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BLACK WOMEN LEADERS SPEAK UP AND OUT ON MONEY AND THE “METOO” MOVEMENT


BY PRNEWSWIRE “Why is it when


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white women tell their truth, it’s all over the media,” says Dr. Venus Opal Reese, creator of the Black Woman Millionaire Tour and author of the best-selling book by the same name. “Based on conversations


I have


had with hundreds of black


women leaders


and entrepreneurs who have attended tour stops nationwide, the word on the street has been that


when white women started to speak up about Harvey Weinstein, it was big news. But black women have been saying the same thing for centuries and it wasn’t a headline.”


Dr. Venus Opal Reese They aren’t wrong. Studies have shown that sexual violence affects


black women at higher rates. More than 20 percent of black women are raped during their lifetimes—a higher percentage than women overall. Professor and journalist Shanita Hubbard provides insight into how this fact is tied to why white women get heard while black women don’t: “Black girls and women are both viewed as hypersexual so our stories are ignored.”


Dr. Venus, a Stanford University graduate and former tenured


professor, discusses on her tour that the black female body is a “social non-being.” As such, black women are rendered voiceless, disposable, and powerless. She talks about how this has been the case since the 1600s, when taxes and laws were created to justify the right to black women’s bodies as the labor-producing workforce for the American Dream.


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PRESIDENT OF LARGEST BLACK-OWNED BANK: BOOMERS CAN LEARN ECONOMIC


OPTIMISM FROM MILLENNIALS BY TERI WILLIAMS


As graduation season ap- proaches, most black parents have high anxiety about how our children can possibly achieve the American dream given economic inequality in America, while our children are confident their journey will be smooth and successful. What if they’re right?


Research indicates a need for high anxiety. A recent study by Prosperity Now, The Road to Zero Wealth, quantifies the accelerating decline in black wealth over the past 30 years and projects if current trends con- tinue, by 2053, black households will have a median wealth of $0! Fur- thermore, income inequality between blacks and whites is driven entirely by racism toward black boys, even when raised in wealthy black homes, according to a recent study by Stanford, Harvard, and the U.S. Census Bureau. While our children may be overly confident, we also have much to learn from them. ARE WE UNDERESTIMATING MILLENNIALS? As president and owner of OneUnited Bank, the largest black-owned bank in America, I have the opportunity to speak about financial literacy with many black communities across the country. Their feedback indi-


According to Dr. Venus, historically the black female body has been socially positioned in the following ways:


the workhorse the cash cow


Black Women Leaders > page 15


cates a generational divide between baby boomers and millennials that begs the question, is past prologue? Are we underestimating our children? For instance, for many years OneUnited Bank presented itself as a community bank that happens to be black-owned. About five years ago, we recognized the importance of speaking in our authentic voice to better serve urban communities and became unapologetically black. When young blacks hear this, they immediately snap their fingers as if to say “Amen. Baby boomers, believing their “ice is colder, often perceive black-owned institutions as offering less service at higher prices than a white company even when untrue. I was blindsided once when after the typical recitation of my personal story, including Brown University, Harvard Business School, and working in the top ranks of Bank of America and American Express, someone asked, “But who are you? A black artist commissioned to paint an authentic mural of the black experience on OneUnited Bank’s Miami office pushed me to reflect. I finally recognized that more meaningful than my rsum, I am the great- grandchild of Annie Coachman, aka Ma Honey, who owned a barbecue pit, juke joint, candy store and real estate in Indiantown, Florida, a small town where blacks lived on one side of the railroad tracks, whites on the other. I lost touch with the enduring role Ma Honey played in my life, partially because she passed away my freshman year, but more because of the condescending reaction I experienced at Brown to my Indiantown roots. My personal story touches a nerve with baby boomers who experienced the journey from segregation to integration. Some of them even shed a tear for the undervalued in their lives. Millennials and Generation Z, whose formative years were punctuated by the presence of a black president, make it clear they have no doubt about the value of their


Optimisim From Millennials > page 14


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