Robert Smit of Vista Equity Partners called on political leaders to support affirmative action policies at a Congressional Black Caucus event
Robert Smith, chairman and CEO at Vista Equity Partners, called on political leaders to support affirmative-action policies and to invest in programs that provide access to broadband internet during an event Thursday staged by the Congressional Black Caucus.
“We need to make sure we fight back against this assault on affirmative action, to stop this current assault on DEI, because it’s been enabling — not just wealth-enabling, but educationally enabling,” Smith said during a panel on the subject of the racial wealth gap, moderated by Democratic Rep. Maxine Waters of California.
Smith proposed leveraging the power of public pension funds to direct more business to Black money managers, so that the wealth of Black workers goes to support “asset managers who look like the people contributing to the fund.” He told the story of his efforts as a high school student to get an internship at Bell Labs, saying that he called the company every Monday for five months before it changed its policy of giving out internships only to college students. Smith said it was the technical skills he learned there and in college than gave him an edge as a private-equity investor.
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