Biden announces measures to “narrow the gap between racial rich and poor” business and economic news

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These measures are aimed at ending housing discrimination and supporting minority businesses on the anniversary of the Tulsa massacre.

The administration of US President Joe Biden announced a series of steps aimed at “helping to narrow the racial gap between rich and poor and reinvesting in communities that have fallen behind because of policy failures.”

The White House announced measures to combat housing discrimination and support minority businesses on the centennial of Tulsa, Oklahoma Genocide In 1921, white mobs killed as many as 300 blacks in the Greenwood neighborhood known as “Black Wall Street.”

The White House said in a statement on Tuesday: “After the destruction of the Greenwood community and its families, it is almost impossible to restore laws and policies.”

The government added that subsequent policies locked Black Tulsans out of home ownership and access to credit; the construction of the Greenwood Federal Highway cut off economic opportunities for the black population; and this long-term divestment “deprived blacks of a fair opportunity to rebuild Wall Street. “.

“These are Greenwood stories, but they have been echoed in countless black communities across the country,” the White House said hours before Biden was ready to travel to Tulsa to commemorate the massacre.

New measures include launching “the first inter-agency effort to resolve unfairness in housing evaluations, and formulating rules to actively combat housing discrimination”, and using “the purchasing power of the federal government” to increase the government’s “contracts with disadvantaged companies” by 50%.

The government also highlighted a series of grants included in Biden’s US jobs plan, which is a $2.7 trillion package designed to rebuild the US economy and infrastructure that the government has been striving to win Congress support for.

The White House stated that the relevant funding will “create jobs and accumulate wealth for communities of color.”

Observers say Racial differences In the United States, transmission from generation to generation limits the opportunities for black and Latino families to create wealth and reduces their ability to pass on wealth to their children.

According to data from the Consumer Finance Survey, the median net wealth of black households in 2019 was US$24,000, nearly 90% less than the median of white households.

The homeownership rate in communities of color is also much lower, with only 49% of Hispanics and 45% of black Americans owning their homes, compared with 74% of white Americans.

Since 2001, the rate of homeownership among black Americans has fallen more than that of white Americans, by 5%, while white Americans have fallen by 1%.



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