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CRL Statement on Outcome of 2020 Presidential Race

Saturday, November 7, 2020
Michael Calhoun

WASHINGTON, D.C. - Today, it was announced that Joseph Biden will be the 46th President of the United States along with Kamala Harris as his Vice President.

Center for Responsible Lending President Mike Calhoun released the following statement:

The COVID-19 economic collapse has left the finances of many families in tatters, especially in Black and Brown communities, which have been hit the hardest by the crisis. The situation is dire, making quick enactment of long-overdue relief measures vitally important. To prevent mass foreclosures, evictions, bankruptcies, and other financial catastrophes, President Trump, President-elect Biden, and Congress must pass relief measures like those in the House-passed HEROES Act.

During the campaign, President-elect Biden pledged to address widespread economic inequity and systemic racism, which long predate COVID-19 but have been exacerbated by the crisis. It is imperative for the Biden Administration to carry out this commitment. Tackling these problems, especially the widening and persistent racial wealth gap, requires policymakers – including presidential appointees – to advance bold financial reforms. Change is needed on many fronts, including increased homeownership opportunity, small business lending equity, student debt cancellation, reformed debt collection practices, and the elimination of predatory payday and installment lending.

Both President-elect Biden, who has served as Vice President and Senator, and Vice President-elect Harris, who has served as Senator and California’s Attorney General, have extensive experience to rely on in confronting the economic and racial injustices in our country. Senator Harris has broken down several barriers by becoming the first Black American, the first Indian-American, and the first woman elected as Vice President.

We look forward to working with the Administration and Congress in support of a fair financial marketplace for all.

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Press Contact: matthew.kravitz@responsiblelending.org