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Congressional Black Caucus Should Continue to Champion Black America’s Hidden Asset: Entrepreneurs

October 5, 2022 — Ron Busby Sr., President and CEO, U.S. Black Chambers, Inc.

Last week was the Congressional Black Congress Foundation’s 51st Annual Legislative Conference. As we reflect on the nation’s most influential Black policy convening for the first time since the onset of COVID-19 pandemic, the U.S. Black Chambers will seize the opportunity to further policies that benefit Black entrepreneurs.

The Congressional Black Caucus, or “CBC” has a proud history of raising issues that disproportionately impact the Black community. Discrimination in housing, for example, has always been a priority that receives much needed attention. I was proud to see former CBC member Marcia Fudge be named Secretary of Housing and Urban Development, where she is doing great work for our community.

For us, we plan to widen the aperture of our engagement to include more broad economic issues and begin advancing policies that will help America’s bottom line and uplift Black communities in the process. Black Members of Congress are more than the face of “Black issues” but must be instrumental in solving the key economic challenges of our time. This includes designing not just a modern workforce, but a modern workplace – one that is inclusive of our community and recognizes the integral role of American companies and American workers. That is a Black conversation as well.

Business ownership and creation for these workers presents an opportune path to reaping untapped economic gains. First, if Black business ownership were proportionate to the Black share of the population, over 600,000 new businesses would exist. Second, if the majority of Black-owned firms, which are currently non-employer firms, could move to hire additional employees and scale as a result, over $600 billion in revenue would be added to the U.S. economy. That figure is in addition to the $1 trillion in revenue that would be created alongside an influx of new Black businesses.

The US Black Chambers looks forward to working with Congressional Black Caucus leaders to promote policies that bolster increased Black labor force participation, and policies that support the creation, growth, and sustainability of Black enterprises. To learn more about other policies we outline as critical to the growth of the American economy, read our 2022 BLACKprint here.

I have always said for there to be a great America there must be a great Black America. For there to be a great Black America, there must be great Black businesses. In order to

have great Black businesses, we must work with great Black leaders in Congress who recognize and support Black business ownership as a critical component to economic and racial justice. We look forward to working with those leaders in the months and years to come.

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