Building the Double Bottom Line: How a New Corporate Compact Could Birth a Community Development Renaissance

Brief

Building the Double Bottom Line: How a New Corporate Compact Could Birth a Community Development Renaissance

Abstract

This essay identifies four core elements that constitute a new corporate compact asking corporations to take a renewed focus on communities by creating new streams of community development finance that would help ameliorate neighborhood disparities by race and income. These elements are (1) an expansion of the Community Reinvestment Act to cover insurance companies, pension funds, investment firms, and other financial institutions; (2) a new federal corporate standard to promote investment in local communities; (3) time-limited disbursal requirements for donor-advised funds; and (4) revisions to the Employee Retirement Income Security Act to encompass social as well as financial outcomes. This essay is part of the Opportunity for All project.

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Cross-Center Initiative

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