By LaKeshia N. Myers
Representative LaKeshia Myers
Juneteenth is a wonderful celebration; a time to remember our ancestors’ plight for freedom. A time to reflect on the costs of the freedoms we enjoy today. A time to renew the fight for freedoms we have yet to earn or are at risk of losing. On this Juneteenth Day, I remember Maggie Lena Walker. Maggie Lena Walker was the founder of the St. Luke Penny Savings Bank in Richmond, Virginia. Created as a subsidiary for the International Order of St. Luke (IOSL), a fraternal organization.
Numerous reasons compelled African Americans to open and patronize banks within their own community. Racial stereotypes discouraged many white bankers from loaning money to African Americans, fearing that loans would never be repaid. If Black customers were issued loans, they were often charged a higher rate of interest than white customers. While many white-owned banks accepted deposits from Black customers, some did not. These white bank managers feared that Black customers would scare away white patrons. Mrs. Walker understood that using white-owned banks in such an environment merely served to “feed the lion of prejudice.” By patronizing Black-owned banks, African Americans in Richmond kept money in their own community and gained economic empowerment.
This is important to remember in 2024, because just last week a federal court ruled that the Fearless Fund, a venture capital fund designed to fund Black women, cannot resume making grants to Black women-owned businesses. The ruling sided with an anti-affirmative action group that sued over the program. Critics say Fearless Fund is violating the Civil Rights Act of 1866, which was enacted to ensure protections for formerly enslaved people. While the law was adopted with formerly enslaved Black people in mind, courts have interpreted it for decades as protecting white people from racial discrimination as well.
While we celebrate, I hope we all remember the meaning and responsibility of Juneteenth. The fight for civil rights has never been won. We are still engaged. The battle landscape is continuously changing. Freedom isn’t free.