(FORTUNE Magazine) – One year ago, Jesse Jackson shut down the New York Stock Exchange. It was part of his latest venture, the Wall Street Project, a campaign run by Jackson's Rainbow/Push Coalition to encourage minority participation in the financial sector. Among his first steps was persuading the exchange to close for Martin Luther King Jr.'s birthday for the first time. Jackson then hosted a three-day conference that brought together President Clinton, Alan Greenspan, Robert Rubin, and a host of black and white business leaders.

At the time more than a few observers suspected that the project would be like the shutdown of the trading floor: a nice symbolic gesture with few bottom-line repercussions. But this January, Jackson was back--hosting a second conference and trumpeting the project's achievements. "Last year's conference was a dream," Jackson said. "This year we've seen the fruits of our labor." He then introduced an impressive array of panelists: Clinton appeared and pledged to increase public funds for community development banks and for venture capital firms that do business in inner cities. AT&T chief C. Michael Armstrong announced that AT&T will have a $1 billion bond offering co-managed by a minority firm. And Bell Atlantic and SBC Communications both said that they will have large pension funds managed by minorities. "Black folks have never been in the power structure," says Clarence Avant, chairman of Motown Records. "Jesse Jackson got Wall Street to pay attention." Indeed, Jackson is shaping up as a force to be reckoned with. Through negotiations, he has prevented the shutdown of several minority-owned GM dealerships, and Rainbow/Push has bought stock in over a hundred corporations, giving it access to shareholders' meetings.

The question now is, will Jackson stick with the project, which relies so heavily on his star power? Critics have hinted that the whole venture may be a vehicle for Jackson to further his political career. Certainly, black business leaders have reason to hope that Jackson stays on. Says Fred Terrell, managing partner of Provender Capital Group: "In the final analysis, the impact of the Wall Street Project will be measured by what happens after the cameras are turned off."

--Tyler Maroney