- The Washington Post
New political group Black Economic Alliance launches 2018 effort with endorsement of four candidates
Felicia SonmezAugust 13 at 10:59 AM
Email the author
The Black Economic Alliance, a new political group aimed at improving opportunities for black Americans, is launching Monday with endorsements of candidates in four competitive races.
The organization, which was formed by black business leaders, raised $3.5 million from 55 donors in the two months before its public launch and is targeting competitive races in which turnout among black voters could be decisive.
Its first wave of endorsements includes three Democratic candidates for governor — Stacey Abrams in Georgia, Ben Jealous in Maryland and Rich Cordray in Ohio — as well as Sen. Tim Kaine (D), who is running for reelection in Virginia. All have high profiles nationally and are in closely-watched races in states where the black population is near or above the U.S. national average.
In an interview, Tony Coles, the organization’s co-chairman, described the group’s formation as the first time the black business community has come together in a concerted political effort focused on economic progress for black Americans. Previously, the executives’ fundraising efforts tended to be more ad hoc, with leaders writing individual checks, but that began to change
after a meeting last summer, Coles said.
“As we moved into 2017, we recognized that the stakes were very high in terms of the economic opportunities for all Americans,” Coles said. “We began asking, ‘What can we do?’ And we realized in that discussion that there was great power in the collective.”
The group’s board includes alumni of the Obama and Clinton campaigns as well as executives from the tech, finance, media and pharmaceutical industries. Coles is chairman and CEO of the biotech firm Yumanity Therapeutics.
Even though the four candidates in its initial wave of endorsements are all Democrats, the group says it is not aligned with either political party and instead is focused on policies aimed at raising black employment levels, homeownership and income.
“I think there’s broad recognition that the work that we’re focused on is very much different than the traditional party organizations,” said Akunna Cook, executive director of the Black Economic Alliance. “I think it’s a feeling that neither party is particularly focused on the needs of the black community where economic progress is concerned.”
A group of business leaders, she added, “can bring a certain expertise and a certain sensitivity” that will benefit both parties.
The group plans to make additional endorsements in House races over the coming month.
Abrams, if elected, would become the nation’s first black female governor, while Jealous is vying to become Maryland’s first black governor.
Michael Scherer contributed to this report.