Insights from MBCC

This week I’m delighted to share this platform with Abel Ebane, the 2022 Board Chair for the Minnesota Black Chamber of Commerce. Abel shares his insights on how we can better work together to be ever more impactful to the business community. Thanks Abel!  Before I turn the mic over to Abel, I have to send a shout-out for the MLS All-Star Game this week. Check out the All-star week events throughout the Twin Cities.

Entrepreneurs need resources to prosper in any space. Minnesota is no exception. Resources are available and a lot of work is being done by Chambers of commerce, for-profit, non-profit organizations, and other entities trying to influence the business ecosystem. Some are successful and others are duplicating efforts. This lack of a streamlined and synergistic approach to resource mobilization creates a big challenge.
 
At the Minnesota Black Chamber of Commerce, we are committed to serving Black-owned businesses and their communities through access to education, advocacy, and economic development. Our goal is to maximize the potential of every Black-owned business, large or small, by providing equitable opportunities for growth at every stage.

Our Chamber and the St. Paul Area Chamber are working together to connect businesses to build a more collaborative ecosystem. We believe that when organizations share more about the work they do and their best practices, we can build synergy, mobilize resources for entrepreneurs of color, and create a more vibrant region. 
 
To better help amplify the work being done by entrepreneurs, there needs to be a synergistic approach to the work being done to mobilize resources in Minnesota. Organizations and enterprise leaders need to work hand in hand and leverage the power of numbers to influence outcomes. A simple approach could be to start supporting each other’s efforts, sharing key trainings and best practices, and leveraging each other’s expertise. Let us help in that effort and better connect the great talent in our region!

Abel EBANE
http://linkedin.com/in/abellubbertyn

See you in the trenches.
B

• No public safety updates this week!

• U.S. Department of Commerce Announces Winners of the $500 Million Good Jobs Challenge to Expand Employment Opportunities (hint: the only application funded in Minnesota was The Ignite Initiative Regional Workforce Training System proposal for ND/MN. 
• I was fascinated by last week's joust between Team Soft Landing — Federal Reserve Governor Christopher Waller and his Fed research colleague Andrew Figura — and Team Recession, composed of former Treasury Secretary Larry Summers, along with researchers Olivier Blanchard and Alex Domash.  On July 29, Team Soft Landing made their mathematical case that the country could escape recession but Team Recession made headlines on Aug. 1, when they called foul on Waller with a counterpoint claiming that the likelihood of a soft landing was "entirely unconvincing" and that policymakers' quest against inflation could only end with higher unemployment. Unfortunately, the sport of economics can be a slow game, and we won't know how the match plays out for several months.  Waller and Team Soft Landing are surely right about one thing: These are unprecedented times. On Friday, the Labor Department announced that the country added 528,000 new jobs to company payrolls last month. Labor data from earlier in the week showed that the number of job openings fell in June, though the number of openings still exceeds the number of people looking for work. Meanwhile, layoffs, especially in the tech and retail industries, have been picking up speed. 

​Federal

• President Joe Biden is scheduled to sign the Chips and Science Act into law on Tuesday. What we're watching: Biden's signature will cap a long battle on the Hill to pass legislation that would support the domestic chips industry and make the United States more competitive with China. The Chips and Science Act includes about $52 billion in subsidies for research and U.S. production of chips, as well as an investment tax credit for semiconductor plants estimated to be worth $24 billion. 
• Senate Democrats were poised to pass their reconciliation bill on Sunday, that includes a 15% minimum corporate tax rate and a 1% excise tax on stock buybacks, the latter of which is expected to raise $73 billion. The bill, which is expected to generate more than $300 billion in deficit reduction, no longer includes a provision that would narrow the carried interest loophole for investment income. The House is set to return from its recess on Friday to take up the bill, which should place it on President Biden's desk for his signature the following week.  Here is the U.S. Chamber’s statement on the revised bill: “taxing capital expenditures… is one of the most economically destructive ways you can raise taxes.”  
• BlackRock Inc. Chairman Lawrence Summers and Chief Executive Larry Fink along with Federal Reserve Bank of Minneapolis President Neel Kashkari will join The Wall Street Journal's Greg Ip at the Aspen Institute on Wednesday to discuss whether or not the American economy is entering a period of "stagflation." 

 
State

• Primary week: Minnesota (along with CT, VT, and WI) will hold primary elections on Tuesday, and Minnesota also will hold a special election to fill its open 1st District for the remainder of the year following the death of GOP Rep. Jim Hagedorn in February. Are you voting this week? Here’s what to know.

 
Regional

• St. Paul CM Tolbert proposes new-construction exemption and other amendments for St. Paul rent control.  Alarmed by a slowdown in St. Paul housing construction, St. Paul City Council Member Chris Tolbert presented to the council last week a raft of proposed amendments to the city’s new rent control ordinance, including a 20-year exemption for new construction. The amendment states that there have been 200 residential permits from the beginning of the year until April in St. Paul, an 86% decrease compared to the 1,391 permits in the same timeframe last year. Submit written testimony on the amendment package by noon, 8/16 to [email protected], [email protected]. Attend the public hearing on 8/17, 3:30pm in the City Council Chambers.

 
Election season is ramping up. Be sure to reference our East Metro Voter Guide to learn more about your candidates!
 
Subscribe to our Chamber Advocacy Update to keep up with advocacy news.

• The year’s fairs are upon us!
  • Ramsey County – did not hold 2022 County Fair
  • Washington County – just wrapped up, Aug 3-7
  • Dakota County – Aug 8-14, 2022
  • Minnesota State Fair – Aug 25 – Sep 5, 2022
•  Regional Economic Conditions Webinar: Federal Reserve.  Tues, Aug 16, 9:00 – 9:30am. Register here!
• Join the Rice and Larpenteur Summer Block Party this Saturday, August 13, 11:00am - 3:00pm. Register here! If you're interested in supporting the Summer Block Party, please consider signing up for a volunteer shift here.
• Check out your Chamber’s calendar of upcoming events as well, which include:
  • Chamber Connect at the Minnesota Lynx! Friday, Aug 12, 4:00 – 9:00pm. Register here!
  • Our next Equity Leadership Series - Building an Inclusive, Effective Workplace: Wednesday, August 17, 7:30 – 9:30am. Register here!

• What is the #1 quality necessary in a leader? Simon Sinek answers the question in a recent interview. Watch an excerpt on YouTube: Narratives Can Be Dangerous!

• Debunking Major Myths About Immigrants’ Socioeconomic Status in the US. A new book by 2 economic historians shares groundbreaking research on the economic contribution – and assimilation – of immigrants.
• St. Joseph’s Hospital reopens as Fairview Community and Wellness Hub, with the goal of being a one-stop shop of food, medical, aging, and other services for people who face economic and demographic barriers to good health.  
• The Twin Cities Startup Week 2022 schedule is here!  Sep 16-23, 2022.

• The St. Paul Downtown Alliance offers free leases to fill vacant St. Paul storefronts for up to 10 small businesses looking for free, short-term leases in downtown St. Paul. Their “Let’s Grow” campaign is funded in part by $1 million from the federal American Rescue Plan Act and $1 million in matching funds from the Knight Foundation, as well as contributions from member businesses.  
• Fertilizer provider expands terminal in St. Paul, creating more jobs.  Congratulations to Alter, ADM, and the ​St. Paul Port Authority for this $25M investment!
• A Woodbury development site sells for $8.8M. On the SE quadrant of Hudson Road and Settlers Ridge Parkway, the plan is for a 475K SF food distribution center there.