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The American banking system is broken, and the evidence is unmistakable. From the recent failure of one of the largest banks in the U.S. to ongoing predatory products blanketing lower-income communities, it is clear that we are at an inflection point. Bank regulators currently fall into the familiar trap of trying to fix the symptoms such as banning certain products, minor regulatory modifications without fixing the root causes of structural inequities. This results in repeated crises usually requiring taxpayer-funded bailouts but no meaningful change of the system. We must find better opportunities to address staggering losses of wealth through failures in the banking system while also building new structures that support economic equity and help build and preserve more local community wealth.
My partner and I recently engaged in the annual ritual that is paying U.S. income tax. Gather your documents, fill in the forms, look for deductions that never seem to be there, watch what you really make become clear…as we approached the finish line, I wondered – how can I reframe the act of paying taxes? Then I harkened to a recent moment where paying a tax had a completely different feel, one that not only felt necessary but made a small yet substantive step toward advancing racial equity. I refer of course to NCG’s participation in paying our region’s Indigenous land and honor taxes. We began that commitment as an organization in 2022 and trust me, it’s been both vital and fulfilling.
Re-imagining an equitable region is core to NCG’s Equitable Recovery framework. Rather than a return to what once was, can we disrupt, re-imagine, and restructure what’s possible? Kim Williams, Hub Manager at Sacramento Building Healthy Communities (Sacramento BHC, a part of The California Endowment's Building Health Communities 10-year plan) spoke with Crispin Delgado NCG's Public Policy Director, about where philanthropy can continue to step in, how to take a community-centered approach, and why movement-building needs to be at the center. Read the full conversation below!
Over the next 20 years in the U.S., $35–70 trillion in wealth will transfer from one generation to another in the largest generational wealth transfer in history, mostly moving within wealthy white families. The policies that make possible this protection and accumulation of wealth are situated within the legacy of land theft, genocide of Native people, enslavement of Black people, and exploitation of natural resources. This context of racial capitalism has also given rise to wealth accumulation that, in part, birthed the philanthropic sector. Paradoxically, many of us working within philanthropy aim to contribute to changes in systems, structures, and outcomes that address the harms of interconnected systems like racial capitalism that favor some at the expense of others and the planet.
In the last year alone, Californians have experienced the impacts of multiple climate disasters including severe drought, extreme heatwaves, earthquakes, catastrophic wildfires, and now several back-to-back Atmospheric Rivers. Climate change will only continue amplifying the risk that Californians face from natural hazards. We can’t keep doing business as usual philanthropy to meet the scope of our current reality.
Rising sea levels due to climate change have put people, the natural and built environment at severe
risk not only on the California coast, but throughout the state. Flooding affects housing and
transportation infrastructure and rising groundwater releases buried toxics, with disproportionately
impacting low-income communities of color bearing the greatest burden. The price tag to mitigate
these dangers to community and economic wellbeing are staggering, with over $110 Billion projected
for the Bay Area alone.
Drumroll please, for our newest team member Huong Nguyen-Yap, who as the Northern California Grantmakers’ first Vice President of Equity and Justice will be accelerating racial equity efforts not only for NCG but for the philanthropic field.