The Rainbow PUSH Coalition is the result of a merger between Operation PUSH and the Rainbow Coalition. Established in 1971 by Rev. Jackson, People United to Save Humanity (later changed from “Save” to “Serve”)–PUSH, was an organization dedicated to improving the economic conditions of black communities across the United States. In the 1970’s, PUSH expanded into areas of social and political development using direct action campaigns, a weekly radio broadcast, and awards that honored prominent blacks in the U.S. and abroad. Through Operation PUSH, Rev. Jackson established a platform from which to protect black homeowners, workers and businesses.Â Continue reading
Richard Allen and Absalom Jones formed the Free African Society in Philadelphia, a mutual aid society designed to provide socioeconomic guidance to newly freed people. Among its main objectives were teaching thrift and saving to build wealth in the community. These mutual aid societies and fraternities served as a model for banks later formed in the black community.
By the late 1700s there were nearly 2,000 free blacks in Philadelphia. The community had a strong need to establish financial institutions to support businesses and to provide a secure place for accumulating wealth. In 1778, Richard Allen and Absalom Jones, two ministers, founded the first quasi-financial organization in Philadelphia. These leaders understood the connection between saving and investing and economic growth and stability. Within 10 years, the society had a balance of 42.416 pounds on deposit at the Bank of North America. By 1838 the number of benevolent organizations grew to 100, with membership recorded as 7,448.
Similar organizations were established in Boston, New York, Baltimore, and other cities with large black populations. Although these organizations kept their money on deposit at many local banks, by the mid-19th century African Americans found it increasingly difficult to secure credit supporting commerce and industry. In the years leading up to the Civil War, there was extensive conversation about African Americans establishing their own bank.
The 15th Amendment to the Constitution granted African American men the right to vote by declaring that the “right of citizens of the United States to vote shall not be denied or abridged by the United States or by any state on account of race, color, or previous condition of servitude.” Although ratified on February 3, 1870, the promise of the 15th Amendment would not be fully realized for almost a century. Through the use of poll taxes, literacy tests and other means, Southern states were able to effectively disenfranchise African Americans. It would take the passage of the Voting Rights Act of 1965 before the majority of African Americans in the South were registered to vote.