Business World

Treasury, bank CEOs discuss ‘economic inclusion’

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WASHINGTON — A top Treasury Department official met on Tuesday with 20 top bankers to discuss President Joseph R. Biden’s $2.3-trillion infrastruc­ture plan and ways to use public-private partnershi­ps to expand economic inclusion, the agency said in a statement.

US Deputy Treasury Secretary Wally Adeyemo told 20 bank chief executives who are members of the nonpartisa­n Bank Policy Institute (BPI) research group, that “now is the moment to reimagine and rebuild a new American economy” that rewards work, not wealth, and create a tax code that helps end “profit shifting and tax games.”

Mr. Adeyemo and the CEOs also discussed economic inclusion and ways to improve access to credit for lowand moderate-income communitie­s, particular­ly with regard to mortgage finance as a pathway to building wealth, the statement said.

BPI represents the nation’s leading banks, which collective­ly employ nearly 2 million Americans.

Mr. Adeyemo said Mr. Biden’s infrastruc­ture and jobs plan would create millions of well-paying jobs, rebuild infrastruc­ture, and position the US to outcompete China, Treasury said.

The Biden administra­tion has made ending systemic racism and disparitie­s a central part of its overall economic policy.

He also focused on the Treasury Department’s continuing review of US economic and financial sanctions policies adopted by former President Donald Trump, and said it was a look to identify both “successes and opportunit­ies for change or improvemen­ts.”

Mr. Adeyemo told academics and other experts on sanctions earlier this month that he viewed sanctions as a “potential and valuable tool for policy makers” and it was important to ensure they remained a viable option for years to come. —

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