NEW YORK – Today, Deputy Secretary of the Treasury Wally Adeyemo convened a roundtable discussion at the New York Stock Exchange with Senators Mark Warner (D-VA) and Mike Crapo (R-ID), co-chairs of the bipartisan Senate Community Development Finance Caucus, and industry leaders to discuss investments in community development capital. During the conversation, Deputy Secretary Adeyemo highlighted the importance of a coordinated partnership between the public and private sectors to address economic inequality across the nation and maximize the impact of the Biden-Harris Administration’s historic investments.
Legislation like the American Rescue Plan Act, Bipartisan Infrastructure Law, CHIPS Act, and Inflation Reduction Act provide the federal government the opportunity to drive capital into communities that have long lacked the resources necessary to create sustainable local economic engines, particularly for underserved and marginalized communities, including communities of color and low-income, rural, and Tribal communities. This includes the Biden-Harris Administration’s historic investments of over $8.5 billion in community development financial institutions (CDFIs) and minority depository institutions (MDIs) under the Emergency Capital Investment Program, the nearly $10 billion provided to support small businesses under the Small Business Credit Initiative, and many others.
To supplement and boost public efforts, last year Vice President Harris announced the formation of the Economic Opportunity Coalition (EOC), a coalition of private sector companies and foundations working to make historic investments in underserved communities. In June, Deputy Secretary Adeyemo and Senators Warner and Crapo joined corporate and banking leaders to announce that members of the EOC reached their goal of securing $1 billion in deposits into CDFIs and MDIs.