While working on a variety of unique policy solutions to close the Black-White Wealth Gap throughout 2020, the National Advisory Council on Eliminating the Black-White Wealth Gap adhered to the principles outlined above. They are specifically targeted at African-Americans, and they build on and expand on various current suggestions that have the potential to minimize the wealth imbalance between black and white households by assisting African-Americans in accumulating greater wealth. Center
The Biden-Harris administration is committed to racial equity.
This proposal, which is based on a Center for American Progress issue brief published in November 2020, recommends that the executive branch explicitly prioritize closing the Black-white wealth gap, which is the result of centuries of oppression having a cumulative and compounding effect on the population. Now is the time for a comprehensive, deliberate, and strategic plan that stretches across the whole federal government and puts in place the actual infrastructure to combat racial disparity in the United States of America. The Biden administration is provided with a menu of possibilities in the issue brief, many of which have already been selected by the administration. 9 They include the establishment of a White House Racial Equity Office, the appointment of a senior adviser to the president on racial equity, the direction of the Office of Management and Budget to conduct racial equity assessments on policy measures, the addition of more principal functions to the National Economic Council that are focused on eliminating the racial wealth disparity, the establishment of an interagency task force that would provide steps each agency could take toward increasing wealth for Black communities, and the creation of a White House Racial Equity Office The alternatives on this list are designed to provide methods through which the federal government—including the White House and federal agencies—could hold itself accountable to the goal of putting race and equity at the heart of policymaking decisions.