Congressional Black Caucus Urges Federal Reserve to Address Rise in Black Unemployment

Today, Congressional Black Caucus Chair Yvette D. Clarke (NY-09)and members of the Congressional Black Caucus issued the following statement:

"Black workers across our country are once again bearing the brunt of an uncertain economy. In recent months, unemployment among Black workers has risen sharply under the economic conditions shaped by policies of the Trump Administration. In November, Black unemployment reached 8.3 percent-the highest level we have seen since the height of the COVID-19 pandemic. Behind this number are families struggling to make ends meet and communities facing unbearable economic hardship.

"The Congressional Black Caucus believes this moment demands urgent action. To better understand how the Federal Reserve is responding to this crisis, we request a briefing for Members of the Congressional Black Caucus. The Federal Reserve must step in to address this growing unemployment crisis and confront the deep-rooted inequities that continue to leave Black workers behind. Black workers earn about 20 percent less than white workers, a gap that has contributed to a stark racial wealth divide. Today, the median Black family holds just $24,520 in net worth, compared to $250,400 for the median white family. This inequality did not happen by accident and cannot be ignored.

"We are calling on the Federal Reserve to address the crisis impacting Black workers and to develop a clear strategy to reverse these trends and ensure that Black workers and families are not left behind."