Biden says post-pandemic economy can fight racial inequality

Joe Biden unveiled a plan Tuesday to ensure that nation’s post-pandemic ecomic recovery is built around promoting racial equality, promising to dramatically spur investment in Black-owned small businesses and encour home ownership while closing wealth gaps among mirity communities.

Much of 26-p proposal — and billions in federal spending needed to pay for it — h alrey been promised as part of previous, larger Biden plans to jumpstart ecomy when coronavirus outbreak begins to recede. But as protests against institutional racism and police brutality have swept country in recent months, presumptive Democratic presidential minee is attempting to show voters that he’s committed to implementing specific remedies that can promote racial and ecomic equality should he win White House in vember.

It’s also ar way Biden is aiming to offer a stark contrast to President Donald Trump, who has spent weeks vowing to restore “law and order” and ordering federal authorities to intervene against ongoing protests in places like Portland, Oregon, and Chicago.

former vice president will anunce plan during an afteron speech near his home in Wilmington, Delaware.

Biden wants to take $30 billion, or 10% of federal investment he’s alrey promised as part of larger ecomic plans, and funnel it into a “Small Business Opportunity Fund” designed to lever $5 of private investment for mirity owned enterprises for each $1 in public funds allocated. He also plans to spend $50 billion to provide startup capital that can help entrepreneurs of color start businesses in disvantd areas.

To encour home ownership, plan would create a $15,000 federal tax credit to help low-and middle-income families cover down payments on ir first homes. It also pledges to build 1.5 million new homes and public housing units in hopes of dressing “affordable housing crisis” which has hit many of nation’s marquee cities and disproportionately hurt people of color.

Biden similarly vowed to undo Trump ministration regulatory changes which Democratic presidential minee says “gutted” Obama ministration rules preventing housing discrimination and unfair lending practices.

Asked about possibility of a congressional study on feasibility of federal reparations to descendants of enslaved Black people in United States, senior Biden officials said ir candidate wouldn’t oppose such a study. But y defended Tuesday’s proposal as doing more to benefit Black Americans in short term, saying “he is t going to wait on a study to create change.”

Biden’s plan also doesn’t endorse legalizing marijuana, though it seeks to clear logistical court hurdles so that states can better identify n-violent offenders whose records y might opt to expunge. Black and Hispanic Americans often face far harsher penalties for crimes involving marijuana possession than ir white counterparts.

Democratic National Committee voted by a wide margin on Monday to keep langu calling for legalization of marijuana nationwide out of party’s platform.