WASHINGTON, D.C. – President Joe Biden signed the $1.9 trillion American Rescue Plan Act into law on Thursday.
In response, Center for Responsible Lending (CRL) President Mike Calhoun made the following statement:
We applaud President Biden for passing this historic legislation that will be paramount to benefitting millions of Americans, including Black, Latino, and low-income families, as well as Black women – groups that typically had far less of a financial backstop to begin with due to pervasive institutional racism in our country.
The American Rescue Plan (ARP) addresses many financial challenges low-to-moderate income families and people of color face. It builds on the CARES Act, passed in March, and the COVID-19 Economic Relief Bill, passed in December, and provides substantial additional relief and historic reforms that start to address longstanding injustices.
The American Rescue Plan furthers an inclusive economy that centers on racial justice and builds a foundation for additional essential reforms. Equitable housing investment and policy, student debt relief and reform, and grants for struggling small businesses, particularly those owned by people of color, must be a part of the infrastructure and recovery plan to come. We are hopeful for the nation’s future and look forward to working with the President and with Congress on enacting a plan for these communities to achieve financial security, build wealth, and thrive, all while stimulating the overall economy.
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