Business

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

Published

2 years ago

December 15, 2023

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.

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.”

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.

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. 

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.”

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.

A 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…

Business

How Trump’s Tariffs Could Hit American Wallets

Published

3 days ago

July 11, 2025

Bolanle Media Staff

As the debate over tariffs heats up ahead of the 2024 election, new analysis reveals that American consumers could face significant financial consequences if former President Donald Trump’s proposed tariffs are enacted and maintained. According to a recent report highlighted by Forbes, the impact could be felt across households, businesses, and the broader U.S. economy.

The Household Cost: Up to $2,400 More Per Year

Research from Yale University’s Budget Lab, cited by Forbes, estimates that the average U.S. household could pay an additional $2,400 in 2025 if the new tariffs take effect and persist. This projection reflects the cumulative impact of all tariffs announced in Trump’s plan.

Price Hikes Across Everyday Goods

The tariffs are expected to drive up consumer prices by 1.8% in the near term. Some of the hardest-hit categories include:

Apparel: Prices could jump 37% in the short term (and 18% long-term).
Footwear: Up 39% short-term (18% long-term).
Metals: Up 43%.
Leather products: Up 39%.
Electrical equipment: Up 26%.
Motor vehicles, electronics, rubber, and plastic products: Up 11–18%.
Groceries: Items like vegetables, fruits, and nuts could rise up to 6%, with additional increases for coffee and orange juice due to specific tariffs on Brazilian imports.

A Historic Tariff Rate and Economic Impact

If fully implemented, the effective tariff rate on U.S. consumers could reach 18%, the highest level since 1934. The broader economic consequences are also notable:

GDP Reduction: The tariffs could reduce U.S. GDP by 0.4% annually, equating to about $110 billion per year.
Revenue vs. Losses: While tariffs are projected to generate $2.2 trillion in revenue over the next decade, this would be offset by $418 billion in negative economic impacts.

How Businesses Are Responding

A KPMG survey cited in the report found that 83% of business leaders expect to raise prices within six months of tariff implementation. More than half say their profit margins are already under pressure, suggesting that consumers will likely bear the brunt of these increased costs.

What This Means for Americans

The findings underscore the potential for substantial financial strain on American families and businesses if Trump’s proposed tariffs are enacted. With consumer prices set to rise and economic growth projected to slow, the debate over tariffs is likely to remain front and center in the months ahead.

For more in-depth economic analysis and updates, stay tuned to Bolanlemedia.com.

Business

U.S. Limits Nigerian Non-Immigrant Visas to Three-Month Validity

Published

4 days ago

July 9, 2025

Bolanle Media Staff

In July 2025, the United States implemented significant changes to its visa policy for Nigerian citizens, restricting most non-immigrant and non-diplomatic visas to a single entry and a maximum validity of three months. This marks a departure from previous policies that allowed for multiple entries and longer stays, and has important implications for travel, business, and diplomatic relations between the two countries.

Key Changes in U.S. Visa Policy for Nigerians

Single-Entry, Three-Month Limit: As of July 8, 2025, most non-immigrant visas issued to Nigerians are now valid for only one entry and up to three months.
No Retroactive Impact: Visas issued prior to this date remain valid under their original terms.
Reciprocity Principle: The U.S. cited alignment with Nigeria’s own visa policies for U.S. citizens as the basis for these changes.
Enhanced Security Screening: Applicants are required to make their social media accounts public for vetting, and are subject to increased scrutiny for any signs of hostility toward U.S. institutions.

Rationale Behind the Policy Shift

Security and Immigration Integrity: The U.S. government stated the changes are intended to safeguard the immigration system and meet global security standards.
Diplomatic Reciprocity: These restrictions mirror the limitations Nigeria imposes on U.S. travelers, emphasizing the principle of fairness in international visa agreements.
Potential for Further Action: The U.S. has indicated that additional travel restrictions could be introduced if Nigeria does not address certain diplomatic and security concerns.

Nigeria’s Updated Visa Policy

Nigeria Visa Policy 2025 (NVP 2025): Introduced in May 2025, this policy features a new e-Visa system for short visits and reorganizes visa categories:
- Short Visit Visas (e-Visa): For business or tourism, valid up to three months, non-renewable, processed digitally within 48 hours.
- Temporary Residence Visas: For employment or study, valid up to two years.
- Permanent Residence Visas: For investors, retirees, and highly skilled individuals.
Visa Exemptions: ECOWAS citizens and certain diplomatic passport holders remain exempt.
Reciprocal Restrictions: Most short-stay and business visas for U.S. citizens are single-entry and short-term, reflecting reciprocal treatment.

Impact on Travelers and Bilateral Relations

Nigerian Travelers: Face increased administrative requirements, higher costs, and reduced travel flexibility to the U.S.
U.S. Travelers to Nigeria: Encounter similar restrictions, with most visas limited to single entry and short duration.
Diplomatic Tensions: Nigerian officials have called for reconsideration of the U.S. policy, warning of negative effects on bilateral ties and people-to-people exchanges.

Conclusion

The U.S. decision to limit Nigerian non-immigrant visas to three months highlights the growing complexity and reciprocity in global visa regimes. Both countries are tightening their policies, citing security and fairness, which underscores the need for travelers and businesses to stay informed and adapt to evolving requirements.

Business

Nicki Minaj Demands $200 Million from Jay-Z in Explosive Twitter Rant

Published

5 days ago

July 9, 2025

Bolanle Media Staff

Nicki Minaj has once again set social media ablaze, this time targeting Jay-Z with a series of pointed tweets that allege he owes her an eye-popping $200 million. The outburst has reignited debates about artist compensation, industry transparency, and the ongoing power struggles within hip-hop’s elite circles.

The $200 Million Claim

In a string of tweets, Minaj directly addressed Jay-Z, writing, “Jay-Z, call me to settle the karmic debt. It’s only collecting more interest. You still in my top five though. Let’s get it.” She went further, warning, “Anyone still calling him Hov will answer to God for the blasphemy.” According to Minaj, the alleged debt stems from Jay-Z’s sale of Tidal, the music streaming platform he launched in 2015 with a group of high-profile artists—including Minaj herself, J. Cole, and Rihanna.

When Jay-Z sold Tidal in 2021, Minaj claims she was only offered $1 million, a figure she says falls dramatically short of what she believes she is owed based on her ownership stake and contributions. She has long voiced dissatisfaction with the payout, but this is the most public—and dramatic—demand to date.

Beyond the Money: Broader Grievances

Minaj’s Twitter storm wasn’t limited to financial complaints. She also:

Promised to start a college fund for her fans if she receives the money she claims is owed.
Accused blogs and online creators of ignoring her side of the story, especially when it involves Jay-Z.
Warned content creators about posting “hate or lies,” saying, “They won’t cover your legal fees… I hope it’s worth losing everything including your account.”

She expressed frustration that mainstream blogs and platforms don’t fully cover her statements, especially when they involve Jay-Z, and suggested that much of the coverage she receives is from less reputable sources.

Satirical Accusations and Industry Critique

Minaj’s tweets took a satirical turn as she jokingly blamed Jay-Z for a laundry list of cultural grievances, including:

The state of hip-hop, football, basketball, and touring
The decline of Instagram and Twitter
Even processed foods and artificial dyes in candy

She repeatedly declared, “The jig is up,” but clarified that her statements were “alleged and for entertainment purposes only.”

Political and Cultural Criticism

Minaj also criticized Jay-Z’s political involvement, questioning why he didn’t campaign more actively for Kamala Harris or respond to President Obama’s comments about Black men. While Jay-Z has a history of supporting Democratic campaigns, Minaj’s critique centered on more recent events and what she perceives as a lack of advocacy for the Black community.

The Super Bowl and Lil Wayne

Adding another layer to her grievances, Minaj voiced disappointment that Lil Wayne was not chosen to perform at the Super Bowl in New Orleans, a decision she attributes to Jay-Z’s influence in the entertainment industry.

Public and Industry Reaction

Despite the seriousness of her financial claim, many observers note that if Minaj truly believed Jay-Z owed her $200 million, legal action—not social media—would likely follow. As of now, there is no public record of a lawsuit or formal complaint.

Some fans and commentators see Minaj’s outburst as part of a larger pattern of airing industry grievances online, while others interpret it as a mix of personal frustration and performance art. Minaj herself emphasized that her tweets were “for entertainment purposes only.”

Conclusion

Nicki Minaj’s explosive Twitter rant against Jay-Z has once again placed the spotlight on issues of artist compensation and industry dynamics. Whether her claims will lead to further action or remain another dramatic chapter in hip-hop’s ongoing soap opera remains to be seen, but for now, the world is watching—and tweeting.