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Kamala Harris Leads SME Initiatives in White House Recovery Plan

Vice President Kamala Harris spoke on April 23, 2021 during a broadband Internet listening session at the New Hampshire Electric Cooperative in Plymouth, New Hampshire, when he visited the state to promote the government’s economic plans.

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Vice President Kamala Harris leads as a small business ambassador, especially in undervalued areas, as the White House seeks to market President Joe Biden’s trillion-dollar rescue and restoration plans nationwide. Plays a role.

On Wednesday, she will meet with Rhode Island’s women-led SMEs and Secretary of Commerce Gina Raimondo to discuss what Harris calls a “national emergency” for women leaving the workforce.

Harris held an event at the Black Chamber of Commerce and spoke directly with community lenders working with Native American tribes.

Behind the scenes, Harris urged the country’s largest bank to seek federal bailouts from the smallest players. In February, Harris called JPMorgan Chase chief Jamie Dimon and Bank of America CEO Brian Moinihan to increase paycheck protection program lending, minority and low-income officials said. Encouraged to reach out to the community.

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“A key part of the solution to move that needle was to work with JPM and BofA to ensure that we had the support we needed to drive those priorities.” Officials told CNBC. “These will be huge players in PPP in terms of achieving exactly those goals because of the scale they bring.”

A Bank of America spokesman described the conversation as “productive.”

JPMorgan’s representative did not immediately respond to CNBC’s request for comment.

JP Morgan has played a role in providing government-sponsored loans to SMEs during a pandemic, but Dimon is skeptical of the scale of Biden’s economic proposal.

On Tuesday, Dimon warned against excessive federal spending. At The Wall Street Journal’s CEO Council, he warned that spending money on problems wouldn’t fix the economy and blamed government regulations to hinder growth.

Also, according to the latest CNBC / SurveyMonkey poll, the majority of SMEs support government infrastructure plans, but 59% believe that corporate tax rates should not be raised to pay for them. I will.

This week’s White House “Getting Back on Track Tour” aims to alleviate these concerns. Harris used her public space this week to bring small businesses to work as part of the administration’s economic challenges, as well as to reduce the structural racial inequality revealed during the pandemic. Introducing.

Harris’ Chief Economic Advisor Michael Pile told CNBC, “We are aware that we will reach low- and middle-income communities and reach sole proprietorships that are biased towards the color community. It was about the survival of many of our businesses. “

The public and private focus on small businesses is Harris’s portfolio, as the White House wants to take advantage of Washington’s democratic dominance to go through a fast-paced series of radical reforms. Part of an attempt to define. Education; Review of immigration system. Voting rights; deal with police illegal activities.

Already, Biden has asked Harris to oversee the diplomatic support surrounding the surge in border crossings and the quest for universal broadband. Pile said Harris’ focus on small businesses and lenders dates back to his inauguration. She helped secure $ 12 billion for community development financial institutions in the Covid bailout package during negotiations with the Republicans in December.

“Part of what Americans want is to set their course and control the opportunities to build their destiny, wealth and success. Small businesses are at the heart of that vision,” Pile said. Said. “Too often, the process of starting a small business and getting capital to start a small business wasn’t there because of the many poorly serviced communities in this country.”

Brian Brokaw, one of Harris’s longtime campaign advisers, said the Vice President’s interest in the matter goes even further. During the first elections in California, Harris took a “merchant walk” in San Francisco’s immigrant district, stopping at each store and talking to the owner. As a district attorney, and later as state attorney president, Harris launched a program to help criminals re-enter the workforce.

“For many of these low-level criminals, the best way to get out of the recidivism cycle was to equip them with vocational training and skills so they could support them,” Brokau said. Said. “She is always aware of the link between wise criminal justice reform and economic policy.”

Kamala Harris Leads SME Initiatives in White House Recovery Plan

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