Treasury, bank CEOs discuss ‘economic inclusion’
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. —