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Photo: Axios screenshot

Rep. Ro Khanna (D-Calif.) said during an Axios virtual event that the Federal Reserve Board needs to be able to give loans in rural and minority communities, which have been some of the most affected during the coronavirus pandemic.

Why it matters: People in rural and minority communities have been disproportionally impacted by the coronavirus.

What he's saying: "[W]e need to give the Fed more explicit authority to relook at how they have lending, and make sure that lending isn't concentrated just to financial institutions and large corporations, that they're using their regional banks to be regional economic development banks considering rural and minority communities," Khanna said.

  • "We need to infuse [the Small Business Administration] with loans. I would do $10 trillion over 10 years to have 200,000 more loans to small businesses across America," he continued.
  • "[T]hose loans should be targeted ... to minority communities through minority development institutions. Most of the minority development lending, as you know, was Asian-American. And so, even black and brown communities have been excluded from minority development institutes. So we have to make that more inclusive. I would target it to rural communities which have had a shrinking of community banks."
  • "I really think the concentration of capital is part of what has left communities behind. And this is something that rural communities have in common with minority urban areas."

Watch the full event here.

Go deeper

Small businesses receive $35 billion in new round of PPP loans

Illustration: Sarah Grillo/Axios

The Small Business Administration said last night that so far this year, it has approved 400,000 Paycheck Protection Program loans worth $35 billion — out of the $284 billion of total available funding.

Driving the news: These are the first figures on the status of the forgivable loan program since it relaunched on Jan. 11.

Ben Geman, author of Generate
26 mins ago - Energy & Environment

Report: John Kerry plans to visit China ahead of Biden's climate summit

John Kerry. Photo: Zach Gibson / Stringer

John Kerry, President Biden's special climate envoy, is expected to travel to China next week for meetings with officials aimed at boosting collaboration, the Washington Post reported Saturday.

Why it matters: China is the world's largest carbon dioxide emitter and the U.S. is second-largest.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Coronavirus cases hold steady at 65,000 per day — CDC declares racism "a serious public health threat" — WHO official: Brazil is dealing with "raging inferno" of a COVID outbreak
  2. Vaccines: America may be close to hitting a vaccine wall — Pfizer asks FDA to expand COVID vaccine authorization to adolescents — CDC says Johnson & Johnson vaccine supply will drop 80% next week.
  3. Economy: Treasury says over 156 million stimulus payments sent out since March — More government spending expected as IMF projects 6% global GDP growth.
  4. Politics: Supreme Court ends California's coronavirus restrictions on home religious meetings
  5. Variant tracker: Where different strains are spreading.