The economic equity plan is the fourth plank in the presumptive Democratic presidential nominee’s “Build Back Better” economic platform, and Biden is scheduled to announce it at an event in Delaware at 2:30 p.m. Tuesday.
Here are some of the key points:Create a new Small Business Opportunity Fund and seed it with $30 billion of Biden’s proposed $300 billion domestic innovation funding.
Pass legislation to require the Federal Reserve to report data and trends on racial economic gaps and commit the Fed to a “real-time” payment system aimed at eliminating the time it takes for checks to clear.
Unlike the previous three planks in Biden’s economic platform, the racial equity plan does not initially include demands for more federal spending, according to a copy of the plan distributed to reporters on Tuesday morning.
It also contains a separate section focused on criminal justice reform, which includes Biden’s plan to eliminate cash bail and to guarantee that formerly incarcerated people are provided temporary housing upon release from prison.