Our nation’s bias toward over-policing has led to the killings of Breonna Taylor, George Floyd, Ahmaud Arbery, Dominique Fells, and countless others at the hands of police and law enforcement. These killings and the ensuing nationwide protests expose a rift in the foundation of the U.S. municipal market that harkens back nearly two centuries to a time when the value of Black lives and the value of municipal bonds were explicitly linked. Today, too many local governments have predicted their financial fortunes on the control and oppression of Black people. As the Movement of Black Lives advances, the assets of the criminal injustice complex-- such as jail infrastructure and extractive revenues--will evaporate, leaving behind only liabilities and expenses.
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