Black homeownership should be a GOP selling point
On Oct. 7, Housing and Urban Development Secretary Scott Turner opened an investigation into Wells Fargo over its pledges to increase black homeownership. He said the bank’s conduct was “immoral, unethical and un-American” even if it broke no law.
TL;DR
- The Republican administration, through HUD Secretary Scott Turner, is investigating Wells Fargo's pledges to increase black homeownership.
- The author argues this investigation is a strategic error for the GOP, as boosting black homeownership aligns with Republican goals and could be a powerful economic message to black voters.
- Republicans have a history of supporting black homeownership, including initiatives under Presidents Nixon and George W. Bush, and Trump's own "Platinum Plan."
- The article suggests that instead of opposition, Republicans should focus on articulating a message of economic empowerment and ownership for black communities.
- The author criticizes the administration's focus on "benevolent racism" and opposition without offering concrete solutions, referencing Assistant Attorney General Harmeet Dhillon's views.
- The Equal Credit Opportunity Act allows for special-purpose credit programs, and federal regulators encouraged such programs, making the investigation into Wells Fargo's participation questionable.
- The article calls for the investigation to be dropped, past initiatives like opportunity zones to be restored, and a clear homeownership goal to be adopted and pursued through sound credit practices.
- Black Republicans are hesitant to speak out due to a lack of numbers and the need for access, mirroring similar dynamics among black Democrats.
- The author concludes that silence will not save the Republican coalition, emphasizing the need for a clear and supportive message for black voters.