Deputy Secretary Adeyemo Leads NY Roundtable on Community Finance

Last updated Sep 18, 2023

NEW YORK – Deputy Secretary of the Treasury Wally Adeyemo spearheaded a high-profile roundtable discussion at the New York Stock Exchange today, marking a significant event in the financial industry. Joining him were Senators Mark Warner (D-VA) and Mike Crapo (R-ID), co-leaders of the Senate’s bipartisan Community Development Finance Caucus, along with industry executives. Their focus was on strategies for community capital investments, considering the critical role of public and private sector cooperation in addressing nationwide economic inequality and maximizing the Biden-Harris Administration’s historic investment initiatives.

Key legislation, such as the American Rescue Plan Act, Bipartisan Infrastructure Law, CHIPS Act, and Inflation Reduction Act, provides pivotal opportunities for the federal government. These laws incentivize investment in underserved and marginalized communities, which includes communities of color, low-income, rural, and Tribal populations. These communities have traditionally been overlooked when it comes to receiving the necessary resources to stimulate local economic growth. The Biden-Harris Administration’s record-breaking investment of over $8.5 billion in community development financial institutions (CDFIs) and minority depository institutions (MDIs) is a testament to this commitment.

On the private sector side, the Economic Opportunity Coalition (EOC) was formed last year, following an announcement by Vice President Harris. This coalition is comprised of private sector companies and foundations dedicated to making unprecedented investments in under-resourced communities. Deputy Secretary Adeyemo, along with Senators Warner and Crapo and corporate and banking leaders, announced in June that the EOC had achieved their objective of securing $1 billion in deposits for CDFIs and MDIs.