Billionaire Robert Smith Explains The 2% Solution To Structural Racism In America | Forbes

Robert F. Smith, the private equity billionaire who is the nation’s richest Black person, said on Thursday that large corporations should use 2% of their annual net income for the next decade to empower minority communities. Smith made the comments after circulating a plan among CEOs that first calls on big banks to capitalize the financial institutions that service Black-owned businesses and minority-run entrepreneurial ventures.
In a keynote address he gave at the Forbes 400 Summit on Philanthropy, Smith, 57, said Black and minority communities have been abandoned by large banks and are starved of the capital needed to build businesses and local institutions. Smith argued that pumping in what he described as “reparative” capital and investing directly in financial architecture would be a fast way to advance economic justice for Black Americans.
“Nowhere is structural racism more apparent than in corporate America,” Smith said. “If you think about structural racism and access to capital, 70% of African American communities don’t even have a branch, bank of any type.”
In recent days, Smith, whose net worth is estimated to be $5 billion, has been sharing a concrete plan with the nation’s business leaders that argues that an investment equal to 2% of net income over the next decade would be a small step toward restoring equity and mobility in America. He has implied that America’s big corporations should feel compelled to support such a plan given the exclusionary practices of many industries over several decades. Smith made the case that the average American household charitably donates 2% of its income annually and is asking corporate America to do the same.
Read the full profile on Forbes: www.forbes.com/sites/nathanva...
Subscribe to FORBES: kzbin.info?s...
Stay Connected
Forbes newsletters: newsletters.editorial.forbes.com
Forbes on Facebook: forbes
Forbes Video on Twitter: / forbes
Forbes Video on Instagram: / forbes
More From Forbes: forbes.com
Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

[@benjaminx9531]

Poverty is a b!tch and is a root problem that our country can realistically address. My motto is “remove barriers and create opportunities” and “One more dollar invested in the community is one less dollar wasted on prisons”. Thank you for your efforts sir!

[@dopemusic6414]

There are so many low-key wealthy businessman the general public are not aware of. I love discovering new businesses and business people very fascinating.

[@triad6425]

Here are some more for you then. R. Donahue Peebles and Suzanne shanks

[@crownchrist]

triad6425 thanks

[@GreenOrchid9]

Susan Shanks, Ursula Burns, Bob Johnson and his ex wife...

[@cardion411]

@@triad6425 yep! Both of them are very inspiring! And let's not forget Shelia Johnson, and that beautiful resort she has, Salamander.

[@scholaroftheworldalternatehist]

Stealth wealth sounds like such a dream. All the perks of money with none of the downsides of cameras watching you

[@TheUAProdigy]

Without guidelines requiring black investment these loans would still go to everyone other than us.

[@ae6112]

I agree. Dr Claude Anderson's Book PowerNomics speaks to your point. This plan MUST be specific, and not generalized to "minorities". We're specifically talking about "Restoration" practices for a people who have been systematically oppressed to build great wealth in America and lower their status in America.

[@firstlast9916]

You mean, without discriminating against Asians and Indians and Hispanics, it would not be “fair”. Black Americans are the richest black people on planet earth. By far. Stop trying to make yourselves superior to everybody else. All men are created equal. All men. Not “black men” are created equal. All men.

[@EnlightenedMan]

Rudy - Math For You it wasn’t “fair” when the policies were crafted that targeted and specifically excluded black Americans. It’s only correct to initiate policies that specifically benefit black Americans to correct it. White Americans are also the richest white people on earth so I don’t see your point on that one.

[@awesom2bemelonestar10]

You spot on, wouldn't see a dime

[@rickiesmith413]

R Sihl , ok Karen or Ken.

[@nantucket897]

In 1988, President Reagan signed the Civil Liberties Act to compensate more than 100,000 people of Japanese descent who were incarcerated in internment camps during World War II. The legislation offered a formal apology and paid out $20,000 in compensation to each surviving victim. The law won congressional approval only after a decade-long campaign by the Japanese-American community. Why can’t black Americans get an apology for slavery, children, women and men murdered and reparations. WHY!!!

[@jarvisaddison8560]

Because it admits that our labor and wealth were stolen and it will put us on equal footing economically which they really don't want

[@generalsifr2995]

Because they black. Reagan think mandala was terrorist and apartheid was allied in WW2

[@JCTEAM60]

Maybe because, as you noted, there are no living slaves to offer an apology to and payment.

[@asrgegetgghe9839]

I think it is right we somehow give the black and Latino community something to help them up. The reparations talk does not make that much sense to me however. I am not saying this to start a fight, I need to understand better. Several questions: 1) The slave trade did add value to the southern plantations, but without the slave trade, the northern US did better economically. It doesn't mean there wasn't value added to the south, but the south would have been better off to mechanize more. America would have been richer without the slave trade eventually. I don't see how slavery has given America its wealth. The industrial north has done more for the current US economy than the south ever did. It doesn't seem accurate to claim the US got its wealth from the black community. That is only partially true. 2) America did pay a great price to free the slaves. Both economically and in terms of life. I would think this should be included in any calculation of who owes who and how much. When you compare the lives of the black community in America with the lives of those in Liberia, it seems that there has been a lot of benefit afforded to those who descend from slaves and stayed in America. That is a privilege afforded to the slaves and their descendants that. It doesn't mean the slaves and subsequent labor given by the black community was amply rewarded, it wasn't. However, if you look at the whole picture fairly, there has been a tremendous benefit given to those privileged blacks who have lived in America. That should be in the thought pattern. There has been both good and bad. 3) There is similarity between the Japanese internment and slavery, but there are also differences. The money was paid out to survivors, not descendants, which should be a consideration. You compensate those who have been harmed. I do like the idea here of 'regenerative capital' to improve the lot of the lower income areas. Exactly how to do that is hard to know. Money thrown at a problem is not a long term solution. It will make some feel better for awhile, but if it doesn't solve the problem, we will be right back here in 20 years. The 1960's gave a lot of benefits to lower income citizens, but it didn't seem to solve the problem. A lot of money was and still is given to lower economic status people of all colors, and we still have the same amount of poverty. There must be other factors that need to be looked into as well.

[@terrymohan604]

Reparations to American blacks for slavery that none of them experienced would be ridiculous. As a white American, I don't see where I owe modern-day blacks anything. Like most people who are given free money most of this reparation money would be squandered on non-essentials or swindled from those who are in a dire situation already due to poor financial knowledge. Listen to Roger Smith and Mike Rowe's ideas of trade schools. I have no qualms of the government allocating money to support uplifting educational, work, and business in communities of color but I would not support giving undeserving people money.

[@admirkacamakovic2120]

I heard that R.F.S. was paying for the building of an orphanage in Haiti, and I respect anyone that builds, supports children who don't have anything. Wishing you all the best H-L-H.

[@Autofill1967]

Tax deduction.

[@GreenOrchid9]

@@Autofill1967 ALL personal foundation's are tax deductions

[@Nwalker4111]

@@Autofill1967 Win-Win

[@glorymanheretosleep]

@@Autofill1967 The way it should be. The government needs to do more to encourage individuals to invest in charity, instead of expecting the government to be a charity.

[@dariusisrael5140]

I'm simple, i see robert f smith i click

[@mrblackalchemist]

Darius Israel yep exactly. Unfortunately not enough blacks listen to him. Economics is the only salvation for blacks not politics and religion.

[@richardmueller7023]

Thomas Sowell is a good one to listen to as well.

[@byrondeese8120]

AGREED!!

[@sjlomax2061]

Smith is a tax cheat, the individual who funded Vista Equity initially (Robert Brockman) has been indicted for tax crimes, money laundering, human trafficking...truly despicable.

[@mariolopez6216]

This should have way more views. This is good. Whether democrat or republican we cannot depend on government. Us (the private citizens) are ones that can take action the quickest and better than the government will be able to.

[@forceforgood4669]

A conversation about what is good for America. Keep it up.

[@lubacotemobile]

My biggest fear is dealing with banks to grow even when my credit score was as high as 761.

[@blackamericanlesbianprofes4357]

Thank you for posting. Listening to this video now.

[@diversetribe231]

Has anyone read The Color of Money? Based on this discussion, probably not...

[@ae6112]

I haven't finished the book. I know that one of the author's points was that minority banks will suffer from the same structural racism that plagues the black community. It seems like his suggestion addresses that structural racism element that the author described But again, I haven't finished the book. What part do you disagree with?

[@adrienreality597]

Author??

[@ibeerollin4441]

@@ae6112 I'm also listening to the book and haven't finished either. While I can appreciate what this brother did for the Morehouse grads this interview sounds like he's out of touch. It sounds like he has too much faith in a system that goes into the black community for predatory lending, higher insurance costs, and higher prices on goods. The 2% of funds he's speaking of will be loaned to black people at 250% interest.

[@ChooseU4ever]

@@ae6112 who is the author ? Please

[@michaelmoore4314]

@@ChooseU4ever marshara baradaran

[@malonium]

I don't understand why people will rather want the boat to sink than see the man next to him get to shore.

[@benk3716]

Because if your not winning you wouldn’t want someone else to win just human nature if you’re doing well and I am too it’s fine

[@howardking8519]

Very informative now just have to learn how to get started.

[@JD-je4jf]

it takes a village to raise a standard of life....

[@Mindyobusiness89]

@Blow Me because they help each other out and black people fight each other and think they are oppressed by the white man

[@RexLarrieux]

@@Mindyobusiness89 Are you even Black? I can't tell...go learn some history...your ignorance is showing.

[@RexLarrieux]

@The Outlaw Torn you don't even know enough of the history to comment. Hush.

[@Mindyobusiness89]

@@RexLarrieux yeah I'm black, but we didn't suffer what our ancestors went through and I'm not oppressed

[@Mindyobusiness89]

@@RexLarrieux let's change our history, black people keep living it, that's we can't forward as a community. We are the only ones like that

[@cardion411]

Robert is such an inspirational brother.

[@muhamta]

What he's talking about is NOT reparations. We can do what he's talking about, but we still will get reparations from the government.

[@msromero1000]

BlackJohnSmith government and capital.

[@RexLarrieux]

@Jason Young why is it impossible? Please enlighten me with your yt logic because there are highly educated people that have studied this issue and I'm sure they are more trustworthy worthy than you.

[@Maegus2]

@Jason Young I will and so will other minorities.

[@raynieregantier8260]

Then the government should give money to slave owner descendants

[@busydem6161]

This Man is a Man among men.

[@noahwinston3282]

You keep thinking this delusional thiught.

[@benk3716]

100% dudes a genius 😁💪🏼

[@stephaniemerryfield3848]

"Stakeholder capitalism, as opposed to shareholder capitalism." Robert F. Smith

[@blackface703]

Dear Mr Smith, If this plan is for other Native Black American DOS, such as yourself, im not sure why other groups ie "minorities, LatinX" ppl are being included. Much like a binding contract, language is important & should be specific. ADOS ppl are the only group in the bottom caste so thats who you speak to. Its kinda hard not being irked when groups that havr leapfrogged ahead of us are being mentioned in our conversations. Other than that, im sure most of us welcomes this out of the box way of thinking.

[@CamelToeAndTheBeast]

It may be because non-native black American DOS and some latinx ppl are also technically ADOS. Because (1) America is made up of 2 continents, both of which, were a part of the transatlantic slave trade and (2) most black minorities in america, regardless of origin, still suffer from the same systematic oppression as Native black ADOS. Our oppressors can’t distinguish the differences amongst us, so we shouldn’t create those distinctions amongst ourselves. There is strength in numbers. But more to your point, there does need to be an emphasis on the uplift of ADOS bred of the United States. The “leap frog” you’re referring to is just a baby step of a difference. We’re all still be lapped by white Americans on both continents.

[@MadeInJersey10]

I respectfully disagree. We dont need loans we need to be made whole and the debt must be paid. Caucasians were given free land in the homestead act!

[@ManPursueExcellence]

abercrombie83 👏🏾👏🏾👏🏾💪🏾

[@DRL81]

#ADOS is always the heart of the convo and we need to be made whole because of ancestors.

[@aubreyjames8795]

If they love in the hoods of America, they're likely included

[@mamabear3217]

And watch murder rates drop

[@cryptonesto2095]

K Jhnsn yea we’re killing each other because of poverty, low valued neighborhoods infested with drugs and guns. Fathers getting locked up for selling drugs to support his family and can’t afford to take care of his family and run. When you systematically set up a toxic environment what do you expect ?

[@L.DOT.P.]

Right.

[@cryptonesto2095]

K Jhnsn not every black family celebrates family members coming home from jail. Not every black girl wants to get pregnant and get on welfare and welfare ain’t paying that much lol. It’s a system called redlining to place blacks and Hispanics in low valued neighborhoods and Wells Fargo and Honda auto dealer admitted to overcharging blacks and Hispanics for loans. I’m gonna reach for my goals no matter what and teach my son the same but don’t sit there and act like a racist system wasn’t put in place

[@willpower3317]

@K Jhnsn unfortunately, you're applying too much logic.

[@e.h.6392]

too many nice ideas, not enough commitments in action to B1/ ADOS to reverse wealth gap...do it man...do it, do it..... mentor us, show us, make the moves with your access for us, bring us on board !! The time for your guidance is now ...qualified captive audience waiting! Stop regurgitating suggest and do it...your black community needs you!!

[@lacy4035]

Blow Me because their skin is not black plus why didn’t Asian experience slavery, segregation,lynching,police brutality and all the heinous thing white Americans did to black in America?… that’s ur answer

[@brianharley4284]

@Blow Me Are we talking about Asians in America? Because no Asian in America can touch Robert Smith's wealth. What's your point genius?

[@triad6425]

@@lacy4035 Actually Asian had property straight taken from them by the gov't several times over the years. So a better example would be why are black immigrants so successful bc they come to this country with no MONEY, barely knowing the language, AND with hope in their heart that they will succeed & that their poverty is temporary. Every immigrant and black person that has succeeded in the USA basically did the same thing. Live far their means, has a tight budget, found a trade, business or career that they worked diligently at then built wealth. The last part is an unknown X factor depending on if they learned how to invest properly.

[@ManPursueExcellence]

Relax, he has been working on it. Don’t wait for him to do something. Create your own opportunities.

[@gurjitsurana2796]

Marnh well you’re wrong on asians not recieving segregation especially against chinese and japanese community during the world war especially they were put into camps and many of them had racial attacks and were killed you just don’t hear about it as much white people who are racist are racist to all minorities and believe in white supremacy search something known as the yellow peril and many more things that happened to asians please educate yourself thanks

[@fredwooten14]

Truth!! I would love to be apart of this with GIS.

[@justinhebert5155]

Interesting idea, is this to be voluntary or compulsory for these top 10 banks?

[@dhowto3005]

This is definitely a viable plan. I really appreciate Mr. Smith creating a coming up with financial plans that are a win win for everyone as long as the plan is executed as expected.

[@jadangor1078]

He's a predator

[@LemuelUhuru]

You can't help a certain percentage of "black" folk because even as Robert Smith outlines a viable solution for more diverse equity allocation you still have people whining about reparations and wondering what other people are going to do to make their lives better. All the money in the world won't help if the issue of self accountability isn't addressed first, there has to be a compromise, a meeting in the middle.

[@dbcooper28]

when do we start?

[@troywaters943]

They won't post their employees. They're gonna pay reparations? What?

[@gabcpa916]

Just wondering has this initiative gained any traction? Has there been an organization formed to move this 2% Solution forward? How does one keep up with the progress?

[@EstellaSpeaks]

This is not reparations, this is still form, of charity. WE are owed REPARATIONS.

[@homodeus8713]

Nobody is giving reparations. We need to work together to free all people of African descent globally

[@CMDUrbanTactics]

I agree

[@Maegus2]

@@homodeus8713 We will get them don't you worry or America will fall like Rome. It's one or the other rectify your past wrongs or fall apart because of them.

[@truthbearer7891]

This is much more likely to pass because we can have more influence on corporations than we can politicians. They can ignore us politically they can’t ignore our dollars

[@EstellaSpeaks]

@@homodeus8713 the USA has provided reparations before, just not to black folks: Reparations-a system of redress for egregious injustices-are not foreign to the United States. Native Americans have received land and billions of dollars for various benefits and programs for being forcibly exiled from their native lands. For Japanese Americans, $1.5 billion was paid to those who were interned during World War II. Additionally, the United States, via the Marshall Plan, helped to ensure that Jews received reparations for the Holocaust, including making various investments over time. In 1952, West Germany agreed to pay 3.45 billion Deutsche Marks to Holocaust survivors. www.brookings.edu/policy2020/bigideas/why-we-need-reparations-for-black-americans/

[@waynehammond7145]

This is one potential solution. There are many more that need to be applied. Keep trying to rise and if or when you stumble....get up and keep trying. God be with and help the cause of the righteous.

[@pantethine66]

STEM his the way to go for afro american to become wealthy. look at forbes list of the most valuable companies and the wealthiest person.

[@ironmantis25]

Which is why asians make more money than whites. They all go into STEM, medicine or finance/accounting.

[@calvinhoward3808]

A lot easier said than done. Science and education in general requires a ton of capital.

[@TheGamingg33k]

@@calvinhoward3808 What a stupid comment.

[@calvinhoward3808]

@@TheGamingg33k I was doing my PhD for plant science in Gainesville, FL at UF and I'm African-American. In fact, I was the only one in the department. If by stupid you mean ignorance, then you won't find any here.

[@updateserver]

I’m on a full scholarship and I really would like to get into a STEM field I’m not dumb or anything. I study hard lol I just need something I could really focus on. Currently my major is social work and my university is connected with other universities so I’ll be able to get my MSW in 7 months but at the same time I feel as though picking a STEM major will be better.

[@robinsonmertilus5232]

Premise: “there is structural racism because not enough black people own banks.” Is that really structural racism?

[@marcusstreeter2561]

Yes! Not sure how that is confusing...its not the only reason but one of many.

[@jamesrobinson2017]

Yes.

[@KingSoloman7]

Brilliant

[@mountainman6172]

@Mike Polakowski Source(s) please? Ideally something more credible and polish-ed than alt-right site.

[@TheDtfamu89]

Yes

[@ron02simpson]

The private sector is the solution. Not wasteful Government. Black Americans must be "enabled" (assisted) to own and operate businesses as they once did in great numbers. That was before the Great Society programs destroyed the family and the incentive to work.

[@onkarvigy]

When a State gives it is its obligation to its citizens; When a Billionaire gives it is out of his saintly compassion/largesse!!! Which one would you prefer??

[@JohnDoe-gc1kt]

I think you're confused

[@raynalddavis1128]

In order for reparations to be fair I want the African cultures that sold us and the Arab Muslims that invaded Africa and Europe that spread it, to pay up as well!

[@beverlyann111]

I agree, but we'll start at home, America first

[@natasharules770]

The problem with that is that we don't know which tribes sold y'all. Unless you mean that west African countries as a whole will pay up

[@toddmaek5436]

@@natasharules770 yes we do. If you read the explorers writings they literally say over and over who was doing what

[@natasharules770]

@@toddmaek5436 do you perhaps have a link?

[@lamonmae]

Google is your friend

[@djakartajacobs1794]

I like where his mind is and we need tax exemption, grants, free financial literacy classes from the banks & financial institutions, etc. free education, land for all descendants of USA slavery. Thanks Robert for putting your ideas forward and taking action! Keep pushing for #reparations across the board.

[@amberb8876]

@Blow Me were Asians so successful prior to the Civil Rights Act of 1964?

[@beverlyann111]

REPARATIONS NOW! WHY are we Black Americans not demanding our money that we're OWED ?! We are 400 years financially behind every race in America BECAUSE we were never paid nor could we own anything AND right now, America is paying reparations to the Japanese American, the American Indian, the Eskimos, "Israel "......What are we afraid of, it can't get any worse.

[@dogace]

Because no one owes you anything! Youre free legally so how can you claim slavery or racism?

[@tlmcqu80]

@@dogace we claim racism b/c you own and control 99% of the wealth and resources, that's why and it's directly from slavery, or have you been under a rock this whole time, maybe you have

[@gurjitsurana2796]

Well lets be honest the native Americans been f’d over so bad they were 100 mill and now are basically going extinct

[@scottbuffdaddy]

@@gurjitsurana2796 they also have over a billion dollars in the bank but they refuse to use it

[@beverlyann111]

@pimp named slickback Oh yes we are!

[@lasha4585]

This is such a great idea!

[@Manji29]

Good job!!

[@Businessappareltv]

🖤🔥!

[@grumpent]

Can’t wait to have him back on Dr. Boyce Watkins show

[@christopherdavis163]

400 years of (free labor) compounding interest & wealth is hard to catch up to or compete with!!!....from generations after generation after generation after generation!...the 400 year head start that built Wall Street,Blind trust,wealthy estates,Dupont,JP Morgan & Chase,General Mills,Ford,etc. are decades of head of ADOS because we were not allowed to build or organizations and institutions like Harvard!!!...@ the sametime funnel that money into these businesses institutions for tax protection for future generations!!!

[@RianRian-ek4pm]

lol...

[@sethcohen6548]

How do you explain the success of so many immigrants from Asia, the Middle East, even Africa that come to the US from poor war-torn third world countries and achieve middle class/upper middle class status after one generation. Certainly, these group of people had no advantages, if anything they have more disadvantages since many barely speak English when arriving in the US.

[@flawaii-pines6858]

Sounds like you need a tissue. Reality check, wealth doesn't last 2 generations in the USA... Sorry homie save it for the barber shop.

[@flawaii-pines6858]

@@sethcohen6548 You are 100% correct. And many immigrants were not even allowed to obtain bank accounts.

[@benk3716]

100%💪🏼

[@MrMajani]

Isn't this sort of policy of forcing banks to give credit to the less fortunate what led to the financial crisis of '08?

[@tycox8704]

These black-owner businesses will need motivated, dependable workers with a learning attitude. Do they exist, in adequate numbers, in the depressed communities? I have this idea that welfare recipients between the ages of 18 and 45 should earn their welfare with grades. They should attend sponsored courses at satellite college classrooms and learn to earn. Perhaps it will enable some to develop employable skills-or an entrepreneurial idea.

[@KazenoniKakuremi]

5:40 MiC drop

[@lordluvsme9378]

Very very important information

[@hmenef]

As long as Corporate America is run by white people it will always operate like the many other institutions within America society that are systematically racist...I have no agenda to appeal to the feelings and emotions of white people...Give me what I am owed and save your emotions and feelings for the Creator on judgement day.

[@lalam2890]

#ReparationsOverSymbolism

[@mwanikimwaniki6801]

@The Outlaw Torn It's like me asking the British for reparations... Lol. America ows him nothing.

[@RexLarrieux]

@The Outlaw Torn its obvious you know nothing...

[@RexLarrieux]

@@mwanikimwaniki6801 are you even American? Stfu you have no dog in this fight.

[@diversetribe231]

@@RexLarrieux These commenters are very likely from one of those russian/nigerian troll farms...

[@EricMajiedMajesticMusic]

Think positive, think positively ~!!! the Are large numbers of people in these communities who would love to have money to put in the correct places so We can Thrive!!!

[@CMDUrbanTactics]

Utter garbage.... Federally guaranteed 1% mortgages. Federally guaranteed 1% business loans. Free trade and higher education up to the PhD level. Cash payouts for the remainder of the tally owed.

[@buffetofrelaxationmusic5961]

Awesome!

[@BeautifulNaturalDramatic]

Love it

[@prosperwilliams]

Fabulous Randall, Fabulous Robert - Kudos to you both, thank you!!

[@briangrant8644]

In order to gain capital in minority banks is that we as minorities Need to learn to trust each other with our money. Then other institutions would learn the value of our money.

[@queenmajesty895]

This makes sense as something of good practice, however it is NOT reparations.

[@sidh1603]

Mr. Smith could help me out by mentoring me and allowing me to work for him and his company so i can learn how to make real money

[@DEMediaDrive]

There are a lot of huge opportunities available right now though. Super low interest rates, no commissions on trades, start your own online business with almost $0. Low entry. Stop sweating corporations and build your own. Get rid of the need attitude. Build a business, scale and sell it. Launch an IPO. If you give away money people will still complain about something. You just can't please everyone. I'm not really interested in being a CEO in someone else's company. Opportunity is there to build your own. Free videos, online training. Crazy opportunities going unused.

[@mjsfamous]

I think this is a good idea.....The government has made it clear that it doesn’t care about black people or righting wrongs.......it might be up to us a citizens to do the right thing

[@princejamesorionsiriusstar7596]

Thanks big Rob. Great 2% theory for economic equity

[@ede_blkronin]

Private sector solution. No need for incendiary Reparations language. Well done Robert. Government role? Tax deductions for participating corps + supporting regs/laws. Done.

[@tpatt3511]

Good plan what could go wrong ? Corporate greed: Hold my 🍻

[@dashawnramelbledsoe_niblscoin]

Yes

[@whitneybsmart]

What happens after 10 years ?? Does this philanthropic influx of capital disappear? I would like this in addition to reparations in the form of cash payments.

[@mikesuniverse1789]

one area I see needing attention is the business insurance industry.. where I am there are endless apartment and condo communities where all sort of contractors work, from landscapers to carpenters, painters electricians etc.. To get jobs a company or individual must go through Compliance Depot and to be in compliance a business has to have a high level of insurance. This is a barrier to an individual or small company that wants to bid for a job. "Black" business people typically have way less capital than others due to lack of collective economics and generational assets. What I want to see is 'black' investors create an insuring agency that also works with business owners to insure for the sake of both parties that their employees are insurable and that business is managed well. This agency could also finance the lease or acquisition of machinery equipment etc. The main thing that can lift the 'black' community into prosperity is widespread business ownership across these communities. Nationwide. More construction contracts, more everything. Access to capital for contractors/vendors for insurance and equipment and supplies. I know the skills are there but not the expensive equipment and budgets. Banks front on loans for their typical reasons. We need financial institutions specifically to close the gap that 'their' banks leave gaping.

[@asmitty1016]

This society in america and I believe the global society ignorantly equate intelligence with how much money one has. So in this case we tend to expect the narrative of a rich person as having a valid point to fixing the enormous racial wealth divide which is usually suggest capitalistic means that still keeps the current status quo in tact.

[@EnlightenedMan]

Robert Smith is the epitome of black American excellence and a fine example for what other young black men should be striving to be.

[@doreensnipes3669]

Do this over 20 years which is one creation and federal government needs to take the lead in this

[@gringotwezzy9503]

Great idea really hope he us genuine

[@cjwallace4559]

It's called financial literacy for African Americans

[@danarobinson6156]

I like the idea, 2% solution approach.

[@martinasommer1306]

It would be nice to see the syatem treat everyone equally

[@DerekFullerWhoIsGovt]

Ignorance of *chasing the bag* is not our problem.

[@mikeaddis8446]

Robert fails to tell you that banks make you qualify for the money. Key word is qualify. Doesn't matter who owns the bank you still need to pass credit and time in business etc.. just like everyone else.

[@bigkahunaburger5185]

Mike, I was thinking the same thing. If the money goes to banks, to get access to it we would still need to get loans. We shouldn’t be going into debt for reparations, the country would be paying back its debt to descendants of slaves.

[@steve19811]

No blacks are special privileges and just have to scream and cry to get ahead in America......

[@MicrolineC1]

Anything would be better than the system America has now. But I feel that you're plan should be looked into by other economist. Not that it's a bad idea. But it's something that I don't understand. And needs to be in lay mens terms. It's interesting. Thank you! Mic'20 ADOS South

[@nesne2167]

I stopped the video off when he said "LatinX".

[@romesizzle]

I saw another person mention that it was offensive to them. I'm black and I'm only seeking to understand what the negative connotation is. Could you explain? Humbly

[@td5604]

@@romesizzle In the Spanish language, the word "latinos" means two or more men or a group of men and women. It is kind of like using "guys" in English when referring to mixed company, i.e. men and women. I hope this explanation helps. :)

[@DBowen-os2cv]

T D @romesizzle, what term is preferable to the “L” word to describe folks of a Hispanic lineage or heritage? I’d really like to get it right. Thx

[@romesizzle]

@@td5604 Thanks for your response. Latinos is the preferred word then? Thanks again

[@Mateo-et3wl]

Latinos is the correct term, throughout all of latin america. Then there are the woke assholes in the US who favor latinx, because they know what's best for everyone.

[@karenshelton1240]

It’s about 1Billion time!

[@KandyGTV]

I don't want a loan, I want my reparations in cash, land, and business grants. I will do what is best for me and my family from there.

[@johntucker9326]

It's not ever gonna happen KandyG so don't plan on it! Not even under a crazy Biden led government.

[@Battleganz]

Look, I'm a black guy on welfare. The government taxes everyone (an exorbitant amount) so that I can live for free, essentially. It's great to have the "free stuff," but it's more valuable to have the skill of earning money. Call it the entrepreneurial skill. I want to be able to earn as much as I want, not to have to accept "whatever the government thinks I should have or that I deserve."

[@derrickdavis7917]

There is no excuse in this age of technology to be on welfare...absolutely no excuse.

[@Battleganz]

@@derrickdavis7917 My point has been made.

[@flawaii-pines6858]

How about this plan for the blacks: family, work ethic, good attitude. If these 3 issues are corrected then the blacks will have a better life.

[@TaureanDreams]

The blacks.... wow dude

[@flawaii-pines6858]

@@TaureanDreams What do you want me to call them? Isnt all this crying about black people?

[@linzs2869]

Does the Dodd-Frank Act play into this at all? Taking race out of it, regulations from that Act make it quite difficult for any small, independent bank to operate let alone for new banks to start up? Just a thought...

[@ghostfacekicker]

There were no banks near me in Harlem for at least 25 years. Gentrification brought banks.

[@oneprettycookie7446]

This is one good man.

[@radio3976]

When it comes down to this money, there is no black business, because there is no black dollar. All money matters

[@HaguSlayer]

2% it takes a lot to get there.

[@jkr527]

Robert F. Smith is the man!!

[@foreigncreations1793]

That’s a nice idea. I don’t see it happening.

[@youngtylersilencedo-good5960]

Free Newton's pair? Roe vs wade? No comment.

[@blaisexrusso]

why have i never heard Of this man

[@homodeus8713]

This man is talking sense but let the mentality in these communities hangs. If it doesn't all these plans will fail. Start with community education and sensitization.

[@randyparlor5953]

We need the following things to happen and people of all races and income levels need to communicate the needs and take action to make them happen. 1. Better police training is necessary (eliminate deadly techniques and include non-deadly techniques for gaining control of combative people as well as ethics of respect and care for those they approach and arrest, at the same level for all races of people) as well as departments, prosecutors, and courts holding police criminally accountable who cause and are complicit in unjustified deaths. Americans black and other races should and will protest in some shape or form, yet violence, property damage, and other unhealthy behavior should not be coupled with the protests. Protesters will make their point and changes will come about in shorter order through the sheer number of people descending upon the domains of elected officials around the nation (capitols, city halls, etc.) as they are led by movement leaders intelligently identifying the racial and/or discrimination problems that back allegations with data & testimonials that prove the allegations, and that allow elected and appointed officials, prosecutors, and courts to deliver righteous justice against unjustified deaths and other treatment. No one can reasonably expect that justice to happen overnight and must realize there is no excuse for whites, blacks, or other races involved in the protests / movements to loot, destroy, or attack anyone or any property. Americans of all races who want to do what is righteous and just will work together with non-violent agendas / actions to get the point across and will experience progress for blacks, other minorities, and all Americans (like civil rights progress made during the course of our national history as we moved to combat and disable to a great degree physical slavery, jim crow laws, and other inequities). 2. Economic equality / equity is also needed and would over time do far more than short-term sympathy, empathy, and donations being made by Tech Giants and large businesses in various industries that have for decades failed to provide equitable job, promotions, and high-level opportunities to a representative portion of black Americans. In the few instances when some did, they tended to do so to a far greater degree for black women (which I'm not mad at because they are also worthy of greater opportunities) but this seems to be another attempt (like many government welfare programs and rules implemented going back decades) to emasculate black men and tear apart families by making it look like black men could not provide and are undisciplined, irresponsible, and unworthy of low, mid, or high-level employment, business, and financial opportunity. The sad, subjective, and untrue refrain from many hiring managers often being "we're sorry Mr. Brown but we selected someone who had better education and past experience than you." If you're actions keep most people of a particular race in the slums of life lacking equitable economic opportunity, do not be surprised that volatility comes out of them at some point and causes un-pleasant behavior that could rip apart the fabric of the nation. While arguments could be made that violent outbursts during protests shouldn't happen, we know historically it has in many instances and as a united people (whites, blacks, hispanics, asians, indians, and others) we should seek to correct underlying societal problems including racist, discriminatory, and abusive behavior by powers-that-be and authority figures, so they do not foment violent sentiment and courses of action by people groups and/or the masses that drive wedges between U.S. citizens and lead to national decay and destruction. 3. Mega church pastors and their smaller counterparts should begin to preach and teach equality and equity from a biblical perspective, so their members will do the right thing as a result of worship and prayer they are engaging for personal and national revival and betterment of our republic and communities. They should make it clear the first problem resolution below should be engaged by elected and appointed political leaders. In addition, they should also lead by example by practicing the second problem resolution in the Churches they lead and teach and encourage Christian and non-Christian businesses / business-owners within the community and sphere of influence to do the same.

[@JudgeSarahHeidelIsARacist]

Law enforcement is directly reflected to how America thinks about black people. Can't change mindset, we need legal protection.

[@steve19811]

When Blacks are raised in two family households and taught they are just as fully responsible for their lives as everyone else then you'll see a lot more "equality."

[@hmenef]

The plan that he is suggesting can be proposed as a side legislation after the Reparations legislation is approved for Foundational Black Americans...I am honestly not interested in any legislation that includes the terms minority or people of color.....The legislation must be specifically for Black Foundational Americans because the last time I checked there were no minorities or so called people of color that endured the horrors of chattel slavery in America....My ancestors did and just like white people who have been allowed to pass down the wealth accumulated from chattel slavery to their descendants I want the long overdue payment that was never given to my ancestors.

[@jgizzle5617]

How come brothers like this are not embraced like lebron and Tyler Perry

[@sammysam486]

"He is in a league of his own...multiBillionare"

[@dennistani1986]

Aren't the large banks like Wells Fargo, Chase, Bank of America public companies owned by shareholders? Aren't most credit unions owned by the members? I assume that the 21 black owned banks are owned by individuals??

[@blaccseedthechildoflife431]

The $1.5 or $1.6 Trillion increase in U.S. GDP within an 8 year time frame or less

[@capitalgains4194]

Man this guy oprah and jordan should give money to their people, they will tell everyone that if they did it they can do it also, you just cant give money to someone thats never had it what will they do with it if they never had it

[@LeAndreWatts]

True

[@LadyPinkster]

How about we support UBI and universal health care...

[@frozentundra7446]

As ADOS, I do not want a 2% gift from corporate America; I want the U. S. Government to pay us a minimum of $17 Trillion dollars in stolen wealth for building this country. What is so hard to understand about this?

[@NigeloWalker]

Oh they understand it alright ...they just don’t wanna do it

[@arthure7727]

What if America says ‘no’. Then what

[@stevenwilliams6848]

Your not giving anything, if you write if off! But you feel good about yourself. Selfishness has creative means to justify feeling good about its egotistical behavior.

[@shonsimpkins3915]

Why is capital from any bank needed to create economic opportunity for small banks. Why can't the fed do what it does best and create credits for those banks. Those banks would also need to loosen lending standards because typical ADOS are usually coming from cycles and generations of economically challenged backgrounds. To be sure, the focus needs to be on ADOS, not Latinos, not minorities, specifically ADOS. Minorities weren't enslaved, Latinos weren't targeted with Jim Crow. Black people were.

[@KaikalaMoon]

Good initiative Mr. Smith; however, still need that direct 'cash' balloon payment, land allotments, and tax credits. What you're proposing is still a trickle down resolution that has never worked...not even through CARES ACT. We have only to recall 2008. Gen Z were adults, so they can attest to this failure that keeps repeating itself while people are focused on some single mother getting an extra $200/mo.