Clinton Global Initiative (CGI) launches new Action Network
The new CGI Action Network on Inclusive Economic Recovery was announced by President Clinton at a recent virtual convening focused on addressing racial inequality in accessing capital
On October 20, President Bill Clinton launched “Building an Inclusive Recovery,” a Clinton Foundation series to address racial, ethnic, tribal, economic, and health disparities in the wake of COVID-19. The virtual series included announcements of new commitments from a variety of philanthropic and private sector organizations designed to support small businesses, invest in digital technology, spur economic development, and improve financial systems in underserved communities.
Following the success of the series, President Clinton announced the formation of a new Clinton Global Initiative (CGI) Action Network on Inclusive Economic Recovery.
“It’s especially important that we work to address the inequalities facing Black, Latino, and Native Americans, and other historically underserved groups who have borne the brunt of both the health and economic consequences of COVID-19. Given the response to this series so far and the clear need for further efforts to address the challenges we face, this spring, we will formally launch the CGI Action Network on Inclusive Economic Recovery. This Action Network will build on our nimble commitment model that has proved to be very effective in driving progress and responding to changing circumstances in real time, including after the 2008 financial crisis when we launched CGI America.” — President Clinton
Launching a CGI Action Network in 2021
The new CGI Action Network on Inclusive Economic Recovery will have the following primary objectives:
- Build a cross-sector convening platform to drive thought leadership and shape the narrative around the solutions, people, and organizations leading an inclusive economic recovery;
- Identify and elevate the small businesses leaders and community heroes along with the solutions and approaches they are developing that can now be scaled and replicated to help achieve true economic development and social change;
- Reach an audience of key influencers, decision-makers, and industry practitioners to build a highly curated network of leading experts to inspire action and highlight successful and innovative partnership models; and,
- Encourage the development of tangible projects and partnerships — through CGI Commitments to Action — to help close the racial health, wealth, and opportunity gaps in the United States.
The activities of the Action Network will culminate in five high profile, public virtual events during 2021 that will expand the important conversations initiated in 2020 and deepen the engagement of our network of partners.
New Commitments to Action
New commitments launched through the series were made by the Rockefeller Foundation, the United Way of New York City, Pacific Community Ventures, Mastercard, and Inclusiv.
For further information on the new Action Network, and to find out how your organization can be involved, please contact inclusiverecovery@clintonfoundation.org.
Events hosted to date
October 20: Small Businesses, Big Opportunities — a panel discussion with President Bill Clinton, Mastercard CEO Ajay Banga, and others.
This event with support from the Mastercard Center for Inclusive Growth featured Ajay Banga, chief executive officer of Mastercard, Mayor Randall Woodfin, Birmingham; Wole C. Coaxum, founder and chief executive officer, MoCaFi (Mobility Capital Finance); and Andrea Jung, president and chief executive officer, Grameen America.
The economic fallout from COVID-19 is pushing America’s small businesses to their limits. More than one in four small businesses are considering closing, more than 40 percent of Black-owned businesses are estimated to have permanently closed, and the top five sectors of the economy that have slowed represent 50 percent of the revenue for Latino-owned businesses. While these closures represent a severe blow to the American economy, there is an opportunity here to rebuild these small businesses to be more resilient than ever by doubling down on proven and innovative solutions.
By realizing the promise of digital technology, unlocking access to capital, and better integrating small businesses into global supply chains, we have the chance to not only rebuild the backbone of the American economy but to do so in a way that is more inclusive for all Americans.
To watch this event, visit https://theclintonfoundation.org/building-inclusive-recovery/
November 19: Affordable Housing and (Re)building the American Dream — a panel discussion with President Bill Clinton, CEO of Caliber Home Loans Sanjiv Das, and others
The event with support from Caliber Home Loans featured conversations with the Mayor of Atlanta, Keisha Lance Bottoms, Former Secretary of Housing and Urban Development, Julián Castro, and Local Initiatives Support Corporation (LISC) President & CEO, Maurice A. Jones.
Homeownership is one of the most effective and proven solutions to building wealth and financial stability in America. However, the economic fallout from COVID-19 and a scarcity of affordable options are exacerbating America’s housing crisis, particularly in urban settings where cities are already grappling with the increased challenges of navigating the pandemic in densely populated areas. For Black Americans, even before the COVID-19 pandemic, homeownership rates were at an all-time low: just 40.6 percent of Black Americans owned a home in 2019, compared with 76 percent of white Americans. Latino homeownership in the United States is the fastest-growing in the nation, but still significantly lags behind white homeownership by more than 24 percent, underscoring many of the broader challenges the United States faces as it seeks to close economic disparities. At the same time according to the National Low-Income Housing Coalition, the United States is short more than seven million homes for extremely low-income renters.
By investing in more affordable housing units, offering innovative financial products, and reimagining city landscapes, there is the potential to unlock affordable housing options while helping to close the economic wealth gap.
To watch this event, visit https://theclintonfoundation.org/building-inclusive-recovery/affordable-housing/
February 2: Supporting CDFIs for Inclusive Economic Prosperity
This event, with support from the Ludwig Family Foundation, featured Governor Michelle Lujan Grisham, State of New Mexico; Tawney Brunsch, executive director, Lakota Funds; Donna Gambrell, president & CEO, Appalachian Community Capital; and Dr. Rajiv Shah, president, Rockefeller Foundation.
Community Development Financial Institutions (CDFIs) often serve as a bridge between low-income communities and economic resources and access to capital. In the context of the COVID-19 pandemic, CDFIs are more important than ever in offering a lifeline to underserved communities and Black- Latino- and other minority-owned businesses in these challenging economic times. As Americans have spent the year not only navigating economic turmoil but also confronting a history of racial injustice, there is a unique opportunity now to support CDFIs as they continue to innovate their work to provide the resources, expertise, and local knowledge to advance a more inclusive economic recovery.
In this virtual event, leaders outlined opportunities to engage with CDFIs in creating more inclusive economic opportunities for Americans. Building on the domestic economic work of the Clinton administration, including the establishment of the CDFI Fund and the expansion of the Earned Income Tax Credit, this event will bring together a diverse group of leaders from the public sector, private sector, and civil society. It will also expand on the Clinton Foundation’s “Economic Inclusion and Growth: The Way Forward” conference on domestic economic policy held in 2019 in Little Rock, which examined the evolution and successes of CDFIs and other proven approaches for urban and rural economic revitalization and discussed how to apply these lessons to help address systemic economic inequality today.
To watch this event, visit https://theclintonfoundation.org/building-inclusive-recovery/power-community-development-financial-institutions/
The Action Network, along with Clinton Global Initiative University (CGI U), follows the success of CGI and its Commitment to Action model. Over the years, CGI and its successors have brought together leaders from across sectors to improve the lives of more than 430 million people in 180 countries worldwide.
