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Pres. Biden announcing steps to narrow racial wealth gap during Tulsa visit

President Joe Biden
Posted at 9:49 AM, Jun 01, 2021
and last updated 2021-06-01 20:17:16-04

TULSA, Okla. — President Joe Biden is set to announce new actions to narrow the racial wealth gap during his visit to Tulsa on Tuesday.

The White House confirmed last week Biden is making a trip to Tulsa to commemorate the centennial of the 1921 Tulsa Race Massacre.

READ MORE: President Biden visiting Tulsa for Race Massacre centennial

Senior officials say the Biden-Harris administration plans to target the racial wealth gap and reinvest in communities "that have been left behind by failed policies." Biden is expected to address the main steps in the plan, which will cover homeownership in communities of color, as help small business ownership grow by nearly 50 percent in the next five years.

According to a statement from the White House, the main source of wealth for people of color in the U.S. is owning a home. The plan will address the racial discrimination in the housing market by developing and building affordable homes in low and mid-income areas. There is also going to be an announcement of plans to support civic infrastructure with a $10 billion Community Revitalization Fund. The goal of this fund is to spark new local economic activity and build community wealth.

Some of the plans include reusing buildings to provide services like health centers, cultural and art spaces, among other goals.

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