,
Ben, esa fenda de 10 veces
00:51
is partially because for many years,
débese en parte a que durante moitos anos
décadas, de feito,
00:55
decades in fact,
00:56
Black Americans were left off of that ladder
os afroamericanos foron expulsados desa escaleira
00:58
and didn't really have access to it.
e non tiñan acceso a ela.
01:00
Well, why are we talking about this now?
Ben, por que estamos a falar disto agora?
En 2020, no medio dunha pandemia e unha recesión inminente
01:03
Well, in 2020, in the midst of a global pandemic and a looming recession,
as desigualdades quedan ao descuberto
01:08
inequities are really laid bare
01:09
across nearly every system in the United States:
en practicamente todos os sistemas dos Estados Unidos:
01:12
health care, education, criminal justice and finance,
atención sanitaria, educación, xustiza penal e finanzas
01:17
and people were moved to take action online, in streets,
e a xente pasou á acción na rede, nas rúas
01:21
in meetings at work, in corporate boardrooms.
nas reunións no traballo, nas salas de xuntas empresariais.
01:23
And I, as a consultant, started having conversations with clients
E eu, como consultora, comecei a ter conversas con clientes
01:27
that I thought I would never have.
que nunca pensei que ía ter.
01:29
I guess the question that I'd been asking myself is,
Supoño que a pregunta que me fago é:
01:32
how do we make sure that in this moment, this results in action and progress
como asegurarnos de que neste intre, isto se traduce en accións e avances
que comece a pechar esa fenda da riqueza
01:36
that starts to close that wealth gap for Black versus white Americans?
que enfronta afroamericanos e brancos?
01:40
So who am I?
Quen son eu?
01:41
My name is Kedra Newsom Reeves.
Chámome Kedra Newson Reeves.
01:43
I am a consultant for banking institutions,
Son consultora para institucións bancarias
01:45
hedge funds, asset managers.
fondos de cobertura, xestores de activos.
01:47
But before any of that,
Mais, por enriba de todo iso
01:49
I am a Black American who is the descendant of slaves.
son unha afroamericana
descendente de escravos.
01:52
And when we talk about the wealth gap,
E cando falamos da fenda da riqueza
01:54
it's really important to understand the history,
é moi importante entender a historia
01:56
so I thought I'd tell a little story about a family, my family,
así que pensei contar unha pequena historia dunha familia
01:59
and how policy intersects with wealth.
a miña familia
e como a política interactúa coa riqueza.
02:02
So we'll start with my great-great-grandfather.
Así, comezaremos polo meu tataratataraavó.
02:05
He was a man named Silas Newsom,
Foi un home que se chamaba Silas Newsom
02:06
and Silas was born a slave outside Nashville, Tennessee,
que naceu escravo nas aforas de Nashville, Tennessee,
02:10
on Newsom Station,
en Newsom Station
02:11
where he and his family worked on a quarry.
onde a súa familia mais el traballaban nunha canteira.
02:14
He didn't own anything.
El non era dono de nada.
02:15
He didn't own his home. He didn't own property.
Non era dono do seu fogar. Non era dono de propiedade ningunha.
02:18
He didn't really even own his own body,
Non era dono nin do seu propio corpo
02:20
his own labor, his children.
do seu propio traballo, dos seus fillos.
02:22
Any of those things, all of those things,
Calquera destas cousas, todas estas cousas
02:24
were here to create wealth for someone else.
estaban aquí para construír riqueza para outra persoa.
02:28
So we believe that he was a servant
Pensamos que foi un servente
02:30
during the Civil War for a Confederate general
durante a Guerra Civil para un xeneral confederado
02:33
who was actually fighting to keep him enslaved,
que de feito loitaba para poder mantelo escravizado,
02:36
so he really had no wealth, he had no control over his life.
así pois, el non tiña riqueza, non tiña control sobre a súa vida.
02:39
Well, at the end of slavery, there was a policy opportunity.
Ben, á fin da escravitude xurdiu unha oportunidade política.
02:43
There was a question:
Había unha pregunta:
como reparamos os centos de anos de escravitude
02:45
what do we do for the hundreds of years of slavery
02:48
now that we are ending slavery and the country is coming together?
agora que estamos rematando con ela e o país estase a unir?
02:51
And there was a choice.
E houbo unha elección.
Podiamos chegar a un acordo cos escravos
02:53
We could make a settlement with the slaves,
ou podiamos chegar a un acordo cos propietarios dos escravos.
02:55
or we could make a settlement with the slave owners.
02:57
Well, the slaves had no power to advocate for themselves in that moment,
Os escravos non tiñan poder para defenderse naquel momento
03:01
and the country had to be united,
e o país tiña que pórse de acordo
03:03
so the federal government decided to give that settlement to slave owners,
para que o goberno federal decidira
darlles aos propietarios dos escravos ese acordo,
03:08
essentially giving them money for the property that they had lost
esencialmente dándolles diñeiro pola propiedade que perderan
03:13
at the end of the war.
á fin da guerra.
03:14
And not their physical property, not their homes, but people,
E non se trataba de propiedades físicas, das súas casas, senón de xente
03:18
the slaves that had provided free labor for years and decades.
os escravos que forneceran man de obra gratuíta
durante anos e décadas.
03:22
So Silas, at the end of the Civil War,
Así pois, á fin da Guerra Civil
03:25
had no wealth.
Silas non tiña riqueza.
03:26
He was free but had no wealth.
Era libre, pero non tiña riqueza.
03:29
He became a sharecropper.
Converteuse nun parceiro.
03:30
My great-grandfather Silas was born
O meu bisavó Silas naceu
03:32
a number of years after the end of slavery,
uns anos despois da fin da escravitude
03:34
and he was drafted to serve in World War I
e foi recrutado para servir na Primeira Guerra Mundial
03:37
along with 350,000 other Black American soldiers
xunto con outros 350 000 soldados afroamericanos
03:40
in segregated units.
en unidades segregadas.
03:42
He served in the war.
Serviu na guerra.
03:43
When he came back to the United States,
Cando regresou aos Estados Unidos
03:45
at the end of the war, there was very anti-Black sentiment.
á fin da guerra existía unha animadversión moi forte contra os afroamericanos.
03:48
The economy was compressing, there were a lot of stressors,
A economía afogaba, había moitos factores estresantes
03:51
and Black people could not get land, they could not get loans for homes,
e a poboación negra non podía ter terras, non podía pedir préstamos para os fogares
03:57
they really could not acquire any credit to build wealth over time,
en definitiva, non tiñan acceso a créditos para construír riqueza co paso do tempo,
04:01
so he also became a farmer.
polo que se fixo granxeiro.
04:04
And he had a son, also named Silas --
E tivo un fillo, que tamén se chamou Silas
04:06
there are a lot of Silases in my family --
--hai moitos Silas na miña familia.
04:09
my grandfather.
O meu avó Silas foi tamén soldado e loitou na Segunda Guerra Mundial.
04:10
My grandfather Silas was also a soldier and fought in World War II.
04:14
After World War II,
Trala Segunda Guerra Mundial
04:16
the US Federal Government passed the GI Bill,
o Goberno Federal dos EUA, aprobou a Lei do soldado
04:18
which provided support for veterans.
que provía aos veteranos de ingresos.
04:20
And the bill provided for building of hospitals,
A lei prevía a construción de hospitais,
04:23
student loans
préstamos estudantís
04:24
and, most importantly for wealth-building, low-interest home mortgages for veterans.
e máis importante para crear riqueza,
hipotecas a baixo interese para veteranos.
04:31
In the years following the war,
Nos anos posteriores á guerra
04:33
the GI Bill accounted for four billion dollars of funding
a Lei do soldado desembolsou 4 millóns de dólares de financiamento
04:37
to nine million veterans.
para 9 millóns de veteranos.
04:39
But Black veterans largely did not benefit.
Mais os veteranos afroamericanos na súa maioría non se beneficiaron dela.
04:43
So Silas, my grandfather, came back to Nashville, Tennessee,
Así pois, o meu avó, regresou a Nashville
04:46
and he married my grandmother, whose name is Cinderella.
e casou coa miña avoa, Cinderella.
04:50
Yes, my grandmother's name was Cinderella.
Sí, miña avoa chamábase Cinderella.
04:52
And they had eight children.
E tiveron 8 fillos.
04:54
But they never bought a home.
Mais nunca mercaron unha casa.
04:56
And the highlight of their housing journey
E o momento culminante nesa busca dunha vivenda
04:58
was moving into a new public housing project
foi mudarse a un novo proxecto de vivenda pública
05:01
with their children
cos seus fillos
05:02
and paying rent for that housing project,
e pagar renda por aquel proxecto de vivenda,
05:04
which in terms of the quality of housing was fantastic for them and a step up,
que, en termos de calidade de vivenda, era fantástico para eles
e supoñía un paso adiante
05:09
but did not allow them to build wealth.
mais non lles permitía construír riqueza.
05:12
My father, another soldier,
Meu pai, outro soldado
05:14
a 20-year veteran of the United States Marines,
veterano logo de 20 anos na Marina dos Estados Unidos,
05:16
bought his first home in his early 50s,
mercou a súa primeira casa aos 50 anos
05:18
but it took four generations for our family to move into homeownership
mais fixeron falla 4 xeracións
para que a nosa familia fose propietaria dunha vivenda
05:24
and begin to build ownership and equity in a home.
e comezase a construír propiedade e equidade nunha casa.
05:29
That's one family's story, and I skipped a lot of things
Esa é a historia dunha familia, e saltei moitas cousas
05:32
that happened between the end of slavery and today:
que tiveron lugar entre a fin da escravitude e hoxe:
05:35
redlining, housing discrimination before the Fair Housing Act in the 1970s,
exclusión financeira, discriminación no acceso á vivenda
antes da Lei de vivenda xusta dos anos 70,
05:40
the really important role that Black-owned banks played
o importantísimo papel dos bancos rexentados por afroamericanos
05:43
in building Black communities,
na construcción de comunidades negras,
05:46
the Savings and Loan Crisis of the 1980s,
a crise de aforros e préstamos dos 80
05:48
which crushed a lot of Black banks,
que destruíu moitos bancos rexentados por negros
05:50
and the subprime crisis in 2008,
e a crise das hipotecas lixo de 2008
05:53
which stripped a lot of Black and brown homeowners of their homes.
que despoxou a moitos propietarios negros e latinos das súas casas.
05:57
There's a lot of history there,
Pasaron moitas cousas
05:58
but that story tells you a bit about how we get to this 10x gap
mais esa historia ilustra como chegamos a esa fenda de 10 veces
06:02
where we are today.
na que nos atopamos hoxe.
06:05
Now, certainly, as we think about the size of that gap,
Agora ben, pensando no tamaño desa fenda
06:08
it is critical for the Federal Government to take a number of actions.
é fundamental que o Goberno Federal emprenda unha serie de accións.
06:14
That said, financial institutions play a really important role
Non obstante, as institucións financeiras xogan un papel moi importante
06:17
in providing access to credit, access to capital,
ao facilitar o acceso aos créditos, o acceso ao capital
06:21
to build communities
para construír comunidades
06:22
and allow Black communities to thrive.
e permitirlles prosperar ás comunidades negras.
06:26
We have to be clear;
Temos que ser claros:
06:28
managing 17,000 dollars better does not get us there.
non o lograremos xestionando mellor os 17 000 dólares.
06:32
Better education does not get us there.
Non o lograremos con mellor educación.
06:35
Access to credit and capital are critical.
Precisamos acceso a créditos e capital.
06:39
So I want to talk about four solutions today
Así pois, hoxe quero falar de catro solucións
06:41
that financial institutions can contribute to start to close the wealth gap.
ás que poderían contribuír as institucións financeiras
para comezar a pechar a fenda de riqueza.
06:46
Number one is getting more people on the ladder,
A primeira é conseguir que máis xente suba á escaleira,
06:49
getting more people banked.
conseguir que máis xente use os bancos
06:52
We know today that about half of Black Americans
Sabemos que aproximadamente a metade dos afroamericanos
06:55
are un- or underbanked.
non deposita o seu diñeiro nos bancos.
06:57
Unbanked means that you don't have a banking account.
Ou porque non teñen contas bancarias
06:59
Underbanked means that you have a bank account
ou porque, téndoas, usan servizos alternativos
07:02
but you use alternative services for check-cashing or payday lending
no cobro de cheques, préstamos de día de pago
07:07
or paying bills.
ou nas facturas.
07:09
And that's not just expensive from a transaction perspective
E iso é custoso, non só dende a perspectiva da transacción
07:12
in terms of the fees that you pay,
e das taxas que se pagan,
senón que tamén é custoso polo tempo que dedicas a pagar a factura.
07:14
it's also expensive in terms of the time that you commit to paying a bill.
07:17
Think about how you pay your utility bill today.
Pense en como paga hoxe a factura de servizos.
07:20
It probably comes out of your checking account.
Probablemente sae da súa conta corrente.
Non ten nin que pensalo.
07:23
You don't even think about it.
Prográmao con antelación e faise automaticamente.
07:24
You set it up in advance, and it's automatic.
07:26
Well, if you're unbanked,
Ben, se non ten conta bancaria
probablemente deba facer un xiro postal nalgunha parte,
07:28
you are probably going to get a money order somewhere,
07:30
physically, a piece of paper.
físicamente, un documento.
07:32
You then travel to City Hall or your DMV
Despois ten que acudir ao Concello ou á oficina pertinente
07:35
to pay that bill.
para pagar esa factura.
07:36
About 40 percent of people who are unbanked
Aproximadamente o 40 % das persoas que non teñen conta bancaria
07:39
say they are unbanked because they think they don't have the minimum amount
din que non a teñen porque pensan que non chegan á cantidade mínima
07:43
to really maintain a checking account.
para manter unha conta corrente.
07:46
Well, that's just not true.
Pois ben, iso non é certo.
07:47
In the last several years,
Nos últimos anos
07:49
credit unions, community banks and major banking institutions
as cooperativas de crédito, os bancos comunitarios
e as grandes institucións bancarias
07:52
have created low-cost, no-minimum checking and savings account products
crearon produtos a baixo custo e contas correntes e de aforros sen mínimos
07:57
specifically made for this population.
especificamente feitas para esta poboación.
08:00
So we have an issue with awareness.
Así pois, temos un problema de concienciación.
08:03
Banks, community partners and others
Bancos, asociados locais e outros
08:05
have to work together to increase the awareness of these products
teñen que traballar xuntos para sensibilizar sobre estes produtos
08:09
in communities that need them,
nas comunidades que os precisan,
08:10
so that we can start to reduce the number of people
de xeito que podamos comezar a reducir o número de persoas
08:13
who are un- and underbanked
que non usan os bancos
08:14
and get them on the ladder that we talked about earlier.
e incluílos na escaleira da que xa falamos.
08:17
The challenge is about 28 percent of Black and Latinx families
O reto é o 28 % de familias negras e latinas
08:20
are credit-invisible,
que son invisibles para os bancos,
08:22
which means that you have a thin credit file or no credit file.
o que significa que teñen un feble historial crediticio ou que non o teñen.
08:26
And the way that credit works and creditworthiness assessments work
E os créditos e as avaliacións de solvencia funcionan así:
08:29
is to say, if you can prove
se pode demostrar que devolveu o crédito de maneira consistente con anterioridade
08:31
that you have paid credit back consistently previously,
08:34
then I can lend you more credit.
entón podo prestarlle máis crédito.
08:36
It's kind of a chicken or an egg situation.
É como o peixe que morde o rabo.
08:39
The interesting thing is that banks and financial technology companies
O interesante é que os bancos e as compañías de tecnoloxía financeira
08:42
have really innovated in recent years to use alternative data --
innovaron moito nos últimos anos para usar fontes alternativas de datos
08:45
cable bills,
facturas da tele por cable
08:47
utility bills,
facturas de servizos
08:49
rent payments, etc. --
pagos do alugueiro etc.
08:51
to show that you're able to consistently make payments.
para que vostede demostre que pode realizar pagos de xeito consistente.
08:56
The additional challenge on this one, unlike the last one,
O desafío adicional que isto supón, a diferenza do anterior
08:59
which was more about awareness,
que se trataba máis dun problema de concienciación
09:01
is that you need to have regulatory support to do these things.
é que é preciso contar con apoio lexislativo para facelo.
09:05
You need to prove to regulators
Hai que demostrar aos lexisladores
09:07
that you are able to fairly use alternative data
que é posible usar xustamente datos alternativos
09:10
to lend credit to marginalized groups.
para prestar crédito a grupos marxinalizados.
09:13
What we need to see is, from the Federal Government
O que precisamos ver do Goberno Federal
09:15
and the banking industry,
e da banca
09:17
to come together to create innovation sandboxes
é unión para crear mecanismos innovadores
09:19
to start to use alternative data to expand to marginalized groups.
e comezar a usar datos alternativos e expandilos aos grupos marxinalizados.
Ben, é que hai das comunidades?
09:24
Well, what about communities?
09:26
Without community wealth,
Sen riqueza comunitaria
09:28
individual wealth, in a way, is on an island.
a riqueza individual, dalgún xeito, está illada.
09:31
And if you go into most major cities in the United States
E se vai aos Estados Unidos, na maioría de cidades
09:33
to most communities of color,
na maioría de comunidades de cor
09:36
what you'll find is underinvested communities.
o que atopará son comunidades cun baixo nivel de investimento.
09:39
For every economic crisis, these communities have suffered severely.
Estas comunidades sufriron gravemente os efectos de tódalas crises económicas.
09:42
For every economic boom, they have not benefited.
E non se beneficiaron de ningún auxe económico.
09:45
And so what we're seeing in a number of cities across the country,
Así pois, o que vemos en varias cidades do país
09:48
and I'll use Chicago as an example,
e porei Chicago como exemplo
09:51
is the partnerships occurring
estase a producir unha cooperación
09:53
between banking institutions,
entre institucións bancarias
09:56
philanthropists,
filántropos
09:58
the city and community leaders
sociedades e dirixentes
10:00
to invest hundreds of millions of dollars
para investir millóns de dólares
10:02
to build community resources
na construción de recursos comunitarios
10:04
and communities that have historically been disinvested.
e comunidades nas que historicamente non se investiu.
10:08
Lastly, we've got to talk about business,
E por último, hai que falar de empresas
10:10
and not just small businesses.
e non só de pequenas empresas.
10:13
Now, when you have individual stability and a banking institution,
Ter estabilidade invidividual e unha institución bancaria
10:17
and you have access to credit, and when you have community wealth,
ter acceso á crédito, ter riqueza comunitaria
10:20
those are all fantastic things, but we need also job creation.
todas esas cousas están ben, mais é preciso xerar emprego.
10:24
Take all of the new tech companies,
Tome como exemplo tódalas novas compañías tecnolóxicas
10:26
and I say "new" because now they're not so new,
e digo ''novas'' porque agora xa non son tan novas,
10:30
but take Facebook, Google, Amazon.
mais pense en Facebook, Google, Amazon.
10:32
At some point, all of those companies were sole proprietorships
Nun momento dado, todas esas compañías foron empresas unipersoais,
10:35
with one employee
cun empregado
10:37
or a few employees
ou varios empregados
10:38
that were building a technology that was not yet proven.
que estaban a deseñar unha tecnoloxía que aínda non se probara.
10:42
What those companies received early on
O que recibiron esas empresas ao comezo
10:46
was venture capital money.
foi diñeiro de capital de risco.
10:48
And when you look at venture capital today,
E se se observa o capital de risco de hoxe
10:50
only one percent of venture capital funds go to Black founders.
tan só o 1 % dese diñeiro se destina a fundadores afroamericanos.
10:54
So if Black entrepreneurs are largely shut out of those networks
Así pois, se os emprendedores negros son excluídos destas redes
10:57
they're not able to grow,
non poden prosperar
10:59
and the only way for that to change
e o único xeito de que isto cambie
11:01
is from within the industry itself.
é que cambie a industria en si mesma.
11:04
In this generation, we must not only be talking about thriving businesses
A nosa xeración non só ten que falar de negocios máis prosperos
11:08
in Black communities.
nas comunidades negras.
11:09
We must also be talking about seeing more Black-owned
Tamén temos que falar de que cada vez son máis as empresas
11:13
and founded businesses going public.
fundadas e propiedade de negros que saen á bolsa.
11:17
Those are just four solutions.
Estas non son máis que catro solucións.
11:18
There's many other things that can and should be done
Hai moitas outras cousas que se poden e deberían facer
11:21
to close the wealth gap.
para pechar a fenda de riqueza.
11:23
This gap is not new.
Esta fenda non é nova.
11:24
It was born and perpetuated by federal policy, social constructs
Naceu e foi perpetuada por políticas federais,
construcións sociais e prácticas empresariais ao longo do tempo
11:31
and business practice over time,
11:32
and all of those things need to change
e é preciso que todas esas cousas cambien
11:35
to start to close the gap.
para comezar a pechar a fenda.
11:37
Financial institutions play a really critical role
As institucións financeiras xogan un papel clave
11:39
at the individual level, at the community level
a nivel individual, a nivel comunitario
11:42
and at the business level.
e a nivel empresarial.
11:43
It's important to our families, it's important to our communities
É importante para as nosas familias, para as nosas comunidades
11:46
and it's important to our economy.
e para a nosa economía.
11:49
Instead of talking about how the gap continues to grow,
En lugar de falar sobre como a fenda se agranda,
11:52
let's begin to close the gap now.
comecemos a pechala agora.
11:54
Thank you.
Grazas.
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