President Biden on Tuesday will announce new actions meant to help close the ‘racial wealth gap,’ including directing $100 billion in federal contracts to “disadvantaged businesses.”
The announcement is being made to coincide with the 100th anniversary of the Tulsa Race Massacre, described by the Oklahoma Historical Society as “the single worst incident of racial violence in American history.”
The President will announce multiple initiatives that, as Axios reports, will “target homeownership and small business ownership” which the administration describes as “two key wealth-creators” for minority communities.
“Today … the Biden-Harris Administration is announcing new steps to help narrow the racial wealth gap and reinvest in communities that have been left behind by failed policies,” a statement from the White House reads.
Funding Businesses Based On Race
President Biden’s announcement will include wide-ranging efforts to help close the ‘racial wealth gap.’
One such initiative will include “using the federal government’s purchasing power to grow federal contracting with small disadvantaged businesses by 50 percent,” according to the White House website.
This would “translate to an additional $100 billion over five years” being allocated to “helping more Americans realize their entrepreneurial dreams.”
Other initiatives will include:
- A pair of rules designed to “end discrimination in housing” and “rethink established practices that contribute to or perpetuate inequities.”
- A $10 billion community revitalization fund meant to target communities “that suffer from the effects of persistent poverty, historic economic disinvestment, and ongoing displacement of longtime residents.”
- $31 billion in small business programs that “will increase access to capital for small businesses and provide mentoring, networking, and other forms of technical assistance to socially and economically disadvantaged businesses.”
