WASHINGTON, D.C. - Rick Wade, Senior Vice President of Strategic Alliances and Outreach at the U.S. Chamber of Commerce released the following statement regarding the Biden Administration announcement of reforms to increase equity and opportunity for underserved small business owners:
“Increasing federal contracting opportunities for underserved businesses not only helps more Americans realize their entrepreneurial dreams, but also narrows persistent wealth disparities and strengthens the U.S. economy.
“As part of its Equality of Opportunity Initiative, the U.S. Chamber is committed to partnering with the Administration to help strengthen the growth and competitiveness of minority-owned businesses.”
The Administration recently laid out its plan to direct $100 billion in federal contracting and procurement opportunities to small disadvantaged businesses, announcing a set of reforms to the federal procurement process to help meet the President’s target of increasing the share of federal contracts to these businesses. The Chamber supported the codification and strengthening of the Minority Business Development Agency (MBDA) as a key EOI priority.
The U.S. Chamber’s Equality of Opportunity Initiative is working to advance private and public sector solutions to help close race-based opportunity gaps in several key areas including entrepreneurship and wealth. Systemic inequalities in these areas perpetuate broader inequalities in our society, hold back individual and business success, and hinder economic growth.