| Folks --
Over the past few weeks, I’ve emailed you to talk about the first three planks of my economic recovery plan, Build Back Better.
These planks lay out how I’ll make historic investments in American manufacturing and innovation, in clean energy jobs and infrastructure that will meet the climate crisis head-on, and in building a caring economy that eases the burden on caregivers.
Each of these plans intentionally deals with systemic racism and advances racial equity in our economy. But that isn’t enough, so I’m laying out the fourth plank of Build Back Better -- advancing racial equity across the American economy, not just as part of the other pillars of Build Back Better, but in its own right.
I’ll explain more in a moment. But if you’re with me in this fight to advance racial equity across this country, can you add your name? We can make this plan a reality, but we can’t do that without a collective commitment, and that starts with signing your name: For generations, Americans who are Black, Brown, Asian American, Native American, or immigrants, haven’t always been fully included in our democracy or our economy. Here’s how my bold, practical plan will help build a stronger, more just, more sustainable economy -- where everyone is included in the deal.
To start, we’ll create a new Small Business Opportunity Fund. This fund will dramatically expand a successful Obama-Biden initiative that generated more than $5 in private investment for every $1 in public investment in small businesses -- particularly in hard-pressed areas. With a $30 billion initial investment, we will make sure that those with the best ideas are not denied the venture capital or financing they need because of their race or ZIP code.
And to further support Black and Brown small businesses, fifty percent of emergency small business relief would be reserved for the smallest businesses with 50 employees or fewer, including micro-businesses and sole proprietorships. This would help minority-owned businesses get life-saving loans before more well-connected businesses jump ahead in line.
Next, we’ll expand access to homeownership in Black and Brown communities. The homeownership gap is a cause and consequence of the racial wealth gap. That’s why my housing plan includes a $15,000 first-time home-buyer tax credit, expands affordable housing, and puts an end to systemic housing discrimination. This will remove barriers to homeownership that now hold back too many Americans of color on the pathway to the middle class.
And I’ll strengthen the Federal Reserve’s focus on racial economic equity. Under my plan, the Fed will aggressively target persistent racial gaps in jobs, wages, and wealth -- and revise its own hiring and employment practices to achieve greater diversity at all levels of the institution. So when the Chairman of the Federal Reserve provides a report on the health of the economy -- we’ll know if the economy is working for everyone.
These are just some of the real, concrete steps we can take to advance racial economic equity across the United States.
This is progress we can make if we fight for it, together. So, if you’re ready to build back our economy better than it was before Trump and the coronavirus, and make sure we make progress towards racial economic equity:
Will you sign your name and commit to fighting with me so we can make this plan a reality? Adding your name will make a real difference.
Thank you,
Joe |
