Powering a New Economy Fund is a coalition organizer that advocates for policies at the state and local levels to advance left-of-center economic policies. ¹ It is a fiscally sponsored project of New Venture Fund (NVF), a nonprofit organization managed by the Washington, D.C.-based consulting firm Arabella Advisors. ²

Powering a New Economy has received funding several left-of-center groups including the Omidyar Network, the W. K. Kellogg Foundation, the William and Flora Hewlett Foundation and the Ford Foundation. ²

Background

Powering a New Economy is a fiscally sponsored project of New Venture Fund (NVF), a nonprofit organization managed by Washington, D.C.-based consulting firm Arabella Advisors. ³

Activities

Powering a New Economy Fund organizes coalitions to advance policies that assist the “New American Majority,” defined as “single women, young people, immigrant,” and “multiracial” communities. ⁴ Several areas it prioritizes include fiscal policy and taxation, environmentalist industrial policy, government investments in areas such as health care and housing, and labor union corporate campaigns. ⁴

Powering a New Economy Fund claims to regrant donations provided by foundations towards smaller “grassroots” organizations, which are then redistricted towards advocacy for “building democratic/political power” or promoting “donor policy priorities.” ⁴

Funding

In 2022, Powering a New Economy Fund received a $1,500,000 grant from the William and Flora Hewlett Foundation  for the purpose of supporting “its work to drive the turn toward a new, more inclusive and sustainable economic paradigm.” ⁵ That year, Hewlett also donated a $500,000 grant  towards assisting the group in supporting a “more inclusive and lower-carbon economic paradigm.” ⁶

In 2022, the Ford Foundation donated roughly $1,327,000 to Powering a New Economy Fund $1,327,000 in the form of an unrestricted core support grant. ⁷

Powering a New Economy Fund is also funded by the W. K. Kellogg Foundation and the Omidyar Network. ³

Leadership

As of 2023, Powering a New Economy Fund’s “Movement Oversight Committee” was chaired by Connie Razza, the executive director of the Social and Economic Justice Leaders Project. Other committee members included Harmony Goldberg, the director of Grassroots Power Project; Sarah Johnson, the executive director of Local Progress; Cortney Sanders, the senior manager of state and policy analysis at the Center on Budget and Policy Priorities; Lauren Jacobs, the executive director of PowerSwitch Action; and Jhumpa Bhattacharya, the vice president of programs and strategy at Insight Center. ³

1. “About.” Powering a New Economy Fund, Accessed October 2, 2024. https://poweringaneweconomy.org/about/
2. “Who We Are.” Powering a New Economy Fund. Accessed October 2, 2024. https://poweringaneweconomy.org/about/who-we-are/.
3. “Who We Are.” Powering a New Economy Fund. Accessed August 11, 2023. https://poweringaneweconomy.org/about/who-we-are/.
4. “Our Approach.” Powering a New Economy Fund. Accessed August 11, 2023. https://poweringaneweconomy.org/our-approach/.
5. “New Venture Fund – for Powering a New Economy Fund” (Grant 1). Hewlett. Accessed August 11, 2023. https://hewlett.org/grants/new-venture-fund-for-powering-a-new-economy-fund/.
6. “New Venture Fund – for Powering a New Economy Fund” (Grant 2). Hewlett. Accessed August 11, 2023. https://hewlett.org/grants/new-venture-fund-for-powering-a-new-economy-fund-2/.
7. “New Venture Fund – Powering a New Economy Fund.” Ford Foundation. Accessed August 11, 2023. https://www.fordfoundation.org/work/our-grants/awarded-grants/grants-database/new-venture-fund-143377/.