Empowering
Fiscal
Justice
We are a public finance research firm dedicated to influencing municipal budgets, policies, and leaders for the betterment of Black communities.
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Closing the Gap: A Community-Led Vision for Maternal & Infant Health
Our central argument is this: economic development, properly understood, is intergenerational family development. A healthy mother creates a healthy family. A healthy family is a stable neighborhood. A stable neighborhood is a city that thrives— fiscally and equitably—over time. It is time to approach wellness centers as community infrastructure. And for institutions to give each project the generous time and latitude to develop new revenue streams, build a care economy, and grow a facility into a true cultural and economic anchor—one that belongs to the community it serves for generations to come.
Manifesto 2025
We're Meeting the Moment An End-of-Year Note from Micah, Napoleon, and the Activest Team Our cities are caught between impossible pressures. Federal funding is collapsing—Medicaid cuts loom in 2026, renewable energy credits are expiring and $27B in funding for energy...
Agent of Impact: Napoleon Wallace, Southern Reconstruction Fund: Restorative capital for Black wealth
nNapoleon Wallace’s presence was all over the recent Mission Investors Exchange conference in Baltimore. …As the co-founder of Activest, which showcased its “fiscal justice” strategy to center racial equity in fixed-income investments. …As a founding...
The 2022 Joan Bavaria Award is presented to co-founder Napoleon Wallace
nCeres and Trillium Asset Management were deeply honored to present the 2022 Joan Bavaria Award to Napoleon Wallace at Evening with Ceres. Napoleon is a pioneering leader and strategic thinker who has launched, led, and advised numerous successful impact-focused...
Out of the Frying Pan and Into the Line of Fire: How Minnesota Cities Are Displacing People of Color and How the Suburbs Are Killing Them
nIn this report: Data overview on Brooklyn Center’s fiscal justice issues (which we define as issues at the intersection of fiscal health and racial justice)The Activest theory of change and organizing tactics & strategies for leveraging municipal bondholders in a...
Community
Empowerment
through Finance
Our work in municipal finance directly supports and empowers marginalized communities, emphasizing our team’s dedication to fostering equity and inclusion.
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