evidence: In direct contrast, closing the racial wealth gap has been central to the Biden-Harris Administration’s economic agenda, and the progress we are making under the President’s leadership is delivering for communities nationwide, including Black Americans. The President’s announcements today to build on this progress include: [...] Rooting out bias in appraisals can help narrow the racial wealth gap. According to a recent study, eliminating racial disparities in the amount of wealth families gain from owning a home would narrow the wealth gap by 16% between Black and white households and by 41% between Latino and white households. [...] Increasing federal investments in under-resourced businesses not only helps more Americans realize their entrepreneurial dreams and strengthens the supplier base, but also narrows persistent wealth disparities. According to analysis from the White House Council of Economic Advisers, eliminating racial disparities in business ownership rates would narrow the wealth gap by an additional 22% between Black and white households and by an additional 17% between Latino and white households. Recognizing this historic opportunity, in 2021, the President set a bold goal of increasing the share of the more than $630 billion in contracting dollars going to SDBs each year, including Black, Latino and Asian American-owned small businesses, to 15% by 2025—or an increase of 50% from 2010.