The Equity Hub was created in 2021 and is charged with coordinating efforts to advance equity in all of Treasury’s work, including engaging with diverse communities throughout the country and identifying and mitigating barriers to accessing benefits and opportunities with the Department. The Equity Hub is currently led by the Counselor for Racial Equity, who coordinates and leads efforts across the Department to inform decisions with a focus on racial equity and work to ensure our programs create opportunity in communities of color.
The Equity Hub was created in 2021 after the appointment of the first Counselor for Racial Equity. The Hub was tasked with initial goals of standing up the Treasury Advisory Committee on Racial Equity (TACRE) and implementing the first steps of the 2021 Presidential Executive Order on Equity (E.O. 13985).
Treasury understands that underserved communities -- including communities of color, many rural areas and those affected by climate change, and communities still living with the impact and legacy of actions and policies that prevented intergenerational financial security -- face major barriers to reaching their full economic potential. Furthermore, the COVID-19 pandemic exposed and amplified long-standing disparities in health and economic outcomes, causing the pandemic to disproportionately affect people of color and members of underserved communities.
Treasury is working to ensure that families, businesses, and neighborhoods that have been historically excluded from economic opportunities or experienced persistent poverty are fully included in the nation's economic recovery and future growth.
EQUITY ACTION PLAN
Consistent with the 2021 Executive Order On Advancing Racial Equity and Support for Underserved Communities Through the Federal Government (E.O. 13985), and the whole-of-government Equity Action Plan, Treasury is building the infrastructure necessary to identify barriers to equity and continuously reexamine the Department’s efforts to meaningfully reduce access barriers and strengthen delivery of programs and services to better reach communities of color and historically underserved communities.
TREASURY ADVISORY COMMITTEE ON RACIAL EQUITY
The Treasury Advisory Committee on Racial Equity (TACRE) is a newly created advisory Committee convening to identify, monitor, and review aspects of the domestic economy that have directly and indirectly resulted in unfavorable conditions for Black, Latino, and Indigenous and Native American persons, Asian Americans and Pacific Islanders and other persons of color. Staff envisions the Committee to address topics including, but not be limited to, financial inclusion, capital access, housing stability, federal government supplier diversity and economic development. The Committee shall consist of up to 25 members.
The Treasury Department is currently soliciting nominations for membership of TACRE. This notice provides expectations for Committee members and announces the process for applying for membership on the Committee.
Applications may be submitted to Equity@treasury.gov and are due by April 25, 2022.
- Equity Action Plan: In April 2022, Treasury released a One Year Report in coordination with the whole-of-government Equity Action Plan based on the 2021 Presidential Executive Order on Equity.
- American Rescue Plan Programs Prioritize Equity: In April 2022, Treasury released a fact sheet on how the Department’s implementation of American Rescue Plan programs has prioritized equity.
- Secretary Yellen meets with UnidosUS: In March 2022, Secretary of the Treasury Janet Yellen met with the president and other leaders and affiliates of UnidosUS to discuss how the American Rescue Plan is supporting the Latino community and what Treasury is doing to promote economic growth in traditionally underserved communities.
- Counselor Bowdler speaks to UnidosUS Summit: In March 2022, Counselor for Racial Equity Janis Bowdler gave the keynote address at the UnidosUS 2022 Changemakers Summit Affiliate Leadership Breakfast.
- Strategic Plan: In March 2022, Treasury released its four-year strategic plan which prioritizes equity.
- Report on Anti-Competitive Practices Stifling Worker Power: In March 2022, Treasury, in consultation with the U.S. Department of Justice, the U.S. Department of Labor, and the Federal Trade Commission, issued a new report on the state of competition in the labor market and U.S. economy, which recommended market reforms to level the playing field for American workers.
- State Small Business Credit Initiative: In March 2022, Treasury launched historic equity measurements for the State Small Business Credit Initiative (SSBCI), a $10 billion program to enhance access to credit and other forms of investment for small businesses. SSBCI includes a $2.5 billion allocation for businesses owned by socially and economically disadvantaged individuals, including those in communities of color who have historically struggled to access the capital they need to support their businesses.
- Ensuring Equitable Economic Recovery with the American Rescue Plan: In March 2022, Deputy Secretary Adeyemo penned a blog post detailing efforts to ensure equitable economic recovery through American Rescue Plan programs.
- Emergency Rental Assistance: In February 2022, Treasury released demographic data showing over 80% of ERA assistance was delivered to very low-income households (those earning 50% of area median income and below) in 2021.
- CTC and EITC Day of Action: In February 2022, Secretary Yellen delivered remarks at the White House Child Tax Credit and Earned Income Tax Credit Day of Action.
- Launch of ChildTaxCredit.gov: In January 2022, Treasury and the White House launched the revamped ChildTaxCredit.gov with new features to meet taxpayers where they are and help them file tax returns and claim all of the family credits available.
- Secretary Yellen remarks at World Economic Forum: In January 2022, Secretary Yellen gave remarks at the “Virtual Davos Agenda” hosted by the World Economic Forum. Her remarks focused on the Biden Administration’s strategy to sustain economic recovery and to address longstanding structural issues relating to income inequality, racial disparities, and climate change.
- Secretary Yellen remarks at National Action Network: In January 2022, Secretary Yellen gave remarks at the National Action Network’s Annual King Day Breakfast. Her remarks focused on Treasury’s efforts for racial and economic equity.
- Secretary Yellen remarks on the American Women’s Quarters Program: In January 2022, Secretary Yellen released a statement on the U.S. Mint announcing that it has begun shipping the first coins in the American Women Quarters Program.
- Supporting Women and Minority-Owned Businesses: In Fiscal Year 2021, Treasury awarded $738 million to minority-owned businesses (without regard to size), which is 8% of total contract dollars, substantially above the goal of 5%, and $635 million to women-owned businesses (without regard to size), which is 7% of total contract dollars and substantially above benchmarks.
- Social Impact Partnership to Pay for Results Act Grant for Oklahoma: In December 2021, Treasury announced an award to the State of Oklahoma of nearly $3.9 million in federal commitments to support Family and Children Services’ “Women in Recovery” (WIR) program, part of the Social impact Partnership to Pay for Results Act (SIPPRA).
- Freedman's Bank Forum: In December 2021, Treasury’s Freedman's Bank Forum was reestablished as an annual event to elevate and commemorate the role of community based financial institutions, showcase Treasury's progress on its commitment to racial equity, and invite dialogue on timely topics related to building wealth among communities of color.
- Emergency Capital Investment Program: In December 2021, the Emergency Capital Investment Program (ECIP) announced $8.7 billion in investments in Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) in order to increase lending to small and minority-owned businesses, and low- and moderate-income consumers in underserved communities, including rural areas.
- Advancing Equity Analysis in Tax Policy: In December 2021, Deputy Secretary Adeyemo and Assistant Secretary for Tax Policy Lily Batchelder penned a blog post on Treasury’s efforts to advance equity analysis in tax policy.
- Deputy Secretary Adeyemo remarks at Aspen Economic Strategy event: In November 2021, Deputy Secretary Wally Adeyemo delivered remarks at the Aspen Economic Strategy Group’s Rebuilding the Post-Pandemic Economic Recovery event.
- Secretary remarks at Tribal Nations Summit: In November 2021, Secretary Yellen delivered remarks at the White House Tribal Nations Summit.
- Interagency Convening on Equitable Economic Growth: In November 2022, Secretary Yellen delivered remarks at the Department of the Treasury and Department of Commerce interagency convening on equitable economic growth.
- A Coordinated Strategy to Advance Racial Equity at Treasury: In October 2021, Deputy Secretary Adeyemo penned a blog post on the Department’s coordinated strategy to advance racial equity at Treasury.
- Appointment of Counselor for Racial Equity: In October 2021, the Secretary appointed the Department’s first-ever Counselor for Racial Equity, Janis Bowdler The Counselor will coordinate all offices and workstreams intended to advance equity and advise the Treasury Department on all racial equity policy issues and programs.
- Centering Racial Equity in Policymaking: In September 2021, Deputy Secretary Adeyemo released a blog post detailing the Treasury’s work to put racial equity front and center in its first six months of implementing the American Rescue Plan.
- CDFI Rapid Response Program: In June 2021, the CDFI Rapid Response Program provided $1.25 billion to Community Development Financial Institutions (CDFIs) to help their communities respond to the economic hardships created by the COVID-19 pandemic – offering a historic investment in institutions that reach communities that have traditionally been underserved by the financial sector.
- Equity in the Housing Market: In June 2021, Deputy Secretary Adeyemo penned a blog post on the state of the housing market and what can be done to fully address the long-term structural problems driving shortages of affordable housing.
- Meeting on Racial Equity and Tax Policy: In May 2021, Deputy Secretary Adeyemo met with racial equity experts, economists, and civil rights organizations to discuss the Administration’s tax policies and outreach efforts.
- House Ways and Means Committee’s Racial Equity Initiative: In May 2021, Deputy Secretary Adeyemo met with the House Ways and Means Committee’s Racial Equity Initiative.
- Tribal Engagement: In 2021, Treasury has held numerous Tribal Consultations to ensure that relief funds reach Tribes quickly, and that each Tribe has the flexibility to use relief funds to respond to the COVID-19 pandemic as an extension of respect for Tribal sovereignty. Across programs, Treasury engaged over 8,600 individuals in 65 hours of consultations, information sessions, and other meetings.
- Disbursement of Economic Impact Payments/Advance Child Tax Credit Payments: Since the passage of the American Rescue Plan (ARP) in January 2021, Treasury worked diligently to distribute more than 170 million economic impact payments (EIPs) totaling more than $400 billion to help Americans weather the financial hardship caused by the pandemic and advancing over $92 billion in Child Tax Credit (CTC) payments to the families of more than 60 million children.
Learn more about government-wide equity efforts at www.performance.gov/equity
Learn more about the Administration’s Equity Agenda at www.whitehouse.gov/equity