Rainbow PUSH Wall Street Project hosting 25th annual economic summit
CHICAGO (CBS) -- Since 1997, the Rainbow PUSH Black Wall Street Project has made important strides in increasing business opportunities for minorities and women, but as the effort marks its 25th anniversary, its leaders say there is much more work to be done.
"We've seen a tremendous boost since Reverend [Jesse Jackson] formed this Wall Street Project 25 years ago," John A. Graves, chairman of Citizenship Education Fund, an affiliate of the Rainbow PUSH Coalition, told CBS 2's Audrina Bigos. "We're here to make a difference, but I want to make sure that you understand that we're standing on Reverend Jackson's shoulders, and he has trained us well, and we are carrying on his vision as he continues to lead."
The Wall Street Project challenges American corporations to help close the nation's wealth gap by increasing business, investment, and employment opportunities for people of color and women.
Jackson said, as the project kicks off its 25th annual summit in New York, one prominent example of the progress that has been made is Chicago-based Loop Capital's joint venture with Magic Johnson Enterprises in 2017 to invest $10 million in the renovation of LaGuardia Airport.
"Loop Capital is one of the finest investors in that. We've always had the ability to do that, we just didn't have the opportunity," he said.
Graves said, while Wall Street has taken important steps toward increased diversity, large investment banks still need to do more to make sure minorities and women have a seat at the table, particularly when it comes to managing pension funds. He said, while many minorities contribute to large pension funds, they often don't have a say in how they invest their money.
"This [Wall Street] is the epicenter for economics, so I don't want to be very too far from that, because we still have a shortage of African American investment stockbrokers at many of these companies. We still are not participating in pension funds. We're still not participating in the many spenders of SPACs – special purchase acquisition companies – that were being formed across this country," he said.
Graves said it's also important to reach beyond Wall Street to boost business and investment opportunities for minorities and women. The Wall Street Project also has an office in Detroit to focus on the automotive industry, an office in Silicon Valley to focus on technology and innovation, an office in D.C. to focus on telecommunications, and an office in Georgia to focus on transportation and retail industries.
"So we are a national organization, and with that footprint, and with the work the Reverend has done, he has assembled a team that has been able to focus – individually and collectively – on making sure that we drive the fact that we need more African American and minority businesses in all sectors, in all business, all professional services … across the board," he said.