Treasurer Office Prioritizes Black Chicagoans’ Financial Resources

While the current presidential administration is busy rolling back diversity and inclusion efforts, the Chicago Treasurer’s Office is remaining committed to supporting Black Chicagoans in the form of financial literacy and empowerment.

In honor of Black History Month, the Chicago Treasurer’s Office is spotlighting Treasurer Melissa Conyears-Ervin’s dedication to ensuring Black Chicagoans have equal access to financial tools and resources. This commitment reflects Conyears-Ervin’s ongoing efforts since taking office in 2019 to launch initiatives aimed at closing the racial wealth gap, combating systemic discrimination in banking, and promoting responsible investing.

“Black History Month is about recognizing the remarkable accomplishments of Black individuals in the past and present, but it’s also about spotlighting the ongoing work to create more equality for Black Americans, who still experience significant gaps in health, wealth and more,” Conyears-Ervin said in a statement.

“My office has worked to close financial gaps by providing education to all and introducing young people to careers in the financial services industry,” she added.

Four initiatives highlight her efforts to advancing equity in Chicago:

Building Wealth Today for Tomorrow (BWTT): An annual financial empowerment summit featuring workshops, keynote speakers, and youth engagement programs aimed at addressing systemic wealth disparities.

The Youth Financial Program aims to equip the next generation with financial scholarships, wealth-building tools, and resources to make informed financial decisions.

Advancing Equity in Banking Commission (AEBC): An initiative co-founded in 2020 by Illinois State Treasurer Michael Frerichs and Conyears-Ervin, creating a network of leading Illinois-based banking institutions dedicated to promoting Diversity, Equity, and Inclusion (DEI) and dismantling systemic racism in the banking industry.

Broker-Dealer Scorecard: An initiative Conyears-Ervin began after taking office which introduced an innovative broker-dealer scorecard to assess the diversity, equity, and inclusion practices of firms working with the city. As part of the effort, she spearheaded a city council ordinance requiring the divestment of city funds from fossil fuel investments to promote socially responsible investing.

Chicago faces a stark racial wealth gap, with white families holding a significantly higher median net worth than Black, Mexican, and Puerto Rican families. This disparity stems from factors such as discriminatory policies, limited access to financial services, and unequal homeownership rates.

One study projects that the median Black household could reach zero wealth by 2053. In Cook County, household wealth in predominantly white affluent areas is over 200 times greater than in the poorest communities, which are largely made up of people of color. Additionally, research shows that 72% of white families own homes compared to just 34% of Black families.

The City Treasurer’s Office is responsible for overseeing and managing all cash and investments for the City of Chicago and its four employee pension funds. It also leads initiatives focused on financial education and supporting small business growth in local neighborhoods. As one of three citywide elected officials, the treasurer serves alongside the mayor and the city clerk.

RELATED CONTENT: Chicago Mayor Brandon Johnson Launches ‘Know Your Rights’ Campaign Amid Immigration Raids