READOUT: At Spelman College, Deputy Secretary of the Treasury Wally Adeyemo Highlights New Efforts to Reduce Economic Disparities in Underserved Communities

Deputy Secretary Adeyemo announces Treasury Department’s Equity Action Plan

ATLANTA, GA – Today, in recognition of Black History Month, U.S. Deputy Secretary of the Treasury Wally Adeyemo joined a fireside conversation at Spelman College entitled “A Conversation on Building Black Wealth & The Growth of the U.S. Economy.” During the conversation, which was co-hosted by the Black Economic Alliance and moderated by Spelman College Board Chair Emerita Roz Brewer, Deputy Secretary Adeyemo highlighted the Biden-Harris Administration’s investments in economic recovery and long-term community development, including for Black and other underserved communities, and shared upcoming initiatives to reduce economic disparities. 

Initiatives spearheaded by the Treasury Department include funding community financial institutions with a proven track record of lending to underserved businesses and communities. Through the Emergency Capital Investment Program, for example, the Treasury Department has invested $1.4 billion in Black-owned and Black-majority shareholder depository institutions. ECIP investments are projected to increase lending within Black communities by nearly $80 billion over the next decade. 

During the fireside conversation, Deputy Secretary Adeyemo announced the release of the Treasury Department’s Equity Action Plan (EAP). This report outlines six strategies to address inequity, focusing on long-standing barriers to building wealth among marginalized communities. The new EAP comes as the Department leads implementation of President Biden’s Investing in America agenda, including unlocking the hundreds of billions of dollars in clean energy investments through the Inflation Reduction Act.  

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