Roland Martin
@rolandsmartin·1.9M subscribers·31.6K videos
Absolutely Shameful: Three Major Banking Groups Fight $4B Debt Relief Plan For Black Farmers
Posted
May 22, 2021
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4,254
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1:38Now PlayingThe Department of Agriculture is clearing the way for nearly 13,000 Black and other minority farmers to see thousands of dollars in loan forgiveness beginning in June.
Nearly $4 billion of the American Rescue Plan Act is allocated for debt relief for disadvantaged farmers of color in hopes of remedying centuries of government discrimination.
But the relief plan for disadvantaged farmers, touted by Senator Raphael Warnock, has been delayed for months. Earlier today, the USDA began notifying eligible applicants the money is now available.
The new program aimed at repairing the department's discriminatory legacy faces backlash from white farmers who sued the USDA to stop the initiative. They're claiming it's reverse discrimination. Three major banking groups are complaining the program undercuts their profits and affects future loans.
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