1 00:00:00,040 --> 00:00:03,600 Speaker 1: An illegal alien from Guatemala charged with raping a child 2 00:00:03,680 --> 00:00:07,480 Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador 3 00:00:07,720 --> 00:00:11,840 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 4 00:00:11,920 --> 00:00:15,840 Speaker 1: filming and selling child pornography in Michigan. These are just 5 00:00:15,920 --> 00:00:19,680 Speaker 1: some of the heinous migrant criminals caught because of President 6 00:00:19,720 --> 00:00:20,159 Speaker 1: Donald J. 7 00:00:20,239 --> 00:00:21,200 Speaker 2: Trump's leadership. 8 00:00:21,480 --> 00:00:25,079 Speaker 1: I'm Christy nom the United States Secretary of Homeland Security. 9 00:00:25,440 --> 00:00:29,200 Speaker 1: Under President Trump, attempted illegal border crossings are at the 10 00:00:29,240 --> 00:00:33,080 Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal 11 00:00:33,120 --> 00:00:36,920 Speaker 1: aliens have been arrested. If you are here illegally, your 12 00:00:37,040 --> 00:00:41,160 Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned, 13 00:00:41,479 --> 00:00:45,120 Speaker 1: and deported. You will never return. But if you register 14 00:00:45,440 --> 00:00:48,520 Speaker 1: using our CBP home app and leave now, you could 15 00:00:48,560 --> 00:00:51,280 Speaker 1: be allowed to return legally. Do what's right. 16 00:00:51,840 --> 00:00:52,720 Speaker 2: Leave now. 17 00:00:53,040 --> 00:00:57,840 Speaker 1: Under President Trump, America's laws, border and families will be protected. 18 00:00:57,920 --> 00:01:00,000 Speaker 3: Sponsored by the United States Department of Homeland Security. 19 00:01:00,160 --> 00:01:03,279 Speaker 4: Well, first and foremost, thank you for inviting us to 20 00:01:03,280 --> 00:01:06,759 Speaker 4: have this conversation is something that we are definitely looking 21 00:01:06,760 --> 00:01:07,120 Speaker 4: forward to. 22 00:01:07,280 --> 00:01:08,560 Speaker 2: For sure, me too. Thank you. 23 00:01:08,760 --> 00:01:10,959 Speaker 4: So my first question is how are you and the 24 00:01:11,000 --> 00:01:15,480 Speaker 4: President building an economy that provides an opportunity. 25 00:01:14,840 --> 00:01:19,360 Speaker 2: For So let me start by one thanking Donald Boone 26 00:01:19,360 --> 00:01:22,840 Speaker 2: for that introduction and being here. He is one of 27 00:01:22,880 --> 00:01:27,320 Speaker 2: the almost fifty entrepreneurs that I invited to my office 28 00:01:27,319 --> 00:01:32,360 Speaker 2: at the White House last summer to talk about their 29 00:01:32,440 --> 00:01:36,000 Speaker 2: work and so I could listen to them and learn 30 00:01:36,520 --> 00:01:38,920 Speaker 2: what we needed to do to get the word out 31 00:01:39,200 --> 00:01:44,160 Speaker 2: about what we are doing. And this Economic Opportunity Tour, 32 00:01:44,319 --> 00:01:46,440 Speaker 2: as much as anything, was born out of that and 33 00:01:46,480 --> 00:01:49,480 Speaker 2: then a dinner that the three of us had at 34 00:01:49,480 --> 00:01:55,440 Speaker 2: my house, and is therefore about being on the road 35 00:01:56,520 --> 00:02:00,040 Speaker 2: to let folks know what is available to them the 36 00:02:00,200 --> 00:02:04,840 Speaker 2: spirit of understanding. We have so many entrepreneurs. We have 37 00:02:05,120 --> 00:02:12,919 Speaker 2: so many people who have incredible ideas. They are innovative, hardworking, ambitious, 38 00:02:13,560 --> 00:02:17,760 Speaker 2: have aspirations, have vision. None of that we lack for 39 00:02:17,960 --> 00:02:22,800 Speaker 2: in the community. But for most folks, we lack access 40 00:02:22,800 --> 00:02:26,600 Speaker 2: to the resources that will feed those ambitions and those aspirations. 41 00:02:27,200 --> 00:02:30,720 Speaker 2: I chose Atlanta to be the kickoff for this Economic 42 00:02:30,760 --> 00:02:34,760 Speaker 2: Opportunity Tour for many reasons that include one of the 43 00:02:34,880 --> 00:02:36,919 Speaker 2: leaders who is among us, and I would ask us 44 00:02:36,919 --> 00:02:39,720 Speaker 2: to rise and applaud him, and that is Ambassador Andy Young, 45 00:02:47,400 --> 00:02:51,919 Speaker 2: who is here with his wife Caroline, and I will 46 00:02:51,960 --> 00:02:54,919 Speaker 2: tell you as a point of personal privileged, Ambassador Young 47 00:02:54,960 --> 00:02:58,560 Speaker 2: has been an advisor to me, a mentor to me, 48 00:02:58,600 --> 00:03:05,560 Speaker 2: and a friend and has always talked about his vision, 49 00:03:05,680 --> 00:03:10,800 Speaker 2: his shared vision with doctor King about the vision for 50 00:03:10,880 --> 00:03:16,400 Speaker 2: America that included a vision that was about fighting for 51 00:03:16,480 --> 00:03:20,240 Speaker 2: civil rights and understanding that to achieve true equality, we 52 00:03:20,320 --> 00:03:24,360 Speaker 2: have to also have an economic agenda, and that agenda 53 00:03:24,720 --> 00:03:30,960 Speaker 2: must include speaking to people's ambitions that yes, everybody wants 54 00:03:31,000 --> 00:03:33,680 Speaker 2: a job, and President Joe Biden and are very proud 55 00:03:33,680 --> 00:03:37,160 Speaker 2: that in our administration we have brought black unemployment down 56 00:03:37,200 --> 00:03:44,240 Speaker 2: to historic lows. But that's a baseline. We also are 57 00:03:44,280 --> 00:03:47,720 Speaker 2: focused on something Ambassador Young has talked so much about, 58 00:03:47,760 --> 00:03:53,920 Speaker 2: which is creating opportunity for people to build wealth and 59 00:03:54,040 --> 00:03:59,240 Speaker 2: to thereby not only strengthen their family. Donald bum talked 60 00:03:59,280 --> 00:04:03,000 Speaker 2: about that, but strengthen the economy of the community as 61 00:04:03,040 --> 00:04:06,320 Speaker 2: a whole, and everybody in society benefits. So that's why 62 00:04:06,360 --> 00:04:09,480 Speaker 2: I'm here and to talk about what we have done, 63 00:04:09,600 --> 00:04:11,960 Speaker 2: whether it be an extension of the work I did 64 00:04:12,040 --> 00:04:14,560 Speaker 2: in the United States Senate to get twelve billion more 65 00:04:14,640 --> 00:04:17,520 Speaker 2: dollars into community banks or the work that we have 66 00:04:17,560 --> 00:04:20,240 Speaker 2: done and you heard the panel earlier today that is 67 00:04:20,320 --> 00:04:24,320 Speaker 2: about uplifting our capacity through the Treasury Department. I want 68 00:04:24,360 --> 00:04:26,719 Speaker 2: to thank Secretary Yellen in her absence for what she 69 00:04:26,760 --> 00:04:29,920 Speaker 2: has done to be a partner to me around focusing 70 00:04:30,440 --> 00:04:33,040 Speaker 2: on a number of issues that are about access to capital, 71 00:04:33,080 --> 00:04:36,960 Speaker 2: but with a focus also on minority owned businesses. And 72 00:04:37,000 --> 00:04:41,960 Speaker 2: then what we did to create the Economic Opportunity Coalition, 73 00:04:42,120 --> 00:04:47,560 Speaker 2: which is Bank of America, Wells Fargo, Bank, Google and 74 00:04:47,640 --> 00:04:51,320 Speaker 2: getting private equity to invest in community banks, some of 75 00:04:51,320 --> 00:04:55,400 Speaker 2: the local community banks being represented here to increase access 76 00:04:55,400 --> 00:04:58,760 Speaker 2: to capital so that our entrepreneurs in the community have 77 00:04:58,880 --> 00:05:03,040 Speaker 2: a place to go where it's the people who are 78 00:05:03,040 --> 00:05:07,159 Speaker 2: doing the lending, know the community, know the capacity of 79 00:05:07,200 --> 00:05:10,200 Speaker 2: the community, know the moraise of the community, and can 80 00:05:10,240 --> 00:05:15,679 Speaker 2: provide not only capital, but the knowledge that so many 81 00:05:15,720 --> 00:05:17,760 Speaker 2: need to understand how to run a business. You have 82 00:05:17,800 --> 00:05:19,600 Speaker 2: a great idea, but you don't necessarily know how to 83 00:05:19,640 --> 00:05:24,159 Speaker 2: run a payroll, don't necessarily know what kind of system 84 00:05:24,160 --> 00:05:27,400 Speaker 2: there is for business taxes in a way that allows 85 00:05:27,440 --> 00:05:31,320 Speaker 2: you to maximize your resources. Don't necessarily know how are 86 00:05:31,320 --> 00:05:35,920 Speaker 2: you going to keep up your inventory and don't necessarily 87 00:05:36,000 --> 00:05:40,719 Speaker 2: know what is available in terms of creating access to markets. 88 00:05:41,720 --> 00:05:43,680 Speaker 2: So you have a good product, but you need access 89 00:05:43,720 --> 00:05:46,279 Speaker 2: to markets. So the work that we have been doing 90 00:05:46,320 --> 00:05:48,400 Speaker 2: over the last three years has been focused on all 91 00:05:48,440 --> 00:05:53,120 Speaker 2: of these areas and also understanding the context in which 92 00:05:53,160 --> 00:05:59,160 Speaker 2: we exist, which is the long standing disparities, and understanding 93 00:05:59,200 --> 00:06:01,480 Speaker 2: that in spite of the those who in certain parts 94 00:06:01,480 --> 00:06:05,800 Speaker 2: of our country want to attack DEI, we understand that 95 00:06:05,880 --> 00:06:09,200 Speaker 2: you can't truly invest in the strength of our nation 96 00:06:09,480 --> 00:06:12,839 Speaker 2: if you don't pay attention to diversity, equity, and inclusion 97 00:06:15,000 --> 00:06:21,839 Speaker 2: of panic. We are, for example, paying attention to the 98 00:06:21,880 --> 00:06:24,359 Speaker 2: fact that in order for any family or individual to 99 00:06:24,400 --> 00:06:28,640 Speaker 2: have economic well being, much less the opportunity to create wealth, 100 00:06:29,240 --> 00:06:33,440 Speaker 2: we need to take into account the history of, for example, 101 00:06:33,880 --> 00:06:36,440 Speaker 2: the ability of black folks in America to own a home. 102 00:06:38,240 --> 00:06:41,000 Speaker 2: Let's go far back enough. We can go even further, 103 00:06:41,200 --> 00:06:43,359 Speaker 2: but let's go far back enough to remember the GI 104 00:06:43,480 --> 00:06:50,120 Speaker 2: Bill that was a promise by our nation to invest 105 00:06:50,160 --> 00:06:54,120 Speaker 2: in who we called the Greatest generation who fought in 106 00:06:54,160 --> 00:06:58,359 Speaker 2: that war. And so there was a policy that said, 107 00:06:58,880 --> 00:07:03,000 Speaker 2: let us reward them for fighting for our nation and 108 00:07:03,040 --> 00:07:06,640 Speaker 2: all that we hold sacred. And give them access to 109 00:07:06,760 --> 00:07:12,960 Speaker 2: loans for home ownership. And the reality, however, of a 110 00:07:13,000 --> 00:07:16,040 Speaker 2: well intentioned plan is that it was not well intentioned 111 00:07:16,040 --> 00:07:18,000 Speaker 2: in the way it was implemented for a lot of people, 112 00:07:18,600 --> 00:07:23,360 Speaker 2: in that black veterans did not receive an equal measure 113 00:07:24,120 --> 00:07:27,880 Speaker 2: those loans. And so, where as a whole population people 114 00:07:28,480 --> 00:07:32,080 Speaker 2: had public policy that was about federal investment on lifting 115 00:07:32,160 --> 00:07:37,400 Speaker 2: people up, certain folks and black folks in particular veterans 116 00:07:37,520 --> 00:07:40,120 Speaker 2: did not receive the benefit. So now look at the 117 00:07:40,160 --> 00:07:43,680 Speaker 2: disparity that's created even by that. We look at the 118 00:07:43,720 --> 00:07:47,120 Speaker 2: history of redlining, We look at the history of segregation. 119 00:07:47,680 --> 00:07:49,960 Speaker 2: We remember what happened. I know we're going to talk 120 00:07:50,000 --> 00:07:53,800 Speaker 2: about about these urban plans and what that did to 121 00:07:53,880 --> 00:07:59,480 Speaker 2: cut freeways across communities and limit their access to commerce. 122 00:08:00,200 --> 00:08:02,880 Speaker 2: We look at what we've been dealing with as an 123 00:08:02,920 --> 00:08:07,239 Speaker 2: administration around bias and home appraisals even to this day, 124 00:08:07,800 --> 00:08:10,440 Speaker 2: where it is well documented that when a black family 125 00:08:11,120 --> 00:08:14,360 Speaker 2: in certain places is trying to get an appraisal for 126 00:08:14,400 --> 00:08:17,000 Speaker 2: their home, be it to get a second loan or 127 00:08:17,040 --> 00:08:20,480 Speaker 2: to sell it, they're praised at a lower value than 128 00:08:20,520 --> 00:08:24,760 Speaker 2: a similar situated white family. And so these are some 129 00:08:24,840 --> 00:08:26,680 Speaker 2: of the areas that we are focused on through our 130 00:08:26,680 --> 00:08:31,800 Speaker 2: economic policies. We've been dealing with student loan debt, understanding 131 00:08:31,960 --> 00:08:35,760 Speaker 2: that you know, black students are much more likely to 132 00:08:35,840 --> 00:08:39,560 Speaker 2: take out a pell grant. We've seen an increase in 133 00:08:39,559 --> 00:08:44,080 Speaker 2: tuition over the years, but the increase in pell grants 134 00:08:44,080 --> 00:08:46,280 Speaker 2: has not been commensurate with that. We're working on that 135 00:08:46,360 --> 00:08:50,040 Speaker 2: a bit, but student loan debt and the forgiveness of 136 00:08:50,080 --> 00:08:53,640 Speaker 2: that as a way to allow people to have more 137 00:08:53,720 --> 00:08:55,920 Speaker 2: assets that they can then put into buying a home 138 00:08:56,559 --> 00:08:59,959 Speaker 2: or building a business. So these are some of the 139 00:09:00,200 --> 00:09:02,080 Speaker 2: examples of what we've been doing. We've been focused on 140 00:09:02,120 --> 00:09:05,520 Speaker 2: medical debt. Let me just add that medical debt can 141 00:09:05,559 --> 00:09:08,559 Speaker 2: be one of the fastest ways that somebody can go bankrupt, 142 00:09:09,720 --> 00:09:12,160 Speaker 2: and often that medical debt is a crew because of 143 00:09:12,200 --> 00:09:16,200 Speaker 2: some medical emergency that someone or someone in their family 144 00:09:16,240 --> 00:09:19,440 Speaker 2: has experienced that they didn't have the savings or the 145 00:09:19,440 --> 00:09:23,400 Speaker 2: anticipation for. And we have now put in place a 146 00:09:23,480 --> 00:09:26,400 Speaker 2: rule that is in the process of being implemented where 147 00:09:26,760 --> 00:09:31,240 Speaker 2: we have required that medical debt cannot be a part 148 00:09:31,320 --> 00:09:41,120 Speaker 2: of your credit score, and medical debt cannot be considered 149 00:09:41,280 --> 00:09:45,240 Speaker 2: when your credit is being evaluated for a car loan, 150 00:09:45,280 --> 00:09:47,760 Speaker 2: a home loan, things of that nature. So these are 151 00:09:47,800 --> 00:09:49,280 Speaker 2: some examples of what we've been doing. 152 00:09:49,520 --> 00:09:51,920 Speaker 3: Yeah, I want to say with that theme of access, 153 00:09:51,960 --> 00:09:54,840 Speaker 3: because it's a real issue. When we talked about access, 154 00:09:54,920 --> 00:09:57,960 Speaker 3: especially communities of color, we've lacked it. A lot of 155 00:09:57,960 --> 00:10:00,240 Speaker 3: it has been done for many reasons, but specific then 156 00:10:00,280 --> 00:10:02,920 Speaker 3: you kind of alluded to it urban renewal. So I'm 157 00:10:02,920 --> 00:10:05,679 Speaker 3: interested in knowing what work is being done to address 158 00:10:05,679 --> 00:10:07,040 Speaker 3: some of these historic inequities. 159 00:10:08,440 --> 00:10:13,800 Speaker 2: So during the late fifties and sixties, there was this 160 00:10:13,840 --> 00:10:18,160 Speaker 2: whole policy push, national policy push that was called urban renewal. 161 00:10:19,400 --> 00:10:23,120 Speaker 2: But what it ended up doing was and it was 162 00:10:23,120 --> 00:10:27,280 Speaker 2: supposed to be about making life easier for people that 163 00:10:27,400 --> 00:10:30,720 Speaker 2: live in the areas where it happened, but essentially it 164 00:10:30,760 --> 00:10:35,680 Speaker 2: was about a policy that was directed in making it 165 00:10:35,800 --> 00:10:40,880 Speaker 2: many people will say easier for folks who had wealth 166 00:10:40,920 --> 00:10:43,720 Speaker 2: and means to move to the suburbs and still have 167 00:10:43,800 --> 00:10:48,360 Speaker 2: access to the to downtown. I'm oversimplifying it, but that's 168 00:10:48,440 --> 00:10:52,880 Speaker 2: essentially it. And you see across the country. I'm going 169 00:10:52,920 --> 00:10:55,080 Speaker 2: to be in Detroit on this tour of being Milwaukee. 170 00:10:55,400 --> 00:10:57,679 Speaker 2: As y'all know, I'm from California from the Bay area. 171 00:10:57,760 --> 00:11:01,480 Speaker 2: We saw it there where these these freeways were built 172 00:11:01,520 --> 00:11:08,040 Speaker 2: and basically to cut through communities, which bifurcated the community 173 00:11:08,400 --> 00:11:12,400 Speaker 2: so that folks couldn't have easy access to let's say 174 00:11:12,440 --> 00:11:14,960 Speaker 2: that the small businesses from where they lived, and it 175 00:11:15,120 --> 00:11:19,640 Speaker 2: ended up decimating these communities for years. So what we 176 00:11:19,800 --> 00:11:25,120 Speaker 2: have been doing through our Infrastructure Bill is putting resources 177 00:11:25,160 --> 00:11:30,520 Speaker 2: into basically reconnecting communities. So here in Atlanta, for example, 178 00:11:31,679 --> 00:11:35,360 Speaker 2: a freeway seventy five and eighty five. What we are 179 00:11:35,400 --> 00:11:38,400 Speaker 2: doing is dealing with the fact that I guess there 180 00:11:38,440 --> 00:11:42,040 Speaker 2: was a division from Sweet Auburn from downtown and what 181 00:11:42,120 --> 00:11:46,000 Speaker 2: we need to do to reconnect by creating basically pathways 182 00:11:46,000 --> 00:11:50,760 Speaker 2: that include over that pathway, creating parks, but literally the 183 00:11:50,760 --> 00:11:56,120 Speaker 2: infrastructure and recreating that infrastructure so we can reconnect communities. 184 00:11:56,160 --> 00:11:58,480 Speaker 2: So here in Atlanta, there's going to be one hundred 185 00:11:58,480 --> 00:12:01,160 Speaker 2: and fifty eight million dollars out of our Infrastructure Bill 186 00:12:01,640 --> 00:12:03,560 Speaker 2: that will do that work, and it's going to create 187 00:12:03,600 --> 00:12:11,000 Speaker 2: we estimate about thirteen thousand jobs, and also focused on 188 00:12:11,040 --> 00:12:13,400 Speaker 2: affordable housing, which was one of the big issues that 189 00:12:13,400 --> 00:12:17,760 Speaker 2: we're facing as a country. 190 00:12:18,880 --> 00:12:23,080 Speaker 4: Another major issue for entrepreneurs is access to capital. We 191 00:12:23,120 --> 00:12:25,080 Speaker 4: know that I think less than one percent goes to 192 00:12:25,160 --> 00:12:29,800 Speaker 4: black businesses. So what are some steps that you guys 193 00:12:29,840 --> 00:12:34,680 Speaker 4: are doing to kind of correct that issue which suffocates 194 00:12:34,760 --> 00:12:37,480 Speaker 4: a lot of businesses from getting started or from expanding. 195 00:12:40,400 --> 00:12:45,800 Speaker 2: So here's where I come to this point. None of 196 00:12:45,880 --> 00:12:53,320 Speaker 2: us have achieved success without support, none of us and 197 00:12:53,920 --> 00:13:00,840 Speaker 2: without someone or people who understood are our talent and 198 00:13:00,880 --> 00:13:03,839 Speaker 2: our dreams and encouraged us to achieve it and showed 199 00:13:03,880 --> 00:13:07,440 Speaker 2: us how to achieve it. And as much as anything, 200 00:13:07,480 --> 00:13:12,040 Speaker 2: the spirit behind the push for access to capital, and 201 00:13:12,080 --> 00:13:16,600 Speaker 2: in particular on this tour focusing on minority small businesses 202 00:13:16,600 --> 00:13:20,520 Speaker 2: and black owned small businesses and small businesses and entrepreneurs 203 00:13:20,520 --> 00:13:24,280 Speaker 2: who are black men, is to recognize the disparities that 204 00:13:24,320 --> 00:13:30,520 Speaker 2: have existed around the access to the opportunity to achieve success. Again, 205 00:13:30,600 --> 00:13:34,720 Speaker 2: I will say, because success is almost always a function 206 00:13:35,040 --> 00:13:40,200 Speaker 2: of some investment from a community or others that went 207 00:13:40,360 --> 00:13:45,959 Speaker 2: into the individual who then achieved success. So the access 208 00:13:46,120 --> 00:13:49,360 Speaker 2: to capital push that we have made has been about, yes, 209 00:13:49,480 --> 00:13:52,240 Speaker 2: getting more federal dollars into community banks. It has been 210 00:13:52,240 --> 00:13:55,680 Speaker 2: about getting the private sector and the big banks to 211 00:13:55,840 --> 00:13:59,040 Speaker 2: invest because they will admit and we know they are 212 00:13:59,040 --> 00:14:02,480 Speaker 2: not necessarily in the place where they are where we 213 00:14:02,520 --> 00:14:06,000 Speaker 2: need them to be situated to know the community access 214 00:14:06,000 --> 00:14:11,920 Speaker 2: to capital is encompasses a commitment to also making sure 215 00:14:12,240 --> 00:14:15,400 Speaker 2: that we are doing the teaching to then create the 216 00:14:15,520 --> 00:14:19,800 Speaker 2: access to markets. So it's about financial literacy. A lot 217 00:14:19,800 --> 00:14:22,160 Speaker 2: of what we talked about before around helping people know 218 00:14:22,200 --> 00:14:24,480 Speaker 2: how to start a business and keep a business going. 219 00:14:25,120 --> 00:14:30,240 Speaker 2: And it's also about understanding that our small you know, 220 00:14:30,280 --> 00:14:32,800 Speaker 2: I know, I use I interchange the word entrepreneur in 221 00:14:32,840 --> 00:14:36,680 Speaker 2: small business. I think basically depending on the generation someone 222 00:14:36,720 --> 00:14:40,840 Speaker 2: considers those as an entrepreneur in terms of younger small businesses, 223 00:14:40,920 --> 00:14:46,280 Speaker 2: but it's all entrepreneurship right. What we also know is 224 00:14:46,320 --> 00:14:50,080 Speaker 2: that our entrepreneurs are small business owners are not only 225 00:14:50,200 --> 00:14:56,359 Speaker 2: leaders in business, but community leaders, civic leaders, hiring, locally, mentoring, 226 00:14:57,200 --> 00:15:03,240 Speaker 2: creating opportunities for economic development and growth within individuals and communities. 227 00:15:03,280 --> 00:15:06,160 Speaker 2: So the work we are doing to extend access to 228 00:15:06,240 --> 00:15:11,320 Speaker 2: capital is about tapping into the ambition that exists, the 229 00:15:11,360 --> 00:15:15,120 Speaker 2: aspirations that exist, and then giving people the resources that 230 00:15:15,160 --> 00:15:20,040 Speaker 2: are necessary money and other resources to actually achieve success. 231 00:15:20,720 --> 00:15:23,080 Speaker 2: Can you talk a little bit about how you all 232 00:15:24,280 --> 00:15:27,640 Speaker 2: achieved your success and how this kind of approach would 233 00:15:27,720 --> 00:15:31,280 Speaker 2: lend itself to others having a story similar to yours. 234 00:15:32,680 --> 00:15:35,160 Speaker 4: Yeah, you know, we started with an iPhone and I did. 235 00:15:35,520 --> 00:15:37,800 Speaker 4: That's what we always say, that we would have any 236 00:15:37,840 --> 00:15:40,280 Speaker 4: capital when we started, right, And that's the beauty of 237 00:15:40,320 --> 00:15:44,320 Speaker 4: social media. Technology has really empowered everybody and kind of 238 00:15:44,400 --> 00:15:48,800 Speaker 4: level with the playing field. But what we're seeing is 239 00:15:48,840 --> 00:15:53,920 Speaker 4: that when we're interviewing, you know, other entrepreneurs that may 240 00:15:54,000 --> 00:15:57,520 Speaker 4: not have the same business model as us to have 241 00:15:57,600 --> 00:16:01,920 Speaker 4: an extremely difficult time. And especially when we look at 242 00:16:01,960 --> 00:16:06,520 Speaker 4: the next generation of unicorn companies, billion dollar multi billion 243 00:16:06,560 --> 00:16:10,840 Speaker 4: dollar companies, those are mostly tech companies, and you do 244 00:16:10,960 --> 00:16:13,320 Speaker 4: need a lot more money to start a tech company. 245 00:16:13,800 --> 00:16:17,120 Speaker 4: So I feel like the entrepreneur and Morehouse and Spellman, 246 00:16:17,400 --> 00:16:19,760 Speaker 4: they have just as good ideas as Mark Zuckerberg and 247 00:16:19,960 --> 00:16:23,640 Speaker 4: Jeff Bezos, but they don't have the capital, so they 248 00:16:23,680 --> 00:16:28,520 Speaker 4: either abort those ideas or they work for those companies. 249 00:16:28,520 --> 00:16:31,320 Speaker 4: But even that's an issue because we know that we 250 00:16:31,480 --> 00:16:33,960 Speaker 4: are not hired at the same rate in Silicon Valley 251 00:16:33,960 --> 00:16:37,040 Speaker 4: as other people as well. Right, So even talking to 252 00:16:37,160 --> 00:16:39,160 Speaker 4: Robert Smith and a lot of other people like that, 253 00:16:39,240 --> 00:16:43,920 Speaker 4: this is a very complex problem. But I think from 254 00:16:44,000 --> 00:16:47,240 Speaker 4: our perspective. We have a unique perspective because we actually 255 00:16:47,640 --> 00:16:50,880 Speaker 4: get to talk to entrepreneurs every single day, and we 256 00:16:51,040 --> 00:16:55,920 Speaker 4: can understand how one hundred thousand dollars could just accelerate 257 00:16:55,960 --> 00:16:59,680 Speaker 4: their business right, fifty thousand dollars can accelerate their business right. 258 00:16:59,720 --> 00:17:02,520 Speaker 4: And even looking in the crowd, we have entrepreneurs. I 259 00:17:02,520 --> 00:17:05,400 Speaker 4: see Pinky Cold, I see east Side Golf, and these 260 00:17:05,440 --> 00:17:09,320 Speaker 4: are young entrepreneurs that went out on the limb and 261 00:17:09,440 --> 00:17:10,040 Speaker 4: bet on it. 262 00:17:11,280 --> 00:17:13,640 Speaker 3: Ernerds, what's up? You ever walk into a small business 263 00:17:13,640 --> 00:17:16,840 Speaker 3: and everything just works like the checkout is fast, or 264 00:17:16,960 --> 00:17:20,720 Speaker 3: seats are digital, tipping is a breeze, and you're out 265 00:17:20,720 --> 00:17:24,000 Speaker 3: the door before the line even builds. Odds are they're 266 00:17:24,119 --> 00:17:27,639 Speaker 3: using Square. We love supporting businesses that run on Square 267 00:17:27,680 --> 00:17:30,800 Speaker 3: because it just feels seamless. Whether it's a local coffee shop, 268 00:17:31,000 --> 00:17:33,520 Speaker 3: a vendor at a pop up market, or even one 269 00:17:33,520 --> 00:17:36,600 Speaker 3: of our merch partners. Square makes it easy for them 270 00:17:36,680 --> 00:17:40,639 Speaker 3: to take payments, manage inventory, and run their business with confidence, 271 00:17:40,960 --> 00:17:44,280 Speaker 3: all from one simple system. If you're a business owner 272 00:17:44,480 --> 00:17:47,879 Speaker 3: or even just thinking about launching something soon, Square is 273 00:17:47,960 --> 00:17:50,040 Speaker 3: hands down one of the best tools out there to 274 00:17:50,080 --> 00:17:54,040 Speaker 3: help you start, run, and grow It's not just about payments, 275 00:17:54,440 --> 00:17:57,080 Speaker 3: It's about giving you time back so you can focus 276 00:17:57,119 --> 00:17:59,760 Speaker 3: on what matters most Ready. To see how Square can 277 00:17:59,800 --> 00:18:03,679 Speaker 3: trains form your business, visit Square dot com backslash go 278 00:18:04,040 --> 00:18:08,760 Speaker 3: backslash eyl to learn more that Square dot Com backslash, 279 00:18:08,800 --> 00:18:13,439 Speaker 3: go backslash eyl. Don't wait, don't hesitate. Let's Square handle 280 00:18:13,480 --> 00:18:18,400 Speaker 3: the back end so you can keep pushing your vision forward. 281 00:18:19,720 --> 00:18:21,960 Speaker 3: This episode is brought to you by P and C Bank. 282 00:18:22,359 --> 00:18:25,119 Speaker 3: A lot of people think podcasts about work are boring, 283 00:18:25,320 --> 00:18:29,160 Speaker 3: and sure, they definitely can be, but understanding of professionals 284 00:18:29,240 --> 00:18:32,520 Speaker 3: routine shows us how they achieve their success little by little, 285 00:18:32,880 --> 00:18:36,560 Speaker 3: day after day. It's like banking with P and C Bank. 286 00:18:37,000 --> 00:18:39,800 Speaker 3: It might seem boring to save, plan and make calculated 287 00:18:39,840 --> 00:18:42,960 Speaker 3: decisions with your bank, but keeping your money boring is 288 00:18:42,960 --> 00:18:46,320 Speaker 3: what helps you live or more happily fulfilled life. P 289 00:18:46,400 --> 00:18:51,240 Speaker 3: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 290 00:18:51,280 --> 00:18:53,920 Speaker 3: Boring since eighteen sixty five is a service mark of 291 00:18:53,960 --> 00:18:57,200 Speaker 3: the PNC Financial Service Group, Inc. P and C Bank 292 00:18:57,640 --> 00:18:59,800 Speaker 3: National Association Member FDIC. 293 00:19:01,600 --> 00:19:05,280 Speaker 1: An illegal alien from Guatemala charged with raping a child 294 00:19:05,280 --> 00:19:09,080 Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador 295 00:19:09,320 --> 00:19:13,480 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 296 00:19:13,520 --> 00:19:17,439 Speaker 1: filming and selling child pornography in Michigan. These are just 297 00:19:17,520 --> 00:19:21,280 Speaker 1: some of the heinous migrant criminals caught because of President 298 00:19:21,320 --> 00:19:21,760 Speaker 1: Donald J. 299 00:19:21,840 --> 00:19:22,800 Speaker 2: Trump's leadership. 300 00:19:23,080 --> 00:19:26,680 Speaker 1: I'm Christy nom the United States Secretary of Homeland Security. 301 00:19:27,040 --> 00:19:30,800 Speaker 1: Under President Trump, attempted illegal border crossings are at the 302 00:19:30,840 --> 00:19:34,679 Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal 303 00:19:34,720 --> 00:19:38,520 Speaker 1: aliens have been arrested. If you are here illegally, your 304 00:19:38,640 --> 00:19:42,800 Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned, 305 00:19:43,080 --> 00:19:46,720 Speaker 1: and deported. You will never return. But if you register 306 00:19:47,040 --> 00:19:50,160 Speaker 1: using our CBP home app and leave now, you could 307 00:19:50,160 --> 00:19:52,880 Speaker 1: be allowed to return legally. Do what's right. 308 00:19:53,440 --> 00:19:54,280 Speaker 2: Leave now. 309 00:19:54,640 --> 00:19:59,440 Speaker 1: Under President Trump America's laws, border and families will be protected. 310 00:19:59,520 --> 00:20:02,400 Speaker 4: Sponsored the United States marketing at Homeland Security self right, 311 00:20:02,520 --> 00:20:05,720 Speaker 4: but a little bit more capital. They can be the 312 00:20:05,760 --> 00:20:08,520 Speaker 4: next McDonald's. They could be the next Nike. Right, and 313 00:20:08,560 --> 00:20:10,520 Speaker 4: that's what we need in our community. So they can employ, 314 00:20:11,800 --> 00:20:16,399 Speaker 4: that's right. So they can employ not just one hundred people, 315 00:20:16,640 --> 00:20:17,960 Speaker 4: but one hundred thousand people. 316 00:20:18,680 --> 00:20:21,760 Speaker 2: That's right, and that you'd hit it on the head 317 00:20:21,760 --> 00:20:27,159 Speaker 2: in terms of how we feel about this. This is 318 00:20:27,320 --> 00:20:29,600 Speaker 2: you know that, yes, there are going to be those 319 00:20:29,680 --> 00:20:35,080 Speaker 2: who need twenty thousand dollar loans, but folks need million 320 00:20:35,119 --> 00:20:39,800 Speaker 2: dollar loans, right. And when we talk about a small business, 321 00:20:40,119 --> 00:20:43,560 Speaker 2: it will be it could be a dozen employees, but 322 00:20:43,640 --> 00:20:48,199 Speaker 2: it could also be two hundred employees. And it is 323 00:20:48,280 --> 00:20:50,560 Speaker 2: that piece of it that is about getting to that 324 00:20:50,640 --> 00:20:55,160 Speaker 2: next plateau. That is very much how I'm thinking about 325 00:20:55,240 --> 00:20:58,080 Speaker 2: this tour and the work that we are doing. So yes, 326 00:20:58,119 --> 00:21:01,480 Speaker 2: it's about startup capital, but also what is required then 327 00:21:01,560 --> 00:21:04,560 Speaker 2: to grow and to scale and have it be sustainable. 328 00:21:04,920 --> 00:21:07,240 Speaker 2: One of the pieces I failed to mention before but 329 00:21:07,320 --> 00:21:10,159 Speaker 2: I'll mention now is the President and I when we 330 00:21:10,200 --> 00:21:13,800 Speaker 2: first came in made a commitment that we are going 331 00:21:13,840 --> 00:21:16,560 Speaker 2: to increase by fifty percent the number of federal contracts 332 00:21:16,560 --> 00:21:19,159 Speaker 2: going to minority own businesses, and we're on track to 333 00:21:19,160 --> 00:21:24,359 Speaker 2: get that done. So part of the point of this 334 00:21:24,520 --> 00:21:27,840 Speaker 2: tour has been to give folks information about how you 335 00:21:27,880 --> 00:21:32,440 Speaker 2: apply for a federal contract. The reason that we made 336 00:21:32,480 --> 00:21:36,640 Speaker 2: that commitment is because we then put in place more 337 00:21:36,680 --> 00:21:39,919 Speaker 2: information that is available to more people about how to 338 00:21:39,960 --> 00:21:42,360 Speaker 2: get a federal contract, because a lot of that historically 339 00:21:42,440 --> 00:21:45,520 Speaker 2: has been who you know. And when you get a 340 00:21:45,520 --> 00:21:51,360 Speaker 2: federal contract, it is potentially yours for life, and it's 341 00:21:51,560 --> 00:21:54,959 Speaker 2: very sustainable and can be the source of great growth 342 00:21:55,960 --> 00:21:58,720 Speaker 2: for that individual who owns that business and beyond. I'll 343 00:21:58,720 --> 00:22:00,680 Speaker 2: also say this, and I was saying it a few 344 00:22:00,680 --> 00:22:05,159 Speaker 2: folks earlier. The work that we have accomplished as an administration, 345 00:22:05,280 --> 00:22:09,119 Speaker 2: be it the Infrastructure Bill and what we are doing 346 00:22:09,119 --> 00:22:13,679 Speaker 2: to invest It'll be trillions of dollars in infrastructure, roads, bridges, sidewalks, 347 00:22:13,720 --> 00:22:16,720 Speaker 2: all of that transportation, public transportation. What we have done 348 00:22:16,800 --> 00:22:21,640 Speaker 2: with the Chips and Science Act, which is about investment 349 00:22:21,720 --> 00:22:24,960 Speaker 2: in technology and research and development. What we are doing 350 00:22:25,000 --> 00:22:27,520 Speaker 2: with the Inflation and Reduction Act, which is about at 351 00:22:27,600 --> 00:22:31,119 Speaker 2: least a trillion dollars invested in the climate but a 352 00:22:31,160 --> 00:22:36,280 Speaker 2: clean energy economy. One of the compelling reasons for me 353 00:22:36,320 --> 00:22:38,159 Speaker 2: to start this tour now and to ask all the 354 00:22:38,240 --> 00:22:41,080 Speaker 2: leaders here for help and getting the word out about 355 00:22:41,080 --> 00:22:44,600 Speaker 2: what is available to entrepreneurs and small businesses is because 356 00:22:44,640 --> 00:22:48,159 Speaker 2: we are in the process of putting a lot of 357 00:22:48,200 --> 00:22:52,439 Speaker 2: money in the streets of America for this growth, and 358 00:22:52,520 --> 00:22:55,840 Speaker 2: we want to make sure everyone has access to the 359 00:22:55,920 --> 00:22:59,960 Speaker 2: opportunity to take advantage of the contracts and the work 360 00:23:00,000 --> 00:23:04,639 Speaker 2: work that is being generated by this policy push, and 361 00:23:04,720 --> 00:23:07,000 Speaker 2: so we want to make sure people know about it 362 00:23:07,160 --> 00:23:09,720 Speaker 2: and then know where they can receive the support to 363 00:23:09,760 --> 00:23:13,240 Speaker 2: be ready to take on the work and then to 364 00:23:13,320 --> 00:23:17,919 Speaker 2: grow their capacity. I was very surprised to learn that 365 00:23:18,920 --> 00:23:24,320 Speaker 2: over seventy percent of construction companies in America, and I'm 366 00:23:24,359 --> 00:23:27,000 Speaker 2: pretty sure that number is still correct, seventy percent of 367 00:23:27,000 --> 00:23:32,400 Speaker 2: construction companies in America employ twenty or fewer people. Those 368 00:23:32,440 --> 00:23:36,480 Speaker 2: are small businesses, right who. When we're building back up 369 00:23:36,560 --> 00:23:40,680 Speaker 2: America's infrastructure, a lot of that is construction work. Got 370 00:23:40,720 --> 00:23:43,440 Speaker 2: to make sure people know about what's available to them 371 00:23:43,760 --> 00:23:45,280 Speaker 2: to actually take those jobs. 372 00:23:45,800 --> 00:23:47,879 Speaker 3: I think that's why this moment is so important, right. 373 00:23:47,920 --> 00:23:50,479 Speaker 3: I always believe that first it's the awareness part. We 374 00:23:50,600 --> 00:23:52,800 Speaker 3: understand what needs to be done. Then it's the education 375 00:23:52,880 --> 00:23:54,680 Speaker 3: around it, which I think people kind of leave out. 376 00:23:54,920 --> 00:23:57,120 Speaker 3: But it's the action piece. And it feels like there's 377 00:23:57,119 --> 00:23:59,679 Speaker 3: some action, especially with this tour, there's the action that's 378 00:23:59,720 --> 00:24:01,680 Speaker 3: going to take place. I want to talk about something 379 00:24:01,720 --> 00:24:04,359 Speaker 3: that's important for every entrepreneur, and that's the cost of 380 00:24:04,400 --> 00:24:08,399 Speaker 3: living affordability, and so we've seen interest rates obviously over 381 00:24:08,400 --> 00:24:11,520 Speaker 3: the past four years, they've risen. What steps are being 382 00:24:11,560 --> 00:24:14,560 Speaker 3: taken to lower the burden of housing costs because, like 383 00:24:14,560 --> 00:24:16,639 Speaker 3: you said, this disparities in it. We can go all 384 00:24:16,640 --> 00:24:18,320 Speaker 3: the way back to the Gibil When we talk about 385 00:24:18,359 --> 00:24:22,600 Speaker 3: the creation of generational wealth throughout communities, it's kind of 386 00:24:22,600 --> 00:24:25,200 Speaker 3: missed us. So what is being done now. 387 00:24:25,400 --> 00:24:29,760 Speaker 2: From your side? So to your point, we know that 388 00:24:29,880 --> 00:24:36,399 Speaker 2: home ownership is probably the most effective way to build 389 00:24:36,440 --> 00:24:44,960 Speaker 2: intergenerational wealth. And it just it's a fact, And just 390 00:24:45,560 --> 00:24:49,840 Speaker 2: think about it in this context. As a homeowner, then 391 00:24:50,080 --> 00:24:53,120 Speaker 2: as a parent, if you have a child that wants 392 00:24:53,200 --> 00:25:03,879 Speaker 2: to go to Okay, that's I'm gonna saying, Howard University's. 393 00:24:59,359 --> 00:25:02,639 Speaker 3: Such a great choice. I wonder why you got. 394 00:25:02,480 --> 00:25:03,159 Speaker 4: That one form. 395 00:25:08,200 --> 00:25:15,280 Speaker 2: Wanta Family or a Spellman or a more House or 396 00:25:15,440 --> 00:25:23,760 Speaker 2: Clonnery and as at Clark Atlanta. Yes, And as as 397 00:25:23,800 --> 00:25:28,159 Speaker 2: a parent, then as a homeowner, if you have some 398 00:25:28,440 --> 00:25:32,520 Speaker 2: equity in your home, you can say to your child, 399 00:25:33,160 --> 00:25:36,400 Speaker 2: you know, don't take out the loan. I'll take out 400 00:25:36,480 --> 00:25:39,879 Speaker 2: some of the equity to help you pay for tuition 401 00:25:41,240 --> 00:25:45,320 Speaker 2: so that you don't graduate with extraordinary student loan debt, 402 00:25:46,520 --> 00:25:48,560 Speaker 2: and so that when you graduate, you can do your 403 00:25:48,680 --> 00:25:51,600 Speaker 2: dream job and not worry about those hundreds of thousands 404 00:25:51,600 --> 00:25:54,119 Speaker 2: of dollars a debt and you can go on and 405 00:25:54,520 --> 00:25:58,639 Speaker 2: prosper as a homeowner. If your child says to you, 406 00:25:59,320 --> 00:26:02,400 Speaker 2: I want to are a business, I've got a great idea, 407 00:26:03,600 --> 00:26:06,200 Speaker 2: and you, as a parent can say, let me take 408 00:26:06,240 --> 00:26:15,280 Speaker 2: out some equity to give you some startup capital. Intergenerational wealth. However, again, 409 00:26:15,680 --> 00:26:20,919 Speaker 2: as we've already discussed, there have been biases and explicit 410 00:26:21,280 --> 00:26:24,520 Speaker 2: laws and practices that have been in place over generations 411 00:26:24,880 --> 00:26:30,159 Speaker 2: to exclude certain folks and communities from that opportunity to 412 00:26:30,240 --> 00:26:33,240 Speaker 2: create that wealth, and so we're focused on it. Also, 413 00:26:33,359 --> 00:26:37,880 Speaker 2: knowing that the net worth of a homeowner is about 414 00:26:37,960 --> 00:26:41,960 Speaker 2: forty times out of a renter, think about that, and 415 00:26:42,119 --> 00:26:45,160 Speaker 2: so what we can do to uplift and create opportunities 416 00:26:45,240 --> 00:26:47,080 Speaker 2: for that are very important. So one of the things 417 00:26:47,160 --> 00:26:51,639 Speaker 2: we've done is we have proposed that there would be 418 00:26:51,760 --> 00:26:56,800 Speaker 2: for first generation homeowners, so first time homeowners at a 419 00:26:56,840 --> 00:27:00,720 Speaker 2: certain income level a twenty five thousand dollars credit to 420 00:27:00,840 --> 00:27:04,200 Speaker 2: be able to put a downpayment down, which we know 421 00:27:04,280 --> 00:27:11,000 Speaker 2: would make a huge difference. And then we're looking at 422 00:27:11,040 --> 00:27:13,879 Speaker 2: it an additional policy that would be about basically for 423 00:27:14,200 --> 00:27:18,000 Speaker 2: those who qualify four hundred dollars a month in tax 424 00:27:18,080 --> 00:27:20,200 Speaker 2: credits so people can be able to pay their mortgage 425 00:27:20,280 --> 00:27:23,159 Speaker 2: on a monthly basis. And we are on track to 426 00:27:23,560 --> 00:27:26,960 Speaker 2: a commitment to build two million more affordable housing units, 427 00:27:27,040 --> 00:27:29,320 Speaker 2: including what we're doing here in terms of the freeway. 428 00:27:31,359 --> 00:27:35,560 Speaker 2: So that's important. But the reality of it is that 429 00:27:35,760 --> 00:27:38,560 Speaker 2: when we focus on this issue, we got to realize 430 00:27:38,600 --> 00:27:40,520 Speaker 2: that part of the reason everything is so expensive is 431 00:27:40,560 --> 00:27:43,639 Speaker 2: we don't have enough supply on the market, and this 432 00:27:43,840 --> 00:27:47,640 Speaker 2: is a national problem. So our investments are about also 433 00:27:47,680 --> 00:27:49,920 Speaker 2: what we need to do to build affordable housing. I'm 434 00:27:49,960 --> 00:27:52,520 Speaker 2: looking at some issues around how we can look at 435 00:27:53,200 --> 00:27:58,399 Speaker 2: vacant commercial real estate and conversion. There's a lot of 436 00:27:58,440 --> 00:28:01,399 Speaker 2: this issue that is about also what we need to 437 00:28:01,440 --> 00:28:05,359 Speaker 2: do to focus on local rules that might make it different, 438 00:28:05,440 --> 00:28:08,000 Speaker 2: zoning rules that might make it different for these things 439 00:28:08,080 --> 00:28:10,480 Speaker 2: to happen, and how we can create incentives that are 440 00:28:10,520 --> 00:28:14,199 Speaker 2: productive for everybody. And then it gets back to, for example, 441 00:28:14,280 --> 00:28:18,159 Speaker 2: the student loan debt and what we have seen. We 442 00:28:18,320 --> 00:28:21,960 Speaker 2: have now forgiven over one hundred and fifty billion dollars 443 00:28:21,960 --> 00:28:28,240 Speaker 2: in student loan debt on average, we're looking at somewhere 444 00:28:28,280 --> 00:28:32,400 Speaker 2: around seventy thousand dollars per person, and especially if we're 445 00:28:32,440 --> 00:28:37,240 Speaker 2: talking about people in public service nurses, firefighters, teachers, and 446 00:28:37,400 --> 00:28:40,920 Speaker 2: doubling the number for them. But one of the other 447 00:28:41,000 --> 00:28:42,800 Speaker 2: things i'd ask the leaders here in terms of helping 448 00:28:42,880 --> 00:28:45,720 Speaker 2: me get the word out, let people know they qualify 449 00:28:45,840 --> 00:28:49,360 Speaker 2: for student loan debt even if they never graduated. That's 450 00:28:49,560 --> 00:28:52,800 Speaker 2: really important for folks to know, because, you know, think 451 00:28:52,840 --> 00:28:55,320 Speaker 2: about it in terms of the logic of the policy. 452 00:28:55,880 --> 00:28:58,880 Speaker 2: Why is it that the case because sadly they didn't 453 00:28:58,920 --> 00:29:01,600 Speaker 2: graduate some people so they couldn't afford to keep paying tuition, 454 00:29:02,800 --> 00:29:05,480 Speaker 2: but they still have to pay back that loan. So 455 00:29:05,680 --> 00:29:08,400 Speaker 2: help us get the word out so that people apply. 456 00:29:09,200 --> 00:29:10,600 Speaker 2: And I guess that gets to the heart of this 457 00:29:10,760 --> 00:29:13,680 Speaker 2: tour and everything else we're doing. Folks in a lot 458 00:29:13,720 --> 00:29:16,960 Speaker 2: of situations just don't know what's available to them, and 459 00:29:17,120 --> 00:29:19,280 Speaker 2: I need the help of the leaders who are here 460 00:29:20,640 --> 00:29:22,560 Speaker 2: to get the word out so people know what is 461 00:29:22,600 --> 00:29:23,440 Speaker 2: available to them. 462 00:29:24,240 --> 00:29:26,040 Speaker 4: What that leads me to my next question. I'm not 463 00:29:26,040 --> 00:29:27,400 Speaker 4: sure if you already answered it or not, but I 464 00:29:27,480 --> 00:29:30,120 Speaker 4: was going to ask about studing loan and what the 465 00:29:30,160 --> 00:29:33,480 Speaker 4: administration has done for obviously, there's millions of Americans that 466 00:29:34,160 --> 00:29:36,480 Speaker 4: once again are suffocated with doing long debt and it's 467 00:29:36,520 --> 00:29:37,760 Speaker 4: really crippled their lives. 468 00:29:39,080 --> 00:29:44,480 Speaker 2: So, you know, I'll tell you we went bolder with 469 00:29:44,920 --> 00:29:48,400 Speaker 2: our plan and for student loan debt relief, and then 470 00:29:49,040 --> 00:29:53,480 Speaker 2: the court cut some of the stuff that we were doing. 471 00:29:53,760 --> 00:29:56,480 Speaker 2: But we have not stopped. And so we are, through 472 00:29:56,600 --> 00:29:59,240 Speaker 2: whatever and all of the powers that we have, through 473 00:29:59,480 --> 00:30:02,920 Speaker 2: the executs, orders and things of that nature, been forgiving 474 00:30:03,040 --> 00:30:06,320 Speaker 2: again up to one hundred and fifty billion dollars of 475 00:30:06,400 --> 00:30:10,120 Speaker 2: student loan debt. What I have seen in my travels 476 00:30:10,160 --> 00:30:13,640 Speaker 2: around what this means for the people who have applied 477 00:30:13,720 --> 00:30:16,920 Speaker 2: and figured it out, it's extraordinary. I mean, I've met 478 00:30:16,960 --> 00:30:20,400 Speaker 2: people who have been forgiven, you know, three digit thousands 479 00:30:20,600 --> 00:30:24,600 Speaker 2: of dollars of debt. I've met teachers who've been teaching 480 00:30:24,680 --> 00:30:27,960 Speaker 2: for twenty something years carrying that debt and not giving 481 00:30:28,080 --> 00:30:30,440 Speaker 2: up the profession of teaching is who we don't pay 482 00:30:30,440 --> 00:30:34,240 Speaker 2: them enough as it is, and you know, and so 483 00:30:34,560 --> 00:30:38,520 Speaker 2: thinking about that, and let's think about you know, there 484 00:30:38,600 --> 00:30:41,560 Speaker 2: were those who resisted the policy from the beginning and said, well, 485 00:30:41,560 --> 00:30:43,520 Speaker 2: why do they need they should pay off their loans. 486 00:30:43,560 --> 00:30:46,640 Speaker 2: Why do they need it forgiven? Well, let's let's go 487 00:30:46,760 --> 00:30:52,680 Speaker 2: back to the example of public servants, nurses, firefighters, teachers. Yes, 488 00:30:52,960 --> 00:30:55,880 Speaker 2: we don't pay them enough, and do we people who 489 00:30:56,000 --> 00:31:00,360 Speaker 2: have a calling to, for example, teach other people's children, 490 00:31:02,400 --> 00:31:06,480 Speaker 2: who pay for school supplies out of their own back pocket, 491 00:31:08,400 --> 00:31:12,600 Speaker 2: and the benefit they give to all of us as 492 00:31:12,680 --> 00:31:16,560 Speaker 2: a society. Should we not think about that and think 493 00:31:16,600 --> 00:31:19,120 Speaker 2: about the fact that we want them to stay in 494 00:31:19,240 --> 00:31:22,400 Speaker 2: that noble profession. I think about the number of young 495 00:31:22,480 --> 00:31:25,160 Speaker 2: people who have a calling to do that kind of work, 496 00:31:25,400 --> 00:31:29,240 Speaker 2: similar kind of work, who have to go to some 497 00:31:29,640 --> 00:31:31,880 Speaker 2: other kind of job because they need to pay off 498 00:31:31,920 --> 00:31:36,040 Speaker 2: their loans. When we want that people will be able 499 00:31:36,080 --> 00:31:39,040 Speaker 2: to follow their passion, especially when it benefits all of 500 00:31:39,160 --> 00:31:42,480 Speaker 2: us in an uplift society. So the reasons behind the 501 00:31:42,600 --> 00:31:46,800 Speaker 2: policy include just that. And again, let's just let people 502 00:31:46,920 --> 00:31:50,360 Speaker 2: know that they don't have to have graduated in order 503 00:31:50,480 --> 00:31:54,200 Speaker 2: to get their debt forgiven, especially if that might mean 504 00:31:54,280 --> 00:31:55,640 Speaker 2: that if they want to go back to school, they 505 00:31:55,680 --> 00:31:57,600 Speaker 2: can go back and know that they can afford to 506 00:31:57,640 --> 00:31:58,040 Speaker 2: go back. 507 00:31:58,680 --> 00:32:02,080 Speaker 3: Well, this is coming from teacher, I say, educator. Now 508 00:32:02,360 --> 00:32:04,440 Speaker 3: turn entrepreneur, I couldn't agree with you more. 509 00:32:04,600 --> 00:32:05,720 Speaker 2: Pay our teachers. 510 00:32:07,680 --> 00:32:07,920 Speaker 4: First. 511 00:32:07,960 --> 00:32:09,760 Speaker 3: I just want to thank you for this. This has 512 00:32:09,800 --> 00:32:13,120 Speaker 3: been an amazing opportunity. But we do have entrepreneurs here 513 00:32:13,120 --> 00:32:15,560 Speaker 3: in the building. Where our entrepreneurs are there, they are 514 00:32:17,840 --> 00:32:22,040 Speaker 3: big Dave Cheese steaks, Isaac Hayes in the back South. 515 00:32:22,120 --> 00:32:22,400 Speaker 2: Isaac. 516 00:32:22,680 --> 00:32:24,240 Speaker 4: He can't sink as good as his dad though. 517 00:32:24,640 --> 00:32:26,680 Speaker 2: No, no, we wouldn't want him to either. 518 00:32:28,760 --> 00:32:31,600 Speaker 3: What piece of advice would you like to leave this audience? 519 00:32:31,840 --> 00:32:33,800 Speaker 3: Like I said, this is Atlanta is such a hop 520 00:32:33,840 --> 00:32:36,960 Speaker 3: of innovation for many businesses. But what would you like 521 00:32:37,000 --> 00:32:40,760 Speaker 3: to leave this audience with in terms of advice for entrepreneurship. 522 00:32:42,440 --> 00:32:49,880 Speaker 2: That you are worthy of and entitled to receive an 523 00:32:50,000 --> 00:32:57,120 Speaker 2: investment in your dream and your ambition and to seek 524 00:32:57,160 --> 00:33:01,480 Speaker 2: out the resources that exist. And we're trying to make 525 00:33:01,520 --> 00:33:05,680 Speaker 2: it easier for you to find those resources. But seek 526 00:33:05,760 --> 00:33:08,800 Speaker 2: them out and and know you know, it's interesting. There's 527 00:33:08,840 --> 00:33:14,040 Speaker 2: some there's some studies that show that black entrepreneurs are 528 00:33:14,480 --> 00:33:18,640 Speaker 2: often less likely than others to actually apply for a 529 00:33:18,720 --> 00:33:24,800 Speaker 2: loan for fear they will be rejected. That is pretty 530 00:33:24,840 --> 00:33:28,800 Speaker 2: significant data that supports that point. So part of my 531 00:33:28,880 --> 00:33:34,560 Speaker 2: advice is go for it, apply for it, and and 532 00:33:34,760 --> 00:33:37,480 Speaker 2: and all and and get the word out right. We 533 00:33:37,600 --> 00:33:42,720 Speaker 2: don't we don't lack for really incredible vision and and 534 00:33:43,000 --> 00:33:48,880 Speaker 2: and and entrepreneurial creative thought. And so it's just a 535 00:33:49,000 --> 00:33:55,160 Speaker 2: matter of like, let's not let society or history impede 536 00:33:55,920 --> 00:34:00,479 Speaker 2: or silence those ambitions. And then I would urge everyone 537 00:34:00,640 --> 00:34:05,280 Speaker 2: to know, for example, community lenders and to seek them out. 538 00:34:05,400 --> 00:34:09,239 Speaker 2: I was just earlier at Rice and what's happening there 539 00:34:09,360 --> 00:34:13,399 Speaker 2: in terms of helping young entrepreneurs get ready and then 540 00:34:13,680 --> 00:34:16,560 Speaker 2: have access. I'm at this young brother, he's now he's 541 00:34:16,800 --> 00:34:20,239 Speaker 2: now going he's got a water company and it is 542 00:34:20,280 --> 00:34:23,719 Speaker 2: now going to be selling at Walmart. Right. And so 543 00:34:24,680 --> 00:34:28,520 Speaker 2: there are institutions and places that are available to you, 544 00:34:28,680 --> 00:34:31,160 Speaker 2: groups that are available. Mentors here, I would say to 545 00:34:31,239 --> 00:34:34,000 Speaker 2: the entrepreneurs are here, make sure you talk to the 546 00:34:34,040 --> 00:34:35,840 Speaker 2: person sitting next to you, because they may just be 547 00:34:36,000 --> 00:34:39,280 Speaker 2: that person who is willing to mentor you or willing 548 00:34:39,360 --> 00:34:42,320 Speaker 2: to give you some advice about how they achieve their success. 549 00:34:44,080 --> 00:34:47,080 Speaker 2: But don't give up because we need you, our country 550 00:34:47,160 --> 00:34:49,840 Speaker 2: needs you, and that's how we're going to be strong. 551 00:34:54,239 --> 00:34:58,319 Speaker 2: And I would I want to just put a fine 552 00:34:58,320 --> 00:35:04,320 Speaker 2: point on it. Be proud of your ambition. Be proud 553 00:35:04,480 --> 00:35:10,160 Speaker 2: of your ambition, have ambition, dream with ambition. Do not 554 00:35:10,520 --> 00:35:15,239 Speaker 2: ever be burdened by other people's limited ability to see 555 00:35:15,239 --> 00:35:21,680 Speaker 2: what is possible. Don't let that burden you. You know, 556 00:35:21,800 --> 00:35:23,840 Speaker 2: my mother always used to say to me, don't you 557 00:35:23,960 --> 00:35:26,120 Speaker 2: ever let anybody tell you who you are. You tell 558 00:35:26,200 --> 00:35:31,919 Speaker 2: them who you are. Right, I would love to say, 559 00:35:33,840 --> 00:35:38,200 Speaker 2: I eat no for breakfast. I don't hear no until 560 00:35:38,280 --> 00:35:42,000 Speaker 2: maybe the tenth time. Don't hear it, No, don't hear 561 00:35:42,040 --> 00:35:42,239 Speaker 2: it No. 562 00:35:43,719 --> 00:35:45,359 Speaker 4: Man and Vice President, thank you for your time. 563 00:35:45,600 --> 00:36:05,399 Speaker 2: Thank you, Thank you. Mind's up. Hold CP FIRS, committv 564 00:36:05,840 --> 00:36:11,000 Speaker 2: or squat themselves. 565 00:36:11,520 --> 00:36:15,120 Speaker 1: An illegal alien from Guatemala charged with raping a child 566 00:36:15,239 --> 00:36:19,000 Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador 567 00:36:19,239 --> 00:36:23,360 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 568 00:36:23,480 --> 00:36:27,320 Speaker 1: filming and selling child pornography in Michigan. These are just 569 00:36:27,440 --> 00:36:31,200 Speaker 1: some of the heinous migrant criminals caught because of President 570 00:36:31,239 --> 00:36:31,640 Speaker 1: Donald J. 571 00:36:31,760 --> 00:36:32,680 Speaker 2: Trump's leadership. 572 00:36:33,000 --> 00:36:36,600 Speaker 1: I'm Christy nom the United States Secretary of Homeland Security. 573 00:36:36,960 --> 00:36:40,640 Speaker 1: Under President Trump, attempted illegal border crossings are at the 574 00:36:40,760 --> 00:36:44,600 Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal 575 00:36:44,640 --> 00:36:48,439 Speaker 1: aliens have been arrested. If you are here illegally, your 576 00:36:48,560 --> 00:36:52,680 Speaker 1: next you will be fine nearly one thousand dollars a day, imprisoned, 577 00:36:53,000 --> 00:36:56,600 Speaker 1: and deported. You will never return. But if you register 578 00:36:56,960 --> 00:36:59,960 Speaker 1: using our CBP home app and leave now, you could 579 00:37:00,120 --> 00:37:04,080 Speaker 1: be allowed to return legally. Do what's right. Leave now. 580 00:37:04,560 --> 00:37:08,840 Speaker 1: Under President Trump America's laws, border and families. 581 00:37:08,520 --> 00:37:09,320 Speaker 2: Will be protected. 582 00:37:09,440 --> 00:37:11,560 Speaker 3: Sponsored by the United States Department of Homeland Security,