Maryland’s Gov. Wes Moore (D) recently caused a stir in the movement for reparations in his state. The nation’s only Black governor, he vetoed a bill to assess the wrongs of slavery and Jim Crow and propose various remedies. The act had been championed by the state legislature and the Black Caucus, and there is even now talk of overriding his veto.

However, Maryland’s Black political leadership may be overlooking an alternative strategy to address the politics of reparations. It draws inspiration from how America handled the rebuilding of Europe and Japan after World War II. And Moore, as the nation’s only sitting Black governor, can reframe the issue’s politics and enhance Black community self-governance. He can initiate a summit to establish a development bank for the descendants of slavery and Jim Crow.

What follows is a description of how such a bank can benefit the quest for reparations, why Moore was probably wise to veto the state bill and why Maryland is the place to incorporate a “reparations bank.”

After World War II, the U.S. led the effort to establish a development bank to finance the reconstruction of war-torn Europe and Japan. The multilateral initiative was crucial to a broader package of assistance that came to be known as the Marshall Plan. In a similar fashion, Moore can take the lead to charter a bank to finance the reconstruction of distressed Black communities. Beyond the current efforts of advocates to pursue restitution through piecemeal claims, a bank could be a more efficient way to center the creation of Black institutional wealth.

Moore could oversee a summit of political leaders and community banking professionals to craft a mission statement for the reparations bank. It could include members of Maryland’s legislative Black Caucus, the Congressional Black Caucus and consultants from Black-owned........

© The Hill