In 2022, we launched the Bond Markets & Racial Equity project, with funding from the Robert Wood Johnson Foundation, the guidance of a national experts advisory committee, and the collaboration of The National League of Cities, The Government Alliance on Race & Equity, the Equity and Excellence in Public Finance Program at The Milken Institute, Urban American City, Ideas and Action, The Urban Institute, and The Initiative for Responsible Investment at the Harvard Kennedy School. Learn More
We began this project with national focus groups led by our partners to understand how race and equity are being considered by governments and other market stakeholders in the issuance of municipal bonds. Our co-authored report with the National League of Cities, summarizes what we learned from governments, this report authored by our collaborators at the Initiative for Responsible Investment at the Harvard Kennedy School’s Center for Public Leadership found that racial equity is a particular topic of concern for responsible investors.
Our framework on bond markets and racial equity makes clear how practicing and realizing racial equity can be achieved in different ways across the different phases of the bond issuance process, and supports issuers in articulating, benchmarking, and strengthening their practices, and optimizing key outcomes and intents. The framework was released at the National League of Cities Congressional City Summit. View and request the framework using this form.
The Municipal Bond Racial and Social Equity Scorecard is a technology tool designed for our program, in partnership with the Urban Institute to help issuers and borrowers document, self-assess, and summarize the potential racial equity and social impacts of proposed bond issuances. The scorecard’s results can encourage issuances that promote racial and social equity, strengthen communities, and benefit residents. View the scorecard at this link.
Our 2024 technical assistance program supported issuers who wanted to strengthen, test, or pilot novel racial equity strategies in municipal bond issuances or their infrastructure investments, in partnership with the PFM and the National League of Cities. Learn more.
Watch our webinar in partnership with the Urban Institute where we introduced the Municipal Bond Racial and Social Equity Scorecard, featuring leaders in the City of Chicago who participated in the program at this link.
In January of 2024, we launched our new co-authored report, "Race, Equity and Public Finance: Lessons Learned from City Leaders" with the National League of Cities. Read the blog and download the report.
In the course of the Bond Markets and Racial Equity Program, we worked with over 476 cities and town, in 46 states. selected over 15 governments for our technical assistance program for the Bond Markets and Racial Equity Program.
