Former New York Mayor Michael Bloomberg announced his presidential campaign's plan for bolstering economic opportunity for black Americans.
TULSA, Okla. — Former New York Mayor Michael Bloomberg will announce on Sunday his presidential campaign’s plan aimed at bolstering economic opportunity for black Americans, promising to triple their income over the next decade, but stopping short of promising reparations.
“For hundreds of years, America systematically stole black lives, black freedom and black labor,” Bloomberg will say, according to his prepared remarks. “And the impact of that theft over a period of centuries has meant an enormous loss of wealth for individuals and families, across generations — a kind of compound interest in reverse. Well, it’s past time to say, ‘Enough’ — and to damn well do something about it.
“I also know that my story might have turned out very differently if I had been black, and that more black Americans of my generation would have ended up with far more wealth, had they been white.” In his proposal, mortgage and loan guarantors will also be forced to update their credit-scoring requirements, which the plan maintains is rigged against African-Americans. Under the initiative, a new Housing Fairness Commission would be established with a $10 billion fund to work with localities and municipalities to test and potentially reserve housing laws that might discriminate against buyers or renters of color.
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