Juneteenth marks end of slavery, but not the start of equality. We can change that. | Opinion
I've fought in court for Black people, including the families of George Floyd and Breonna Taylor. I celebrate Juneteenth. But I also know true freedom will come with financial power.
Juneteenth is a sacred day for Black Americans, an occasion to honor the end of slavery and recognize the progress made. But as we celebrate how far we’ve come, we must confront how far we still have to go. Because while we may have gained legal freedom in 1865, true freedom remains out of reach for too many in our community.
On June 19, 1865, enslaved people in Galveston, Texas, were finally informed of their emancipation, more than two years after the Emancipation Proclamation. That moment marked the end of slavery, but not the beginning of equality. Freedom is more than the absence of physical chains. It is the ability to own property, to build wealth, to create opportunity and to pass that opportunity down to future generations.
For Black Americans, that kind of financial freedom has been systematically denied over and over again. The racial wealth gap we see today is no accident. It is the result of policies and practices that have locked Black families out of the American dream.
Prosperity of Black Wall Street was annihilated by White mob
After emancipation, formerly enslaved people were encouraged to deposit their savings into the Freedman’s Savings Bank, an institution chartered to help Black people build wealth. But when the bank collapsed due to mismanagement, more than 60,000 Black depositors lost nearly $3 million in savings.
That early betrayal set a precedent. In the decades that followed, redlining, exclusion from the GI Bill, predatory lending and discriminatory hiring practices continued to widen the gap between Black and White households.
When Black communities did manage to prosper, their success was too often cut down in an onslaught of violence. The Greenwood District of Tulsa, Oklahoma – known as Black Wall Street – was one of the most vibrant Black economic centers in the country. But in 1921, a White mob destroyed it in one of the deadliest acts of racial violence in U.S. history, destroying generations of Black wealth.
That legacy still haunts us.
Today, Black families hold just a fraction of the wealth White families do. About 10% of Black households are unbanked, often forced to rely on payday lenders and check-cashing services that charge punishing fees.
Without access to affordable credit, safe banking and financial education, it becomes nearly impossible to build generational wealth – even when working hard and doing everything right.
Despite these systemic obstacles, the power of the Black dollar remains undeniable. We’ve seen it time and again, most recently when a boycott of Target sent ripples through the chain and Wall Street over the retailer’s decision to remove diversity, equity and inclusion (DEI) programs and back out on its promise to invest in Black-owned businesses.
That wasn’t just consumer choice, it was a message.
Black economic power is real. When united, Black consumers can shift markets, influence corporate decisions and demand accountability. Imagine the full potential if we had equitable access to capital and the tools to build wealth. Unlocking that power wouldn’t just benefit Black communities. It would strengthen the entire U.S. economy through increased innovation, entrepreneurship and consumer spending.
Teaching Black youth financial literacy builds generational wealth
To truly seize that potential, we must also invest in the future – especially in our youth. Financial literacy should be treated as being just as essential as reading and math, particularly in predominantly Black and underserved schools.
Teaching young people how money works – how to budget, save, invest and grow – is one of the most powerful tools we have to push back against systemic inequities, break the cycle of poverty and build generational wealth. When we equip the next generation with financial knowledge, we give them the power to own their futures.
Individual empowerment, however, isn’t enough on its own. To make real, lasting change, we must also confront the systems that have held our communities back.
That means expanding access to banking, credit and capital. It means supporting Black-owned businesses, investing in underserved neighborhoods and holding financial institutions accountable for equitable treatment. It means policy reforms that correct historical injustices and create real pathways to wealth for those long denied it.
When Black communities thrive economically, it lifts everyone. America is stronger when all of its people have the tools and the opportunity to succeed.
We honor our ancestors not just by remembering their struggle, but by continuing their fight. Economic justice is the unfinished business of civil rights. As we celebrate Juneteenth, we must recognize that financial freedom is not a luxury – it is a right, one we must keep pushing to secure, for ourselves and the generations to come.
Ben Crump is a nationally renowned civil rights attorney and founder of Ben Crump Law. Called “Black America’s attorney general,” he has represented families in some of the most high-profile civil rights cases of our time, including those of George Floyd, Breonna Taylor, Tyre Nichols and Ahmaud Arbery.