A coalition of U.S. investors, business and civil society groups are calling on the Biden administration to reform business and finance rules to address rising inequality in the country. 

With high unemployment and many businesses having closed their doors permanently, the COVID-19 pandemic has taken a toll on the U.S. economy and disproportionately impacted minority groups and people of color. 

Forbes magazine's annual list of billionaires, released Tuesday, added 493 more people during 2020, despite the pandemic. Calling it a "record-setting year," Forbes said a new billionaire was added to the list every 17 hours and 39 minutes.

Meanwhile, research reported by The Washington Post shows almost eight million Americans entered poverty in the second half of 2020.

The coalition says the reforms are needed to address the "monumental crisis" of COVID-19 and a widening racial wealth gap.

They suggest the Biden administration create a White House Initiative on Inclusive Economic Growth to make markets more socially responsible.

U.S. President Biden has indicated racial economic inequality is a priority for his administration. Having passed a $1.9 trillion stimulus package and proposed a $2.3 trillion infrastructure plan, the administration is attempting to boost pandemic recovery.

Biden is also requesting a $9 billion budget increase for the Department of Housing and Urban Development.

This would include an expansion of federal housing assistance voucher programs, and expanding other programs promoting affordable housing.

A 2017 report by the Economic Policy Institute concluded: "Average wealth for white families is seven times higher than the average wealth for black families... These raw differences persist, and are growing, even after taking age, household structure, education level, income, or occupation into account."

Closing the racial wealth gap would boost U.S. gross domestic product by 4-6% by 2028, according to a McKinsey and Company report.

But to close that gap, economists say the U.S. needs more than stimulus packages and expansions to housing. 

They say affordable and accessible education, business programs, student loan debt relief, and other issues need to be tackled as well.

These issues have also been exacerbated during the COVID-19 pandemic.

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