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Henderson City Council approves $5,000 grant for mayor‑led day‑trading training
Summary
At a Sept. 2 special meeting the Henderson City Council accepted a $5,000 grant from the African American Mayors Association to fund an Economic Mobility Leadership Institute that will train the mayor in day trading and support an eight‑week citizen training for up to 10 participants; the motion passed 5–1 amid concerns about risks and selection procedures.
HENDERSON, N.C. — The Henderson City Council voted 5–1 on Sept. 2 to accept a $5,000 grant from the African American Mayors Association to fund an Economic Mobility Leadership Institute that will train Mayor Melissa Elliott in day trading and allow her to train up to 10 residents over an eight‑week program.
Councilmember Sara M. Coffey moved to accept the funding; Councilmember Geraldine Champion seconded the motion, which passed with Councilmember Sam Seifert casting the lone "no" vote. Councilmembers Michael Venable, Ola Thorpe‑Cooper, Tami Walker, Coffey and Champion voted yes; Lamont Noel and Garry D. Daeke were absent.
Mayor Elliott described the grant as a way to promote economic mobility in Henderson, calling the community a Tier one jurisdiction and saying the training could give residents "a new skill set" to improve their economic status. The proposed program would include eight weeks of instruction, stipends of $100 per participant and examples of allowable expenditures such as high‑powered computers for day trading.
Several councilmembers raised concerns during the debate. Councilmember Sam Seifert warned that day trading carries significant risks for people without financial experience and suggested the city consider safer, longer‑term financial education options. Councilmember Tami Walker urged that formal selection criteria be established for the up to 10 citizen participants and asked to serve on the committee that will set those rules. Councilmember Coffey emphasized that participants would be responsible for how they applied the training.
The motion as recorded authorized acceptance of the $5,000 grant to allow Mayor Elliott to be trained in day trading and then to train up to ten citizens. The council did not adopt detailed eligibility or selection criteria at the Sept. 2 meeting; Walker requested that stipulations and a selection committee be established.
Next steps identified at the meeting include moving forward with the grant acceptance and developing the participant‑selection process. The council did not vote on any ordinance or budget amendment beyond accepting the grant funds.
