.(19:12)
My plan would make sure every three and four year old child gets access to free high quality preschool like students have at this center, while I do with title one schools. And low and middle income families won’t spend more than 7% of their income on childcare for children under the age of five. (19:35)
The most hard-pressed working families won’t have to spend a dime because it will be free. My plan would pay and support our caregivers who overwhelmingly, as I said, are women of color. This plan to help workers, especially those without college degrees, gain new skills in good paying industries like healthcare, and provides a pathway to advance their careers. (20:00)
For example, a home healthcare worker under this plan will have access to training you need to become an EMT, or a nurse, or physician’s assistant. We won’t just putting millions of Americans to work in new care and early childhood education jobs, we’ll also free up millions more to rejoin the paid workforce. Studies indicate at least 2 million additional jobs will be created; more economic growth for our nation. And the economy as a whole will grow.(20:35)
We can do this. Today I’m laying out a fourth part of my Build Back Better plan advancing racial equity across the American economy, not just part of the other pillar of Build Back Better, but this is in its own right.(20:55)
To start we create a new small business opportunity fund. It dramatically expands on the successful Obama-Biden initiative that generated more than 5 billion and $5 in private equity for every $1 in public investment in a small business, particularly in hard-pressed areas. We’re going to take $30 billion of our Made in American Investment, I announced earlier this year, and put it into this fund. We’ll allow the expanded federal support for the most effective state, local, and nonprofit programs to provide venture capital and financing for minority business owners and communities in need.(21:35)
It will also allow us to support community development banks that have a proven record of investing in minority small businesses. That 30 billion is estimated to leverage 150 billion in new financing and equity for more black and brown small businesses. So our Small Business Opportunity Fund supports and investment in a small manufacturer of color seeking to commercialize a new technology for example. That helps the manufacturer get started. Then private investors, we know, notice the promise of that business and invest their private dollars as well. That helps manufacturers scale and grow. That’s how we’ll make sure that those are the best ideas are not denied the venture capital or financing they need because of race or zip code. (22:32)
And here’s why it matters. Right now we’re in the midst of one of the greatest threats to small businesses our country has ever seen. What Donald Trump doing about it? Well, he’s given big banks the green light to loan millions of dollars that they’re covered for by the federal government, and make millions of dollars in fees by favoring their most well-off and well-connected clients while shutting the door on smaller, black and brown business without these connections.(23:02)
You all remember, some of you covered when I first laid out what I thought needed to be done in the first recovery plan put forward by the Congress, I said, we should use, the president should use the authority he has under the Defense Production Act to force big banks to have to lend to small businesses. They’re guaranteed the loan. We bailed them out before, forced them to lend, but what did they do?(23:32)
“Do you have a credit card with us? Have you established credit with us? Do you have a bank account with us? Do you…” and the list goes on. And they’re denied. The result? Billions of dollars in COVID relief programs for small businesses benefit ones who had lawyers and accountants to help them better connect to businesses, jumped to the head of the line, and the big banks accommodated. (23:55)
Black and brown small businesses that needed the help most got shut out. In fact, just 12%, 12% of black and brown businesses surveyed seeking help, got the aid they asked for. Now half of them say they’re going to have to close up shop. And they’re a major source of employment in America. Our economy can’t afford for them to close; their families can’t afford for them to close. Under my plan 50% of emergency small business relief would be reserved for the smallest businesses of 50 or fewer employers.(24:35)
Right now we’re talking 500. They are small business compared to the Fortune 500, but do you think most people think the neighborhood stores have 500 employees are small business? Right down the main streets, so many small towns around America and big towns, and see them shuttered.
(24:55)
This would help minority-owned business get lifesaving loans before the well-connected businesses jumped to the head of the line. And removing the barriers for black and brown entrepreneurs to start and grow businesses is only one of many things we have to do to close the racial wealth gap in this nation.(25:14)
Expanding black and brown home ownership is another. Today american cities, there are a number, where about 75% of white Americans own their homes, only 25% are black and brown citizens, or black citizens own their homes. Even in the middle class communities of color, the same homes that exist in the white community are often valued significantly less. (25:47)
Those black residents then see their wealth accumulate much more slowly. Many of you are from families like mine, middle class families. Where do we accumulate, where did my parents accumulate any ability to borrow and generate any wealth? In their home. That’s how it got built. That’s a lot of us were about to send our kids to school, borrow against that.(26:11)
When a house is an asset that helps build equity and wealth, the home ownership disparity denies equal opportunity. My housing plan is going to be a major contributor. From a $15,000 first time home buyer tax credit, which means they know once the deal is through they will get paid the down payment, expanding affordable housing… it’s reversing Trump’s efforts to gut fair housing enforcement. He’s now trying to scare the hell out of suburbs saying these rules that Biden and the president put through are going to be, they’re causing you to end up by implication of having those black neighbors next to you. That’s supposed to scare people.(27:04)
We’ll remove the barriers to home ownership that hold back too many Americans of color from a pathway to middle class. We’re also going to have to remove another piece of systemic barrier for too many black and brown Americans. What’s holding back too many people of color from finding a good job and starting a business is a criminal record and follows them every step of the way. (27:32)
Getting caught for smoking marijuana when you’re young, surely shouldn’t deny you the rest of your life being able to have a good paying job, or a career, or a loan, or the ability to rent an apartment. But right now that criminal record is the weight that holds back too many people of color, and many whites as well. The process to seal or expunge those records can be complicated and costly in the states where the records are kept; and life of a second chance passes by.(28:09)
Now some safeguards are necessary, but some do more harm than good. And the more and more states that recognize the significant costs to their economy when people with certain non-violent criminal records can’t fully contribute to their full talents and capacity. But even when the states want to give that person a second chance and seal or expunge a certain non-violent criminal record, the record keeping systems are so outdated they don’t know how to do it. It’s paper spread across different courthouses. (28:42)
Under my plan, if a state decides it wants to implement an automated system for the sealing and expungement of certain non-violent criminal records, if the state chooses to do that, the federal government will help put together the process and allow them the money to be able to know how to organize to do that; organize their system. That’s what racial equity in our economy looks like. (29:08)
Here’s another step we’re going to take under my Build Back Better plan to fully include more people into the deal. We’re going to strengthen the Federal Reserves’ focus on racial economic equity. The Fed has a profound impact on our economy. Most people wouldn’t even think the Fed has anything to do with this. It’s existing mandate promotes maximum employment, and stable prices. Under my plan, I believe the Fed should add to that responsibility, and aggressively target persistent racial gaps in jobs, wages, and wealth, revise its hiring and employment practices and achieve greater diversity at all levels of that institution, including diverse nominees for the board of governors, and the regional federal banks.(29:59)
So when the chairman of the Federal Reserve provides report on the health of our economy, we’ll know if the economy is helping everybody. That’s when racial equity is not just an aspiration, but a theory of change, how to build our economic future to include everyone, include all those remarkable people out there doing extraordinary things given just half a chance.(30:27)
I met a couple, they’re in here somewhere. [ Markivas 00:14:32], where are you? See that young man right there? I hope I’m not embarrassing you, and his lovely wife. Markivas, who I just met backstage, his mom and dad never went to college, and he was 12 when someone handed him an old laptop computer. He took it apart, put it back together. It changed his life. At 17, he got certified to become an IT system specialist.(31:03)
He went to college, studied abroad, came back home, seeing the digital divide in his community, and he started a business getting computers to folks. He’s now 22, married with a little baby, and expecting another. And he has seven employees. His goal is to teach people how to repair and recycle computers and create a workforce development program to get them trained for good paying IT jobs.(31:33)
Pretty incredible. He’s incredible. Some of the people he helped only had eighth grade educations, never used a computer before… five weeks later they know how. Some are now earning $15 an hour for their first job, and for the first time. They’re incredible. He wants to scale up this business, and continue the reinvesting in his community. That’s pure courage- (32:03)
… in his community. That’s pure courage, heart and gut. He never gives up the pursuit of the full promise of America. That’s who we are. That’s what this election is all about. We are America. We don’t settle. We aspire and we succeed. I’ll be happy to take your questions.
My plan would make sure every three and four year old child gets access to free high quality preschool like students have at this center, while I do with title one schools. And low and middle income families won’t spend more than 7% of their income on childcare for children under the age of five. (19:35)
The most hard-pressed working families won’t have to spend a dime because it will be free. My plan would pay and support our caregivers who overwhelmingly, as I said, are women of color. This plan to help workers, especially those without college degrees, gain new skills in good paying industries like healthcare, and provides a pathway to advance their careers. (20:00)
For example, a home healthcare worker under this plan will have access to training you need to become an EMT, or a nurse, or physician’s assistant. We won’t just putting millions of Americans to work in new care and early childhood education jobs, we’ll also free up millions more to rejoin the paid workforce. Studies indicate at least 2 million additional jobs will be created; more economic growth for our nation. And the economy as a whole will grow.(20:35)
We can do this. Today I’m laying out a fourth part of my Build Back Better plan advancing racial equity across the American economy, not just part of the other pillar of Build Back Better, but this is in its own right.(20:55)
To start we create a new small business opportunity fund. It dramatically expands on the successful Obama-Biden initiative that generated more than 5 billion and $5 in private equity for every $1 in public investment in a small business, particularly in hard-pressed areas. We’re going to take $30 billion of our Made in American Investment, I announced earlier this year, and put it into this fund. We’ll allow the expanded federal support for the most effective state, local, and nonprofit programs to provide venture capital and financing for minority business owners and communities in need.(21:35)
It will also allow us to support community development banks that have a proven record of investing in minority small businesses. That 30 billion is estimated to leverage 150 billion in new financing and equity for more black and brown small businesses. So our Small Business Opportunity Fund supports and investment in a small manufacturer of color seeking to commercialize a new technology for example. That helps the manufacturer get started. Then private investors, we know, notice the promise of that business and invest their private dollars as well. That helps manufacturers scale and grow. That’s how we’ll make sure that those are the best ideas are not denied the venture capital or financing they need because of race or zip code. (22:32)
And here’s why it matters. Right now we’re in the midst of one of the greatest threats to small businesses our country has ever seen. What Donald Trump doing about it? Well, he’s given big banks the green light to loan millions of dollars that they’re covered for by the federal government, and make millions of dollars in fees by favoring their most well-off and well-connected clients while shutting the door on smaller, black and brown business without these connections.(23:02)
You all remember, some of you covered when I first laid out what I thought needed to be done in the first recovery plan put forward by the Congress, I said, we should use, the president should use the authority he has under the Defense Production Act to force big banks to have to lend to small businesses. They’re guaranteed the loan. We bailed them out before, forced them to lend, but what did they do?(23:32)
“Do you have a credit card with us? Have you established credit with us? Do you have a bank account with us? Do you…” and the list goes on. And they’re denied. The result? Billions of dollars in COVID relief programs for small businesses benefit ones who had lawyers and accountants to help them better connect to businesses, jumped to the head of the line, and the big banks accommodated. (23:55)
Black and brown small businesses that needed the help most got shut out. In fact, just 12%, 12% of black and brown businesses surveyed seeking help, got the aid they asked for. Now half of them say they’re going to have to close up shop. And they’re a major source of employment in America. Our economy can’t afford for them to close; their families can’t afford for them to close. Under my plan 50% of emergency small business relief would be reserved for the smallest businesses of 50 or fewer employers.(24:35)
Right now we’re talking 500. They are small business compared to the Fortune 500, but do you think most people think the neighborhood stores have 500 employees are small business? Right down the main streets, so many small towns around America and big towns, and see them shuttered.
(24:55)
This would help minority-owned business get lifesaving loans before the well-connected businesses jumped to the head of the line. And removing the barriers for black and brown entrepreneurs to start and grow businesses is only one of many things we have to do to close the racial wealth gap in this nation.(25:14)
Expanding black and brown home ownership is another. Today american cities, there are a number, where about 75% of white Americans own their homes, only 25% are black and brown citizens, or black citizens own their homes. Even in the middle class communities of color, the same homes that exist in the white community are often valued significantly less. (25:47)
Those black residents then see their wealth accumulate much more slowly. Many of you are from families like mine, middle class families. Where do we accumulate, where did my parents accumulate any ability to borrow and generate any wealth? In their home. That’s how it got built. That’s a lot of us were about to send our kids to school, borrow against that.(26:11)
When a house is an asset that helps build equity and wealth, the home ownership disparity denies equal opportunity. My housing plan is going to be a major contributor. From a $15,000 first time home buyer tax credit, which means they know once the deal is through they will get paid the down payment, expanding affordable housing… it’s reversing Trump’s efforts to gut fair housing enforcement. He’s now trying to scare the hell out of suburbs saying these rules that Biden and the president put through are going to be, they’re causing you to end up by implication of having those black neighbors next to you. That’s supposed to scare people.(27:04)
We’ll remove the barriers to home ownership that hold back too many Americans of color from a pathway to middle class. We’re also going to have to remove another piece of systemic barrier for too many black and brown Americans. What’s holding back too many people of color from finding a good job and starting a business is a criminal record and follows them every step of the way. (27:32)
Getting caught for smoking marijuana when you’re young, surely shouldn’t deny you the rest of your life being able to have a good paying job, or a career, or a loan, or the ability to rent an apartment. But right now that criminal record is the weight that holds back too many people of color, and many whites as well. The process to seal or expunge those records can be complicated and costly in the states where the records are kept; and life of a second chance passes by.(28:09)
Now some safeguards are necessary, but some do more harm than good. And the more and more states that recognize the significant costs to their economy when people with certain non-violent criminal records can’t fully contribute to their full talents and capacity. But even when the states want to give that person a second chance and seal or expunge a certain non-violent criminal record, the record keeping systems are so outdated they don’t know how to do it. It’s paper spread across different courthouses. (28:42)
Under my plan, if a state decides it wants to implement an automated system for the sealing and expungement of certain non-violent criminal records, if the state chooses to do that, the federal government will help put together the process and allow them the money to be able to know how to organize to do that; organize their system. That’s what racial equity in our economy looks like. (29:08)
Here’s another step we’re going to take under my Build Back Better plan to fully include more people into the deal. We’re going to strengthen the Federal Reserves’ focus on racial economic equity. The Fed has a profound impact on our economy. Most people wouldn’t even think the Fed has anything to do with this. It’s existing mandate promotes maximum employment, and stable prices. Under my plan, I believe the Fed should add to that responsibility, and aggressively target persistent racial gaps in jobs, wages, and wealth, revise its hiring and employment practices and achieve greater diversity at all levels of that institution, including diverse nominees for the board of governors, and the regional federal banks.(29:59)
So when the chairman of the Federal Reserve provides report on the health of our economy, we’ll know if the economy is helping everybody. That’s when racial equity is not just an aspiration, but a theory of change, how to build our economic future to include everyone, include all those remarkable people out there doing extraordinary things given just half a chance.(30:27)
I met a couple, they’re in here somewhere. [ Markivas 00:14:32], where are you? See that young man right there? I hope I’m not embarrassing you, and his lovely wife. Markivas, who I just met backstage, his mom and dad never went to college, and he was 12 when someone handed him an old laptop computer. He took it apart, put it back together. It changed his life. At 17, he got certified to become an IT system specialist.(31:03)
He went to college, studied abroad, came back home, seeing the digital divide in his community, and he started a business getting computers to folks. He’s now 22, married with a little baby, and expecting another. And he has seven employees. His goal is to teach people how to repair and recycle computers and create a workforce development program to get them trained for good paying IT jobs.(31:33)
Pretty incredible. He’s incredible. Some of the people he helped only had eighth grade educations, never used a computer before… five weeks later they know how. Some are now earning $15 an hour for their first job, and for the first time. They’re incredible. He wants to scale up this business, and continue the reinvesting in his community. That’s pure courage- (32:03)
… in his community. That’s pure courage, heart and gut. He never gives up the pursuit of the full promise of America. That’s who we are. That’s what this election is all about. We are America. We don’t settle. We aspire and we succeed. I’ll be happy to take your questions.
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