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An End to Anonymous Business Ownership Interest
On January 1, 2024, the reporting requirements of the Corporate Transparency Act went into effect. Enacted in 2021, the Corporate Transparency Act was designed to prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other criminal activities. Under the new reporting requirements, businesses must disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a US Department of Treasury branch. Beneficial owners are defined as those with 25% or more ownership interest or personal control over a business or one who benefits from a company’s assets. The Corporate Transparency Act will work with the Know Your Customer and Anti Money Laundering regulations to help prevent criminal activity. Read more to see how this act affects your business.
More Than Three Fifths Continuing The Green Book Legacy
During the Jim Crow Era, violence was on the menu. Minority travelers weren’t always welcomed in business establishments. But one man, Victor Hugo Green, saw a different path. He recognized that one could never win with violence and created the Green Book. This guide, published annually from 1936 to 1966, directed minority travelers to avoid confrontations with unfriendly businesses and have a more peaceful travel experience.
After the Civil War and the abolition of slavery, the US went through what was known as the Reconstruction period. During this time, attempts were made to unify the northern and southern states and to redress the inequities of slavery. One of the most critical enactments by Congress to address these inequities was the Civil Rights Act of 1875, which made it illegal to discriminate against African Americans in public places. The Act was ineffective in changing the racial attitudes of both northern and southern whites. In 1883, the US Supreme Court determined that the Civil Rights Act 1875 was unconstitutional. It was found that the Civil Rights Act of 1875 was not authorized by the 13th or 14th Amendments, which provided for the abolition of slavery and equal protection under the laws.
This decision opened the door for legalized segregation and introduced an influx of Jim Crow laws at the state level. Legalized segregation often led to subpar accommodations for minorities. The state-enacted segregation laws led to another landmark US Supreme Court decision in Plessy v Ferguson (1896), which found that segregation laws were constitutional under the ‘separate but equal doctrine.
During the Jim Crow Era, the mass production of automobiles in the 1920s was the best thing that happened for minority travelers. Owning a car was a must-have for African American travelers who were forced to pay full fares to ride in the back of the bus or to have substandard accommodations on rail travel. Using the guide for Jewish travel as a model, Victor Green, a World War I vet and mail carrier, created and published the Green Book for black travelers in 1936. It helped minority travelers navigate their travels with user-friendly business establishments. It also identified “sundown towns” that prohibited blacks from traveling at night. Published locally in New York City in 1937, it was distributed nationally in collaboration with the US Travel Bureau until 1966.
The number of copies sold is unknown, but the Green Book was widely distributed nationally as a guide to safe places to stay, eat, and refuel while traveling. It served as a guide for safety and showcased and provided an economic boost to those businesses that chose to provide accommodation. By 1955, the Green Book attracted the interest of white business owners who previously denied service, as they began to recognize its value with thousands of subscribers and millions of copies in circulation. While not all white-owned businesses advertised in the Green Book were driven by the principles of desegregation, many could not ignore the economic power of the minority community.
The Green Book was a workaround to racism and a subtle push towards desegregation. It became clear by the 1950s that civil rights activism was necessary to drive desegregation. There was a consensus to stop working around segregation and push for equal access. Concerning travel, Rosa Parks was considered “the mother” of the civil rights movement. In December 1955, tired from a long day, she refused to give up her seat for a standing white passenger. She was fined $10 for the offense that sparked the 381-day boycott against the buses in Montgomery, Alabama. It brought the economy to its knees, losing 40,000 bus fares daily. The US Supreme Court ordered Montgomery to integrate its bus service.
The civil rights movement was a power to be reckoned with. In its 1963 edition, the Green Book acknowledged the widening scope of public accommodations for minorities, a testament to the era’s activism. With the passage of the Civil Rights Act of 1964 and the Voting Rights Act of 1965, the grip of Jim Crow laws loosened, marking significant strides toward equality. The final edition of the Green Book, a symbol of resilience and progress, was published in 1966. Although the Civil Rights Act of 1964 ushered in newfound opportunities for minorities and women, its journey mirrored that of its predecessor, facing resistance and opposition over the decades. Parts of the legislation are slated to expire in 2028, highlighting ongoing challenges in achieving true equality. Recent legal battles, such as Students for Fair Admissions v Harvard (2023), underscore the complexities of addressing discrimination, signaling a continued quest to foster diversity and inclusivity in educational institutions.
So, where do we go from here? While the need for a physical guidebook may have faded, the imperative to pave pathways toward generational wealth persists. With the staggering consumer buying power in the US exceeding $17 trillion, it’s vital to leverage these economic resources by steadfastly supporting businesses that uplift our communities. At More Than Three Fifth, we embody the spirit of the Green Book by promoting economic empowerment and fostering meaningful change in communities of color through comprehensive initiatives. From educational programs that empower aspiring entrepreneurs to networking opportunities that foster growth and vibrant community events that celebrate diversity, our mission extends beyond promoting businesses of color; we actively seek partnerships with corporations committed to fostering diversity by collaborating with More Than Three Fifth members. In an era marked by increased layoffs, AI reorganizations, and international hiring, we all need a backup plan for maintaining our households and creating a path toward generational wealth. By remaining resilient, like the Green Book, we can navigate challenges and pave the way for a brighter, more prosperous future.