This House Resolution, introduced by a group of representatives, directs the Legislative Budget and Finance Committee to conduct a comprehensive study on the racial wealth disparity affecting Black residents in the Commonwealth. The resolution highlights the significant economic challenges faced by Black Americans due to historical discrimination, including the lasting impacts of slavery, Jim Crow laws, and practices like redlining. It cites alarming statistics, such as the fact that Black families own only 23 cents for every dollar of wealth owned by White families, and that homes in predominantly Black neighborhoods are undervalued by 23%, resulting in a loss of over $150 billion in wealth.

The resolution emphasizes the urgent need for the Commonwealth to address these disparities and promote generational wealth in struggling communities. It mandates that the Legislative Budget and Finance Committee not only examine the effects of racial wealth disparity but also provide actionable policy recommendations aimed at reducing or eliminating this inequality. The Committee is required to report its findings and recommendations to the General Assembly within one year of the resolution's adoption, underscoring the importance of timely action in addressing these critical issues.