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Congressional Black Caucus urges corporate America to recommit to diversity, equity and inclusion  on December 15, 2023 at 7:14 pm Business News | The Hill

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The Congressional Black Caucus (CBC) is calling on corporate America to recommit to diversity, equity and inclusion promises, including $50 billion in investments, made after the 2020 murder of George Floyd. 

In a Corporate Accountability letter, previewed by The Hill, the CBC asks corporations for an update on their racial equity investments and to work with the Caucus to create legislative solutions that will help close the racial wealth gap. 

“For years advocates have taken a front-row seat in this fight, working tirelessly to ensure the Black community prospers against these odds,” the letter said. “It is past time to concentrate our efforts and equip our community with the necessary resources to close the racial wealth gap in America. The journey in front of us requires Corporate America to help drive an agenda that will power Black economic mobility.”

Following the murder of Floyd, who was killed when a Minneapolis police officer kneeled on his neck for more than nine minutes in the summer of 2020, racial justice protests spread throughout the nation, and the corporate field was not spared. DEI roles increased by 55 percent, according to a report from the Society for Human Resource Management. But those roles are now seeing cutbacks and workers fired.

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The CBC’s letter also points to reports around corporations participating in performative actions such as hosting fake interviews for diverse candidates to give the appearance that they have increased DEI efforts. 

Now, the caucus is giving corporate America until Jan. 31 to share its DEI improvements before it releases a report card, which will detail where corporations stand in their commitments to invest in, hire and promote Black workers. 

In an exclusive interview with The Hill, Democratic Reps. Steven Horsford (Nev.), chair of the caucus, Joyce Beatty (Ohio), first chair of the Financial Services Committee’s Subcommittee on Diversity and Inclusion, and Glenn Ivey (Md.) explained that the letter is about ending the assault on DEI.

“This is about the CBC, collectively, and the 120 million Americans that we represent, 20 million Black Americans, who are literally under assault and under attack when it comes to economic opportunity,” said Horsford. “We talk a lot about democracy and we will always fight for and uphold the provisions around democracy, including the right to vote, and one of those most fundamental rights is the right for economic justice.”

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Black Americans are significantly underrepresented in high-wage industries and face low probabilities of advancement. Black employees make up only 12 percent of the private-sector and only 7 percent of high-ranking positions like senior manager, vice president and senior vice president. 

As such, Black households hold only 4 percent of wealth — but white households hold 84 percent wealth, according to the Brookings Institution.

“If we’re really going to be about changing the economics, if we’re going to be about creating wealth, we have to do it in a variety of areas,” Beatty said. “If we are not in the arena where major decisions are made about economics, then we’re not going to be able to be a part of having generational wealth.”

The CBC’s letter comes at a time when DEI practices are being challenged nationwide. 

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In May, Florida Gov. Ron DeSantis, who is running for the GOP presidential nomination, signed a bill into law banning the state’s public colleges and universities from spending money on DEI programs. 

Shortly thereafter, the Supreme Court declared race-conscious affirmative action in college admissions unconstitutional. 

Then, in July, 13 Republican state attorneys general sent a letter to Fortune 100 companies threatening legal action if they don’t stop DEI efforts, calling such actions “racially discriminatory quotas and preferences.”  

In Tennessee, the Small Business Administration (SBA) has temporarily suspended new applications to the 8(a) Business Development Program, which has provided tools and resources for small businesses to help owners compete in the public and private sectors.   

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Ivey said the CBC is there to support not only 8(a) applicants, but minority business owners across the board.

“As these attacks are going to continue to come in courts across the country, we want to make sure we’re standing with them and those efforts,” Ivey said. “We want to make sure that the 8(a) program and federal procurement is one way that these businesses are allowed to thrive and grow. We want to make sure that minority businesses aren’t just relying on the federal government or state governments to build businesses, but they get to do work in the private sector as well.”

But Horsford added that the issue of DEI affects more than just Black workers – it’s about ensuring all Americans regardless of gender, learning abilities and color “have ample opportunity and access.”

“This is about measuring within the company the approaches that they are taking around governance and leadership, of course their HR policies, how they empower the worker voice and representation,” Horsford said. “This is also about what companies are doing within the community where they are operating, the trust and relationships that are forming the corporate philanthropy, the local policy and the environmental justice impacts that they may be having.”

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It’s also about what corporations are doing to help advance national policy around the racial wealth gap and investments they are making outside their communities, he added.

Corporations should care about these issues just as much as the caucus does, the members added. 

Studies have found that diverse workforces are 19 percent more productive, and that gender and ethnic diversity increase a company’s financial performance above the national industry median by an average of 25 percent.  

And despite the attacks on DEI, a majority of Americans support such practices. 

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poll commissioned by the Black Economic Alliance Foundation found that 78 percent of Americans “support businesses taking steps to make sure companies reflect the diversity of the American population.” 

“When you put us in the room, it puts more diversity on not just race and ethnicity, but diversity of thought, diversity of background, diversity of experience, and it makes it better for the company,” Beatty said.

​Race & Politics, Business, House, News, Congressional Black Caucus, DEI, diversity equity and inclusion The Congressional Black Caucus (CBC) is calling on corporate America to recommit to diversity, equity and inclusion promises, including $50 billion in investments, made after the 2020 murder of George Floyd. In a Corporate Accountability letter, previewed by The Hill, the CBC asks corporations for an update on their racial equity investments and to work with the Caucus to create legislative…  

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Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

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Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.

How The Discrimination Claims Emerged

The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.

Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.

Why Black Employees Were Left Out

Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.

What The Settlement Provides

Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.

Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.

H2: Google’s Response And The Broader Stakes

A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.

For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.

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Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

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At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.

Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.

That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

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Kalshi itself is a big part of why her ascent matters.

Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.

As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.

Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.

During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

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That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.

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Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

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America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work

For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.​

Tech’s Iron Grip: ATS and AI Gatekeepers

Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.

AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.

The Experience Trap: Entry-Level Jobs Require Years

It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.

One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.

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Burnout Before Day One

The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.

Cultural Collapse: From Relationships to Algorithms

What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.

AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.

The Ghost Job Phenomenon

Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.

Not Lazy—Just Locked Out

Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

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What’s Next? Back to Human Connection

Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.

Key Facts:

  • 25% of Harvard MBAs unemployed, highest on record
  • Only 30% of 2025 grads nationwide have jobs in their field
  • Nearly half of grads feel unprepared for real work
  • Up to 50% of entry-level listings are “ghost jobs”
  • AI and ATS have replaced human judgment at most companies

If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.

This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.

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