On Tuesday, at an event commemorating the 100th anniversary of the Tulsa race massacre taking place at the site previously known as “Black Wall Street,” President Biden announced a new plan to narrow the racial wealth gap and build wealth in Black communities.
A section of the plan specifically outlines a plan to reduce discrimination in the housing market and to provide 50% more federal contracts to small disadvantaged businesses, which adds an extra $100 billion in contracts over the next five years.
“Because disparities in wealth compound like an interest rate,” the Biden-Harris statement said, “the disinvestment in Black families in Tulsa and across the country throughout our history is still felt sharply today.”
In addition to focusing on small business contracts in the federal space, this plan specifies efforts to build wealth by addressing housing disparities, fair-housing laws, and a Community Revitalization Fund that aim to “spark new local economic activity.”
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