Black Executives Forming a PAC

Dozens of Black executives sought advice over a summer dinner in Bridgehampton, NY about their fundraising efforts to address political and social issues, and for the candidates who support those causes. Their guests included former AG Eric Holder and Senators Kamala Harris (D-CA) andCory Booker (D-NJ). But it was former USTR Chief Ambassador Ron Kirk who gave them marching orders: “get organized,” he instructed.Charles Phillips, CEO of the software company Infor; Tony Coles, head of the biotech firm Yumanity Therapeutics; Marva Smalls, Global Head of Inclusion Strategy for Viacom; andWilliam M. Lewis Jr., co-chairman of investment banking at Lazard took the orders seriously and the group is now building a PAC. They are focused on areas like access to education and employment, as well as voter participation. NYT reports that the 10 or so core organizers meet every other Sunday in Manhattan. They have hired a lawyer to get the paperwork ready but haven’t started to raise money. They will be reaching out to a group of roughly 100 Black executives, lawyers and other professionals who attended the July dinner. They plan to create three structures: a “super PAC” to run political ads or host events; a federal PAC to support candidates; and a 501(c)(4) group, or social welfare nonprofit, that will do a mix of the two. More here.