Economic IndicatorsTop News

Biden announces new policy efforts aimed at black voters

imageEconomic Indicators11 hours ago (May 04, 2020 03:50PM ET)


(C) Reuters. FILE PHOTO: Democratic U.S. presidential candidate and former Vice President Joe Biden speaks at the 11th Democratic candidates debate of the 2020 U.S. presidential campaign in Washington


By Trevor Hunnicutt

(Reuters) – Presumptive Democratic U.S. presidential nominee Joe Biden’s campaign on Monday unveiled a broad policy targeted toward helping reduce racial wealth and health gaps among new policies aimed at reaching black voters.

As part of the wide-ranging plans, the former vice president pledged to open a new Public Credit Reporting Agency that could compete with Equifax Inc (NYSE:EFX), Experian Plc (LON:EXPN) and TransUnion (NYSE:TRU) and, according to the campaign, minimize racial disparities in lending.

“Today’s credit reports, which are issued by just three large private companies, are rife with problems: they often contain errors, they leave many ‘credit invisible’ due to the sources used to generate a credit score, and they contribute to racial disparities, widening the African American homeownership gap,” Biden’s campaign said in a statement.

The former vice president also promised a new tax credit for first-time homeowners, $900 million over eight years to finance efforts to save 12,000 lives in high-crime cities as well as to expand the Small Business Administration’s efforts to lend money to African American-owned enterprises. Advocates say that few of those businesses have been able to tap federal relief programs during the coronavirus outbreak due to discriminatory lending practices.

Biden is looking to unseat Republican President Donald Trump in the Nov. 3 election. Black voters were critical in helping Biden overcome early losses in his party’s primary to become Democrats’ presumptive nominee. The heavily Democratic ethnic group is also considered indispensable in Biden’s effort to win against Trump.

Biden is also eager to win over the most liberal wing of his party. Voters who favored candidates including Senators Elizabeth Warren and Bernie Sanders favored more restraints on banking and the financial services industry. The policies announced on Monday include an expansion of the Community Reinvestment Act, a fair-lending law governing banks, to include mortgage and insurance companies.

The 22-page Biden policy proposal includes some policies the campaign previously announced with new initiatives that the campaign said could help erase the gap between black and white Americans in terms of wealth, income, education, criminal justice and health.

A Biden campaign official said the candidate would be working to introduce more relevant policies on environmental issues and other areas of concern to black voters in coming weeks.

Biden announces new policy efforts aimed at black voters

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button