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Bob Johnson says Biden’s Build Back Better bill needs to direct money to Black-owned businesses


Bob Johnson, the founder of BET told CNBC that Tuesday’s Biden Administration needed to make additional progress in the Build Back Better plan for closing the wealth gap between Black Americans (and white Americans)

“What can you do for Black wealth? That’s what I see,” Johnson stated. Johnson explained that you need to make more capital available for Black businessmen and women who wish to create employment, wealth, or create growth opportunities. That’s the missing piece in the Build Back better Act.

Johnson (75) is America’s first Black billionaire. He sold BET To Viacom in 2001. Soon after the sale, he founded The RLJ Cos. He has since left the company. Forbes billionaires list.

As a thought leader in the Black community, Johnson last year said that Black History Month — in February each year — should focus more on future opportunities.

The interview was conducted Tuesday on “Squawk BoxJohnson claimed that $1.75 Trillion Build Back Better was never intended for closing the Black wealth gap. Johnson said it also failed to provide provisions that were cost-free, but still helped Black Americans save.

Entrepreneur and outspoken critic of Republicans and Democrats for failing to do enough for Black Americans, he has repeatedly criticized them. He called for 2020. $14 trillion of reparations for slaveryThese are some suggestions for Black Americans form their own political party.

Johnson explained to CNBC that car affordability would reduce the number of 401(k), cash-outs Black Americans must make for job changes. He said that requiring all businesses to provide auto affordability would put over $1 billion into Black Americans’ retirement savings.

It isn’t a job to close the Black wealth gap. This doesn’t give us more money to consume. Johnson stated that it gives us greater access to wealth sustainability. 

Build Back Better stalled in December after Sen. Joe ManchinD-W.Va. Representative Jeremy Johnson said he won’t vote in favor of the bill. It needs to be supported by all Senate Democrats for it to become law. Already, the legislation passed the House. Biden said recently that he would break up the bill to allow for spending more than 500 billion on climate change.

Johnson has also ralliedCongress must pass the Better Opportunity and Outcomes for Talents Socially Disabled Act (or BOOST) Tuesday. This act is considered the “most significant method to provide capital for Black business.” 

It proposes that $30 billion be provided to businesses investing in companies owned by individuals of color. Tax deductions will also be available to people who later sell shares in these businesses when they become more valuable.

Johnson said that he has put aside his support for reparations, saying neither party on the political spectrum had offered solid support.

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