WASHINGTON, April 24,
2024 /PRNewswire/ -- On April
24, 2024, FreeCap Financial, Inc launches the
FreeCap BITA Decarceration Index (FREEIN), the first
index that includes a positive screen for fair chance hiring and
weighs "prison risk" as a key financial metric, offering
substantive social and financial returns.
FREEIN acts as a research and investment tool that asset
managers can use to track the performance of companies leading in
fair chance hiring. It is also designed to mitigate exposure to the
risks associated with negative impacts or regulatory scrutiny of
prison involvement.
Founded by Tanay
Tatum-Edwards, FreeCap Financial is a data provider with
the first dataset to quantify the prison industrial complex for
investors. FREEIN will utilize FreeCap's data and proprietary
ratings methodology, along with BITA's innovative indexation
technology, to track companies leading in decarceration. The
publicly available index will make it possible to invest in
businesses working to end the cycle of mass incarceration.
"There are 70 million adults in the US with an arrest record.
These people are systematically discriminated against in the job
market even though our country is facing a labor shortage crisis.
This index makes it possible to see which companies are taking the
necessary steps to hire from this demographic pool and remain
competitive in tomorrow's workforce," states Tatum-Edwards.
"Similarly, the companies that make this list must not rely on
increased incarceration rates to drive profit. The index includes a
negative screen for companies with significant profits from
incarceration-related activities."
There are more than 2 million people currently in the United States prison system. This
represents over 20% of the global incarcerated population and is a
500% increase over the past 4 decades.
"Mass incarceration is a uniquely American tragedy that we can
end in our lifetime if we use all of the tools at our disposal to
address it, including capital markets. According to a report
published by Pew Trust, reducing recidivism by just 10% would
increase annual savings in averted prison costs by $635M," Tatum-Edwards continues. "Imagine
what is truly possible if we could invest, rather than extract,
from our communities."
FreeCap Financial will host a launch event for The
Decarceration Index (FREEIN) on Friday,
April 26, 2024 at 1pm
EST. Sign up for the event here.
Please direct inquiries to Candice
Smith at French Press PR: candice@frenchpresspr.com.
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SOURCE FreeCap Financial