President Biden vowed on Tuesday to close the vast and persistent difference between the assets of Black and white Americans. That racial wealth gap stems from injustices going back to the era of slavery and is reflected today in factors like home valuation and access to credit.
Part of the Greenwood District burned in the Tulsa Race Massacre in Tulsa, Okla., in June 1921.
Biden also pledged that the federal government would devote $100 billion in contracts to minority-owned businesses. White-owned businessesThe aspects of his wealth gap proposal that will need approval from Congress include $10 billion for “community-led civic infrastructure projects”; $15 billion for transportation upgrades; $5 billion for affordable housing, as well as, separately, a tax credit for developers of such housing; and $31 billion for small businesses.
The plan unveiled on Tuesday came just as Biden departed for Tulsa and was framed as a necessary step in a broader national recognition of racial iniquity.
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