2020 Policy Tracker: Opportunity
Racial Wealth Gap
![joe_biden.png](https://images.squarespace-cdn.com/content/v1/5b743ca3b27e39474fcbead6/1579725628115-6CO8DZPSIBCLRTB8O7GX/ke17ZwdGBToddI8pDm48kLxnK526YWAH1qleWz-y7AFZw-zPPgdn4jUwVcJE1ZvWEtT5uBSRWt4vQZAgTJucoTqqXjS3CfNDSuuf31e0tVFUQAah1E2d0qOFNma4CJuw0VgyloEfPuSsyFRoaaKT76QvevUbj177dmcMs1F0H-0/joe_biden.png)
Joe Biden
Joe Biden addresses the racial wealth gap in “The Biden Plan for Strengthening Worker Organizing, Collective Bargaining, and Unions”. His plan will “increase the federal minimum wage to $15” and “index the minimum wage to the median hourly wage so that low-wage workers’ wages keep up with those of middle income workers.”
In “The Biden Plan to Invest in Middle Class Competitiveness”, he will:
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“Expand the New Markets Tax Credit, make the program permanent, and double Community Development Financial Institutions (CDFI) funding.”
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“Double funding for the Economic Development Administration.”
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Create a new fund to support the establishment and revitalization of anchor institutions which can be a source of good jobs in low-income areas.
Additionally, in his “Build Back Better” plan, Biden will:
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“Expand access to $100 billion in low-interest business loans.”
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“Eliminate barriers to technical assistance and advisory services.”
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“Spur more than $50 Billion in New Equity Investment and Venture Capital for Entrepreneurs in Economically Disadvantaged Areas.”
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“Dramatically increase the availability of venture capital investments for small businesses, especially those owned by Black and Brown people.”
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“Encourage private equity investment in businesses owned by Black and Brown people by expanding the New Markets Tax Credit (NMTC) to $5 billion yearly and making it permanent.”
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“Leverage $100 Billion in Additional Financing for Small Businesses.”
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“Expand lending through the expanded Small Business Opportunity Fund.”
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“Capitalize Community Development Financial Institutions.”
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“Ensure all small business relief efforts are specifically designed to aid businesses owned by Black and Brown people.”
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“Strengthen and expand the Community Reinvestment Act to ensure that our nation’s bank and non-bank financial services institutions are serving all communities.”
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“Expanding Access to Additional Resources and Technical Assistance for Black and Brown Entrepreneurs.”
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“Create a national network of federally funded small business incubators and innovation hubs.”
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“Establish an intensive, semester-long business development program at every public community college in the United States, as well as two-year HBCUs, TCUs, and MSIs.”
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“Increase the funding and stature of the Minority Business Development Agency (MBDA).”
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“Unleash the full potential of businesses owned by Black and Brown people and other disadvantaged businesses to participate in the global marketplace.”
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“Employ the resources of the federal government to protect Native artisans.”
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“Reform opportunity zones to ensure they serve black and brown communities, small businesses, and homeowners.”
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“Require prime contractors to develop and execute plans to increase subcontracting opportunities for small disadvantaged businesses (SDBs).”
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“Expand long-term technical assistance and federal contracting preferences for small disadvantaged businesses.”
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“Incentivize state and local governments and private sector partners to contract with small disadvantaged businesses.”
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“Protect small disadvantaged businesses from federal and state contract bundling which often prevents smaller firms owned by Black and Brown people from effectively bidding on procurement contracts.”
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“Strengthen implementation of the Buy Indian Act.”
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“Boost Retirement Security and Financial Wealth for Black, Brown, and Native Families.”
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“Equalize the tax benefits of defined contribution plans.”
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“Give small businesses a tax break for starting a retirement plan and giving workers the chance to save at work.”
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“Open the door for Asset Managers owned by Black and Brown people.”
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“Ensure workers of color are paid fairly.”
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“End pay discrimination.”
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“Increase the federal minimum wage to $15 across the country and eliminate the minimum tipped wage.”
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“Stop employers from denying workers overtime pay they’ve earned.”
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“Empower the Equal Employment Opportunity Commission to fulfill its mission and address workplace discrimination.”
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“Make it easier for workers of all color and all workers to organize unions and bargain collectively.”
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“Address longstanding inequities in agriculture.”
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“Establish an Equity Commission.”
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“Farm Land Purchase Assistance Program.”
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“Protect Heirs Property.”
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“Establish a Farmland Trust.”
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“Advance Community Supported Agriculture (CSA).”
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“Advance fairness, accountability, and transparency at the United States Department of Agriculture.”
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“Expanding protections for farm workers.”
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![donald_trump.png](https://images.squarespace-cdn.com/content/v1/5b743ca3b27e39474fcbead6/1579726051588-ZE0AS1LBPU7LAVGXQXCQ/ke17ZwdGBToddI8pDm48kLxnK526YWAH1qleWz-y7AFZw-zPPgdn4jUwVcJE1ZvWEtT5uBSRWt4vQZAgTJucoTqqXjS3CfNDSuuf31e0tVFUQAah1E2d0qOFNma4CJuw0VgyloEfPuSsyFRoaaKT76QvevUbj177dmcMs1F0H-0/donald_trump.png)
Donald Trump
Donald Trump’s campaign platform does not address the racial wealth gap, but his “Economy And Jobs“ issue page discusses his job creation progress. It highlights:
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An executive order he signed that “expanded federally funded apprenticeship programs and on-the-job training”, stating The Workforce Development Advisory Council has already created on-the-job training opportunities for 6.5 million Americans.
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“Hispanic, Asian and African American unemployment rates have all reached record lows due to his pro growth policies.”