The White House on Thursday unveiled plans to ask federal agencies to direct at least 11% of contract dollars spent to disadvantaged small businesses next year, up from an average of 9.8% over the last five years. The small increase, which would go well beyond the 5% required by law, is part of a bid to harness the federal government’s hefty buying power to boost equity, the White House said. “President Biden’s committed to leveraging every tool available to him and helping level the playing field for small and underserved businesses … as a way to narrow the racial wealth gap,” a senior administration official told reporters on a briefing call prior to the announcement.
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