When I made the decision to run for governor, I couldn’t help but think about the person who first inspired me to live a life of public service. My mother is an immigrant to this country who arrived here as a child from Jamaica. After the tragic and unexpected death of her husband, she was forced to raise three children as a single mom. She worked multiple jobs — and didn’t get a position with benefits and a stable wage until I was 14 years old. But she kept pushing, and when she finally did get that job, she found a role that didn’t just change the trajectory of her life; it changed the trajectory of our entire family.
With wisdom and grit, my mom was able to lift me and my family to a higher rung on the economic ladder. But too often wisdom and grit aren’t enough.
Over just the past two decades, the racial wealth gap has cost the American economy $16 trillion. And every single American is paying for it. Closing this divide is a growth strategy for all. A truly growing economy must be an inclusive one.
Right now, Washington is in retreat. Regulators are losing the power to root out racial bias in lending. The only federal agency devoted to minority business development is under attack. Funding for community lenders who serve Black entrepreneurs is drying up.
The consequences are clear. The Black unemployment rate is nearly twice the national rate, and Black homeownership is slipping. Leading policy institutions aren't just warning of a downturn — they are declaring a Black recession.
The racial wealth gap was created by the choices of people in power. It was created by the Homestead Act, urban redlining, a GI Bill that excluded Black veterans, and procurement policies that left people behind.
The only way to reverse bad policy choices is with good ones. When I ran for governor, I promised Maryland would become the first state in the country to close the racial wealth gap. We know it’s an ambitious goal, but I refuse to accept the status quo. Since 2023, our North Star has been to create more pathways to work, wages, and wealth.
Because wealth cannot be built without the foundation of work, Maryland has expanded its registered apprenticeships to a historic high of more than 13,200. The number of Black men in apprenticeships has grown 28% in two years. We aren't just filling jobs. We are building pipelines to careers that actually pay enough to let families save and invest.
Yet work without a fair wage means little. In our first year, Maryland raised the minimum wage two years ahead of schedule, lifting pay for 160,000 workers. Furthermore, we made the Earned Income Tax Credit permanent and expanded the Child Tax Credit.
Good wages help pay the bills, but ownership builds a future. If our economic policies ignore wealth creation, they are missing the point entirely. When a state builds an ownership society, everyone benefits. People take care of what they own and pass on what they build.Last year, Maryland backed more than 3,000 first-time homebuyers — a 30% jump. Nearly 70% were people of color. While Washington debates whether to help first-generation homebuyers, Maryland is proving that it works.
Ownership begins with access. Maryland passed the largest expansion of banking access in its history, reaching 1.3 million people. We created Maryland Opportunity Accounts so families locked out of the financial system can finally open a safe, affordable account. And we are changing how lending works so a small business can get credit based on its cash flow — not just a credit score.
And we’re promoting community wealth, too. Maryland’s ENOUGH Initiative is the most ambitious place-based anti-poverty effort in this country's history. Our communities provide the vision. The state, the private sector, and philanthropy provide the support. For every dollar the state put in, our partners put in three more, turning nearly $70 million into nearly $280 million.
Closing the racial wealth gap is a matter of moral clarity. Washington may be stepping back, but in Maryland, we are pushing forward. We are proving that an inclusive economy is a growing economy. After years of stagnation, Maryland has created nearly 60,000 new businesses under our administration — with new establishments growing 38% faster than before the pandemic. Our administration has secured major economic wins for our people, including a $2 billion AstraZeneca expansion and the new Sphere at National Harbor, projected to bring in over $1 billion annually and create thousands of jobs. Now, Maryland’s population is growing faster than at any point in a decade.
But here is the truth. Government alone cannot close the racial wealth gap. It's going to take all of us. The National Urban League understands the assignment — and has for over a century. Since 1910, this organization has worked at the national and local levels with community leaders, policymakers, and corporate partners to elevate economic empowerment, equality, and social justice.
Our fight to close the racial wealth gap requires us to recognize our neighbor's pain is our pain, too. The person locked out of the banking system has the same aspirations for their children that we do.
My mother’s father, James Thomas, was born in South Carolina. When he was just a young boy, the Ku Klux Klan ran him and his family out of town. His family fled to Jamaica and vowed never to return. But my grandfather did return. He studied at an HBCU and made history as the first Black minister in the history of the Dutch Reformed Church. He believed in America. He built a life here. He was the most patriotic person I have ever met. When he died, he left a remarkable legacy. But he passed away with next to nothing to pass down to his children. That’s not because he didn’t work hard enough. It’s because he chose to serve a country that wasn’t ready to serve him.
We have come far — and the National Urban League has proved that partnership produces progress. But we still have farther to go and more work to do. When we do the work, we will build a society my grandfather hoped for — and a country our children deserve.