Maxine Waters And Janet Yellen Outline What It Takes To ‘Close The Wealth Gap’

4 months ago

On Tuesday, Rep. Maxine Waters (D-WA) questioned Treasury Secretary Janet Yellen on financial policy during a House Financial Services Committee hearing.

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Transcript

00:00We'll now recognize the ranking member of the full committee,

00:03Ms. Waters, for five minutes.

00:04Thank you very much, Mr. Chairman.

00:07Secretary Yellen, I don't have much of a question to ask you.

00:13I want to thank you, basically, for the work that you have done.

00:18You know, there's a lot of talk about helping small businesses and minority businesses,

00:23but under your leadership, working with the President of the United States,

00:28you've done a magnificent job.

00:30I want to thank you for the CDFIs, the Community Development Financial Institution,

00:36an alternative to the big banks who don't give loans to small businesses.

00:41They don't want them in the bank.

00:43But because of CDFIs, people have a place to go to present their case and get loans.

00:50The other thing I want to thank you for is the Minority Business Development Agency,

00:56which you put $125 million into in order to teach and to train and to make sure

01:04that small businesses have the assistance that they need, the technical assistance

01:09to these businesses so that they have the legal, the accounting, and business advice

01:14that they need to grow and prosper.

01:17And, of course, I want to thank you for the SSBCI.

01:21We put, in this committee, $10 billion to create 10 million loans,

01:27and I want you to know that it's making a difference.

01:31I want you to know the other side has not done any significant work

01:36for small and minority business.

01:38We're trying to close the wealth gap.

01:41I give you credit for your leadership, for your understanding.

01:46Well, I guess if I want to ask you a question, I want to ask you,

01:50do you think that these kind of efforts will help us to close that wealth gap?

01:56So, I absolutely do, and I very much want to thank you for the strong endorsement

02:02that you've given Treasury's work.

02:05I know how important this is to you, and it's important to the country.

02:10It has been our focus to use the funds

02:15that Congress has provided most effectively since day one

02:21of the Biden administration, and addressing the wealth gap,

02:27this is a top priority at Treasury.

02:30We're trying to use every single tool that we have to make headway on this.

02:38As you know, this is something that is difficult to eradicate,

02:45but I think our efforts are making a difference.

02:48And as I've traveled around the country, I've often had the chance to visit businesses

02:54that are getting help from CDFIs in low-income or minority communities,

03:01and I have seen small businesses get the support they need through CDFIs

03:08or through SSBCI to develop and thrive.

03:13This is a clear focus of all the work the Biden administration has done.

03:19Well, and I think it's important for people to know, this is all over the country,

03:26and I'm trying to get my colleagues on the opposite side of the aisle to work with us

03:32so that rural communities and small communities and towns can have more access.

03:38The infrastructure is not there with non-profits and others to work

03:44with what you're doing for all of us, and maybe there's something you can say or do

03:50to encourage those who have small towns in their areas that don't know about the programs,

03:57and when we take it to them to ask them, you know, don't you want to participate in the CDFIs,

04:04and don't you want some of the money that comes to your state with SSBCIs?

04:09What can we do to get them more interested

04:12so that more of this money can get into rural communities?

04:16I know you don't have time.

04:18This is not the proper place to educate them now, but perhaps you can volunteer to meet

04:23with some of my colleagues to get them interested from the opposite side of the aisle

04:28on how they can take advantage of what you're doing, what the president is doing,

04:33and what we're learning we can do to help equal the playing field

04:38so that we can have financial services working for everybody and that we can have women

04:44and minority-owned businesses, et cetera, that have been excluded for so long participating

04:50because of the work that you're doing.

04:52Well, thank you very much, and we would be glad to work with you or with others

04:58who are interested in bringing these benefits to low-income and rural communities.

05:06We do try to do significant outreach, and we're certainly prepared to do more.

05:14We'd welcome the collaboration.

05:17I yield back.

05:19You're welcome.

Maxine Waters And Janet Yellen Outline What It Takes To ‘Close The Wealth Gap’

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