Celebrating Government-Led Commitments to Equity and Community Investing Priorities

This week, leaders from the public, private, nonprofit and philanthropic sectors convened at the Treasury Department’s Freedman’s Bank Forum to consider their joint role in addressing economic disparities and promoting economic opportunities in communities of color. The U.S. Impact Investing Alliance congratulates the newly announced members of Treasury’s Advisory Committee on Racial Equity, representing community development finance experts, philanthropies, investment professionals and more.

We are encouraged to see government leading on a cross-sector approach to manifesting a more equitable economy for all. As Secretary Yellen wisely stated, “together, we are also building a stronger and more inclusive post-pandemic economy. Investing in disadvantaged communities has far reaching effects beyond the communities themselves. It can offer high returns on investment and boost economic growth.”

The Forum follows an announcement earlier this year from Vice President Harris and Treasury Secretary Yellen of the Economic Opportunity Coalition (EOC), a cohort of government, philanthropic and corporate leaders dedicated to this work.

Alongside this announcement, several agencies - including Treasury, Commerce, Transportation, Housing and Urban Development, Agriculture and the Small Business Administration - have signed a Memorandum of Understanding (MOU) to better align federal dollars flowing into underserved communities, including through the formation of the Interagency Community Investment Committee.

The Alliance applauds these commitments, which draw upon the critical principles for driving progress outlined by the Coalition on Inclusive Economic Growth - namely, cross-sector and cross-agency coordination to invest in communities and a more equitable economy broadly.

On behalf of the Coalition on Inclusive Economic Growth, the Alliance looks forward to engaging the EOC and the Interagency Committee to help generate and advance policy solutions in line with the commitments made to transparency, accountability and community revitalization.