A Summary of Remarks by Vice President Harris During the Nationwide Economic Opportunity Tour
Vice President Harris made a stop at the Charles H. Wright Museum of African American History to highlight some of the work the Biden administration has been doing to improve infrastructure, manufacturing, clean energy, and supply chains during the Nationwide Economic Opportunity Tour. Among other things, she also spoke about the administration’s work on investing in black businesses and the increase in black wealth since 2019.
NOTE: This is a summary, you can read the full transcript here.
President Biden and his administration have invested trillions of dollars in America’s infrastructure, clean energy, manufacturing, and supply chains over the past three years. They believe that every person in America must have access to the opportunity to compete, succeed, and thrive, achieving financial freedom. Over the last three years, President Biden has convened Black entrepreneurs from around the country to solicit their advice and leverage their expertise to address challenges they face in building financial security and wealth.
President Biden and his administration have invested hundreds of billions of dollars to address these disparities. He launched the Economic Opportunity Tour to bring together entrepreneurs, businessowners, and community leaders with representatives from the United States Departments of Commerce, Energy, Housing and Labor, Treasury, and the Small Business Administration to ensure founders and families have the information and assistance they need.
Access to capital is crucial for Black entrepreneurs, who often lack the capital necessary to turn an idea into a thriving business. To address this issue, the President founded the Economic Opportunity Coalition, a group of 31 companies and nonprofits, working currently to invest $3 billion in community banks. This work is helping Black businesses receive loans not only for thousands of dollars but for millions of dollars.
The strength of America’s economy is also based on the strength of America’s supply chains. The President is investing $100 million in small- and medium-sized auto supply companies, many of which are Black-owned and based right here in Michigan. They are also axpending access to government contracts, increasing federal contracts for minority-owned small businesses by 50%. By the end of next year, thousands more minority entrepreneurs will have contracts worth hundreds of thousands and even millions of dollars.
The President emphasizes that if we want a great return on investment, we must understand the natural resources available and invest in those resources.
President Biden and his administration are working to strengthen America’s economy by helping more people buy a home, which is a powerful engine of intergenerational wealth. However, Black Americans are 40% less likely to own a home due to structural inequities such as segregation, redlining, and urban renewal. To address these disparities, President Biden and his administration have outlined a blueprint to provide $25,000 toward a down payment for first-time homebuyers, up to $400 a month for mortgage assistance, and 2 million units of affordable housing to lower costs for homebuyers and renters.
The administration is also addressing racial bias in home appraisals, making it easier for more homeowners to appeal home appraisals and requiring licensed home appraisers to complete racial bias training. The goal is to ensure that every family, regardless of their background, race, or geographic location, has a right to the full and fair value of their home.
One major obstacle to wealth-building is debt, with Black Americans being twice as likely to have medical debt and more likely to struggle to repay student loan debt. President Biden and his administration have made debt forgiveness a central pillar of their economic agenda, having forgiven about $500 million of medical debt for hundreds of thousands of Americans across the nation. They are also implementing a rule that medical debt cannot be used in calculating credit scores, preventing medical debt from being denied car loans, home loans, or small-business loans.
The president and his administration believe that investing in the people of America and investing in their businesses, financial security, and wealth is a great return on investment. Since taking office, there has been record Black small-business growth, created more than 2.5 million new jobs for Black workers, and black wealth has increased by 60% since 2019.
