White House Commits to Speedy, Fair Allocation of Public Funds

Gavel on a pile of hundred-dollar bills.

The White House has committed to swiftly and equitably distributing public funds to address community needs, but how will this initiative play out?

At a Glance

Bidenomics aims to grow the economy from the middle out and the bottom up.
Key legislative acts under the Investing in America agenda are designed to promote equitable community development.
A new policy memorandum directs federal agencies to advance equitable development in urban areas.
Several new measures aim to bolster small businesses, housing, transportation, and community finance markets.

Bidenomics and the American Rescue Plan

Bidenomics focuses on growing the economy from the middle out and the bottom up. The concept involves promoting equitable economic growth, ensuring that benefits are felt by the middle class and lower-income communities. This strategy is reinforced through a variety of actions, including the American Rescue Plan, which targets relief efforts for pandemic-affected communities.

The administration’s Investing in America agenda includes the Bipartisan Infrastructure Law (BIL), CHIPS and Science Act, and Inflation Reduction Act (IRA). These initiatives aim to fortify the nation’s infrastructure, expand scientific research, and curb inflation, all while ensuring equitable distribution of resources. Federal investments are particularly geared towards housing, small businesses, climate resilience, and transportation to support local economies.

Promoting Equitable Community Development

The Biden-Harris Administration introduced a new policy memorandum that directs federal agencies to advance equitable development in urban areas. This involves building community wealth and supporting local economies through measures like the Reconnecting Communities Pilot program launched by the Department of Transportation. Additionally, the Department of Housing and Urban Development has proposed the new Affirmatively Furthering Fair Housing Rule.

“President Biden and I have been working to grow an economy that works for all people,” said Vice President Harris. “Today’s announcement builds on these efforts and will help make sure that our Administration’s historic investments in infrastructure, clean energy, and manufacturing reach all communities as we build a future where all Americans — no matter zip code— can thrive.”

The Interagency Community Investment Committee (ICIC) plays a pivotal role, adopting a ‘no wrong door’ policy to assist small businesses and entrepreneurs. ICIC aims to improve federal community investment programs for underserved communities and supports community finance market development through better access to secondary markets. Measures also include connecting rural communities to capital for small businesses, affordable housing, and workforce training.

Restoring and Strengthening Democracy

The Biden-Harris Administration focuses on restoring and strengthening American democracy. This includes prioritizing equity and racial justice since its inception. Actions to protect voting rights include doubling the number of voting rights attorneys, making voter registration easier, and combating misinformation. The administration also released the first-ever U.S. Strategy on Countering Corruption to fight corruption and promote human rights.

Key legislative priorities include the Freedom to Vote Act and the John Lewis Voting Rights Advancement Act, aimed at protecting voting rights. President Biden also convened a Summit for Democracy to address global threats to democracy and share best practices. The bipartisan Infrastructure Investment and Jobs Act (IIJA) aims to create jobs, grow the economy, and demonstrate that democracy can deliver results.

President Biden’s Bipartisan Safer Communities Act is delivering funding to train and hire 14,000 mental health professionals – including school psychologists, counselors, and social workers – to work in our schools. pic.twitter.com/UVM4QIhaB8

— The White House (@WhiteHouse) June 21, 2024

Conclusion

The Biden-Harris Administration has taken considerable steps to ensure equitable distribution of public funds, aiming to tackle urgent community issues while fostering trust in the management of public resources. Key legislative measures and policy changes are intended to promote economic growth from the middle out and the bottom up while creating a more democratic society. As these initiatives unfold, the focus on transparency and accountability will remain central to their execution.

Efforts to drive stronger economic growth focus on addressing opportunity gaps, with federal agencies releasing 2023 Equity Action Plans outlining over 100 strategies to break down systemic barriers. Areas of focus include increasing access to federal contracts, reducing housing discrimination, advancing environmental justice, and tackling health disparities.