Vice Presidential Pool Reports of October 4, 2022

VP supplemental pool report #1

At approximately 11:13 a.m. the supplemental pool was led into the Cash Room at Treasury where the Freedman's Bank Forum was underway.

At 12:04 a White House official passed along the following:

Today, Vice President Harris will deliver remarks at the Freedman's Bank Forum at the U.S. Department of Treasury to announce a slate of new actions taken by the Biden-Harris Administration and private sector stakeholders to deliver capital and resources to underserved small businesses and the community lenders who serve them.

For too long, the small business ecosystem in these underserved communities has struggled to keep up with better funded businesses and entrepreneurs in more prosperous communities. Under President Biden and Vice President Harris's leadership, this Administration has taken significant steps to address these disparities. Over the past two years, the Treasury Department invested over $15 billion in community lenders and other mission capital providers, allowing them to expand their efforts to drive inclusive entrepreneurship and create high-opportunity communities.

Read more about today's announcements here: FACT SHEET: Vice President Harris Announces New Public and Private-Sector Efforts to Advance Racial Equity at Freedman's Bank Forum - The White House

Highlight's of today's announcement:

• Economic Opportunity Coalition members (a coalition of 20 companies and foundations brought together by Vice President Harris) have committed to moving $1 billion in deposits to Minority Depository Institutions (MDIs) to increase access to affordable capital in communities of color.
• The Office of Management and Budget is issuing a memorandum to federal agencies to set individualized goals for an unprecedented 12 percent of FY 2023 governmentwide procurement dollars to go to Small, Disadvantaged Businesses.

The Vice President's Work on CDFIs and Small Business

• The Vice President has consistently advocated for expanding access to capital and credit for underserved small and minority-owned businesses.
• As Senator, the Vice President partnered with key Congressional stakeholders to secure a transformative $12 billion investment for CDFIs and MDIs in December 2020. Since that time, she has worked with Secretary Yellen and the Department of the Treasury to develop a forward-looking plan on amplification of CDFIs and implementation of recently appropriated funding.
• In July, the Vice President announced a first-of-its-kind private sector initiative—the Economic Opportunity Coalition (EOC)— with more than 20 corporations and foundations committed to investing billions of dollars in underserved communities and small businesses emerging from the pandemic.
• The Vice President has also met with small business owners throughout the country to elevate their role in the community and discuss the new small business priorities implemented within the Biden-Harris Administration.

VP supplemental pool report #2

Treasury Secretary Janet Yellen finished her remarks at 12:08. She introduced Vice President Harris who walked on to the stage at 12:09. Harris immediately began delivering her remarks. Her remarks are being streamed on the White House's livestream.

VP supplemental pool report #3

At 12:21 Harris finished her remarks and exited the Cash Room.