Economic Insider

A New Capitalism: Frank Altman’s Vision for an Inclusive Economic Landscape

Frank Altman
Photo Credit: Flaminia Fanale

Amidst the bustling metropolis of New York City, a pivotal discourse on the trajectory of capitalism is slated to take center stage at NeueHouse. This upcoming event signifies the momentous launch of the Forbes Books imprint, “A New Capitalism: Creating a Just Economy That Works for All,” by Frank Altman, a distinguished visionary renowned for contributing to community development and investment. Altman, at the helm of the Community Reinvestment Fund, USA, has forged a distinguished career dedicated to the recalibration of capitalism, injecting it with an unwavering commitment to justice. With the unveiling of his latest work, Altman’s book emerges as a dynamic force poised to act as a transformative catalyst, propelling conversations and actions toward a more equitable economic future.

Altman’s Comprehensive Exploration

Frank Altman’s examination of modern capitalism in “A New Capitalism” transcends traditional boundaries. Drawing on his wealth of experience as a pioneer in community development, Altman weaves together historical narratives, political analyses, cultural insights, and economic perspectives. The result is a comprehensive exploration of the American economy’s complex web.

One of the distinctive features of Altman’s approach is his unflinching gaze at the persistent issue of systemic racism, particularly in policies like redlining. Despite society’s attempts to dismantle these discriminatory practices, Altman argues that their roots endure, affecting access to capital and opportunities for marginalized communities. It’s a stark reality that Altman confronts head-on, challenging readers to grapple with the uncomfortable truths woven into the fabric of the nation’s economic history.

Innovative Problem-Solving in Action

Beyond his analytical prowess, Altman stands out as a problem-solver with a knack for innovation. As the driving force behind the Community Reinvestment Fund, USA, he has successfully harnessed the power of capital markets to fund a diverse array of projects. From supporting small businesses and affordable housing to backing charter schools and community organizations, Altman showcases how capitalism can be a force for good.

The numbers speak for themselves. Under Altman’s leadership, CRF has facilitated a staggering $2.4 billion in loans, spanning small businesses, community facilities, charter schools, and affordable housing projects in forty-nine states. This impressive track record serves as a testament to Altman’s belief that capitalism can be both profitable and just, dispelling the notion that financial success must come at the expense of societal well-being.

Seizing the Moment of Opportunity

In Altman’s eyes, the present moment is ripe with opportunity. He contends that evolving American values, increasingly focused on inclusion and diversity, are reshaping the expectations placed on markets. Stakeholders are demanding that corporations embody values of diversity, equity, inclusion, excellence, and sustainability. The traditional belief that corporations exist solely to maximize shareholder profits is crumbling, giving way to a new era where capitalism is viewed through a lens of justice and responsibility.

“We are living in a time when change feels possible,” Altman asserts. His optimism stems from the convergence of societal shifts and a growing acknowledgment that a more just form of capitalism is not only desirable but achievable.

Frank Altman: A Driving Force for Change

A closer look at Frank Altman’s impactful career reveals a commitment to driving change at both the grassroots and policy levels. As the founding member and initial President of the Board of Directors of the New Markets Tax Credit Coalition, Altman played a pivotal role in the creation of a federal tax credit aimed at stimulating private investment in low-income communities. Additionally, his advisory role in the Social Innovation Initiative at Brown University underscores his dedication to fostering innovation and positive social change.

Residing in Minneapolis, Altman’s influence extends far beyond his local community. His involvement with the Center for Community Development Investors at the Federal Reserve Bank of San Francisco positions him as a thought leader in shaping policies that impact communities nationwide.

Frank Altman’s “A New Capitalism” is not just a book; it’s a manifesto for change. As Altman delves into the intricacies of our economic system, he challenges us to envision a capitalism that transcends profit and embraces justice. Through his pioneering work and innovative problem-solving, Altman exemplifies a path forward—one where capitalism works for the benefit of all. With optimism in his voice, Altman invites us to seize the moment and embrace the possibility of a new era—one where capitalism aligns with values of inclusion, diversity, and equity. The launch event at NeueHouse heralds not only the release of a book but the beginning of a transformative conversation that has the power to shape the future of our economic landscape.

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