OneUnited Bank, the largest Black-owned banking institution in the U.S., is running the #OneTransaction campaign. For its work to empower Black Americans and close the wealth gap, the campaign aims to help people make a life-changing, "strategic transaction" that will ultimately appreciate over time.
"We call it the One Transaction program because in today's dollars, that gap, even though it seems significant, it's really not that significant, and a single well-executed transaction can close that gap," Kevin Cohee, CEO of OneUnited, told Cheddar.
According to figures from the Federal Reserve, on average white Americans hold ten times the net worth of Black Americans at approximately $171,000 compared to just $17,000.
Examples of life-changing purchases, according to Cohee, include home buying, stock investments, and insurance. He also suggested that Black families take time to establish their last will and testaments as only "28 percent of Black families" have them.
OneUnited is set to hold a virtual conference that will act as a guide for those looking to change their financial situation. The conference will focus on teaching techniques to build net worth and how to earn multiple streams of income so families are able "to not just survive but to thrive in our society."
The goal of the program, Cohee said, is to normalize conversations about money and wealth building among Black Americans.
"This initiative is a systematic approach that really works. We're not guessing about this. These are the transactions you need to know how to do in order to build net worth," he added.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
