In a significant move to bolster the nation's educational landscape, President Joe Biden took center stage at the National HBCU Week Conference in Philadelphia, announcing a substantial financial investment in Historically Black Colleges and Universities (HBCUs). The Biden-Harris administration pledged an additional $1.3 billion in federal funding, bringing the total federal investments in HBCUs since 2021 to over $17 billion, marking a historic high.
Speaking to a crowd at the Center City Marriot, President Biden emphasized the importance of HBCUs in fostering freedom and fearlessness through education. He highlighted the unique challenges faced by these institutions, noting their students' capabilities and the disparities in endowments compared to other colleges.
"Together, Kamala and I know that an education makes a person free, HBCU education makes you fearless as well," President Biden stated, underscoring the administration's commitment to supporting HBCUs.
The new investments are designed to strengthen the connection between HBCU students and various industries, with a particular focus on federally funded programs that promote careers in STEM and IT, including engineering and cybersecurity. President Biden expressed the administration's vision for HBCUs as engines of economic mobility, raising the standard of living for the entire community.
"HBCUs are engines of economic mobility in our country that raises the standard of living for everybody," he reiterated, outlining the critical role HBCUs play in creating wealth and opportunity within the Black community.
The president also highlighted the significant contributions of HBCUs to the nation's workforce, noting that they have produced a disproportionate number of Black professionals in fields such as engineering, education, medicine, and law. He expressed his determination to further increase these numbers through the new funding initiatives.
The announcement was met with applause and cheers, as attendees celebrated the administration's record-breaking commitment to HBCUs. The investment is seen as a pivotal step in addressing historical disparities and ensuring that HBCUs have the resources needed to continue their vital work in educating and empowering students.