Joe Biden

Readout of White House Listening Session: Bolstering the U.S. Economy by Closing the Racial Wealth Gap

February 23, 2023

On Wednesday, in celebration of Black History Month, the White House Office of Public Engagement hosted a listening session with over 70 Black venture capital (VC) and private equity (PE) stakeholders titled Bolstering the U.S. Economy by Closing the Racial Wealth Gap. The discussion was moderated by Under Secretary Don Cravins from the Minority Business Development Agency, which was permanently authorized under President Biden's leadership, granting the agency expanded power to support Black-and other minority-owned businesses.

Biden-Harris Administration officials shared information about programs available to stakeholders that promote economic growth in the Black community. Stakeholders shared the ways in which the cultivation of a Black investor class and utilization of VC and PE can promote Black wealth creation.

Throughout the past two years, the Biden-Harris Administration has implemented legislation, developed programs, and appropriated funds to deliver equitable outcomes and opportunities for Black Americans.

The stakeholders applauded the Biden-Harris Administration's ongoing commitment to racial equity and its connection to economic growth and mobility.

The stakeholders included:

  • Christal Jackson, Founder, Mosaic Genius
  • Eric Tait, Founder, Vernonville Asset Management
  • Health Butler, Co-Founder, Innovation Center for Urban Entrepreneurship
  • Lenny Saizan Jr., Co-Founder, Urban Capital Network
  • Lola C. West, Co-Founder & Managing Director, Westfuller Advisors
  • Marcus Glover, Managing Partner, Lockstep Ventures
  • Marlon Nichols, Founding Managing Partner, MaC Venture Capital
  • McKeever "Mac" Conwell, Founder & Managing Partner, RareBreed Ventures
  • Michael Loeb, Co-Founder & Advisor, Lockstep Ventures
  • Monique Idlett, CEO, Reign Ventures
  • Phil Spencer, CEO, Vyve Broadband

From the Biden-Harris Administration:

  • Gina Raimondo, Secretary of Commerce
  • Keisha Lance Bottoms, Senior Advisor to the President for Public Engagement
  • Don Cravins, Under Secretary of Commerce, Minority Business Development Agency
  • Alejandra Castillo, Assistant Secretary of Commerce, Economic Development Administration
  • Tara Murray, Special Assistant to the President, Deputy Director, White House Office of Public Engagement

Joseph R. Biden, Readout of White House Listening Session: Bolstering the U.S. Economy by Closing the Racial Wealth Gap Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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