Written by Carla Thomas
California Secretary of State Maria Cohen delivers the keynote address to more than 50 businesswomen at the Black Wealth Brunch held at the War Memorial Performing Arts Center, 301 Van Ness Avenue in San Francisco on March 28. went.
The Enterprising Women Networking SF chapter of the American Business Women's Association (ABWA) hosted a Green Room event to launch a platform aimed at closing the racial wealth gap in Black and brown communities.
“Our goal is to educate Black and brown families at large about financial health, building wealth, and how to protect and preserve wealth,” said ABWA San Francisco Chapter President LaRonda Smith. ” he said.
ABWA's mission is to bring together businesswomen from all walks of life and provide opportunities to help themselves and others grow personally and professionally through leadership, education, networking support, and national visibility. is to provide.
“This day is about recognizing women of influence, hearing from accomplished women as keynote speakers, and empowering women to come together as a powerful people,” said ABWA SF Chapter Vice President Velma Landers. said.
More than 60 attendees sampled delicious dishes from Chef Sharon Lee of The Spot Catering, including a full soul food brunch of shrimp skewers, chicken, charred salmon, and macaroni and cheese.
Cohen spoke about the many economic disparities women and people of color face. Cohen was also excited about new solutions in the works that involve partnering with Californians for financial education as well as statistics, from pay equity to financial literacy.
“I want everyone to reach their full potential,” she said. “Just a few weeks ago in Sacramento, I partnered with an organization called Californians for Financial Education.
“We collected 990 signatures and submitted it to Parliament. [California] Secretary of State wins ballot initiative to guarantee personal finance courses to all California public school children.
“Every student in California has an equal opportunity to learn about the impact of filing taxes, interest rates, budgeting, and credit scores. The best way to start is by teaching them that,” Cohen said. .
By providing information to students, Cohen hopes to close the economic wealth gap and give everyone the opportunity to reach their full economic potential. “We have to give them information first, and education is key. Then all we need is an opportunity to step into spaces and places of power.”
Cohen went on to say that in his upbringing, he was not taught the kind of economic principles that would help him rebuild his family finances. “Communities of color don't have the same information, so I don't know about you, but I grew up hearing my parents talk about their assets and investments and diversifying their portfolios. This is the kind of nomenclature and language that we are introducing to future generations so that we can pivot from a life of poverty and never return to it.”
Cohen urged the audience to pass the initiative on the November 2024 ballot.
“If we come together as women, uplift women, and support women, we all win. By networking and learning together, we can create generational wealth.” We can continue to build,” Landers said. “By passing a strong initiative, California’s next generation of students will be able to make more informed financial decisions – decisions that will last a lifetime.”