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Commentary·leadership


ONEUNITED BANK CEO: ENDING SLAVERY IS THE BEST ECONOMIC DECISION AMERICA EVER
MADE

BYKevin Cohee
Kevin Cohee is the chairman and CEO of OneUnited Bank, the nation’s largest
Black-owned bank.
June 19, 2024 at 12:45 AM HST
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Kevin Cohee is the chairman and CEO of OneUnited Bank.
Courtesy of OneUnited Bank

Many Americans are confused about the significance of our country’s 11th
national holiday, Juneteenth, perceiving it to be a holiday only for Black
Americans. Juneteenth, which was made a federal holiday in 2021, actually
celebrates the best decision America ever made, which was to free enslaved
people on American soil. America as we know it today would simply not exist
without that decision.



The decision to end slavery ultimately had the profound impact of making America
the strongest country in the world, socially and economically. From a social
perspective, participating in an institution such as slavery, which is immoral,
coldblooded, and brutal, destroys the humanity of both those who enslave and the
enslaved. By shedding ourselves of this monstrosity, America paved the way for
its core values to guide us to become the greatest country in the world. Our
core values that all people are created equal, with the unalienable right to
life, liberty, and the pursuit of happiness, have become more of a reality. This
decision provided the credibility for America to become a role model for
democracy for the rest of the world. 

From an economic perspective, the decision to move away from an economic model
that had slavery as its backbone was a brilliant decision. The economic
dividends continue to reverberate through our economy to this day and into the
future. Research suggests that the emancipation of enslaved people had a
significant positive impact on the long-term economic growth of the United
States. It is estimated that emancipation generated economic gains equivalent to
up to 35% of the U.S. gross domestic product (GDP), making it one of the most
important economic events in American history.

The economic benefits of emancipation and the benefits of reducing inequalities
in today’s society are the same. These benefits include increased workforce
participation through a more dynamic and diverse labor force, growth of human
capital via education and skill development, significant contributions to the
economy through entrepreneurship and business development, expanding the
consumer market, driving demand, and stimulating production and economic growth.
A recent study by McKinsey & Company supported the strong business case for
ethnic diversity “with a 39% increased likelihood of outperformance for those
(companies) in the top quartile of ethnic representation versus the bottom
quartile”.

While moving from slavery to Jim Crow muted our economic and moral development
as a country, we continue to overcome the vestiges of these impediments. We have
reached a critical inflection point. If we can overcome the crippling economic
disadvantages and the lack of financial literacy throughout our society, we will
realize the full economic benefits of our country’s brilliant decision. 



Juneteenth also symbolizes the power of information in achieving true freedom.
Juneteenth resulted from the lack of information about emancipation in Texas,
underscoring the importance of information as a building block for economic
prosperity. On June 19, 1865, for the first time, more than 250,000 enslaved
Black Americans learned from the Union Army that arrived in Galveston Bay,
Texas, that they were free. The Emancipation Proclamation had been signed two
years earlier, on Jan. 1, 1863.

Today, technology, in particular artificial intelligence, can empower us to
overcome a lack of information (financial illiteracy), thereby unlocking the
full economic potential of emancipation and ensuring a more equitable future for
all. Our institutions, including banks, can use artificial intelligence and data
aggregation technology to provide personalized insights, enabling people to make
better financial decisions and create generational wealth.

Today, we understand the significance of emancipation, not only for Black
Americans but for all Americans. Therefore, our country has declared and
celebrates Juneteenth as a national holiday. Corporations, government
institutions, individuals, and community leaders alike should promote massive
Juneteenth celebrations, bringing us together as one people with shared dreams
and hopes for a better America and a better world.


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The opinions expressed in Fortune.com commentary pieces are solely the views of
their authors and do not necessarily reflect the opinions and beliefs
of Fortune.

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