ISSUE 19 Nov/DEc 2014

THE

A NAAcP EcoNoMIc PRoGRAMS PUBLIcATIoN WWW.NAAcP.oRG/EcoN

21ST CENTURY MOVEMENT Closing the Wealth Gap Isn’t Just the Right Thing to Do; It’s Good Economics

American Money: Is Franchising Right for You?

NAACP Econ On the Road: NAACP State Conference ConventionsNAACP Participates in CFED and CBC Conferences

Decades of racial and economic segregation are fueling tensions in Ferguson and urban centers

across the country. We must have a broad based 21st century multigenerational social movement

that brings low income and working class black and brown Americans into the economic

mainstream, starting with living wage jobs, affordable housing and ending high poverty.

-Dedrick Asante-Muhammad, Sr. Director NAACP Economic Department

Cover Photograph by w

ww

.galleryhip.com

NGLETHE

A NAAcP EcoNoMIc PRoGRAMS PUBLIcATIoN

EDITORS: NICOLE E. KENNEYBETTY AYNALEMDEDRICK ASANTE-MUHAMMAD

LAYOUT & DESIGN: ERIC OLIVER

CONTENTS

Closing the Racial Wealth Gap Isn’t Just the Right Thing To Do -- It’s Good Economics

American Money: Is Franchising Right for You?

From Econ to Finance: NAACPEcon Field Fellow Joins Financial Sector

What’s New in Fair Lending: Housing Mortgage Disclosure Act

NAACP Econ On the Road: NAACP State Conference Conventions

NAACP Econ Welcomes Fall Intern, Amsal Wajihuddin

NAACP Econ Participates in CBC and CFED Conferences

NAACP Econ Coordinator Joins Temple Business School Class of 2016

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“Michael Brown’s death is more than an individual tragedy, it feels like a generational assault for many young people...” Cornell William Brooks, NAACP President & CEO

“To be a poor man is hard, but to be a poor race in a land of dollars is the very bottom of hardships.” -W.E.B. Du Bois

WWW.NAACP.ORG/ECON

Closing the Wealth Gap Isn’t Just the Right Thing to DoIT’S GOOD ECONOMICS

ISSUE 19 Nov/DEc 2014

n an attempt to re-energize the Democratic party’s electoral base, President Barack Obama spoke out recently on some economic good news. Millions of jobs have been added since the recession, the home price index rose by 17 percent and the Standard & Poor’s 500 index of stock values just hit an all-time record high.

But in spite of all that good news, one thing is mostly unchanged VLQFH�KH�HQWHUHG�RIÀFH��ZRUNHUV·�LQFRPH��$V�D�UHVXOW��QHDUO\�KDOI�RI�$PHULFDQV��RU������SHUFHQW��GR�QRW�KDYH�HQRXJK�VDYLQJV�WR�ZLWKVWDQG�a three-month disruption in income that will allow them to stay above the poverty line. This rate is much higher in households of color -- 61 percent -- according to the Corporation for Enterprise Development. 7KH�UHDOLW\�LV�WRR�PDQ\�$PHULFDQV��HVSHFLDOO\�SHRSOH�RI�FRORU��DUH�living on the brink. This is stressful and detrimental not just for families, but for local economies as well as the national economy. :HDOWK�LQHTXDOLW\�VORZV�RXU�QDWLRQ·V�HFRQRPLF�JURZWK��$�UHFHQW�8�6��Census report reveals that in 2011, real median household income was 8 percent lower than it was in 2007.

If a family is already living paycheck to paycheck, income from ZDJHV�DORQH�FDQ�UDUHO\�VXVWDLQ�D�IDPLO\�IRU�ORQJ�LQ�D�FULVLV��$V�D�recent study from the Organization for Cooperation and Economic Development illustrates, this is especially true when those wages are ORZ�DQG�WLHG�WR�MREV�WKDW�DUH�WHPSRUDU\��ZLWKRXW�EHQHÀWV��DQG�vulnerable to being eliminated. :KDW�UHDOO\�NHHSV�IDPLOLHV�DÁRDW�LV�ZHDOWK³ZKDW�you own minus what you owe. That includes a reserve of savings, access to capital investments like retirement accounts, and DSSUHFLDWLQJ�ÀQDQFLDO�DVVHWV�OLNH�D�KRPH�RU�EXVLQHVV��The growing national narrative on inequality is heartening, but we must squarely confront that wealth inequality is outpacing income inequality.

$�ODFN�RI�OLTXLG�VDYLQJV�LV�D�FUXFLDO�LVVXH�IRU�DOO�$PHULFDQV��DV����percent of those that are liquid asset poor are working households; half of those have some college education and a quarter of them are middle class.

Wealth accumulation has historically been racialized. The last recession was no different.

,Q�������WKH�JDS�KDG�QDUURZHG�XQWLO�ZKLWH�PHGLDQ�LQFRPH�KDG�RQO\�D�ÀYH�WR�RQH�OHDG�RYHU�EODFN�PHGLDQ�LQFRPH��%XW�GXULQJ�WKH�QH[W����years, the wealth divide began to explode, until it skyrocketed up to ���WR���DIWHU�WKH�JUHDW�UHFHVVLRQ�LQ�������

'HPRV�UHSRUWV�WKDW�LQ�������WKH�PHGLDQ�QHW�ZRUWK�RI�ZKLWH�IDPLOLHV�ZDV�����������7KLV�LV�����WLPHV�JUHDWHU�WKDQ�WKH�PHGLDQ�QHW�ZRUWK�RI�Hispanic families and 12 times greater than that of black families.

'XULQJ�WKLV�VDPH�SHULRG��KRXVHKROG�LQFRPH�JURZWK�IRU�$IULFDQ�$PHULFDQV�RXWSDFHG�ZKLWHV·��+RZHYHU��3HZ�5HVHDUFK�&HQWHU�UHSRUWV�that income gains haven’t led to the narrowing of the racial wealth gap.

,Q�D�UHFHQW�VWXG\��1HZ�<RUN�8QLYHUVLW\�HFRQRPLVWV�'DYLG�/RZ�VKRZV�that high-earning married black households have, on average, less wealth than low-earning married white households. It is impossible to discuss this economic inequality in color-EOLQG�WHUPV��%\�DOPRVW�DQ\�HFRQRPLF�LQGLFDWRU³ZHDOWK��LQFRPH��KRPHRZQHUVKLS�RU�EXVLQHVV�RZQHUVKLS³WKH�GLVSDULWLHV�EHWZHHQ�$IULFDQ�$PHULFDQ�IDPLOLHV�DQG�ZKLWH�IDPLOLHV�UHPDLQ�JUHDW�

$QG�WKH�JDS�KDV�VFDUFHO\�QDUURZHG�LQ�KDOI�D�FHQWXU\�Nobel Prize-winning economist Joseph E. Stiglitz of Columbia 8QLYHUVLW\�ZURWH�WKDW�ZKHQ�ODUJH�VZDWKV�RI�RXU�SRSXODWLRQ�ORVH�trillions in long-term wealth, our entire economy is worse off for it. The economy grows slower and more unevenly.We must ask then if we can afford to have so many families at the front lines of economic crisis. There are moral, social and economic consequences of wealth inequality.

$�UHSRUW�UHOHDVHG�E\�6WDQGDUG��3RRU·V�UHFHQWO\�reveals that state governments are also struggling as a result of the wealth gap. Because of lower

levels of sales tax revenues, states cannot VXSSRUW�WKHLU�EXGJHWV��$FFRUGLQJ�WR�'DYLG�Brunori, a public policy professor at George Washington 8QLYHUVLW\��VWDWHV�DUH�IDFLQJ�D�PDMRU�GLOHPPD��WR�UDLVH�WD[HV�RU�FXW�spending to balance their budgets, a delicate political decision.

This is why community organizations, national organizations, private and public enterprises, grassroots groups and Congress need to address the policy issues, as well as the programmatic and PDUNHW�GULYHQ�EDUULHUV�LQ�RXU�HFRQRP\�WKDW�VWLÁH�WKH�DELOLW\�WR�EXLOG�ZHDOWK�IRU�DOO�$PHULFDQ�IDPLOLHV����DQG�$IULFDQ�$PHULFDQ�IDPLOLHV�LQ�particular.

$V�FLWLHV�DQG�VWDWHV�DFURVV�WKH�FRXQWU\�EXLOG�PRPHQWXP�WRZDUG�increasing the minimum wage, advocates must band together to also LPSURYH�MRE�TXDOLW\��H[SDQG�DFFHVV�WR�ÀQDQFLDO�SURGXFWV�DQG�VHUYLFHV�DQG�HYHQWXDOO\�OHYHO�WKH�SOD\LQJ�ÀHOG�WKURXJK�UHIRUPLQJ�RI�WKH�WD[�FRGH��:KHQ�WKH�ZHDOWK�JDS�QDUURZV��HYHU\RQH�EHQHÀWV��

/HW·V�QRW�IRUJHW�WKDW�WKH�ÀJKW�WR�HQG�HFRQRPLF�LQHTXDOLW\�LV�ERWK�DERXW�LQFUHDVLQJ�KDUG�HDUQHG�LQFRPH�DV�ZHOO�DV�LW�LV�IRU�DOO�$PHULFDQV�WR�KDYH�WKH�ÀQDQFLDO�UHVHUYHV�WR�OLYH�WKH�PRVW�FRPIRUWDEOH�DQG�economically secure lives possible.

This piece was originally published in In These Times.Com

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IClosing the Wealth Gap Isn’t Just the Right Thing to DoIT’S GOOD ECONOMICS

Lillian Singh, Director of Strategic Partnerships and Solana Rice

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$PHULFDQ�0RQH\�� Is Franchising Right for You?

lack entrepreneurship�LV�RQ�D�VWHDG\�ULVH��ZLWK�PRUH�$IULFDQ�$PHULFDQV�GHFLGLQJ�WR�JR�LQWR�EXVLQHVV�IRU�WKHPVHOYHV��

Today, minority businesses make up almost 15 percent of this country’s 28 million small businesses and employ ����PLOOLRQ�ZRUNHUV�LQ�WKH�8QLWHG�6WDWHV��)URP������WR�������WKH�QXPEHU�RI�EODFN�RZQHG�EXVLQHVVHV�LQFUHDVHG�E\����SHUFHQW�WR�����PLOOLRQ��PRUH�WKDQ�WULSOH�WKH�QDWLRQDO�UDWH�RI������SHUFHQW��DFFRUGLQJ�WR�WKH�8�6��&HQVXV�%XUHDX·V�Survey of Business Owners.

But embracing your entrepreneurial spirit does not always require you to start from scratch.

Joining a franchise, which is an agreement or license between two legally independent parties -- gives a person or group of people (franchisees) the right to market a product or service using the trademark or trade name of that business (franchisors), and provides a viable business alternative. Franchising allows one to mitigate risk, capitalize on national advertising, tap into a proven system and leverage the collective power of other franchise owners in an ever changing and challenging market place.

,W·V�LPSRUWDQW�WR�QRWH�WKDW�$IULFDQ�$PHULFDQV�UHPDLQ�XQGHUUHSUHVHQWHG�LQ�WKLV�DUHQD��PHDQLQJ�WKHLU�HFRQRPLF�SRWHQWLDO�LV�QRW�EHLQJ�IXOO\�UHDOL]HG��%HWZHHQ������DQG�������$IULFDQ�$PHULFDQ�RZQHUVKLS�DFFRXQWHG�IRU�MXVW���SHUFHQW�RI�DOO�IUDQFKLVHG�EXVLQHVVHV�DQG�only saw a 2% increase.

+RZHYHU��IUDQFKLVLQJ�UHPDLQV�RQH�RI�WKH�PRVW�SRZHUIXO�HFRQRPLF�WRROV�IRU�$IULFDQ�$PHULFDQV�DQG�RWKHU�XQGHUUHSUHVHQWHG�JURXSV�WR�UHDOL]H�WKH�$PHULFDQ�GUHDP�RI�EXVLQHVV�RZQHUVKLS�DQG�EULQJLQJ�HFRQRPLF�VXVWDLQDELOLW\�WKHLU�FRPPXQLWLHV��

)RU�WKLV�UHDVRQ��ZH�DW�WKH�1$$&3�DUH�SDUWQHULQJ�ZLWK�'XQNLQ·�%UDQGV�WR�VWUHQJWKHQ�'XQNLQ·�%UDQGV�IUDQFKLVH�RZQHUVKLS�LQ�communities of color.

7KURXJK�WKLV�SDUWQHUVKLS��'XQNLQ·�%UDQGV�DQG�WKH�1$$&3�ZLOO�FROODERUDWH�WR�RIIHU�people of color in-depth franchising education and training as well as assistance in RYHUFRPLQJ�WKH�ÀQDQFLDO�FKDOOHQJHV�UHODWHG�WR�EHFRPLQJ�D�IUDQFKLVH�RZQHU��7KLV�initiative is a part of Dunkin’ Brands’ ongoing efforts to provide resources to KHOS�TXDOLÀHG�IUDQFKLVHH�FDQGLGDWHV�RYHUFRPH�EDUULHUV�DVVRFLDWHG�ZLWK�ÀQDQFLQJ��including guidance on business plan development, facilitating access to capital, and forging relationships with local community lenders.

,QWHUQDWLRQDO�)UDQFKLVH�$VVRFLDWLRQ��,)$��LV�DOVR�DQ�LQYDOXDEOH�UHVRXUFH�IRU�WKRVH�FRQVLGHULQJ�IUDQFKLVLQJ��,)$�ZLOO�EH�RIIHULQJ�ZHELQDUV�WKURXJKRXW�WKH�PRQWK�RI�1RYHPEHU�RQ�WKH�IROORZLQJ�GDWHV��<RX�FDQ�ÀQG�PRUH�RI�WKHLU�UHVRXUFHV�DQG�RQOLQH�tools at franchise.org.

Franchise businesses are expected to grow more than 12% this year, the VWURQJHVW�VXUJH�LQ�ÀYH�\HDUV��$QG�WRGD\��WKH�QXPEHU�RI�MREV�FUHDWHG�DQG�new franchise establishments is outpacing private sector growth in other industries.

So, why not research and learn about the details of franchising? It may be the right choice for you!

This piece was originally posted in +XIÀQJWRQ3RVW�FRP��

Dedrick Muhammad, Sr. Director, NAACP Economic Department

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A NAAcP EcoNoMIc PRoGRAMS PUBLIcATIoN

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his month Devoure Jackson ended his two-and-a-half year tenure with WKH�1$$&3�)LQDQFLDO�)UHHGRP�Center. Jackson will be pursuing a career in commercial banking.

Jackson, who is employed as an Economic Field Fellow, credits his position and his professional interactions & experiences with building a wide DUUD\�RI�SURIHVVLRQDO�VNLOOV��$PRQJ�KLV�PDQ\�H[SHULHQFHV��KH�FLWHV�RUJDQL]LQJ�WKH�ÀQDQFLDO�DGYRFDF\�DQG�FRPPXQLW\�WRXUV��)$&7���facilitating workshops, managing grant cycles, tracking performance measures and crafting HGXFDWLRQ�FXUULFXOXPV�DV�WKH�PRVW�LQÁXHQWLDO�projects in his professional development.

:KLOH�DW�WKH�1$$&3��-DFNVRQ�PDVWHUHG�D�V\VWHPDWLF�SUREOHP�VROYLQJ�DQG�FRQÁLFW�resolution procedure. He explained how the PRVW�HIIHFWLYH�PHDQV�WR�UHVROYH�LVVXHV�LV�ÀUVW�

by gaining an understanding of the issues themselves, whom the issues affects most and only then proposing and executing viable solutions. Jackson stressed that such skills will be important for him in the future given his intention to pursue a career in commercial ÀQDQFH��

When asked what was the most memorable DVSHFW�RI�KLV�WHQXUH�ZLWK�1$$&3��-DFNVRQ�cheerfully replied “the people”. Jackson is ´H[WUHPHO\�DSSUHFLDWLYH�RI�ZKDW�WKH�1$$&3�KDV�done for [him]” and notes that collaborating with his peers has brought him “nothing but great joy”.

Jackson further endorsed the senior leadership of the Financial Freedom Center by stressing that their daily guidance was instrumental in molding him to become the “young man ready to go into a leadership role” that he is today.

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Amsal Wajihuddin, NAACP Economic Department Intern

From Economics to Finance: 1$$&3�(FRQ�)LHOG�)HOORZ�WR�-RLQ�Financial Sector

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Part of the Economic Staff at Devoure’s going away lunch

hroughout the months of September, 2FWREHU�DQG�1RYHPEHU��WKH�1$$&3�Economic Department will be working ZLWK�OHDGLQJ�ÀQDQFLDO�LQVWLWXWLRQV�WR�review fair lending practices. The Home

0RUWJDJH�'LVFORVXUH�$FW��+0'$�DQG�SURQRXQFHG�+XP�'$��KDV�UHTXLUHG�WKDW�OHQGHUV�UHSRUW�GHWDLOV�from the loan applications they have taken since �������,Q�6HSWHPEHU�RI�HDFK�\HDU��WKH�GDWD�IRU�WKH�previous calendar year is released. The Consumer Financial Protection Bureau (CFPB) now posts the data on their website, where you can download it or use their built in tools to analyze it yourself.

$PRQJ�WKH�YDULDEOHV�WUDFNHG�E\�+0'$�DUH�WKH�census tract where the application was taken and the race and ethnicity of the loan applicants. The 1$$&3�(FRQRPLF�'HSDUWPHQW�ZLOO�UHYLHZ�WKH�+0'$�UHFRUGV�RI�VHYHUDO�PDMRU�banks throughout the coming \HDU�DQG�1$$&3�VWDII�LQFOXGLQJ�&KDUOHV�/RZHU\��'LUHFWRU�RI�)DLU�/HQGLQJ��(FRQRPLF�'HSDUWPHQW��6HQLRU�'LUHFWRU�'HGULFN�$VDQWH�Muhammad, and myself will meet with our banking partners to WDON�DERXW�WKH�ÀQGLQJV�IURP�WKLV�\HDU·V�GDWD���7KHVH�ÀQGLQJV�LQFOXGH�the level of lending in minority neighborhoods, racial disparities in approval and denial rates, and what kinds of loans are sold to different groups of borrowers.

+0'$�GDWD�LVQ·W�D�SDQDFHD�IRU�fair lending, it lacks information on interest rates, the value of the home, and a host of other variables that would make it more useful. With upcoming revisions to the GDWD�UHSRUWHG�WR�+0'$�ZH�KRSH�

to gain even better insight into which banks are investing in minority borrowers and which is not. ,Q�WKH�PHDQWLPH��ZH�XVH�+0'$�WR�UHPLQG�OHQGHUV�that minorities are still locked out of the housing PDUNHW�WRGD\��ÀYH�\HDUV�DIWHU�WKH�´HQGµ�RI�WKH�*UHDW�Recession, and that minority homeownership rates KDYH�QRW�FKDQJHG�VXEVWDQWLDOO\�VLQFH�WKH�ODWH�����V�

$V�WKH�JRYHUQPHQW�PXOOV�FKDQJHV�WR�KRZ�PRUWJDJHV�are sold in an effort to boost lending to families with less wealth, measuring the success of these programs YLD�SXEOLF�GDWD�VXFK�DV�+0'$�LV�D�FULWLFDO�IXQFWLRQ�RI�WKH�1$$&3���7KH�(FRQRPLF�'HSDUWPHQW�ZLOO�continue to aggressively question disparities in the +0'$�GDWD�ZKLFK�ZH�FRQWLQXH�WR�VHH�HDFK�\HDU��and demand that lenders take steps to help minority borrowers regain their footing and help them achieve homeownership on par with white families.

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Jason Richardson, NAACP Fair Lending Specialist

what’s newT

IN FAIR LENDING

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A NAAcP EcoNoMIc PRoGRAMS PUBLIcATIoN

Jason Richardson, NAACP Fair Lending Specialist

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ver the past two months��WKH�1$$&3�Economic Team crossed the country SDUWLFLSDWLQJ�DW�1$$&3�6WDWH�&RQIHUHQFHV·�conventions. In total, we attended 21, including in Michigan, Wisconsin, Tennessee,

New England, Texas, Missouri, Florida, *HRUJLD��1HZ�<RUN��$ODEDPD��$ODVND��:DVKLQJWRQ�2UHJRQ��Illinois, Kansas, Maryland, New Mexico, Indiana, California and Mississippi. We had an opportunity to chat with unit presidents and members while connecting them to our economic resources and partners.

Each econ staff member was tasked with presenting on RQH�RI�WKUHH�RQJRLQJ�SDUWQHUVKLSV����ZLWK�$$53��'XQNLQ�Brands and Ocwen Financial Corporation– all of which were developed to help build economic sustainability in our communities.

)RU�$$53��ZH�FRQQHFWHG�FRPPXQLW\�PHPEHUV�WR�LPSRUWDQW�UHVRXUFHV�WKDW�FDQ�DVVLVW�LQ�SUHSDULQJ�IRU�UHWLUHPHQW�DQG�DFKLHYLQJ�HFRQRPLF�VWDELOLW\�GXULQJ�JROGHQ�\HDUV��([DPSOH�UHVRXUFH�WRSLFV�LQFOXGH��&UHGLW�5HSDLU��$GGUHVVLQJ�'HEW��3UHSDULQJ�IRU�5HWLUHPHQW��%XGJHWV�DQG�&RVW�&XWWLQJ��

For Dunkin Brands, we discussed our partnership to offer people of color in-depth franchising education and WUDLQLQJ�DV�ZHOO�DV�DVVLVWDQFH�LQ�RYHUFRPLQJ�WKH�ÀQDQFLDO�FKDOOHQJHV�UHODWHG�WR�EHFRPLQJ�D�IUDQFKLVH�RZQHU��This initiative is a part of Dunkin’ Brands’ ongoing efforts WR�SURYLGH�UHVRXUFHV�WR�KHOS�TXDOLÀHG�IUDQFKLVHH�FDQGLGDWHV�RYHUFRPH�EDUULHUV�DVVRFLDWHG�ZLWK�ÀQDQFLQJ��LQFOXGLQJ�providing guidance on business plan development, facilitating access to capital, and forging relationships with local community lenders.

For Ocwen Financial Corporation, we discussed our partnership to identify borrowers in distress and provide them with education and access to Ocwen’s loan mitigation tools, LQFOXGLQJ�SULQFLSDO�UHGXFWLRQV�DQG�ORDQ�PRGLÀFDWLRQV���2FZHQ�DQG�WKH�1$$&3�ZLOO�FROODERUDWH�RQ�LQLWLDWLYHV�and events designed to foster homeownership, prevent foreclosures and eradicate neighborhood blight, particularly in minority neighborhoods across the country hardest hit by WKH�KRXVLQJ�FULVLV��$OO�WKH�VWDII�DQG�WKHLU�SUHVHQWDWLRQV�ZHUH�well received. We look forward to the regional conferences to continue relaying valuable economic information.

NAACP Econ On the Road: 1$$&3�67$7(�&21)(5(1&(6

Nicole Kenney, Communications Associate

ODedrick Asante-Muhammad, Sr. Director of Economic Department, New York State Conference: Gary Johnson, NY Economic Chair & Dionne Polite Associate State Director of Multicultural initiatives at

AARP Pictured here left to right

Pictured here is The NAACP Financial Freedom Center's very own Director of Strategic Partnerships (right); Lillian Singh, with Kat

Cifuni; Franchisee Recruitment Manager of Dunkin’ Brands

This fall, the NAACP Economic Department welcomed intern Amsal Wajihuddin to the team. Amsal is a senior who hails from San Diego, California and studies at the University of California at Merced.

I had an opportunity to chat with Amsal about his internship, what he hopes to gain while interning at the NAACP as well as plans for his future endeavors.

Nicole Kenney: What brought you to the NAACP?

Amsal Wajihuddin:�0\�ÀUVW�LQWURGXFWLRQ�WR�WKH�NAACP happened indirectly through my high school U.S. History textbook. Greatly inspired by the little I learned about it, I decided to broaden my humble understanding of it by researching it further. 0\�LQLWLDO�IDPLOLDUL]DWLRQ�ZLWK�WKH�1$$&3·V�mission, vision statement and objectives instantly shortlisted the organization as one of the few ones that I planned to pursue an internship and consequently full-time employment in. I strategically applied to the UCDC program, knowing that doing so would afford me the momentous opportunity of applying for an internship position at the NAACP. And here I am today! NK: What do you hope to gain from your internship while you are here?

AW: During my brief tenure with NAACP, I plan to perform the duties DVVLJQHG�WR�PH�ZLWK�SURÀFLHQF\�DQG�acquaint myself with both the professional atmosphere of the workplace and that of the general D.C. area.

NK: What are your academic and professional plans for the future?

AW: Immediately before travelling to D.C., I was À[DWHG�RQ�WKH�SODQ�RI�HQUROOLQJ�LQ�ODZ�VFKRRO�GLUHFWO\�after graduating from university. However, now, I am planning on pursuing full-time employment, preferably in the D.C. Metro Area, for at least 3 years before pursuing a graduate degree.

NK: Sounds good! Welcome to the Economic 'HSDUWPHQW��,W·V�D�SOHDVXUH�WR�KDYH�\RX�DERDUG�

AW: Thanks, Nicole!

NAACP Econ Welcomes Fall Intern, AmsalNAACP Econ Welcomes Fall Intern, Amsal Nicole Kenney,

Communications Associate

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Nicole Kenney, Communications Associate

1$$&3�(&21�3$57,&,3$7(6�,1CFED AND CBC CONFERENCES

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he Corporation for Enterprise Development (CFED) biannually hosts one of the largest FRQIHUHQFHV�LQ�WKH�1DWLRQ�RQ�WKH�VWDWH�RI�HFRQRPLF�GHYHORSPHQW��&)('�IRFXVHV�VSHFLÀFDOO\�on ways to improve the economic conditions of low-income families and communities. The �����&)('�$VVHW�/HDUQLQJ�&RQIHUHQFH��$/&��ZDV�FHQWHUHG�RQ�PRELOL]LQJ�WR�FRPEDW�WKUHH�harsh economic realities; inequality, insecurity and immobility.

CFED made it a point to not only address wealth inequality as a whole, but to bring the racial wealth divide WR�WKH�IRUHIURQW�RI�WKH�DJHQGD��&)('�LQYLWHG�WKH�1$$&3�(FRQRPLF�'HSDUWPHQW�WR�KHOS�UDLVH�DZDUHQHVV�RQ��UDFLDO�ZHDOWK�GLVSDULWLHV�DQG�WKH�ZRUN�EHLQJ�GRQH�WR�EULGJH�WKH�GLYLGH��6HQLRU�'LUHFWRU�RI�WKH�1$$&3�(FRQRPLF�'HSDUWPHQW��'HGULFN�$VDQWH�0XKDPPDG�ZDV�DVNHG�WR�VSHDN�DERXW�WKH�1$$&3·V�FRPPLWPHQW�WR�WKHVH�LVVXHV�DQG�WKH�SRZHU�RI�WKH�1$$&3���&)('�SDUWQHUVKLS�WR�SURPRWH�HFRQRPLF�JURZWK��'LUHFWRU�RI�)DLU�/HQGLQJ�DQG�,QFOXVLRQ��&KDUOHV�/RZHU\�DOVR�SUHVHQWHG�D�ZRUNVKRS�RQ�SRVVLEOH�DOWHUQDWLYH�GDWD�WKDW�FDQ�EH�XVHG�IRU�FUHGLW�UHSRUWLQJ�WR�H[SDQG�DFFHVV�WR�FUHGLW��VSHFLÀFDOO\�IRU�SHRSOH�RI�FRORU�

7R�HQVXUH�DQ�RQJRLQJ�ZRUNLQJ�SDUWQHUVKLS��&)('�KDV�RIÀFLDOO\�MRLQHG�IRUFHV�ZLWK�WKH�1$$&3�DQG�RWKHU�QDWLRQDO�RUJDQL]DWLRQV�LQFOXGLQJ�/D�5D]D��7KH�/HDGHUVKLS�&RQIHUHQFH�DQG�3ROLF\�/LQN�DV�D�SDUW�RI�D�QHZ�LQLWLDWLYH�NQRZQ�DV�WKH�$VVHWV��2SSRUWXQLW\�1HWZRUN��7KH�$2�1HWZRUN�LV�D�ZD\�IRU�XV�WR�FROOHFWLYHO\�ZRUN�WR�HQG�FXUUHQW��ULVLQJ�HFRQRPLF�LQHTXDOLW\�DQG�WR�SXW�FRPPXQLW\�DVVHW�GHYHORSPHQW��ÀQDQFLDO�VHFXULW\�and stability, wealth creation, and economic empowerment as preeminent areas of focus in our work.

7KH�1$$&3�(FRQRPLF�'HSDUWPHQW�DOVR�SDUWLFLSDWHG�LQ�WKH�&RQJUHVVLRQDO�%ODFN�&DXFXV�$QQXDO�/HJLVODWLYH�&RQIHUHQFH��7KH�$/&�LV�WKH�SUHPLHU�SROLWLFDO�DQG�OHJLVODWLYH�JDWKHULQJ�RI�$IULFDQ�$PHULFDQV�HQJDJHG�LQ�policy discussions on issues that impact black communities globally. The four-day conference features more than 70 policy sessions, a national town hall, and a job and contract procurement fair.

1$$&3�(FRQRPLF�'HSDUWPHQW�KDG�D�SUHVHQFH�RQ�PXOWLSOH�SDQHOV�LQFOXGLQJ�GLYHUVLW\�LQ�FRQWUDFW�SURFXUHPHQW��EXVLQHVV�RZQHUVKLS��DQG�ÀJKWLQJ�SRYHUW\���%RWK�SDQHOV�ZHUH�ZHOO�DWWHQGHG�DQG�SURYLGHG�WKH�1$$&3�DQ�RSSRUWXQLW\�WR�GLVFXVV�KRZ�LW�LV�DGGUHVVLQJ�WKH�SUHVVLQJ�HFRQRPLF�FKDOOHQJHV�IDFLQJ�RXU�communities.

Betty Aynalem, Executive Assistant to Sr. Director of NAACP Economic Department

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Nicole Kenney: Congratulations, Heather on \RXU�PDWULFXODWLRQ�DW�7HPSOH·V�)R[�%XVLQHVV�School. What are you studying?

Heather Qader: Thank you Nicole! I am currently LQ�WKH�*OREDO�0%$�3URJUDP�DW�)R[��FRQFHQWUDWLQJ�LQ�)LQDQFH��,�DP�WUDYHOOLQJ�WR�,QGLD�LQ�0D\������to participate in a Global Immersion program focused on strategy in emerging markets.

NK: Awesome! What skills sets did you hone while at the NAACP that will assist you as a business student?

HQ: I gained knowledge about economic disparities in the United States. This last fact has KHOSHG�PH�WR�UHDFK�KLJKHU��%HLQJ�DIIRUGHG�ZLWK�the ability to pursue higher education made the decision to continue my education more enticing. The economic education I learned at the NAACP PDGH�PH�DZDUH�RI�WKH�GLIÀFXOWLHV�RI�WKRVH�ZKR�GRQ·W�KDYH�DFFHVV�WR�HGXFDWLRQ�RU�HGXFDWLRQDO�funding. I would be doing both myself and my community a grave disservice if I decided not to continue my education.

NK: What are your plans after you graduate?

HQ: After I graduate I plan on pursuing a career LQ�&RUSRUDWH�)LQDQFH�DV�D�)LQDQFLDO�3ODQQLQJ�$QDO\VW��+DYLQJ�WKH�EHQHÀW�RI�HQWHULQJ�DQ�0%$�program at a young age, I hope to gain the SRVLWLRQ�RI�9LFH�3UHVLGHQW�EHIRUH�DJH�����,�believe in aiming high. No one will ever care about your future more than you.

NK: How was your overall experience at the NAACP?

HQ��7KH�1$$&3�ZDV�D�EHQHÀFLDO�VWHSSLQJ�VWRQH�in my career. It taught me how culture affects an RUJDQL]DWLRQ·V�SURGXFWLYLW\�DQG�JURZWK��,�OHDUQHG�KRZ�RUJDQL]DWLRQV�RSHUDWH�DQG�KRZ�FRQÁLFWV�DULVH�DQG�DUH�UHVROYHG��)LQDOO\��VHHLQJ�RWKHUV�advancing in their careers encouraged me to strive for more. No one wants to feel stuck in his or her position. My position at the NAACP taught me to never settle and to continue moving forward.

NK: Well thank you, Heather for speaking with me. I wish you best of luck on your studies and future endeavors!

HQ: Thank you!

Nicole Kenney, Communications Associate

NAACP Econ Coordinator Joins Temple Business School

Class of 2016

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83&20,1*NAACP Economic Department

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Economic Department StaffDedrick Asante Muhammad: Dedrick is the Senior Director of Economic Programs for the NAACP and �džĞĐƵƟǀĞ��ŝƌĞĐƚŽƌ�ŽĨ�ƚŚĞ�&ŝŶĂŶĐŝĂů�&ƌĞĞĚŽŵ��ĞŶƚĞƌ͘ ��Dƌ͘ �DƵŚĂŵŵĂĚ Ɛ͛�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ŝŶĐůƵĚĞ�ƚŚĞ�ƚŽƚĂůŝƚLJ�ŽĨ�ǁŽƌŬ�ĐŽŵŝŶŐ�ĨƌŽŵ�ƚŚĞ�E���W��ĐŽŶŽŵŝĐ��ĞƉĂƌƚŵĞŶƚ͕��ŽǀĞƌƐĞĞŝŶŐ�ƚŚĞ�&ŝŶĂŶĐŝĂů�&ƌĞĞĚŽŵ��ĞŶƚĞƌ�ĂƐ�ǁĞůů�ĂƐ�ůĞĂĚŝŶŐ�ƚŚĞ�E���W��ĐŽŶŽŵŝĐ��ĞƉĂƌƚŵĞŶƚ�ŝŶ�ŵĞĞƟŶŐ�ƚŚĞ�ŐƌĞĂƚ�ĞĐŽŶŽŵŝĐ�ĐŚĂůůĞŶŐĞƐ�ĨĂĐĞĚ�ďLJ�ƚŚĞ�ŶĂƟŽŶ͘

Lillian Singh: >ŝůůŝĂŶ�ŝƐ�ƚŚĞ��ŝƌĞĐƚŽƌ�ŽĨ��ĐŽŶŽŵŝĐ�ZĞƐĞĂƌĐŚ�ĂŶĚ�^ƚƌĂƚĞŐŝĐ�WĂƌƚŶĞƌƐŚŝƉƐ�ĨŽƌ�ƚŚĞ�E���W͘ �DƐ͘�^ŝŶŐŚ Ɛ͛�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ŝŶĐůƵĚĞ�ǁŽƌŬŝŶŐ�ŝŶ�ƚŚĞ�ĂƌĞĂƐ�ŽĨ�ĞĐŽŶŽŵŝĐ�ĞƋƵĂůŝƚLJ�ĂŶĚ�ĞĚƵĐĂƟŽŶ�ďLJ�ĐƵůƟǀĂƟŶŐ�ƐƚƌĂƚĞŐŝĐ�ƉĂƌƚŶĞƌƐŚŝƉƐ�ƚŽ�ƉƌŽǀŝĚĞ�ǀĂůƵĂďůĞ�ƌĞƐŽƵƌĐĞƐ�ƚŽ�ĐŽŵŵƵŶŝƟĞƐ�ƐƵīĞƌŝŶŐ�ĨƌŽŵ�ƚŚĞ�ĐƵƌƌĞŶƚ�ŵŽƌƚŐĂŐĞ�ĐƌŝƐŝƐ�ĂŶĚ�ƉƌŽǀŝĚŝŶŐ�ƌĞƐĞĂƌĐŚ�ŝŶƐŝŐŚƚƐ�ƚŽ�ŚĞůƉ�ƚŚĞ�ƵŶĞŵƉůŽLJĞĚ͘

Charles R. Lowery, Jr.: �ŚĂƌůĞƐ�ŝƐ�ƚŚĞ��ŝƌĞĐƚŽƌ�ŽĨ�&Ăŝƌ�>ĞŶĚŝŶŐ�ĂŶĚ�/ŶĐůƵƐŝŽŶ�ĨŽƌ�ƚŚĞ�E���W͘ �Dƌ͘ �>ŽǁĞƌLJ Ɛ͛�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ŝŶĐůƵĚĞ�ǁŽƌŬŝŶŐ�ŽŶ�ĐŽŶƐƵŵĞƌ�ĮŶĂŶĐŝĂů�ƐĞƌǀŝĐĞƐ�ŝƐƐƵĞƐ�ƐƵĐŚ�ĂƐ�ƉƌĞĚĂƚŽƌLJ�ůĞŶĚŝŶŐ�ĂŶĚ�ĂƐƐĞƚ�ďƵŝůĚŝŶŐ͖�ŵŽŶŝƚŽƌŝŶŐ�ƚŚĞ�ĂĐƟǀŝƟĞƐ�ŽĨ�ĮŶĂŶĐŝĂů�ŝŶƐƟƚƵƟŽŶƐ�ǁŚŝĐŚ�ŚĂǀĞ�ƐŝŐŶĞĚ�ŽŶ�ƚŚĞ�E���W�ZĞƐƉŽŶƐŝďůĞ�DŽƌƚŐĂŐĞ�>ĞŶĚŝŶŐ�WƌŝŶĐŝƉůĞƐ͖�ĂŶĚ�ǁŽƌŬŝŶŐ�ǁŝƚŚ�E���W�ƵŶŝƚƐ�ŽŶ�ĐŽŶƐƵŵĞƌ�ĮŶĂŶĐĞ�ĂĚǀŽĐĂĐLJ�ĐĂŵƉĂŝŐŶƐ͘

Jason Richardson:�:ĂƐŽŶ�ŝƐ�ƚŚĞ�&Ăŝƌ�>ĞŶĚŝŶŐ�Θ�/ŶĐůƵƐŝŽŶ��ĂŵƉĂŝŐŶ�^ƉĞĐŝĂůŝƐƚ͘�Dƌ͘ �ZŝĐŚĂƌĚƐŽŶ�ĐŽŽƌĚŝŶĂƚĞƐ�ĂŶĚ�ƐƵƉƉŽƌƚƐ�E���W��ĐŽŶŽŵŝĐ��ĞƉĂƌƚŵĞŶƚ�ĨĂŝƌ�ůĞŶĚŝŶŐ�ĐĂŵƉĂŝŐŶƐ�Ăƚ�ƚŚĞ�ƐƚĂƚĞ�ĐŽŶĨĞƌĞŶĐĞ�ůĞǀĞů͘�:ĂƐŽŶ�ĂůƐŽ�ĂƐƐŝƐƚƐ�ŝŶ�ĂĚǀĂŶĐŝŶŐ�ĐĂŵƉĂŝŐŶƐ�ĂƌŽƵŶĚ�ƉĂLJ�ĚĂLJ�ůĞŶĚŝŶŐ͕�ŵŽƌƚŐĂŐĞ�ůĞŶĚŝŶŐ͕�ĂŶĚ�ƉƌĞĚĂƚŽƌLJ�Žƌ�ĚŝƐĐƌŝŵŝŶĂƚŽƌLJ�ůĞŶĚŝŶŐ�ĂůŽŶŐ�ǁŝƚŚ�ĂŝĚŝŶŐ�ƚŚĞ�E���W��ĐŽŶŽŵŝĐ��ĞƉĂƌƚŵĞŶƚ�ŝŶ�ďƵŝůĚŝŶŐ�ĐĂƉĂĐŝƚLJ�ŽĨ�ƐƚĂƚĞ�ĐŽŶĨĞƌĞŶĐĞƐ�ƚŽ�ŵŽŶŝƚŽƌ�ĂŶĚ�ĂĚǀŽĐĂƚĞ�ĂƌŽƵŶĚ�ƐƚĂƚĞ�ďƵĚŐĞƟŶŐ͘����

Dawn Chase: �ĂǁŶ�ŝƐ�ƚŚĞ�DĂŶĂŐĞƌ�ŽĨ��ŝǀĞƌƐŝƚLJ�ĂŶĚ�/ŶĐůƵƐŝŽŶ�Ăƚ�ƚŚĞ�E���W͘ �DƐ͘��ŚĂƐĞ Ɛ͛�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ŝŶ-ĐůƵĚĞ�ĐƵůƟǀĂƟŶŐ�ƉĂƌƚŶĞƌƐŚŝƉƐ�ĂŶĚ�ƉƌŽŐƌĂŵƐ�ƚŚĂƚ�ĐƌĞĂƚĞ�ŽƉƉŽƌƚƵŶŝƚLJ�ĨŽƌ�ĞŶŚĂŶĐŝŶŐ�ƚŚĞ�ĞĐŽŶŽŵŝĐ�ƐƚĂďŝůŝƚLJ�ŽĨ�ƉĞŽƉůĞ�ŽĨ�ĐŽůŽƌ͘ �^ŚĞ�ŝƐ�ĂůƐŽ�ƌĞƐƉŽŶƐŝďůĞ�ĨŽƌ�ŵĂŶĂŐŝŶŐ�ŽǀĞƌ�ĮŌLJ�ĐŽƌƉŽƌĂƚĞ�ƉĂƌƚŶĞƌƐŚŝƉƐ�ƚŚĂƚ�ƐƵƉƉŽƌƚ�ŽƵƌ�ĐŽƌƉŽƌĂƚĞ�ĨĂŝƌŶĞƐƐ�ĂŶĚ�ĚŝǀĞƌƐŝƚLJ�ŝŶŝƟĂƟǀĞ͘

Nicole E. Kenney: EŝĐŽůĞ�ŝƐ�ƚŚĞ��ŽŵŵƵŶŝĐĂƟŽŶƐ��ƐƐŽĐŝĂƚĞ͕��ĐŽŶŽŵŝĐ�WƌŽŐƌĂŵƐ�ĨŽƌ�ƚŚĞ�E���W͘ ��DƐ͘�<ĞŶŶĞLJ Ɛ͛�ƌĞƐƉŽŶƐŝďŝůŝƟĞƐ�ŝŶĐůƵĚĞƐ�ŵĂŶĂŐŝŶŐ�Ăůů��ĐŽŵŵƵŶŝĐĂƟŽŶƐ�ŝŶĐůƵĚŝŶŐ�ƉƵďůŝĐĂƟŽŶƐ͕�ĐŽŵŵƵŶŝĐĂƟŽŶƐ�ŽƉĞƌĂƟŽŶƐ�ĂŶĚ�ŽŶůŝŶĞ�ƉƌĞƐĞŶĐĞ�ƚŽ�ĂĚǀĂŶĐĞ�ƚŚĞ��ĞƉĂƌƚŵĞŶƚ Ɛ͛��ĐĂŵƉĂŝŐŶƐ�ĂŶĚ�ƉƌŽǀŝĚŝŶŐ�ƐƚƌĂƚĞŐŝĐ�ƐƵƉƉŽƌƚ�ĂƌŽƵŶĚ�ƐƉĞĐŝĂů�ƉƌŽũĞĐƚƐ͘

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