Black residents in San Francisco could receive a life-changing amount of money in the form of reparations if a plan backed by the city's Board of Supervisors gets enacted.
The board voiced support for the city's reparations committee's recommendation to pay eligible Black adult residents $5 million and also recommended eliminating personal debt, tax bills, and instituting guaranteed yearly incomes starting at $97,000 for the next 250 years, according to the Associated Press.
There are estimated less than 50,000 Black residents living in San Francisco, only 6 percent of the current population.
Like other such plans explored around the country to improve Black generational wealth, it received some pushback from the local community.
"Those of my constituents who lost their minds about this proposal, it's not something we're doing or we would do for other people. It's something we would do for our future, for everybody's collective future," said Rafael Mandelman, San Francisco supervisor.
While the board said it was open to the reparations proposal in an effort to atone for slavery and institutionalized racism, some supervisors have said the city cannot afford major reparations payments. Lee E. Ohanian, a professor with Stanford University's Hoover Institution, estimated that the plan could cost non-Black families at least $600,000 per household.
"This conversation we're having in San Francisco is completely unserious. They just threw a number up, there's no analysis," said John Dennis, chair of the San Francisco Republican Party.
Politico's Marcia Brown breaks down the MAHA draft roadmap: industry-friendly, light on regulation, heavy on research and voluntary food policy changes.
Intel CEO Lip-Bu Tan says he’s “always operated within the highest legal and ethical standards” after coming under pressure following President Donald Trump’s call for him to resign.
Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments.
A new federal rule would make it easier for companies to use drones over longer distances out of sight of the operator without having to go through a cumbersome waiver process.
President Donald Trump has signed the GENIUS Act into law, setting new regulations for stablecoins, a type of cryptocurrency tied to assets like the U.S. dollar.
A top Federal Reserve official said late Thursday that the central bank should cut its key interest rate later this month, carving out a different view than that of Chair Jerome Powell
Stocks fell on Wall Street as the Trump administration stepped up pressure on trading partners to make deals before punishing tariffs imposed by the U.S. take effect.
A stark disagreement over regulating AI in Republicans’ tax cut and spending bill is the latest tension among conservatives about whether to let states continue to put guardrails on emerging technologies or minimize such interference.
