Banking on Freedom: Black Women in U.S. Finance Before the New Deal

In "Banking on Freedom: Black Women in U.S. Finance Before the New Deal," Dr. Shennette Garrett-Scott embarks on a remarkable journey through the underexplored terrain of African American women's contributions to the finance sector. At the heart of this captivating narrative lies the indomitable spirit of figures like Maggie Lena Walker, whose pioneering efforts serve as a beacon of inspiration.One of the book's most striking features is its ability to transcend individual narratives and offer a panoramic view of African American uplift and empowerment strategies within the confines of a predominantly white, patriarchal capitalist society. Dr. Garrett-Scott masterfully navigates through historical contexts, shedding light on the systemic barriers faced by African American men and women alike, while simultaneously celebrating their resilience and ingenuity.A particularly poignant aspect of the book is its introduction—an unflinching examination of the sub-prime mortgage loans catastrophe of 2002-2010—and Dr. Garrett-Scott’s direct work with a lender. Through meticulous research and insightful analysis, such as the failings of the Freedman’s Bank, Dr. Garrett-Scott lays bare the harsh realities of institutionalized racism, implicit bias, and the cultural incompetence of federal regulators.Moreover, "Banking on Freedom" serves as a testament to the transformative power of collective action, as exemplified by Maggie Lena Walker's visionary leadership and her ability to mobilize a cohort of determined women. By foregrounding these stories of resilience and solidarity, Dr. Garrett-Scott offers readers a glimpse into the untapped potential of marginalized communities striving for economic justice and self-determination.In conclusion and obviously, I highly recommend this book for anyone working in the finance sector or community/economic development. "Banking on Freedom" stands as a seminal work that not only enriches our understanding of early African American capitalism history but also inspires us to reevaluate conventional narratives of success and progress (from mine to ours). Dr. Shennette Garrett-Scott's insightful analysis and engaging prose make this book a must-read for anyone interested in exploring the intersection of race, gender, and finance in the U.S.’s past and present.

A great story.