Join us for our installment of the Pacesetters Doing Business series featuring Boston Planning and Development Agency on December 7, 2023.
3:00pm - 4:00pm
Jenny Holaday will share her journey into leadership as President of Encore Boston Harbor and first woman to run a casino in Massachusetts.
2:00pm - 4:00pm
Encore Boston Harbor
Step into Winter Wonderland at our BIMA Holiday Gala. Gather your digital media and marketing peers for a night of networking and entertainment.
6:30pm - 9:30pm
Designed for mid-level managers and supervisors, this new certificate program addresses workplace well-being through unique, innovative, and actionable methods.
Join our Transformational DEI Certificate! Our comprehensive learning & development offerings are designed to connect and grow strong leaders who lead both inside and out of the office.
Our Women’s Leadership Program enables you to take your leadership to the next level by arming you with the most in-demand leadership toolkit.
Our Boston’s Future Leaders (BFL) program provides emerging leaders with a socially conscious and civically engaged leadership toolkit, as well as the opportunity to apply their knowledge through experiential assignments.
City Awake empowers young professionals in a variety of ways that encourages these rising leaders to stay invested in the region’s future success.
We are developing an ecosystem of corporations and partners with the influence and buying power to transform economic inclusion for minority business enterprises (MBEs).
The Fierce Urgency of Now Festival brings Boston’s diverse young professionals together with business leaders, organizations and their peers to build connection, advance careers and ignite positive change.
BIMA (the Boston Interactive Media Association) serves a vibrant community of like-minded professionals from agencies, brands, publishers, and ad-tech companies with business interests in the New England market.
For nearly 30 years, the Chamber’s Women’s Network has connected female professionals of all background and career levels. Today, our Women’s Network is the largest in New England, strengthening the professional networks of women each year.
The Massachusetts Apprentice Network convenes employers, training providers, and talent sources interested in developing and implementing apprenticeship programs in occupations across industries and statewide in fields such as tech, advanced manufacturing, healthcare, financial services, and more.
We support small business through public policy initiatives, events designed to connect small businesses in Greater Boston to their peers and established business leaders, professional development offerings, and free small business advising.
Explore our mission and values to better understand how we are leading the business community forward.
Our member directory is your resource to discover, connect, and engage with Boston’s businesses from every industry and sector.
Early partners include Greater Boston Chamber of Commerce, Federal Reserve Bank of Boston, The Boston Foundation, Eastern Bank Foundation, and the Barr Foundation
The Federal Reserve Bank of Boston, in collaboration with a coalition of community partners, is launching a multiyear research initiative to explore wealth disparities in Greater Boston and across Massachusetts. The Reserve Bank’s findings intend to inform policy and may be used by partners, as well as a broad group of public, private, and non-profit organizations, to develop strategies that promote equity in wealth, a key foundation for greater economic opportunity.
Initial funding is being provided by the Boston Foundation, the Greater Boston Chamber of Commerce, the Eastern Bank Foundation, and the Barr Foundation, all of which will serve as partners on this research effort. Over time, the group anticipates inviting additional community partners to participate in the project.
Initial priorities of the multiphase effort include measuring family wealth, exploring wealth differences between racial-ethnic groups and across geographies, and understanding why certain disparities exist.
“The Boston Fed has long been engaged in a data-driven approach to studying gaps in credit, employment, and wealth across race, ethnicity, and gender, with an eye to informing policy discussions and actions,” said Boston Fed Executive Vice President and Community Affairs Officer Prabal Chakrabarti. “The Bank’s expertise gathering and analyzing comprehensive datasets will be a resource for this coalition as it works to reduce wealth disparities. Our partnership with key community organizations reflects the collaboration needed to foster a more equitable economy.”
The research, Chakrabarti added, will improve on a 2015 Boston Fed report, “The Color of Wealth in Boston,” which highlighted stark wealth disparities in the Boston metro area. The report spurred additional research by the Reserve Bank and others, and it sparked the creation of city and state programs to address gaps and build a more inclusive economy.
“If we are to address the underlying issues of race and class that continue to have a devastating impact on people of color in Greater Boston and beyond, it is imperative that we more fully understand both the magnitude and impact of racial and ethnic wealth gaps,” said M. Lee Pelton, president and CEO of the Boston Foundation, which will lead the steering committee of partners and administer funding for the research effort. “Only then can we ensure that we are co-creating and implementing the systemic changes we need to undo them.”
“Unlocking the barriers to building generational wealth is how we create a new chapter for Boston and the Commonwealth, one that is rooted in achieving transformative equity within our free market economy. The racial wealth gap has hindered Boston reaching its greatest potential – this research as well as the critical solutions and policy recommendations will champion a future where every community can thrive,” said James E. Rooney, President & CEO of the Greater Boston Chamber of Commerce, and member of the steering committee. “The Chamber continues to lead and activate the business community in this work to champion an inclusive economy, founding the Racial Wealth Gap event series, which is directed by Dr. Karilyn Crockett, Massachusetts Institute of Technology Professor and former Chief of Equity for the City of Boston.”
“Our economic system has, for generations, produced gross disparities in wealth across racial and ethnic groups,” said Nancy Huntington Stager, President & CEO of the Eastern Bank Foundation. “The results of that program were clear in the Color of Wealth study, but the study was unable to make granular distinctions among populations of Black, Asian and Hispanic people. Nor could it highlight differences between the Boston metro area and the Gateway Cities, which feature quite different demographic makeup. We are excited that this survey is being designed to measure wealth across those dimensions, and to further probe the sources of wealth disparities for these populations.”
The Boston Fed has a decades-long history of studying wealth disparities as part of its broad work to achieve maximum sustainable employment. The Bank has conducted groundbreaking studies on discrimination in mortgage lending, and it galvanized communities around solutions to the subprime lending crisis. The Reserve Bank has also developed programs aimed at identifying paths to improved economic outcomes in smaller cities and rural towns and regions.
Boston Fed researchers have recently begun the first phase of the wealth disparities research effort, which focuses on both assets (investments and housing) and debts (loans including home mortgages). This phase will also include drafting the survey instrument and planning ways to engage the community to provide feedback on the approach. While the list of research priorities for the project is still being finalized, the scope will likely include:
Chakrabarti said the project will extend over roughly three years, and it will be informed by lessons from the collaboration, as partners continue ongoing efforts to address the wealth gap and identify solutions that create lasting equity.
Press and Media wishing to cover this announcement should reach out to Casey Baines, Director of Policy & Communications at [email protected].