Page:Executive Order Number 262 (New Jersey).pdf/1



WHEREAS, New Jersey is among the most racially diverse states in the nation, as the 2020 Census demonstrated that over 48% of New Jersey’s nearly 9.3 million residents are people of color; and

WHEREAS, New Jersey is estimated to have approximately 1.2 million residents who identify as Black or African American, and approximately 2 million residents who identify as Hispanic or Latino; and

WHEREAS, our diversity is one of New Jersey’s greatest strengths, but there remain substantial disparities in the State that put Black and Hispanic or Latino families at a significant disadvantage in building and maintaining wealth across generations; and

WHEREAS, in order to rectify these disparities, we must grapple with our own history, including that New Jersey was the last northern state to eliminate slavery, and that the State Legislature initially voted against ratification of the 13th Amendment in 1865; and

WHEREAS, as we now seek to reaffirm our commitment to equality and justice, we recognize that there is a legacy of lingering and continuing impact from policies and practices that created and perpetuated systemic inequities; and

WHEREAS, significant wealth gaps exist in New Jersey, as the median net worth for white families in New Jersey is $352,000, while for Black families in the State that number is $6,100, and for Latino families the number is $7,300; and

WHEREAS, these severe wealth disparities predominantly harm Black and Hispanic or Latino families, limit their access to fundamental and essential resources, severely limit socioeconomic upward mobility, and separate our communities; and