On The Money: Infrastructure negotiations enter make-or-break week | Biden lays out plan for racial wealth equity in Tulsa

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THE BIG DEAL—Infrastructure negotiations enter make-or-break week: President Biden will sit down with Sen. Shelley Moore Capito (R-W.Va.) on Wednesday as his infrastructure negotiations with Republicans enter a critical and potentially final week. 

The dynamic: 

• Administration officials have signaled this is a make-or-break week on bipartisan negotiations.
• Biden is hoping to pass an infrastructure bill with or without Republicans by the end of the summer. 
• Allies say that Biden truly wants a bipartisan deal, but he’s also encountering growing pressure from some Democrats to abandon the negotiations with Republicans and pursue a bill using budget reconciliation.

“He is appreciative and heartened by the good faith effort that we have seen from Republican senators, but as the president said last week, we do need to finish these negotiations soon because we are in a race to win the 21st century, and the pandemic exposed just how badly we need to invest in the foundation of this country,” White House principal deputy press secretary Karine Jean-Pierre said.  The Hill’s Morgan Chalfant and Alex Gangitano explain here. 

The time crunch: If Democrats want to go it alone, it’s going to take a decent chunk of time to pull it off.

• The reconciliation process will take at least several weeks, requiring both the House and Senate to pass budgets that align with one another with the input of multiple committees. 
• It took Democrats one month to pass Biden’s $1.9 trillion coronavirus relief bill using budget reconciliation, which was considered fast given the size of the package.

“When you look at the legislative calendar, there’s simply not a lot of days left between now and when they want to go on recess,” said Jim Manley, former aide to then-Senate Majority Leader Harry Reid (D-Nev.). 

LEADING THE DAY

Biden unveils plan for racial equity at Tulsa Race Massacre centennial: President Biden on Tuesday traveled to Tulsa, Okla., to meet with the survivors of the city’s 1921 race massacre, unveiling a broad plan to drive racial equity throughout the country while holding up the city’s past as evidence of the pervasive effects of racism.

• Monday and Tuesday marked the centennial of the race massacre in which an angry mob of white Tulsans burned and looted Tulsa’s thriving Black neighborhood of Greenwood. 
• Biden is the first president to visit the neighborhood in recognition of the massacre in 1921, a point he highlighted in his remarks.

Biden’s proposal: While the president spent much of his speech recounting the events of the massacre, he also announced plans to expand and target federal purchasing power to benefit more minority-owned businesses. His administration will also propose multiple rules that strengthen anti-discrimination housing measures rolled back during the Trump administration.

The Hill’s Marty Johnson and Brett Samuels tell us more about the plan here.

G-7 to commit to ‘high level of ambition’ on global minimum tax rate: Group of Seven (G-7) finance ministers this week are expected to pledge to be ambitious about the rate for a global minimum tax as international tax negotiators are seeking to reach a deal in July, Reuters reports.

“We commit to reaching an equitable solution on the allocation of taxing rights and to a high level of ambition on the rate for a global minimum tax,” a draft statement viewed by Reuters said. The draft did not mention a specific number for a rate.

The background: The meeting comes amid negotiations among the broader Group of 20 (G-20) and the Organization for Economic Cooperation and Development (OECD) on international tax issues, including a global minimum tax.

• There currently is no global minimum tax, but an agreement at the OECD would encourage countries to take steps to ensure that the foreign earnings of their multinational companies are subject to a minimum level of tax.
• Finance ministers in the G-7, including Treasury Secretary Janet Yellen, are slated to meet in London later this week. The G-7 consists of the United States, Canada, France, Germany, Italy, Japan and the United Kingdom.

The Hill’s Naomi Jagoda breaks it down here.

GOOD TO KNOW

• The Federal Reserve’s vice chairman of supervision said Tuesday he will not leave the central bank before December and floated staying on the Fed board even if President Biden demotes him.
• Amazon reported serious injuries at nearly double the rate of other warehouses between 2017 and 2020, according to a report released Tuesday.
• Instacart is reportedly looking into using robots to replace many of its shoppers in order to cut down on labor costs.
• The White House said Tuesday that a cyberattack on major meat producer JBS USA this week likely originated from Russia, saying it is engaging with Moscow to hold accountable the hackers believed to be responsible for the attack.
• The Organization of the Petroleum Exporting Countries (OPEC) is increasing its oil output as economies around the world begin to rebound from the coronavirus pandemic, according to a press release on a Tuesday ministerial meeting.