'This is a brand new pot of money that has not previously existed': A viral Instagram post claims President Joe Biden defunded historically black colleges and universities (HBCUs) by $30 million, whereas former President Donald Trump permanently funded them. Trump in late 2019 did sign a bill permanently authorizing about $255 million in annual funding to HBCUs and other minority-serving institutions. While the amount of new funding proposed for such institutions in the Biden-backed Build Back Better Act has decreased during the negotiation process in Congress, Biden has not cut existing funding to HBCUs.