Texas is one of five states that received the largest sum of investments from the Emergency Capital Investment Program. Per the White House, the funds went to 'small and minority-owned businesses and consumers.'
Vice President Kamala Harris and Treasury Secretary Janet Yellen were joined by members of Congress on Wednesday to announce the Treasury Department’s $8.28 billion distribution to institutions charged with helping historically disadvantaged business owners, consumers and entrepreneurs access capital and have greater participation in America’s financial system.Vice President Kamala Harris and Treasury Secretary Janet Yellen announced on Wednesday announced a $8.
“America is a nation that is powered by the ambition and the aspirations of her people,” Harris said in a Wednesday phone call with reporters. “We know the benefit is that it creates jobs, it sparks further innovation, it expands the economy and it makes our nation more competitive. The nearly $9-billion distribution spanned across 162 community development financial institutions and minority depository institutions, and Harris held up several awards as prime examples of the program at work.
Black Americans represent 13.4% of the U.S. population, yet Federal Reserve figures show they control just 4.3% of household wealth. More than half of Black household wealth is in the form of pension entitlements, which cannot be passed along to future generations. This inequity makes it harder for people living in predominantly Black communities to qualify for business loans and mortgages in ways that could help build their net worth.
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