Commons begins at 7 00 a. M. Eastern on cspan2, on cspan now and online at cspan. Org. Next, deputy treasury secretary Wally Adeyemo has a discussion on equal opportunity for low income and minority communities. Thank you for joining us. It is so good to see all of you. Two sealed friends and new friends. And to think back on where this started. A few of us, including david clooney, were here one the secretary started the Freedmans Bank Forum as an opportunity to remember the legacy of that institution and why it failed. I think there are a lot of ways to think about the failure of that institution. The public sector, working closely with the private sector nonprofits can can tribute that contribute to these communities that have been marginalized. Mr. Adeyemo we know that despite the historic levels of funding they have come from the federal government that there will be a need for the private sector and nonprofit, local communities and leaders to step up as well to make sure that what has been a vicious cycle in many of these communities of underinvestment become a cycle in these communities to build up the businesses and the opportunity that is needed. As part of this effort, a group of private link the peace and companies have come together to form the equal Opportunity Coalition. It is to scale up the investments we have made to make sure you are getting that Virtuous Cycle that ive just spoken about. On stage today we have two members of that coalition and two beneficiaries of some of the work that has happened. We wanted to have a conversation about the equal Opportunity Coalition and some of the work they have done since Vice President harris announced the creation of this coalition and the Publicprivate Partnership we have. And going to go mastercard and bank of america. I am going to go to mastercard and bank of america. Thanks very much. We are delighted to be here. For us, it is a natural outgrowth of our focus on sustainable, inclusive growth, particularly our commitment to financial inclusion. We are committed to bring in a billion individuals into the economy. We supported a 500 million effort in the United States with a big focus on Small Business there. I have to say when i worked in government we talked about Publicprivate Partnerships. Most of the time it meant we wanted them to write a check. What i delight about the sufferer is eight is not just about writing the check. What i am delighted about with this effort is it is not just about writing a check. It is part of verse drive commission to support Small Businesses. Mr. Adeyemo one of the things we are focused on at treasury is as we think about Racial Equity, how do we execute . Execution does not only involve capital. But it involves what are we doing in terms of building capacity . I know that Money Matters in this is a place where bank of america has been focused in terms of leading the charge. I wanted to ask bank of america why they are involved in the equal Opportunity Coalition. Thank you for convening this panel. Similar to my colleague, it really aligns with our focus on responsible growth, which is both how we run bank of america and the framework that our ceo has laid out for us. It means we have to deliver for our employees come for our clients and also we have to help society address the Biggest Challenges it faces. A great example of that is the commitment we announced around racial equality and economic opportunity. We focus on jobs, health equity, Small Business and affordable housing. The way that manifest itself within bank of america, we focus on representation, attracting Diverse Talent that reflects the communities we serve. When you think about how that work manifest itself it is about how can we under any of those pillars invest capital, deploy resources that enable us to be able to drive and deliver the kinds of products and services our clients need. Mr. Adeyemo as you all know, after the murder of george floyd, Corporate America committed a great deal of capital to address and Racial Equity in our country. It was up to 200 billion dollars of capital. How do we make sure that capital is deployed in ways that are scalable in order to make sure certain investments we have made are being matched or exceeded by the private sector. One of the places we have been focus is grownup the ecosystem of cfdis. I have to give credit to one of my colleagues heard we have one of the largest cfd i performed leos in the country. We have one of the largest cfd i portfolios in the country. We have made over 42 Million Dollars in investments heard we have also made 350 million investments in over 100 equity funds that focus on supporting minority and Women Entrepreneurs and Small Businesses. Today we have 100 million in deposits and this morning we announced we will double the size of those deposits so we will add another 100 million. A template five the ability for these organizations to be able to lend, to be able to deploy capital, to support Small Business and affordable housing. The reality is a lot of these lenders are the only lenders in the community where they are doing the work. A few months ago, i was in memphis and sat down with eight black women who ran Small Businesses. They said they were not having problem finding clients, but they were having problems getting access to capital. Nicole, i would like to hear from you about what efforts there been. Thank you so much for inviting me today. Never before in the history of these minority owned and operated banks have bay had access to this level of capital. By having this level of capital they are able to grow and do more than they have been able to do before. Take for example black banks. At its peak there were 184. Today there only 19. A lot of that has been do to lack of access to capital. Another thing was it allowed them to double in size. When you layer on investments from bank of america and others, they have been able to triple in size because they have this capital. The capital allows them to do more in their communities. They are able to do more lending, expand to different markets. Oftentimes they are the only community lender. They are the only ones helping to drive while creation of communities by providing access to mortgages and Small Business loans. On the question of deposits, we started talking about capital because capital is a huge part of the equation, but deposits is important. For every dollar of capital they have, they need eight or nine dollars of deposits in order to do what they do effectively in the community. When you think about the 3 billion that came in, they need 24 billion of deposits. When you think about the billion dollars that came into black banks, they need a billion dollars of deposits. 8 billion dollars. We can all contribute to that through deposits. Mr. Adeyemo i appreciate that. I know you talked about rank of americas commitment. They are also leading an effort to get others to commit. Can he talk about how that effort is going. You described it so well. I was talking with somebody yesterday about this. Some people do not understand the relationship between capital and deposits and how that translates into the ability to lend. The reality is the 100 million is a drop in the bucket. We expect others will join us. They will also add posits. We would love to see that 100 million become over one billion by others who will also add deposits. I think 1 billion matters. It is something we should celebrate and we know there is something that needs to be done. As you think about the fact that we are focused on making sure you have the assets you need, another piece since thinking through other places that you think the Business Community can be helpful. What other places do you see need help as well . I think the biggest needs of Community Banks are they need technology, talent and business opportunities. When it comes to technology, Technology Drives everything we do. How we live, how we work, how we play, how we bank. Community banks have not had access to technology because it costs so much. Through partnerships, they are able to have access to technology. Through a grant from citibank. They provided a 10 million bank grant. Without technology, they are not going to be able to compete. They are not going to be able to serve their customers. They want to be able to open an account number phone but they cannot do it. Another thing is around talent. Many of these banks do not have dedicated i. T. Staff in house to help them vet Different Solutions and help them implement the solutions. These Coalition Partners have tons of technology folks, so they can help them with the talent base they have. Business opportunities come out what are some ways , what are some ways that you are banking . Are there ways that you are thinking about i think about atlanta hawks. They wanted to use a black bank to finance their new training facility. Not one black bank could do it, but together they all came together and did that. I think those are some ways technology, talent and through business opportunities. Mr. Adeyemo technology is a place where mastercard has been doing a great deal of work. Can you describe what it is and talk about how it can be useful to communities and Small Businesses. It is about making sure Small Businesses can get access to capital, can get digital, and get access to networks. We all know how stretched Small Businesses are. My father was a Small Business owner. You do not of time to do all the work that needs to be done to really grow, so you have to make it accessible. Just to amplify the previous points, we made a small investment with Community Reinvestment fund in me and then annapolis in minneapolis so that when covid hit it allowed them to get billions of dollars of loans very quickly to Small Businesses that needed to stay alive. One of those organization is helping placed deposits. There is a lot that can be done even with Modest Technology investments that can leverage and create a systemic affect to get the capital into the hands of Small Businesses. Mr. Adeyemo in terms of the city of new york, what are you doing in new york . I think from day one mayor adams said we need to have Small Businesses lead our Cities Economic recovery. Almost half in new york are immigrant owned. This was critical as part of our economic recovery plan, not just to focus on the social equity piece, but i think the real centerpiece of our brazilian economy is going to center around making sure the underserved communities get the cut get the business they need to help them recover. When we heard about this opportunity with mastercard, we thought that we needed to talk a little bit more about how they could help expand and enhance some of our services. When you talk about technology, the mayor said we were going to build a Small Business portal that would allow all the businesses to come and do a one stop portal servicing. It has been frustrating in the past. When you are engaging in government bureaucracy. When you go to the department of buildings, they identify the Business Owner through physical address. When you go in the department of health, they would identify you in another way. Each time you engage with a different city agency, you are having to refill out your forms and they treat you like they have no information about you when behind the scenes have a lot of data. As we have been working on building that out, we had this other opportunity to expand on the mayors blueprint portal. We are excited to be able to work with mastercard. We have had a long relationship working on a number of projects. It is not just about the dollars. It is on the informational executions of things. It is helping to interpret the data and analyze the data and all of that expertise that private partners can bring to a city like new york. Once you have that kind of relationship, it is easy to work on future initiatives. We encourage other corporations to engage with us now. Mr. Adeyemo i feel as if we just started a conversation, but our time is short. I need to wrap things up now. I do think one of the things that will be critical to us is a partnership between local, state government, the private sector and nonprofits to advance this work. How do we scale . Just money, but also people and technology to address this challenge and how do we do it together . Thank you so much for your time. [applause] please remain seated. Our
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