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Yahoo
3 days ago
- Business
- Yahoo
Opinion - How Maryland's governor can reframe the politics of reparations
Maryland's Gov. Wes Moore (D) recently caused a stir in the movement for reparations in his state. The nation's only Black governor, he vetoed a bill to assess the wrongs of slavery and Jim Crow and propose various remedies. The act had been championed by the state legislature and the Black Caucus, and there is even now talk of overriding his veto. However, Maryland's Black political leadership may be overlooking an alternative strategy to address the politics of reparations. It draws inspiration from how America handled the rebuilding of Europe and Japan after World War II. And Moore, as the nation's only sitting Black governor, can reframe the issue's politics and enhance Black community self-governance. He can initiate a summit to establish a development bank for the descendants of slavery and Jim Crow. What follows is a description of how such a bank can benefit the quest for reparations, why Moore was probably wise to veto the state bill and why Maryland is the place to incorporate a 'reparations bank.' After World War II, the U.S. led the effort to establish a development bank to finance the reconstruction of war-torn Europe and Japan. The multilateral initiative was crucial to a broader package of assistance that came to be known as the Marshall Plan. In a similar fashion, Moore can take the lead to charter a bank to finance the reconstruction of distressed Black communities. Beyond the current efforts of advocates to pursue restitution through piecemeal claims, a bank could be a more efficient way to center the creation of Black institutional wealth. Moore could oversee a summit of political leaders and community banking professionals to craft a mission statement for the reparations bank. It could include members of Maryland's legislative Black Caucus, the Congressional Black Caucus and consultants from Black-owned financial institutions like the Harbor Bank of Maryland. The charter would designate the entity under federal regulations for community development financial institutions and Maryland's community banking laws. Though located in Maryland, the fund would invest in worthy projects for moderate-income Black communities across the country. It would be administered by banking professionals and monitored by an independent accounting service. The development bank would primarily seek private donations and corporate depositors and would pool the funds and collaborate with Black-owned banks, credit unions and attuned financial institutions to vet proposals for planning grants, microfinancing and long-term loans. It could invest in small-scale projects in areas such as cooperative housing and stores, community development corporation charter schools, healthcare and infrastructure projects, and programs for occupational training and entrepreneurship. It would have a rotating board of directors selected from dues-paying organizations that represent the foundational Black community — namely, those that suffered the wrongs of slavery and Jim Crow. Moore was wise to veto the state bill. American political culture has changed dramatically since the days of racial justice activism after the 2020 police killing of George Floyd. During that period, advocates for reparations in California, Illinois and New York found sympathetic allies for legislation to study the subject. But even those initiatives skirted the issue of cash reparations in favor of noneconomic measures like a formal apology. Since then, public sentiment has turned against proposals for racial remedy, and especially the use of public funds for restitution. Other than Black Americans, most groups tend to oppose the idea of reparations, and the empathy for the Black Lives Matters movement was short lived, according to the Pew Research Center. And Democratic Party leaders have expressed concern about the effect of identity politics in the presidential election. As such, advocates may need to explore alternative strategies other than lobbying for a public accounting in the states. The development bank proposal would rely on private funding rather than public. The Trump administration is openly dismissive of Black history and its meaning for contemporary justice. On the 250th anniversary of the American Revolution, for example, the president condemned diversity policies in the armed services during a speech at West Point. Yet Trump brushed aside the historic role of 700 Black patriots — free and enslaved — that participated in the founding of the U.S. Army under frigid conditions at Valley Forge, Pennsylvania. And, though speaking to cadets during the Memorial Day weekend, he neglected to describe how ex-slaves started the Memorial Day holiday after the Civil War. The first commemoration of American war casualties is believed to have occurred on May 1, 1865. That's when emancipated Black workers unearthed a mass grave of Union soldiers near a Confederate prison in Charleston, South Carolina. They reburied the men in a dignified manner and honored their sacrifices to preserve the Union and to end slavery. Additionally, Maryland is the place to get the ball rolling. In criticizing Moore's veto, the legislative Black Caucus noted that the statehouse in Annapolis is less than a mile from the old slave port at the city dock. Yet Maryland symbolizes far more in Black history and contemporary political culture — foremost, its distinction for a high level of statewide political influence. This trend began in 2022 with the election of Moore as governor and Anthony Brown as attorney general — the first Black leaders elected to those offices in the 237-year history of the 'Free State.' Meanwhile, Angela Alsobrooks extended the momentum in her winning campaign for a U.S. Senate seat last year. Maryland is thus the only state where representatives of a sizable Black community have deep roots in the political culture. As such, it is arguably the symbolic capital of Black America. And as governor, Moore is in a position to host a historic summit for the establishment of a development bank for the descendants of slavery and Jim Crow. Roger House is professor emeritus of American Studies at Emerson College and the author of 'Blue Smoke: The Recorded Journey of Big Bill Broonzy' and 'South End Shout: Boston's Forgotten Music Scene in the Jazz Age.' His forthcoming book is 'Five Hundred Years of Black Self-Governance: A Call to Conscience.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
3 days ago
- Business
- The Hill
How Maryland's governor can reframe the politics of reparations
Maryland's Gov. Wes Moore (D) recently caused a stir in the movement for reparations in his state. The nation's only Black governor, he vetoed a bill to assess the wrongs of slavery and Jim Crow and propose various remedies. The act had been championed by the state legislature and the Black Caucus, and there is even now talk of overriding his veto. However, Maryland's Black political leadership may be overlooking an alternative strategy to address the politics of reparations. It draws inspiration from how America handled the rebuilding of Europe and Japan after World War II. And Moore, as the nation's only sitting Black governor, can reframe the issue's politics and enhance Black community self-governance. He can initiate a summit to establish a development bank for the descendants of slavery and Jim Crow. What follows is a description of how such a bank can benefit the quest for reparations, why Moore was probably wise to veto the state bill and why Maryland is the place to incorporate a 'reparations bank.' After World War II, the U.S. led the effort to establish a development bank to finance the reconstruction of war-torn Europe and Japan. The multilateral initiative was crucial to a broader package of assistance that came to be known as the Marshall Plan. In a similar fashion, Moore can take the lead to charter a bank to finance the reconstruction of distressed Black communities. Beyond the current efforts of advocates to pursue restitution through piecemeal claims, a bank could be a more efficient way to center the creation of Black institutional wealth. Moore could oversee a summit of political leaders and community banking professionals to craft a mission statement for the reparations bank. It could include members of Maryland's legislative Black Caucus, the Congressional Black Caucus and consultants from Black-owned financial institutions like the Harbor Bank of Maryland. The charter would designate the entity under federal regulations for community development financial institutions and Maryland's community banking laws. Though located in Maryland, the fund would invest in worthy projects for moderate-income Black communities across the country. It would be administered by banking professionals and monitored by an independent accounting service. The development bank would primarily seek private donations and corporate depositors and would pool the funds and collaborate with Black-owned banks, credit unions and attuned financial institutions to vet proposals for planning grants, microfinancing and long-term loans. It could invest in small-scale projects in areas such as cooperative housing and stores, community development corporation charter schools, healthcare and infrastructure projects, and programs for occupational training and entrepreneurship. It would have a rotating board of directors selected from dues-paying organizations that represent the foundational Black community — namely, those that suffered the wrongs of slavery and Jim Crow. Moore was wise to veto the state bill. American political culture has changed dramatically since the days of racial justice activism after the 2020 police killing of George Floyd. During that period, advocates for reparations in California, Illinois and New York found sympathetic allies for legislation to study the subject. But even those initiatives skirted the issue of cash reparations in favor of noneconomic measures like a formal apology. Since then, public sentiment has turned against proposals for racial remedy, and especially the use of public funds for restitution. Other than Black Americans, most groups tend to oppose the idea of reparations, and the empathy for the Black Lives Matters movement was short lived, according to the Pew Research Center. And Democratic Party leaders have expressed concern about the effect of identity politics in the presidential election. As such, advocates may need to explore alternative strategies other than lobbying for a public accounting in the states. The development bank proposal would rely on private funding rather than public. The Trump administration is openly dismissive of Black history and its meaning for contemporary justice. On the 250th anniversary of the American Revolution, for example, the president condemned diversity policies in the armed services during a speech at West Point. Yet Trump brushed aside the historic role of 700 Black patriots — free and enslaved — that participated in the founding of the U.S. Army under frigid conditions at Valley Forge, Pennsylvania. And, though speaking to cadets during the Memorial Day weekend, he neglected to describe how ex-slaves started the Memorial Day holiday after the Civil War. The first commemoration of American war casualties is believed to have occurred on May 1, 1865. That's when emancipated Black workers unearthed a mass grave of Union soldiers near a Confederate prison in Charleston, South Carolina. They reburied the men in a dignified manner and honored their sacrifices to preserve the Union and to end slavery. Additionally, Maryland is the place to get the ball rolling. In criticizing Moore's veto, the legislative Black Caucus noted that the statehouse in Annapolis is less than a mile from the old slave port at the city dock. Yet Maryland symbolizes far more in Black history and contemporary political culture — foremost, its distinction for a high level of statewide political influence. This trend began in 2022 with the election of Moore as governor and Anthony Brown as attorney general — the first Black leaders elected to those offices in the 237-year history of the 'Free State.' Meanwhile, Angela Alsobrooks extended the momentum in her winning campaign for a U.S. Senate seat last year. Maryland is thus the only state where representatives of a sizable Black community have deep roots in the political culture. As such, it is arguably the symbolic capital of Black America. And as governor, Moore is in a position to host a historic summit for the establishment of a development bank for the descendants of slavery and Jim Crow. Roger House is professor emeritus of American Studies at Emerson College and the author of 'Blue Smoke: The Recorded Journey of Big Bill Broonzy' and 'South End Shout: Boston's Forgotten Music Scene in the Jazz Age.' His forthcoming book is 'Five Hundred Years of Black Self-Governance: A Call to Conscience.'
Yahoo
31-03-2025
- Business
- Yahoo
Basis Investment Group and The Harbor Bank of Maryland Launch New Collaboration
National CRE Investment Platform Continues Legacy of Building Strategic Collaborations Through its "Community Lending Partners" Program NEW YORK, March 31, 2025--(BUSINESS WIRE)--Basis Investment Group, LLC, (Basis), a national commercial real estate debt and equity investment platform founded by CEO Tammy K. Jones, has announced a new origination partnership with The Harbor Bank of Maryland (HBM), a minority depository institution ("MDI") founded in 1982 in Baltimore, MD. The Harbor Bank of Maryland is committed to fostering the economic growth of communities, through equitable access to capital and financial services, and being a trusted financial partner in building stronger, more resilient neighborhoods. The partnership is the fifth of its kind that Basis has undertaken since the inception of its Community Lending Partners program in 2022, following its partnerships with financial institutions such as Genesis Bank, First Independence, Private Leverage, and Lafayette Square. "We're proud to partner with a financial institution such as The Harbor Bank of Maryland that shares our values and mission to expand access to capital for all," says Tammy K. Jones, CEO & Founder of Basis Investment Group. "We look forward to a long and fruitful partnership to further support inclusivity in the industry." "Our institution is excited to collaborate with Basis Investment Group to continue providing equitable access to capital," says John Lewis, President & CEO of The Harbor Bank of Maryland. "This initiative aligns with our longstanding commitment to economic empowerment and community-driven financial solutions, ensuring that businesses and communities with limited access to resources have what they need to thrive." About Basis Investment Group CEO Tammy K. Jones founded Basis Investment Group (Basis), a full-service commercial real estate investment platform, at the height of the global recession in 2009 as she sought to create an alternative lending and investment platform built on excellence. Since that time, Basis has remained a leader in the CRE industry, successfully closing more than $8B in transactions, investing across multiple strategies and asset classes nationally, focusing primarily on the middle market where it has deep relationships. Basis is a registered investment advisor and lender that invests in both debt and equity strategies including fixed-rate senior mortgage loans, bridge loans, mezzanine loans, preferred equity, structured equity, JV equity, and B-piece investments. Basis is also a licensed Optigo® lender for Freddie Mac and DUS® lender for Fannie Mae. For more information, please visit About Harbor Bank of Maryland The Harbor Bank of Maryland (HBM) is a Federal Deposit Insurance Corporation (FDIC) designated minority depository institution and minority-owned community bank headquartered in Baltimore, MD. The Harbor Bank of Maryland has 7 branches throughout the Baltimore Metropolitan area, with an additional office in Silver Spring, MD. HBM is committed to economic growth in our communities by providing an array of financial services and products to serve its residents and businesses. View source version on Contacts Donna Haldipur, Marino PR, on behalf of Basis Investment Groupdhaldipur@ Sign in to access your portfolio
