Business and Economic Development (BED) Policy Committee

Back to 2020 Ratified Policy Resolutions
Resolution BED-20-08

A RESOLUTION ON HONORING HARRIET TUBMAN ON THE $20 NOTE

WHEREAS, in 2015, the United States Treasury Department announced a plan to place a woman on a currency note during the implementation of security and anti-counterfeiting measures along with the redesign process of the $20, $10 and $5 bills;

WHEREAS, more than one million citizens expressed their opinion and made hundreds of suggestions to then Treasury Secretary Jacob J. Lew;

WHEREAS, on April 20, 2016, Secretary Lew announced that the women’s suffrage movement would be honored on the back of the redesigned $10 bill through depictions of Lucretia Mott, Sojourner Truth, Susan B. Anthony, Elizabeth Cady Stanton and Alice Paul for their contributions in shaping the history of this country;

WHEREAS, Secretary Lew added that advancement in the Civil Rights Movement would focus on events at the Lincoln Memorial on the back of the new $5 bill and Harriet Tubman would appear on the front of the new $20 bill;

WHEREAS, according to the Harriet Tubman Historical Society, Tubman was born Araminta Ross around 1822 in Dorchester County, Maryland;

WHEREAS, born into slavery, Tubman was forced to endure horrible living conditions and severe beatings while being forced to work under brutal and unconscionable labor conditions domestically for the slave owners’ families and in the fields of the plantations;

WHEREAS, after successfully escaping to the north through the assistance of the Underground Railroad in 1849, Tubman returned to the south and helped to free hundreds of slaves through the Underground Railroad;

WHEREAS, Tubman’s persistence and bravery continued as she worked for the Union Army during the Civil War as a cook, nurse, scout, spy and as a leader in the women’s suffrage movement;

WHEREAS, Tubman remained steadfast in her efforts toward freedom and equality until her death in 1913 in Auburn, New York;

WHEREAS, considering the exemplary life led by this American heroine, the nation overwhelmingly chose Tubman over any other individual female to receive the honor of being placed on the $20 bill;

WHEREAS, in honor of the 100th anniversary of the passage of the 19th Amendment of the Constitution of the United States, which gave women the right to vote, Secretary Mnuchin should maintain the original plan and redesign schedule and release the new currencies along with the added security measures in 2020; and

WHEREAS, the decade-long delay imposed by Secretary Mnuchin in the implementation of these changes shows blatant disrespect for the former administration and the will of the American people.

THEREFORE be it resolved, that the National Black Caucus of State Legislators (NBCSL) supports legislation and initiatives by the U.S. Congress to honor the pledge made to place Harriet Tubman’s image on the $20 bill by 2020;

BE IT FURTHER RESOLVED, that the NBCSL urges President Trump and Secretary Mnuchin to reconsider the decision to delay the release of the new design of the $20 note, and work to release the note with Harriet Tubman as soon as possible; and

BE IT FINALLY RESOLVED, that a copy of this resolution be transmitted to the President of the United States, the Vice President of the Unites States, members of the United States House of Representatives and the United States Senate, and other federal and state government officials and agencies as appropriate.

  • SPONSOR: Representative Larry Miller (TN)
  • Committee of Jurisdiction: Business and Economic Development Policy Committee
  • Certified by Committee Co-Chair: Senator James Sanders (NY)
  • Ratified in Plenary Session: Ratification Date is December 6, 2019
  • Ratification is certified by: Representative Gilda Cobb-Hunter (SC), President
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Resolution BED-20-13

A RESOLUTION ON PROTECTING MINORITY COMMUNITIES FROM DEBT SETTLEMENT COMPANIES

WHEREAS, the National Black Caucus of State Legislators (NBCSL) recognizes that debt settlement companies, which claim to settle, renegotiate, or in some way change the terms of a person’s debt to a creditor, cause significant problems for borrowers, often increasing debt while complicating the process of becoming debt free;

WHEREAS, debt settlement companies suggest that they are “negotiating with creditors to settle a debt for less than what is owed”;

WHEREAS, debt settlement companies can require that consumers stop making payment, usually for 2 to 3 years, while they negotiate a settlement;

WHEREAS, stopping payment causes accounts to default, resulting in additional late payments, late fees, and other penalties that will be added to the amount already owed;

WHEREAS, debt settlement will have a negative impact on consumers’ credit scores because not paying the full amount lowers credit scores, as does missing payments while negotiating a settlement;

WHEREAS, the fact that debt settlements in which consumers did not pay the full amount owed and remains on credit reports for seven years, making it more difficult to access and afford credit;

WHEREAS, debt settlement companies charge a fee, which is usually a percentage of the amount owed, to negotiate on consumer’s behalf, the fees generally are 20–25% of the final settlement, so if a consumer’s final settlement is $5,000, they could owe another $1,000 to $1,250 in fees;

WHEREAS, lenders are under no obligation to accept settlement offers and in fact, some lenders refuse to work with debt settlement companies;

WHEREAS, there could be negative tax consequences from using a debt settlement company, as the IRS may count whatever amount is forgiven as income and require that the consumer list this amount on their taxes; and

WHEREAS, these companies often disproportionately operate in minority communities, where individuals and families often have fewer resources to draw on when they come under financial pressure.

THEREFORE BE IT RESOLVED, that the National Black Caucus of State Legislators (NBCSL) support efforts at the state and federal level that ensure debt settlement companies are subject to basic consumer protections, including licensing, regular examination, and prominent mandatory disclosure;

BE IT FURTHER RESOLVED, that the NBCSL recognizes that these services do not release a consumer from existing debt, and that ceasing to make payments without the consent of the creditor may damage the consumer’s credit score and may subject the borrower to collections activities, additional fees, and interest;

BE IT FURTHER RESOLVED, that states should examine legislation restricting debt settlement companies unsafe or unsustainable loans directly or indirectly to consumers;

BE IT FURTHER RESOLVED, that the NBCSL encourages the federal government to conduct a comprehensive review of its oversight of debt servicing companies, to include federal bankruptcy rules, their acting as credit counseling services, their status as Money Servicing Businesses, and examination and enforcement by the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC); and

BE IT FINALLY RESOLVED, that a copy of this resolution be transmitted to the President of the United States, the Vice President of the United States, members of the United States House of Representatives and United States Senate, the Secretary of the Treasury, and other federal and state government officials as appropriate.

  • SPONSOR: Representative Karen Camper (TN)
  • Committee of Jurisdiction: Business and Economic Development Policy Committee
  • Certified by Committee Co-Chair: Senator James Sanders (NY)
  • Ratified in Plenary Session: Ratification Date is December 6, 2019
  • Ratification is certified by: Representative Gilda Cobb-Hunter (SC), President
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Resolution BED-20-40

A RESOLUTION ON GENDER PAY EQUITY

WHEREAS, equity in all areas of life for all people has long been a hallmark of the National Black Caucus of State Legislators (NBCSL);

WHEREAS, the U.S. National Archives and Records Administration defines a protected class as groups that are protected from the employment discrimination by law, and include men and women on the basis of sex; any group which shares a common race, religion, color, or national origin, people over 40, and people with physical or mental handicaps;

WHEREAS, it is discriminatory for employers to pay workers of a protected class a rate of compensation, including benefits, that is less than the rate paid to employees that are not part of the protected class for work that is substantially similar;

WHEREAS, if differences in pay exist, an employer must demonstrate that the differences are based on a system of seniority or merit, or on legitimate, bona fide factors, such as education level, training, and experience, and show that the factors are job-related and do not perpetuate a wage differential or distinction based on gender, race, or other characteristic of members of a protected class;

WHEREAS, workers need legal protection from employers taking reprisals against an employee who speaks to attorneys, fellow employees or a government agency regarding job titles, rates of pay, and personal characteristics, such as gender, race, and national origin, of current or former employees;

WHEREAS, no employer can lower salaries in order to comply with the law prohibiting pay discrimination, or require current or prospective employees to waive rights afforded them under anti-discrimination laws or any law;

WHEREAS, companies contracted to perform work for a government agency need to report on the compensation provided to their workforce to ensure compliance with laws and regulations prohibiting discrimination in salary;

WHEREAS, the legal system must ensure that proper relief is granted to individuals who have proven under the law that they have been victims of pay discrimination;

WHERESAS, American women who work full-time year-round are paid only 82 cents for every dollar paid to men, and 62 cents for black women;

WHEREAS, this wage gap translates into a loss of $10,194 in median earnings every year;

WHEREAS, over a 40-year career, black women typically earn $840,040 less than white men, Native American women $934,240 less than white men, and Latinas earn $1 million less than white men;

WHEREAS, according to a 2015 study by the Pew Research Center the average hourly wages were $21 for white men, $15 for black men and $14 for Hispanic men, showing a wide pay gap exists for minority men as well;

WHEREAS, women of color would have to work well into their 80’s or 90’s in order to catch up to what a white, non-Hispanic male made by age 60;

WHEREAS, according to Pew Research, even though women have increased their presence in higher-paying jobs traditionally dominated by men such as professional and managerial positions, women as a whole continue to be overrepresented in lower-paying occupations, and this may also contribute to gender differences in pay;

WHEREAS, as a result of a recent Federal Court ruling from the 9th Circuit, employers can legally pay women less than men for the same work based on previous differences in the worker’s salaries as long as they apply it reasonably and have a business policy it;

WHEREAS, the 45th President of the United States signed an executive order revoking a 2014 executive order created by President Barak Obama that ensured businesses that receive federal contracts to do a better job of adhering to labor and civil rights laws; and

WHEREAS, as a result of the order of President Donald Trump, businesses are no longer required to provide wage transparency and can include forced arbitration clauses to resolve sexual harassment claims.

THEREFORE BE IT RESOLVED, that the National Black Caucus of State Legislators (NBCSL), supports efforts to mitigate the gender pay gap for women who are consistently facing and dealing with issues related to wage discrimination based on gender, as well as ending pay gap as based on race for men and women;

BE IT FURTHER RESOLVED, that the NBCSL urges the restoration of an executive order to ensure that businesses that receive federal contracts to do a better job of adhering to labor and civil rights laws, and further asks Congress to pass legislation to make these provisions permanent and not subject to future executive action;

BE IT FURTHER RESOLVED, that the NBCSL supports initiatives, the passage of local, state, and federal laws and programs that seek to eliminate the gap in wages paid to women based on gender, as well as ending pay gap as based on race for men and women;

BE IT FURTHER RESOLVED, that the NBCSL support federal and state legislation that ensures equal pay for all protected classes;

BE IT FURTHER RESOLVED, that the NBCSL support federal and state legislation that ensure that proper relief is granted to individuals who have been victims of pay discrimination; and

BE IT FINALLY RESOLVED, that a copy of this resolution be transmitted to the President of the United States, the Vice President of the Unites States, members of the United States House of Representatives and the United States Senate, and other federal and state government officials and agencies as appropriate.

  • SPONSOR(S): Assemblymember Verlina Reynolds-Jackson (NJ) and Assemblymember Shavonda Sumter (NJ)
  • Committee of Jurisdiction: Business and Economic Development Policy Committee
  • Certified by Committee Co-Chair: Senator James Sanders (NY)
  • Ratified in Plenary Session: Ratification Date is December 6, 2019
  • Ratification is certified by: Representative Gilda Cobb-Hunter (SC), President
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Resolution BED-20-41

A RESOLUTION ON CLOSING THE GENDER AND DIVERSITY GAP IN AMERICAN CORPORATE AND NON-PROFIT LEADERSHIP

WHEREAS, diversity is not only critical to economic empowerment, but also critical to the success of our businesses, as gender and racial diversity mean there will be a greater diversity of ideas in our companies and non-profit organizations;

WHEREAS, the diversity of ideas and understanding of various cultures helps business to better understand their customers, employees, and shareholders, which in turn helps companies and non-profit organizations become more competitive in the U.S. and world markets;

WHEREAS, the gender diversity gap exists within leadership roles and/or positions in the corporate business sector, the gap exists in the position of CEO’s, board members and staff of Fortune 500 companies;

WHEREAS, research conducted by the American Association of University Women (AAUW) found that women in leadership positions within businesses are a minority;

WHEREAS, less than five percent of the companies in the Standard and Poor’s 500 (S&P 500) index had female chief executive officers;

WHEREAS, women made up less than five percent of the CEOs of S&P companies;

WHEREAS, fewer than three percent of Asian, African American and Hispanic women are board directors;

WHEREAS; this disparity is also found at the staff level, Asian, African American, and Hispanic women make up seventeen percent of the workforce in S&P 500 companies but fewer than four percent of them are executive officials and managers.

THEREFORE BE IT RESOLVED, that the National Black Caucus of State Legislators (NBCSL), supports efforts to mitigate the gender and diversity gaps in corporate and non-profit organization’s leadership roles;

BE IT FURTHER RESOLVED, that the NBCSL urges state policy makers to legislate for changes to enhance the balance of power as it relates to fair and equal opportunity to support women in leadership roles and positions;

BE IT FURTHER RESOLVED, that the NBCSL supports the incorporation of diversity training in all Fortune 500 companies and Standard and Poor’s 500 companies, to include the completion of gap analysis to determine what strategies/initiatives can be implemented to decrease this imbalance in the workplace;

BE IT FURTHER RESOLVED, that the NBCSL supports organizations/companies that provide resources for women pursuing leadership roles and positions that include training, counseling, coaching and mentoring to secure and/or be recommended for non-positional and positional leadership roles, as these internal leaders are critical to long term success and viability of the company; and

BE IT FINALLY RESOLVED, that a copy of this resolution be transmitted to the President of the United States, the Vice President of the Unites States, members of the United States House of Representatives and the United States Senate, and other federal and state government officials and agencies as appropriate.

  • SPONSOR: Assemblymember Verlina Reynolds-Jackson (NJ)
  • Committee of Jurisdiction: Business and Economic Development Policy Committee
  • Certified by Committee Co-Chair: Senator James Sanders (NY)
  • Ratified in Plenary Session: Ratification Date is December 6, 2019
  • Ratification is certified by: Representative Gilda Cobb-Hunter (SC), President
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Resolution BED-20-47

A RESOLUTION ON PROMOTING TRANSPARENCY AND SOCIAL EQUITY IN FEDERAL OPPORTUNITY ZONES

WHEREAS, the federal Opportunity Zone program was added to the tax code by the Tax Cuts and Jobs Act (TCJA) on December 22, 2017 to promote economic development and job creation in distressed communities throughout the nation by providing tax benefits to investors who invest eligible capital into designated opportunity zone communities;

WHEREAS, an economically distressed community is nominated for designation as an opportunity zone by the state and certified by the Secretary of the U.S. Treasury, and this designation allows new capital gain investments to qualify for preferential tax treatment;

WHEREAS, investing in an Opportunity Zone allows investors and opportunity funds to defer gains, reduce their tax bills, and exclude future gains from taxation;

WHEREAS, Opportunity Zones would boost returns on investment for a program also designed to increase the availability of equity capital in designated communities;

WHEREAS, 7% of Americans report taxable capital gains;

WHEREAS, over 200 opportunity zone funds were established by banks and real estate companies with a goal of raising a total of $57 billion;

WHEREAS, the Congressional Joint Committee on Taxation estimates the Opportunity Zone program will cost $2 billion in lost federal revenue annually;

WHEREAS, state and local governments that provide incentives conforming to the federal program will face additional losses, and despite these potential revenue losses, TCJA did not require the Treasury Department to track investments in Opportunity Zone funds or investments made by funds in specific projects, according to the Citizens Budget Commission;

WHEREAS, The New York Times has reported that billions of dollars are being invested through the Opportunity Zone program in luxury apartment buildings and hotels, student housing, and storage facilities with few employees to operate them, and many of these projects were already underway before the creation of the program;

WHEREAS, there is a significant concern that much of the funding will go to projects that lead to gentrification and displacement; and

WHEREAS, state legislators have a prominent role to play to help ensure that investments in Opportunity Zones have a positive social impact on the local community.

THEREFORE BE IT RESOLVED, that the National Black Caucus of State Legislators (NBCSL), urges Congress to support legislation that would create meaningful improvements in transparency, program design, and performance measurements to the Opportunity Zones program;

BE IT FURTHER RESOLVED, that the NBCSL encourages state policymakers and their membership to establish an opportunity zone task force designed to monitor how much investors are investing in funds and the process by which the Opportunity Zone program is meeting its stated goal;

BE IT FURTHER RESOLVED, that the NBCSL urges state policymakers and regulators to track standardized measurements of opportunity zone investments, including the difference in jobs created compared to existing jobs when the incentive began, and this would also include metrics that would highlight the difference between full-time jobs, part-time jobs, and temporary jobs including construction;

BE IT FURTHER RESOLVED, that the NBCSL encourages state policymakers and their membership to analyze the impact of opportunity zones on their respective districts regarding race, employment, homeownership, affordable housing, black-owned businesses and entrepreneurship, gentrification, sustainability, and economic development;

BE IT FURTHER RESOLVED, that the NBCSL encourages state policymakers and their membership to establish reports that would include information on the location of the projects, the amount invested, the intended use of the funds, the estimated number of jobs or housing built, and the actual number of jobs created and housing units built;

BE IT FURTHER RESOLVED, the NBCSL encourages opportunity zone funds to report annually on the return on investments, the lost tax revenue, and deferred tax revenue;

BE IT FURTHER RESOLVED, that the NBCSL urges members to introduce effective legislation within their state that would allow agencies, public authorities and affiliates to require competitive and transparent contracting process; and

BE IT FINALLY RESOLVED, that a copy of this resolution be transmitted to the President of the United States, the Vice President of the United States, members of the United States House of Representatives and the United States Senate, the US Department of the Treasury, and other federal and state government officials.

  • SPONSOR: Senator James Sanders (NY)
  • Committee of Jurisdiction: Business and Economic Development Policy Committee
  • Certified by Committee Co-Chair: Senator James Sanders (NY)
  • Ratified in Plenary Session: Ratification Date is December 6, 2019
  • Ratification is certified by: Representative Gilda Cobb-Hunter (SC), President
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