Biden has introduced measures to “reduce the gap in racial wealth” Business and Economic News

The steps are aimed at ending housing discrimination and helping minority-owned businesses on the anniversary of the Tulsa massacre.

The administration of U.S. President Joe Biden announced a number of steps aimed at “helping to bridge the gap in racial wealth and reinvest in communities that have been left behind by failed policies”.

The White House has announced measures aimed at tackling housing discrimination and supporting minority-owned businesses in Tulsa, Oklahoma. race massacre In 1921, a white mob killed 300 blacks in the Greenwood neighborhood, known as “Black Wall Street.”

“The devastation caused by the devastation in the Greenwood neighborhood and its families made it almost impossible to follow laws and policies,” the White House said in a statement Tuesday.

The administration added that subsequent policies excluded Black Tulsans from home ownership and access to credit; The construction of federal highways in Greenwood cut off the economic opportunity for the black population; and this chronic disinvestment “denied Black Wall Street a direct shot at regeneration.”

“These are Greenwood’s stories, but they resonate with black communities across the country,” the White House said, recalling the massacre of Biden’s Tulsa a few hours earlier.

The new measures include “launching a special inter-agency effort to address housing price disparities and making rules to aggressively address housing discrimination” and “using the federal government’s purchasing power” to “increase contracts with businesses with government disadvantages.” 50 percent ”.

The administration also highlighted some of the grants included in the Biden American Jobs Plan, a $ 2.7 trillion package aimed at rebuilding the U.S. economy and infrastructure that the administration has been working on to build aid in Congress.

The said grants would “create jobs and create wealth in communities of color,” the White House said.

Observers say racial differences They continue in the U.S. for generations, limiting the opportunities for black and Latino families to create wealth and reducing their ability to pass on goods to their children.

Data from the Consumer Finance Survey show that the median black household had a net worth of $ 24,000 in 2019, or nearly 90% less than the median white household.

Home ownership rates are also much lower in communities of color, with 49 percent of Latinos and 45 percent of black Americans owning their homes, compared to 74 percent of white Americans.

The rate of Black American homeownership has fallen more sharply than white Americans since 2001, down 5 percent from a 1 percent drop in white Americans.