The U.S. Impact Investing Alliance writes in support of a cross-agency initiative by the federal government to reflect on their collective role in generating positive economic outcomes for communities, with an eye toward racial equity.

Specifically, the Alliance responded today to a request for information (RFI) from the newly formed Interagency Community Investment Committee (ICIC) on how to improve the impact of federal community investment programs.

The Alliance’s recommendations primarily focus on how agencies can leverage their authorities to fortify community financial institutions as critical vehicles for generating positive economic outcomes for Black, Brown and low-income communities. The comment letter also references lessons learned from existing community investing policies and programs that leverage private capital: “Policymakers should make transparency a priority and ensure that incentives or benefits are explicitly tied to impact for underserved communities, residents and businesses from the outset,” writes the Alliance.

We look forward to engaging with the ICIC in the new year to strengthen how public policy catalyzes private capital to generate economic opportunities for historically underserved communities.