WASHINGTON – Today, Assistant Secretary for Financial Institutions Policy Graham Steele chaired a convening in the Treasury Cash Room with representation from civil rights organizations, consumer advocates, and research organizations to discuss financial inclusion and financial barriers faced by underserved communities. Today’s convening is one of many hosted by the Department of the Treasury as it develops a National Strategy on Financial Inclusion.
Deputy Secretary of the Treasury Wally Adeyemo delivered remarks highlighting the importance of financial inclusion to advance racial equity and Treasury’ successful efforts to ensure that the economic recovery following the COVID-19 pandemic was the most equitable on record. The Deputy Secretary also discussed the need for continued public and private sector work to guarantee that all Americans benefit from the country’s economic progress.
Deputy Assistant Secretary for Consumer Policy Suzanna Fritzberg facilitated a discussion regarding the scope of the financial inclusion strategy, tracking and benchmarking progress on financial inclusion, and priorities and recommendations for improving financial inclusion for underserved communities.
The Joint Explanatory Statement accompanying the Financial Services and General Government Appropriations Act, 2023 (FSGG), enacted on December 29, 2022, directed Treasury to develop a national strategy to improve financial inclusion. Treasury initiated work on the strategy in 2023 and is engaging with a wide variety of stakeholders to ensure that the strategy is valuable for all market participants, accessible, and provides clear and actionable opportunities to enhance financial inclusion for the benefit of consumers.
A Treasury Request for Information on financial inclusion is forthcoming and will be posted to the Federal Register to solicit additional public feedback.