President Joe Biden is hoping to address the racial wealth gap by investing in black business owners and homeowners on the 100th anniversary of the race massacre in Tulsa, Oklahoma.
The White House unveiled its plan Tuesday to expand the share of federal contracts awarded to small minority-owned businesses twofold by 2026, or by an additional $100 billion over the next five years. But the Biden administration has yet to detail its proposal for student debt relief, a major contributor to the racial wealth gap, according to advocates.
“Federal spending power is enormous and has the potential to have extraordinary impact on the racial wealth gap,” a senior administration official said late Monday ahead of the announcement. “The federal government is the largest consumer of goods in the world.”
Federal Reserve Board data released in 2019 found that black families’ median and mean wealth