Jan. 27, 2022
We at Adasina fully support the efforts of this petition in their entirety. We know that close to $50 billion dollars were pledged to address racial discrimination in the US after the murder of George Floyd, but just a fraction of that has been given (at last count it was $4.2 billion). Capital markets, along with wealth in America, were created and exist from the legacy of slavery. Corporations and capital markets play an important role in addressing and rectifying the racial disparities that exist from this legacy. The summer of 2020 was a unique moment in the history of the US where companies, along with much of the country, took responsibility for their part in the racial disparities and made a commitment to Black communities across the country. As investors in many of these companies, we believe it is correct to hold them accountable to these commitments. Not only is it the right thing to do to begin to repair the past and address systemic inequities, it is the right thing to do for the US economy. There have been several recent studies estimating a loss of over $16 trillion to the economy as a result of racial discrimination. It is further estimated that the economy would see a boost annually between $1-$5 trillion. Links found here and here. It is the responsibility of all of us to do what we can to right what is wrong. The SEC can and should create rules to uphold commitments made to address these wrongs, and follow the guidelines in petition file 4-774. Sincerely, Renee Morgan Social Justice Strategist, Adasina Social Capital P W adasina.com pronouns: she/they