This Week in ESG and Impact Investing

An estimated  $7 billion in corporate  pledges have been made to facilitate efforts that support racial justice, and help activities  that seek immediate solutions  to the crisis affecting Black people. We are very familiar with these types of promises, having launched the first website focusing on financial support for minority communities in 1995 and a new website to monitor such corporate pledges. Yet it appears that only $188 million of that $7 billion is money someone can reasonably expect to get their hands on. Further, in certain sections of the Black community, there is concern about the effectiveness of the traditional organizations identified as recipients of the pledges. And there appears to be less  concern with newer, trending  organizations. Our recent survey of  customers banking at black-owned banks  suggests most consumers who do not use Black banks are concerned about their financial stability, and have not been able ...

Clearly, cryptocurrencies are causing concern on Capitol Hill and, as a result, within U.S. financial regulatory agencies. Last week, the House Science Committee held a hearing titled “Beyond Bitcoin: Emerging Applications for Blockchain Technology.” The week before, at a Senate Banking Committee hearing on cryptocurrencies, the heads of the Commodity Futures Trading Commission and the Securities and Exchange Commission, J. Christopher Giancarlo and Jay Clayton, respectively, testified about their regulatory approach in this area. Most of their testimony focused on fraud in the initial coin offering marketplace. The Senate hearing was not about protecting the public: It was about turf. Both agency heads appeared to be using the attention on ICOs and potential — in some cases, actual — fraud to get additional budget resources they can’t otherwise obtain. As policymakers examine the cryptocurrency market, they should consider putting Treasury in charge of supervision. They both missed...