Harris, Yellen focus on community finance at Freedman Forum

Sep 28, 2022, 3:00 PM | Updated: Sep 30, 2022, 12:16 pm
FILE - Vice President Kamala Harris speaks during the Freedman Bank Forum as Treasury Secretary Ja...

FILE - Vice President Kamala Harris speaks during the Freedman Bank Forum as Treasury Secretary Janet Yellen look on in Washington, Dec. 14, 2021. Vice President Kamala Harris and Treasury Secretary Janet Yellen will host Treasury's annual Freedman's Bank Forum, October 6. (AP Photo/Carolyn Kaster, File)

(AP Photo/Carolyn Kaster, File)

              FILE - Vice President Kamala Harris talks to the media at Yokosuka Naval Base, in Yokosuka, near Tokyo, Wednesday, Sept. 28, 2022. Harris and Treasury Secretary Janet Yellen will host Treasury's annual Freedman's Bank Forum, October 6. (Leah Millis/Pool Photo via AP, File)
            
              FILE - Treasury Secretary Janet Yellen meets with Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan, Sept. 16, 2022, at the Treasury Department in Washington. Vice President Kamala Harris and Yellen will host Treasury's annual Freedman's Bank Forum, October 6. (AP Photo/Jacquelyn Martin, File)
            
              FILE - Vice President Kamala Harris speaks during the Freedman Bank Forum as Treasury Secretary Janet Yellen look on in Washington, Dec. 14, 2021. Vice President Kamala Harris and Treasury Secretary Janet Yellen will host Treasury's annual Freedman's Bank Forum, October 6. (AP Photo/Carolyn Kaster, File)

WASHINGTON (AP) — Vice President Kamala Harris and Treasury Secretary Janet Yellen plan to use this year’s Freedman’s Bank Forum to highlight how federal coronavirus pandemic relief program funds have helped support Black- and minority-owned businesses.

The Treasury Department said in a statement that “the importance of expanding the community finance system will be front and center” at the Oct. 4 forum. In 2015, then-Treasury Secretary Jack Lew launched the annual Freedman’s conference to develop strategies to address persistent racial economic disparities.

Roughly 96% of Black-owned businesses are sole proprietorships and single-employee companies. These businesses have the hardest time finding funding and are often the first to suffer during economic downturns. They often turn to financial institutions for the underserved and other non-traditional lenders for micro-loans and grants.

Earlier this month, Treasury announced that it had disbursed roughly $8.28 billion in relief funds to 162 community financial institutions across the country through its Emergency Capital Investment Program.

The forum will include a panel on new support for community finance institutions, small businesses and low wealth communities, “all in an effort to unlock the economic potential of communities of color, rural areas, and others that have experienced limits on economic opportunity,” the department said.

A February Government Accountability Office report outlined how various agencies could improve efforts to increase banking access for people who don’t have access to bank accounts.

The Federal Deposit Insurance Corp., the National Credit Union Administration and the Office of the Comptroller of the Currency were all identified for improvements.

___

Follow the AP’s coverage of the Treasury Department at https://apnews.com/hub/us-department-of-the-treasury.

__

This story was first published on Sept. 29, 2022. It was updated on Sept. 30, 2022, to correct that the forum will be held Oct. 4, not Oct. 6.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

FILE - Florida Gov. Ron DeSantis speaks during a news conference at the Broward County Courthouse i...
Associated Press

New state voter fraud units finding few cases from midterms

WASHINGTON (AP) — State-level law enforcement units created after the 2020 presidential election to investigate voter fraud are looking into scattered complaints more than two weeks after the midterms but have provided no indication of systemic problems. That’s just what election experts had expected and led critics to suggest that the new units were more […]
1 day ago
Associated Press

Landslide leaves up to a dozen missing on Italian island

MILAN (AP) — Heavy rainfall triggered landslides early Saturday on the southern Italian island of Ischia that collapsed buildings and left as many as 12 people missing. Italy’s interior minister said no deaths had yet been confirmed, appearing to contradict an early announcement by another senior politician. “At the moment there are no confirmed deaths,” […]
1 day ago
Nancy Faeser, Federal Minister of the Interior and Home Affairs talks to members of the press in Em...
Associated Press

German government seeks to ease rules for naturalization

BERLIN (AP) — Germany’s socially liberal government is moving ahead with plans to ease the rules for obtaining citizenship in the European Union’s most populous country, a drive that is being assailed by the conservative opposition. Chancellor OIaf Scholz said in a video message Saturday that Germany has long since become “the country of hope” […]
1 day ago
In this photo provided by the Ukrainian Presidential Press Office, Ukrainian President Volodymyr Ze...
Associated Press

Ukraine works to restore water, power after Russian strikes

KYIV, Ukraine (AP) — Ukrainian authorities endeavored Saturday to restore electricity and water services after recent pummeling by Russian military strikes that vastly damaged infrastructure, with President Volodymyr Zelenskyy saying millions have seen their power restored since blackouts swept the war-battered country days earlier. Skirmishes continued in the east and residents from the southern city […]
1 day ago
FILE - Palestinian soccer fans wave Qatari and Palestinian flags as they watch a live broadcast of ...
Associated Press

Flashes of Arab unity at World Cup after years of discontent

DOHA, Qatar (AP) — For a brief moment after Saudi Arabia’s Salem Aldawsari fired a ball from just inside the penalty box into the back of the net to seal a World Cup win against Argentina, Arabs across the divided Middle East found something to celebrate. Such Arab unity is hard to come by and […]
1 day ago
FILE - MGM Grand Macau casino resort is closed in Macao on July 11, 2022. Macao has tentatively ren...
Associated Press

Macao awards casino licenses to MGM, Sands, Wynn, 3 others

BEIJING (AP) — Macao has tentatively renewed the casino licenses of MGM Resorts, Las Vegas Sands, Wynn Resorts and three Chinese rivals after they promised to help diversify its economy by investing in non-gambling attractions, the government said Saturday. The announcement is positive news for owners who have invested billions of dollars to build the […]
1 day ago

Sponsored Articles

SHIBA WA...

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
Harris, Yellen focus on community finance at Freedman Forum