WASHINGTON – Former Vice President Joe Biden will present Tuesday a far-reaching plan aimed at reducing the generational wealth gap that persists between white Americans and their Black, Latino, Asian and Native American neighbors.
The economic equity plan is the fourth bulletin board on the presumed Democratic presidential candidate’s Build Back Better economic platform, and Biden plans to announce it at an event in Delaware at 2:30 pm Tuesday.
Here are some of the key points:
- Create a new Small Business Opportunity Fund and seed with $ 30 billion of Biden’s proposed $ 300 billion national innovation funds.
- Expand the New Markets Tax Credit to $ 5 billion annually and make it permanent.
- Pass legislation to require the Federal Reserve to report data and trends on racial economic gaps and commit the Federal Reserve to a “real-time” payment system designed to eliminate the time it takes for checks to clear.
Unlike the previous three boards on Biden’s economic platform, the racial equity plan does not initially include demands for more federal spending, according to a copy of the plan distributed to journalists Tuesday morning. Instead, it focuses on the ways funding is allocated that Biden has already proposed on his first three boards.
The New Markets Tax Credit program provides tax credits to investors who provide capital to community development entities, which finance projects in qualified low-income communities. Created by Congress in 2000, the NMTC has supported more than 5,300 projects in the past two decades, but is slated to expire later this year.
Biden’s plan also repackages dozens of his existing proposals from all campaign platforms, such as his plan to offer a one-time student debt reduction of $ 10,000 per student and his call for an hourly minimum wage of $ 15.
It also contains a separate section focused on criminal justice reform, which includes Biden’s plan to remove the cash bond and ensure that previously incarcerated people receive temporary accommodation upon release from prison.
Speaking to reporters on Tuesday morning, Biden’s top campaign advisers said they will receive more details on the costs and funding of these proposals, although they did not specify when to expect the numbers.
One thing the plan does not contain is any reference to the word “reparations,” despite the growing movement by the left in recent years to quantify and compensate African Americans for centuries of slave labor and for the later Jim Crow laws that They were denied access to the same opportunities to build wealth that were given to white families.
Grouping all of these policy proposals under the umbrella of racial economic equity is one way for the Biden campaign to codify the former vice president’s commitment to addressing some of the deep-seated racial injustices that have sparked massive civil unrest across the country this summer. .
Read the entire plan below.
This is a developing story. Please check for updates.
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