On Apr. 12, White House reported on efforts to close racial wealth gap.
White House provided a fact sheet on Biden's efforts to close racial wealth gaps.
Follows fact sheet on new actions to build black wealth and narrow gap, see #106912.
Progress on home appraisal bias, disadvantage businesses investments, student debt.
Noted that 80% of Congressional Republicans are supporting a plan that would reverse this progress, while cutting Medicare, Social Security, and the Affordable care act.
Appraisal Bias
Reported appraisal gap, likelihood that homes in communities of color are undervalued compared to homes in majority-white communities, has been cut by more than 40%.
Created Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) to root out bias and advance equity in process; made progress on action plan, #133144.
Made critical progress towards implementation, including major steps to empower consumers to take action against appraisal bias, prevent algorithmic bias in valuation.
Additionally, support a well-trained and more representative appraiser profession.
Small Disadvantaged Businesses
In 2023, agencies surpassed Biden’s goal for federal contracting dollars going to small disadvantaged businesses (SDBs), awarding $76.2bn, or 12.1% in federal contracts.
Sets a new all-time record for federal dollars to SDBs, surpassing last set record.
Illustrates continued progress towards the President’s goal of 15% to SDBs by 2025.
According to analysis, eliminating racial disparities in business ownership rates would narrow the wealth gap by an additional 22% between Black and white households.
Further, it reduced by an additional 17% between Latino and white households.
Student Loan Debt
Canceled an additional $7.4 billion in student loan debt for 277k borrowers, #207695.
Brings the total amount of debt relief approved by the Administration to $153bn.
Builds on plans to cancel student debt for tens of millions of Americans, if implemented
Plans help create financial stability for millions of working and middle-class families.
Address disproportionate debt burden on communities of color, advance racial equity.
Bidenomics Progress
Black unemployment and gap between Black and White unemployment hit record lows
Fact sheet noted that Black wealth is up 60% relative to pre-pandemic levels.
The share of Black business owners more than doubled between 2019 and 2022.
Further, Black-owned businesses are being created at the fastest rate in 30 years.
