President Biden has prioritized combating racial and economic inequity by calling on the federal government to pursue a comprehensive approach to advancing equity for all.
A White House statement said, “Equal opportunity is the fundamental promise of America. But systemic racism and discrimination in our economy, laws, and institutions have put the promise of America out of reach for too many families of color.”
As Americans, it is our collective responsibility to address the systemic economic inequalities that have strained growth and generational wealth for too many. The American Council of Life Insurers (ACLI) created our Economic Empowerment and Racial Equity Initiative to address these issues head on.
We will strive to open more doors for education, opportunities and capital. Studies show that increased financial literacy and education can help close the racial wealth gap. ACLI is committed to supporting financial literacy initiatives that will make a vital impact for millions of Americans.
Our industry will invest in communities that have been overlooked. Life insurers invest $640 million across the country every day that drive economic growth. ACLI supports state and federal legislation establishing tax incentives and other measures that promote investments in under-resourced communities.
Our work will create leadership opportunities in corporate America. 100% of ACLI’s Board of Directors signed the CEO Action Pledge for Diversity and Inclusion. Our leaders were among the first to sign the pledge, which commits their organizations to advance diversity and inclusion in the workplace.
Our efforts will open financial avenues that will spark wealth creation. Life insurers play a significant role in building intergenerational wealth through our products which provide families with a financial safety net that protects them through all stages of life.
In one executive order, President Biden said equal opportunity is the bedrock of American democracy, and our diversity is one of our country’s greatest strengths. We have much work to do to build on our nation’s promise to all Americans. ACLI looks forward to working with the Biden Administration and members of Congress in both parties on this endeavor. Let’s reset. Let’s restart.
Lauryl Jackson is Vice President, Federal Relations for Financial Income Security and Diversity & Inclusion for the American Council of Life Insurers (ACLI). Prior to joining ACLI in January 2020, she led government affairs strategy for the priorities of the pharmaceutical industry.
