This Week in ESG and Impact Investing

Banks of all sizes are continuing to direct funds to minority-owned businesses months after the social unrest that followed last year’s death of George Floyd. JPMorgan Chase just announced plans to invest $40 million in four Black-run banks. Ally Financial, Banner, Citigroup, Texas Capital Bancshares and First Republic Bank joined JPMorgan in providing capital to help fund Broadway Financial’s pending acquisition of the $435.4 million-asset CFBanc in Washington. Four community banks — First National in Strasburg, Va.; Fauquier Bancorp in Warrenton, Va.; Eagle Financial Services in Berryville, Va.; and Potomac Bancshares in Charles Town, W.Va. — recently created a $1 million fund to provide loans to Black-owned businesses and farms in their markets. The latest efforts show that the banking industry is still evaluating ways to help underserved markets. “There’s no doubt we needed to do an assessment on what more we could do as a firm,” said Brian Lamb, global head of diversity and inclus

The seventeen Sustainable Development Goals (SDGs), approved by the United Nations at the end of 2015, seek to develop the living conditions and conservation of the environment especially in developing countries. It also seeks to eliminate inequality across the globe in all sectors. SDG 16 and 17 clearly recognize the fact that only through the implementation of laws and enforcement of same can we guarantee the SDGs. Implementation of the SDGs will therefore require that countries use a wide range of policy and program approaches. It is therefore pleasant and refreshing to learn that the African Continental Free Trade Area (AfCFTA) has a strong development focus, highlighting economic and social development.  The AFRICAN UNION’s (AU) Agenda 2063 highlights the point that Africa’s growth and integration into the Sustainable Development Goals (SDGs) is part of the Agenda agreement. The positive aspect is that African Countries, by signing and ratifying the AfCFTA, will in the long run, h

On crowdfunding website Kickstarter, 57,502 gaming projects have raised $1.37 billion dollars as of January, 2021. In fact, the most successful crowdfunding project raised $300 million (and counting) for Star Citizen, a computer game. GameStop is a crowdfunding project. Along with the recent increase in the value of bitcoin, from $3,000 to $42,000 (low to peak in 2020), this points to the main problem with economics and finance: these "fields" serve the needs of a small, non-minority group of people. They are also, at core, racist and dishonest. We pointed this out some time ago in comments to the US Securities and Exchange Commission: December 22, 2003 "Envy, hatred, and greed have flourished in certain capital market institutions, propelling ethical standards of behavior downward. Without meaningful reform, there is a small (but significant and growing) risk that our economic system will simply cease functioning." http://www.sec.gov/rules/proposed/s71903/wmccir122

Sounding long overdue and welcome words at his inauguration, President Biden has gotten off to a brilliant start. The new President signed thirty (30) executive orders in three days. One third directly reverse the policies of the prior Administration. As the first real first attempt by any Administration to address the COVID-19 crisis, we applaud the effort. What’s brilliant about these policies is the honest way they address the touchstone of American politics: race. One of the first Executive Orders issued by the Biden Administration mandated a “ comprehensive approach to advancing equity for all. ” The executive order requires the US Government to “identify the best methods, consistent with applicable law, to assist agencies in assessing equity with respect to race, ethnicity, religion, income, geography, gender identity, sexual orientation, and disability.” Finally, the order requires that “each agency...assess whether underserved communities and their members face systemic bar

(For the original June 11, 2016 post on LinkedIn, click here:  https://drive.google.com/file/d/1xL15GdePWD_3nOJJT60nM4686gqq0yVU/view?usp=sharing  ) Our initial 2016 Election Fully Adjusted Return Forecast indicates that Donald J. Trump will win the election for the Presidency of the United States. This follows from one sufficient and one necessary condition.   The sufficient condition:   seventeen (17)   Republican states have enacted laws restricting access to the voting booth, restrictions so onerous as to defy both common sense and the spirit of democratic governance. These laws guarantee that the people who would vote against Mr. Trump will be blocked from participating in the election. For example, to vote in the State of Texas, a gun permit suffices. A college ID does not. So it is in 17 of 50 US States.  Game.  The movement to block access to voting has been a long term effort, a reaction to the election of the first African American president. Rather than effectively fighting