Private sector leaders shared their own work with the Treasury Secretary to uplift businesses in underserved communities.
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| Janet Yellen. Image: FRH |
The Economic Opportunity Coalition (EOC) is partnering with the Biden-Harris Administration to call on companies to invest in America's small businesses. A roundtable in the presence of U.S. Treasury Secretary Janet L. Yellen and National Economic Council Director Lael Brainard discussed the matters.
Secretary Yellen emphasized the importance of investing to scale small businesses while building diverse supply chain ecosystems in the country. Leaders from the private sector shared their own work to uplift different startups in underserved communities and provided feedback on how to make collaborative efforts more effective.
EOC is going to secure $3 billion in deposits for community development financial institutions (CDFIs) and minority depository institutions (MDIs), community lenders with a proven record of reaching low-income, rural, and other underserved money seekers.
EOC leaders said that they are committing to spending at least 15% of U.S. procurement dollars with small and underserved businesses in those sectors. Micron, Air Products, and Xcel Energy are the first to sign on to this commitment.
The Economic Opportunity Coalition (EOC) is a group of nearly 30 companies working to make historic investments in underserved communities.
The program was also attended by Director of Domestic Policy Council Neera Tanden, Senator Mark Warner, and corporate and philanthropic representatives.
Ruth Porat, President and CIO, Google; Christopher Gorman, CEO, KeyBank; Mark Murphy, EVP and CFO, Micron Technology, John Rogers, Chairman and Co-CEO, Ariel Investments, Scott Paul, President, Alliance for American Manufacturing, Audra Ladd, Co-Director, Urban Manufacturing Alliance; Sharon Bowen, Chair, New York Stock Exchange; David Girouard, CEO, Upstart; Rip Rapson, President and CEO, Kresge Foundation; Chris Weaver, Executive Director, Economic Opportunity Coalition; and Michael Roth, Co-CEO, Next Street, were also present.