WILMINGTON, Del. — Joe Biden, the presumptive Democratic presidential nominee, announced a plan Tuesday to spend tens of billions of dollars to help people of color overcome inequities in the economy, a move that comes amid financial and racial upheaval nationwide.
The plan calls for dedicating $30 billion of previously proposed spending on a small-business opportunity fund for black, brown and Native American entrepreneurs. Biden also proposed tripling the goal for federal contracting with small disadvantaged businesses, from 5 percent to at least 15 percent of all spending on materials and services by 2025.
“We need to make bold, practical investments to recover from the economic mess we’re in and to rebuild for the economic future our country deserves,” Biden said, adding that his plan would “deal with systemic racism and advance racial equity in our economy.” Continue reading.