Vice President Kamala Harris, in collaboration with the U.S. Treasury Department, recently unveiled the Freedman’s Bank Forum on Oct. 25, a critical initiative aimed at boosting federal suppliers and small businesses owned by Black, brown, and under-resourced individuals. Harris highlighted the importance of private sector collaboration with the government to address financial disparities, emphasizing that this partnership creates opportunities for millions of Americans seeking to own businesses.
“When we do, we create opportunity and prosperity for millions of Americans,” Harris added.
“The new private sector commitments announced today will maximize the Biden-Harris administration’s investments in expanding access to capital in low-income, rural, and other underserved communities, which increase long-term productivity and economic growth,” Treasury Secretary Janet Yellen said at the Oct. 25 forum.
Other federal agencies, including the Environmental Protection Agency and the Department of Energy, are launching initiatives to channel capital into clean energy projects, reduce pollution, and enhance climate resilience in low-income neighborhoods and Black and brown communities.
U.S. Senator Mark Warner praised these efforts and emphasized the importance of ensuring that small and disadvantaged businesses reap the benefits of significant legislation passed during the Biden administration.
The Freedman’s Bank Forum and similar initiatives underscore the federal government’s potential to address economic disparities and drive positive change when utilizing a comprehensive approach.
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Source: Black Enterprise