S6E3. Making Capitalism Work for Everybody w/ Ashley Bell & Sui Lang Panoke

We are exploring economic inclusion this season, and today we are
diving into the history of banking and financial structures in
the United States and how they have often excluded minority
groups.





Ashley Bell is the co-founder and general counsel of the National
Black Bank Foundation, which provides nonprofit expert legal,
regulatory, and operational support to Black-owned banks. And Sui
Ling Panoke currently serves as Senior Vice President of
Diversity, Equity, and Inclusion for Zions Bank.





In this episode, Ashley and Sui Lang sit down with host Frances
Johnson and discuss how banks were leveraged against people of
color from the very beginning, finding a bank that supports your
values, minority depository institutions, and some exciting
developments right here in Utah, aimed at addressing and closing
the racial wealth gap. 





Eccles Business Buzz is a production of the David Eccles School
of Business and is produced by University FM.



Episode Quotes:




The power of risking in yourself





[14:14] Ashley Bell: There's been several studies that show
there's been over a trillion-dollar impact that discrimination
and lack of access to capital to underserved communities is
costing us a trillion dollars annually in our economy in
spending. This is spending power that communities would have more
of if they had access to the capital. And when you think about it
holistically, the more you stymie the economy by telling people
they can't have access to capital to take a risk and start their
own business, to be able to receive the right capital to own
their own home and create assets that way through appreciative
home value. Then you take a marginalized community, and you leave
them with fewer options, many of which become the burden of the
state. Many of that, which becomes welfare programs, become more
government assistance, and these people have to be reliant on
that to be able to survive. So if you really want to see less
reliance on the government having to step in and take care of
people that can't make it work, then give them the opportunity to
take a risk on themselves.





There's no greater act of self-determination than
entrepreneurship





[15:05] Ashley Bell: If you really want to see less of a reliance
on the government having to step in and take care of people that
can't make it work, then give them the opportunity to take a risk
on themselves. There's no greater act of self-determination than
entrepreneurship. And you have so many entrepreneurs in these
marginalized communities that just need access to create
businesses. And many times, these are small businesses that could
easily be sustained in these small economies in their own
community, but they don't get the access to do so.





On Zion’s bank commitment to close the gaps





[22:33] Sui Lang Panoke: One of our core values is equality.
Equality, opportunity, and access. So, we are very committed to
closing gaps. So, it could be the gender pay gap, it could be the
racial wealth gap, and it could be the trust gap and opportunity
gaps that still exist in our communities as well. So, it's very
important to us to invest not just monetarily but through
building relationships, right? Mending those trust gaps that
still exist in ways in which we can build meaningful
relationships, meaningful partnerships, and work towards building
the world's most inclusive economy.





What is the core of redemption?





[18:54] Ashley Bell: Throughout our history, people in
marginalized communities have not received any grace or mercy
from our financial system. This is what redemption is about. With
grace and mercy, there can always be redemption. And we think
that we can give that opportunity to people who are looking for
it. And we'll start in Salt Lake, but be the center of gravity
for an entire nation.





The key to institutional sustainability





[24:38] Sui Lang Panoke: A critical part of building a long-term
sustainable and profitable institution in our industry is staying
true to who you are and focusing, honing in on what your values
are, who you are as an institution, and what is going to carry
you through the next generation.



Show Links:

National Black Bank Foundation

Ready Life

Redemption Holding Company

Ashley Bell LinkedIn

Ashley Bell X/Twitter 

Ashley Bell Instagram

Zions Bank

Sui Lang Panoke LinkedIn

Sui Lang Panoke Instagram