Black History Month is a period to reflect on the impact of African Americans in the United States. One sector where black people have made an outstanding contribution is the financial industry. In the past, finance was an area that was largely closed off from the black people.
During that period, several banks refused to give loans to blacks. Even those who got loans were charged higher interest than white people. However, all that’s gradually changing as a good number of African Americans are making impacts in the financial sector. Here, we’ll reflect on the black history financial facts.
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1888 – Establishment of Capital Savings Bank
Located in Washington, D.C., Capital Savings Bank was the first bank established and run by black Americans. The establishment of this bank was a relief to many black entrepreneurs and business owners, as several white-owned financial institutions weren’t willing to loan funds to black people.
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1927 – Founding of the The National Negro Bankers Association
The establishment of the National Negro Bankers Association is among the black history financial facts that are worth reflecting on. Major C.C. Wright established the National Negro Bankers Association in 1927 to improve the lives of African Americans.
It was the first recognized national organization of black bankers to exist. The Association is in operation even up to date. The only thing is that they now operate under the name “The National Bankers Association.
1970 – An African American Became a Member of the New York Stock Exchange
The New York Stock Exchange, located in New York, is the world’s biggest equities-based exchange in terms of total market capitalization. In 1970, Joseph L. Searles III emerged as the first black member of the New York Stock Exchange.
He was born in NC and raised in Ft. Hood, TX. Searles III played football for the Kansas State University, where he studied political science. He also played for the New York Giants before attending George Washington University Law School.
Then, in 1970, he became the first black person to work on the floor of the New York Stock Exchange as a broker for Newburger, Loeb & Company.
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1993 – A Black Person Became the Secretary of Commerce
In 1993, Ron Brown was appointed as Secretary of Commerce by Bill Clinton, then United States president. The Secretary of Commerce’s duty is to promote job creation, and economic growth and implement international trade agreements.
Brown was also the first black person to become the chairman of a major political party in the United States. If you’re interested in learning more about Ron Brown and how he used his office to impact the black community, get his biography on Amazon.
1993 – The Establishment of the National Black Chamber of Commerce
The National Black Chamber of Commerce is a nonpartisan, nonprofit, and nonsectarian organization dedicated to the economic empowerment of African-American communities. A black couple, Harry C. Alford and Kay DeBow founded the organization in 1993.
The goal of the National Black Chamber of Commerce is to sustain and economically empower black people through capitalistic activity and entrepreneurship.
Black people have made a great impact on the financial industry in the United States. The five financial history facts shared here are things that history will remember forever. You can get one or two books from Amazon to learn more about the black race and their impacts.
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