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Race in America: Black Economic Mobility with Ariel Investments Chair & Co-CEO, John W. Rogers Jr. and White House Council of Economic Advisers Chair, Cecilia Rouse

Cecilia Rouse and John W. Rogers Jr. Join Washington Post Live on Friday, June 18 (Video: The Washington Post)

From the nationwide protests over the death of George Floyd to the economic effects of the coronavirus pandemic, the past year has reignited questions about the impact of the racial wealth gap on Black communities.

On Friday, June 18 at 2:00pm ET, Cecilia Rouse, chair of the White House’s Council of Economic Advisers, and John W. Rogers Jr., co-CEO & chairman of Ariel Investments, join Washington Post Live to discuss why these inequities have persisted for so long and solutions to promote economic mobility.

Click here for transcript

Highlights

The chair of the White House Council of Economic Advisors said she believes the current spike in inflation is temporary and is caused by the U.S. economy coming back to life after the pandemic. “At the moment, I believe that this inflation is temporary, is transitory, as the economy works itself back together, as we knit back together. And that is what I believe underlies the Fed’s thinking as well.” (Video: Washington Post Live)
“Wealth happens over time. I would first look to see whether we have rates of unemployment that look more equal, so that we see Blacks participating in our economy at rates similar to Whites… I would start to look at wages, whether we see… the racial gap in wages narrowing. And then in terms of wealth, I would like to see that Blacks are able to buy homes in the same kinds of areas as Whites. And… that they can afford the homes.” (Video: Washington Post Live)
Rogers shared how his great-grandfather owned a large hotel that was destroyed during the Tulsa race massacre. “Our understanding is if my great-grandfather’s wealth–at the time we think it was roughly $100 thousand dollars–and if it had been invested in the stock market over this last 100 years, and it had a kind of reasonable 7% or so return, it would be worth well over $100 million dollars for our many many many family members. So you just think about… all that wealth and opportunity was just completely lost.” (Video: Washington Post Live)

John W. Rogers Jr.

Provided by Ariel Investments.

John’s passion for investing began at age 12 when his father began buying him stocks as Christmas and birthday gifts. His interest in equities grew at Princeton University, where he majored in economics, and over the two-plus years he worked as a stockbroker for William Blair & Company, LLC. In 1983, John founded Ariel to focus on patient, value investing within small- and medium-sized companies. While our research capabilities have expanded across the globe, patience is still the disciplined approach that drives the firm today. Early in his career, John’s investment acumen brought him to the forefront of media attention and culminated in him being selected as Co-Mutual Fund Manager of the Year by Sylvia Porter’s Personal Finance magazine as well as an All-Star Mutual Fund Manager by USA TODAY. Furthermore, John has been highlighted alongside legendary investors Warren Buffett, Sir John Templeton and Ben Graham in the distinguished book: The World’s 99 Greatest Investors by Magnus Angenfelt. His professional accomplishments extend to the boardroom where he is a member of the board of directors of McDonald’s, NIKE and The New York Times Company. John also serves as vice chair of the board of trustees of the University of Chicago. In 2008, John was awarded Princeton University’s highest honor, the Woodrow Wilson Award, presented each year to the alumnus or alumna whose career embodies a commitment to national service. Following the election of President Barack Obama, John served as co-chair for the Presidential Inaugural Committee 2009, and more recently, he joined the Barack Obama Foundation’s Board of Directors. John received an AB in economics from Princeton University, where he was also captain of the varsity basketball team.

Cecilia Rouse

Cecilia Elena Rouse was confirmed by the Senate on March 2, 2021 as the 30th Chair of the Council of Economic Advisers, making her the first Black leader of C.E.A. in its 75-year history. In this role, she serves as President Biden’s Chief Economist and a Member of the Cabinet. She is the Katzman-Ernst Professor in the Economics of Education and Professor of Economics and Public Affairs at Princeton University. Immediately prior to the Administration, Rouse served as the dean of the Princeton School of Public and International Affairs. From 2009 to 2011, Rouse served as a member of President Barack Obama’s Council of Economic Advisers. She worked at the National Economic Council in the Clinton administration as a Special Assistant to the President from 1998 to 1999. Her academic research has focused on the economics of education, including the benefits of community colleges and impact of student loan debt, as well as discrimination and the forces that hold some Americans back in the economy. Rouse was the founding director of the Princeton Education Research Section, and she served as senior editor of The Future of Children, a policy journal published by Princeton and the Brookings Institution. She previously served on the boards of the Council of Foreign Relations, University of Rhode Island and the National Bureau of Economic Research, and was an independent director of the T. Rowe Price Funds. Rouse joined the Princeton faculty in 1992 after earning her Ph.D. in economics from Harvard University, where she also completed her undergraduate work.

Segment Provided by McKinsey’s Institute on Black Economic Mobility

The following content is produced and paid for by a Washington Post Live event sponsor. The Washington Post newsroom is not involved in the production of this content.

(Video: Washington Post Live)

In a segment presented by McKinsey’s Institute on Black Economic Mobility, Shelley Stewart III will provide findings from the institute’s landmark report, “The economic state of Black America: What is and what could be,” which outlines challenges and solutions to drive Black economic advancement by analyzing where Black Americans stand in their roles as workers, entrepreneurs, investors, and consumers as well as how they are served by public programs.

Shelley Stewart III

Shelley is a leader within McKinsey’s Private Equity & Principal Investors Practice, where he serves a range of clients on marketing and sales topics. He has worked with numerous privately held and publicly traded companies across the industrial and technology sectors, helping them identify opportunities for accelerated growth, design new go-to-market models, improve effectiveness of sales-force deployment, and improve margin through comprehensive pricing programs.

In addition to his client work, Shelley leads McKinsey’s research on Black economic mobility in the United States. He has published numerous articles and is a speaker on the topic. Shelley is also on the board of directors of the National Black MBA Association.

Before joining McKinsey, Shelley worked in the financial services industry. He held a variety of roles at an investment banking firm, and subsequently cofounded Dreadnought Capital Management, an investment management firm where he led portfolio management.

Otis Rolley

Otis Rolley joined The Rockefeller Foundation in 2019. Immediately prior to joining the Foundation, Otis served as a North America Managing Director for 100 Resilient Cities, an initiative of the Foundation. There he provided urban resilience technical assistance and portfolio management for 29 cities throughout the U.S. and Canada. Prior to his work at 100RC, Otis served as CEO of Newark, New Jersey’s economic development corporation.

A true urbanist, Otis’s career has been dedicated toward advancing economic and community development in cities, leading organizations in the for-profit and non-profit private sectors. His 20 years of experience also includes serving in various leadership positions in the public sector. He has held cabinet roles with 5 different mayors in three large U.S. cities. He has been a chief of staff managing a $2 billion budget; city planning director for America’s largest independent city; and he has served as the first deputy housing commissioner for the 5th largest public housing and community development agency in the U.S.

Otis has a Masters in City Planning from the Massachusetts Institute of Technology and graduated with honors with a Bachelor of Arts degree from Rutgers University.

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