Biden To Direct $100 Billion To ‘Disadvantaged’ Businesses To Help Close ‘Racial Wealth Gap’

  |  
Jun 1, 2021
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."

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.

RELATED: Biden Declares Economic Relief For Businesses Will Be Based Partly On Gender And Race

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.”

“Because disparities in wealth compound like an interest rate, the disinvestment in Black families in Tulsa and across the country throughout our history is still felt sharply today,” the White House states.

It is unclear how the administration will identify so-called “disadvantaged businesses” to help close the ‘racial wealth gap.’

RELATED: White Reporter Files Civil Rights Lawsuit Against Chicago Mayor Lightfoot For Only Doing Interviews With ‘Black or Brown Reporters’

Biden Is Following Through

Just days before being sworn in as President, Joe Biden announced that economic relief provided by the federal government for struggling businesses would be based partly on the gender and race of the owners.

“Our focus will be on small businesses on Main Street that aren’t wealthy and well-connected, that are facing real economic hardships through no fault of their own,” Biden announced at the time.

He added, “Our priority will be Black, Latino, Asian, and Native American-owned small businesses, women-owned businesses, and finally having equal access to resources needed to reopen and rebuild.”

In other words, closing the ‘racial wealth gap’ means directing money to businesses based on the color of their owners.

It also means keeping money away from businesses with owners who don’t have the same skin color.

Racial discrimination is back in style in the Biden White House.

 

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