Inside billionaire Robert Smith’s bold plan to funnel billions to America’s black-owned businesses:
The nation’s wealthiest Black investor says the best way to begin to reverse Corporate America’s history of structural racism is for big banks and large companies to spend the next ten years investing directly in banking, telecom, technology, education and healthcare infrastructure to benefit the Black community.obert F.
In recent days, Smith, whose net worth is estimated to be $5 billion, has been sharing a concrete plan with the nation’s business leaders that argues that an investment equal to 2% of net income over the next decade would be a small step toward restoring equity and mobility in America. He has implied that America’s big corporations should feel compelled to support such a plan given the exclusionary practices of many industries over several decades.
In his talk on Thursday, Smith pointed out that the net income of the 10 largest U.S. banks over the last 10 years was $968 billion. He figured just 2% of that would amount to $19.4 billion, which could be used to fund the core Tier 1 capital of community development banks and minority depository institutions that primarily service Black communities.
Smith envisions the nation’s banking sector could provide billions of dollars of capital to Black-owned banks and community development banks, with some of the funds used to digitize these lenders.
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