On Wednesday, in celebration of Black History Month, the White House Office of Public Engagement hosted a listening session with over 70 Black venture capital (VC) and private equity (PE) stakeholders titled Bolstering the U.S. Economy by Closing the Racial Wealth Gap. The discussion was moderated by Under Secretary Don Cravins from the Minority Business Development Agency, which was permanently authorized under President Biden’s leadership, granting the agency expanded power to support Black-and other minority-owned businesses.
Biden-Harris Administration officials shared information about programs available to stakeholders that promote economic growth in the Black community. Stakeholders shared the ways in which the cultivation of a Black investor class and utilization of VC and PE can promote Black wealth creation.
Throughout the past two years, the Biden-Harris Administration has implemented legislation, developed programs, and appropriated funds to deliver equitable outcomes and opportunities for Black Americans.
The stakeholders applauded the Biden-Harris Administration’s ongoing commitment to racial equity and its connection to economic growth and mobility.
The stakeholders included:
Christal Jackson, Founder, Mosaic GeniusEric Tait, Founder, Vernonville Asset ManagementHealth Butler, Co-Founder, Innovation Center for Urban EntrepreneurshipLenny Saizan Jr., Co-Founder, Urban Capital NetworkLola C. West, Co-Founder & Managing Director, Westfuller AdvisorsMarcus Glover, Managing Partner, Lockstep VenturesMarlon Nichols, Founding Managing Partner, MaC Venture CapitalMcKeever “Mac” Conwell, Founder & Managing Partner, RareBreed VenturesMichael Loeb, Co-Founder & Advisor, Lockstep VenturesMonique Idlett, CEO, Reign VenturesPhil Spencer, CEO, Vyve Broadband
From the Biden-Harris Administration:
Gina Raimondo, Secretary of CommerceKeisha Lance Bottoms, Senior Advisor to the President for Public EngagementDon Cravins, Under Secretary of Commerce, Minority Business Development AgencyAlejandra Castillo, Assistant Secretary of Commerce, Economic Development Administration Tara Murray, Special Assistant to the President, Deputy Director, White House Office of Public Engagement