PRINTER'S NO. 2608
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE RESOLUTION
No.
321
Session of
2024
INTRODUCED BY GREEN, KHAN, N. NELSON, HARRIS, BULLOCK, BURGOS,
MAYES, RABB, ABNEY, CEPHAS, PARKER, SMITH-WADE-EL, MADSEN,
FLEMING, KAZEEM, SCOTT, KINSEY, SCHLOSSBERG, GIRAL, SANCHEZ,
HOHENSTEIN, CONKLIN, DELLOSO, KENYATTA, D. WILLIAMS, POWELL,
CEPEDA-FREYTIZ, WAXMAN, ROZZI, DALEY AND FIEDLER,
FEBRUARY 20, 2024
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 20, 2024
A RESOLUTION
Directing the Legislative Budget and Finance Committee to
conduct a study that examines the effects of the racial
wealth disparity on Black residents in this Commonwealth and
provide policy recommendations on how to best reduce or
eliminate the racial wealth disparity in this Commonwealth.
WHEREAS, In 2023, it was reported that Black families, on
average, owned roughly 24ยข for every $1 of White family wealth;
and
WHEREAS, Many historical barriers and decades of
discrimination have led to numerous economic challenges that
still impact Black Americans to this day and this is evident in
the racial wealth disparity in the United States; and
WHEREAS, Studies show that the loss of Black wealth as a
result of slavery is an estimated $14 trillion in today's
dollars; and
WHEREAS, Jim Crow laws created economic barriers for Black
Americans by preventing access to quality housing, public
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facilities, education and job placement; and
WHEREAS, Political disenfranchisement through literary tests,
grandfather clauses, poll taxes and White primaries resulted in
generations of Black Americans not having a political voice and
a lack of political influence over policies to promote economic
prosperity; and
WHEREAS, Redlining, the practice of deeming predominately
Black neighborhoods as "high risk," resulted in Black families
being unable to purchase new homes, having difficulty moving out
of lower-quality, inner-city housing and increasing their
likelihood of defaulting on their mortgage loans; and
WHEREAS, As a result of this discrimination and generations
of economic barriers, in 2021, it was reported that homes in
Black neighborhoods are undervalued by 23%, totaling more than
$150 billion of wealth lost for Black communities throughout the
United States; and
WHEREAS, According to the Board of Governors of the Federal
Reserve System, Black adults are twice as likely to be unbanked
or underbanked compared to White adults, which means having less
access to important banking and financial services to help build
wealth; and
WHEREAS, According to a 2022 study, the median credit scores
of Black adults were significantly lower than White adults, with
median credit scores for Black young adults 18 to 20 years of
age being 24 points lower and Black adults 25 to 29 years of age
being 105 points lower than White adults in the same age group;
and
WHEREAS, Based on this information, it is evident that Black
Americans continue to be disadvantaged from generations of
racism and discriminatory policies; and
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WHEREAS, The Commonwealth must take action to address the
racial wealth disparity and help build generational wealth in
communities that are still struggling with economic inequality;
therefore be it
RESOLVED, That the House of Representatives direct the
Legislative Budget and Finance Committee to conduct a study that
examines the effects of the racial wealth disparity on Black
residents in this Commonwealth and provide policy
recommendations on how to best reduce or eliminate the racial
wealth disparity in this Commonwealth; and be it further
RESOLVED, That the Legislative Budget and Finance Committee
report its findings and policy recommendations to the General
Assembly within one year of the adoption of this resolution.
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