US Democratic presidential candidate Joe Biden told reporters today he would name his running mate in the first week of August, days before he formally accepts his party's nomination at the Democratic National Convention.

Mr Biden's search for a vice presidential candidate has drawn intense scrutiny, in part because he would be the oldest president in US history at 78 years old as of inauguration day.

Mr Biden has vowed to select a woman to join his ticket ahead of November's election against Republican President Donald Trump.

Mr Biden is due to detail a proposal today to battle racial economic inequality, including improving access to capital for minority-owned businesses, increasing investment in disadvantaged communities and making housing more affordable.

The plan, which Mr Biden will announce in a speech in his hometown of Wilmington, Delaware, is the fourth and final plank of Mr Biden's plan to revitalise the coronavirus-hit US economy.

The former vice president is trying to draw a contrast between his vision for economic recovery and what he has assailed as a disastrous response to the pandemic from Mr Trump.

Mr Trump has touted trillions in stimulus dollars the administration and Congress provided in the pandemic's wake.

Mr Biden's plans to date have included investing trillions of dollars in manufacturing and innovation, clean energy and childcare. Republican critics have said the plans will lead to higher taxes.

The campaign has not detailed how it would pay for every proposal, though it has said raising the corporate tax rate to 28%, rolling back Mr Trump's tax cuts for the wealthiest Americans and eliminating tax loopholes would cover much of the cost.