During a speech at an event in Tulsa, Oklahoma on Tuesday while recognizing the 100th anniversary of the Greenwood Race Massacre, President Joe Biden claimed that black entrepreneurs “don’t have lawyers or accountants” to succeed.
BIDEN: "…young black entrepreneurs are just as capable of succeeding given the chance as white entrepreneurs are, but they don't have lawyers, they don't have accountants…" pic.twitter.com/uaVQO6vPeN
— Townhall.com (@townhallcom) June 1, 2021
“The data shows young black entrepreneurs are just as capable of succeeding, given the chance, as white entrepreneurs are, but they don’t have lawyers, they don’t have accountants, but they have great ideas,” Biden said.
President Biden said he would focus more on small business loans to help black-owned businesses grow.
He also announced that the federal government would use more of its spending power to support “disadvantaged businesses” including those owned by “black and brown” Americans.
“I have the authority to do that,” Biden said.
Biden also said he would like to invest more federal research money into Historically Black Colleges and Universities.
“The reason why they don’t … their students are equally able to learn as well, and get the good-paying jobs that start at 90 to 100 thousand bucks,” he said. “But they don’t have the money to provide and build those laboratories.”
He also promised to increase spending on infrastructure in minority communities.
“Let’s ensure access to health care, clean water, clean air, nearby grocery stores that are stocked with fresh vegetables and food,” he said. “I mean, these are all things we can do.”
Check out the following statement released by The White House:
The creation of an interagency initiative to address inequity in home appraisals, led by Secretary of Housing and Urban Development Marcia Fudge. “Homes and majority Black neighborhoods are often valued at tens of thousands of dollars less than comparable homes in similar, majority white communities,” the White House said. “This effort will seek to utilize, very quickly, the many levers at the federal government’s disposal … to root out discrimination in the appraisal and home buying process.”
HUD will issue two Fair Housing Act rules that reverse efforts by HUD during the Trump administration to weaken protections afforded by the law. “In both cases, HUD is moving to return to traditional interpretations of the Fair Housing Act,” the White House said Monday. The new rules are intended to “clear the way for HUD to more vigorously enforce the Fair Housing Act,” it said.
The administration will announce a goal of increasing the share of federal contracts awarded to small, disadvantaged businesses by 50% over the next five years. Currently, around 10% of federal contracts go to SDBs annually, totaling around $50 billion. An increase of 50% by 2026 would mean an additional $100 billion in federal contracts awarded to SDBs in this five year period, officials said.