New WH effort to give underserved communities economic boost

CTN News
Categories: English

 

Vice President Kamala Harris traveled to Brooklyn, New York, to announce a new administration-wide effort that will bring together public, private and federal partners to “address economic disparities and accelerate economic opportunity in communities of color and other underserved communities,” per a White House announcement.

 


What You Need To Know

    • Vice President Kamala Harris traveled to Brooklyn, New York to announce a new public-private effort that aims to address persisting economic disparities in the United States

 

    • According to a late 2021 release from the Federal Reserve, Black and Hispanic/Latino households make only half as much as White households

 

    • The Biden-Harris administration will launch a new Economic Opportunity Coalition that will, in part, “develop and deploy products that solve challenges in getting resources where most needed”

 

  • Some of the companies that signed on to the coalition include Bank of America, Capital One, Citi, Google, Mastercard, McDonald’s, Netflix and PayPal

 

Harris visited the Bedford Stuyvesant Restoration Corporation, the nation’s first community-economic development corporation, where she was introduced by president and CEO Blondel Pinnock – who noted the symbolic location of the announcement, saying Bed-Stuy is “one of our country’s most iconic, historically Black neighborhoods.”

“From Shirley Chisholm to Notorious B.I.G., the community has produced countless artists, activists and leaders of industry,” she said.

Since its inception in 1967, the corporation has launched a number of programs that aim to bridge the racial wealth gap in the United States by helping clients gain knowledge and resources on issues like budgeting and credit repair, providing affordable housing and pathways to homeownership, connecting individuals to community jobs and more.

Harris herself called the company “a model of the capacity of our nation,” saying the visit will serve to “​​show folks around our…

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