Discussion part of Treasury leadership’s efforts to engage diverse communities in developing Department’s financial inclusion strategy
WASHINGTON – Today, U.S. Treasurer Chief Lynn Malerba and Deputy Assistant Secretary for Consumer Policy Suzanna Fritzberg chaired a convening with Tribal leaders, Native American leaders of community development financial institutions (CDFIs), a Tribal College, and the private sector, and representatives from the across the Biden-Harris Administration, to discuss the need to expand Tribes’ access to financial services. Today’s convening is one of many hosted by the Treasury Department as it develops a national strategy for financial inclusion to address persistent gaps for underserved communities.
During the convening, Chief Malerba delivered remarks highlighting the importance of financial inclusion to advance economic development in Tribal communities. While lack of access to capital and credit markets created economic disparities in Native communities, economic opportunities unlocked by President Biden’s historic suite of legislation – including the American Rescue Plan, Inflation Reduction Act, and Bipartisan Infrastructure Law – have increased Native business growth and Tribal economic development.
In December 2023, the Treasury Department released a request for information to inform its development of a national strategy for financial inclusion. The comment period for the RFI closes on February 20, 2024. Treasury is engaging with a wide variety of stakeholders to ensure that the strategy identifies clear actions to enhance financial inclusion and promote a stable financial system that provides the infrastructure to ensure all households can meet their needs and achieve their financial goals.
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