President Biden To Announce Measures To 'Help Narrow The Racial Wealth Gap'

Tuesday, June 1st 2021, 7:00 am
By: News On 6

President Joe Biden will announce new steps to narrow the racial wealth gap during his visit to Tulsa on Tuesday.

Senior administration officials spoke with reporters on Monday night about the president's announcement. They say the Biden Administration plans to target the racial wealth gap in the U.S. and reinvest in communities of color.

President Biden plans to address how he will help small, disadvantaged businesses, as well as how he plans to support civic infrastructure projects.

The President will announce "federal purchasing power," something he said will grow small, disadvantaged businesses by 50%.

The White House said that will translate to an extra $100 billion over the next 5 years to help Americans with their small businesses.

The announcement included "new specifics regarding the American Jobs Plan."

According to the White House, this will include $10 billion in a community revitalization fund to support infrastructure projects.

The White House said the fund will target economically underserved and underdeveloped communities, like Greenwood.

The money will support projects like reusing vacant buildings to provide health centers and arts and cultural spaces.

The actions also include, what the President said, is racial discrimination in the housing market. The White House said owning a home is the main source of wealth for people of color in the U.S.

Data from the U.S Census Bureau shows that 76% of White Americans own a home, compared to 47% of Black Americans and 51% of Hispanic Americans.

White House officials said the President plans to address discrimination in-home appraisal since people of color's homes are often valued tens of thousands of dollars less than comparable homes owned by most white communities.