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Designated under the Federal Advisory Committee Act, TACRE brings experts together to advise the Treasury on addressing acute disparities among communities of color that have historically been underserved, marginalized, and adversely afected by persistent poverty and inequality. Explore the racial wealth gap, highlighting disparities in assets, opportunities, and intergenerational wealth among racial and ethnic groups. In percentage terms, Black (77%), Hispanic (42%), Asian (43%) and White (23%) households all experienced strong gains in median wealth from 2019 to 2021. What factors might explain the large wealth gaps across racial and ethnic groups that have endured for decades, if not longer? Regardless, they argue that the first step to eliminating the wealth gap is a proper understanding of what has caused it: The inequitable racial history of the country, and the transmission — and lack of transmission — of resources across generations for white and Black Americans, respectively. Focusing just on race, however, risks flattening our understanding of wealth divides, implying that most people of color are low-wealth and that most white people are high-wealth. Since 2010, the wealth disparity between Black and white families has persistently expanded. From the very first Survey of Consumer Finances in 1983, the smallest difference between Black and. Racial wealth gaps reflect a long history of discriminatory policies that have barred people of color from growing wealth. These gaps have not narrowed over time. In fact, the evidence shows the racial wealth gap widened during the Covid-19 recession, even as the wealth of U.S. families grew overall during that period. Institute for Policy Studies analysis of Federal Reserve data show that while the racial wealth gap has improved slightly, an estimated 28 percent of Black households and 26 percent of Latino households had zero or negative wealth in 2019, twice the level of whites. Households with a White, non-Hispanic householder had 10 times more wealth than those with a Black householder in 2021, according to the U.S. Census Bureau’s Survey of Income and Program Participation (SIPP). Middle class blacks defined by education, income and occupation tend to have low wealth and as a result rely heavily on their job for economic security (Jackson, Hamilton, and Darity, 2015).