WHAT THEY ARE SAYING: Vice President Kamala Harris Announces the Formation of the Economic Opportunity Coalition (EOC)

Yesterday, Vice President Kamala Harris traveled to Brooklyn, New York to announce new investments from over 20 organizations, and actions from the federal government, to create opportunities in communities that have been left behind. Through the formation of the Economic Opportunity Coalition (EOC), 24 companies and foundations will invest tens of billions of dollars in underserved communities, and the Biden-Harris Administration will launch new policy initiatives to support Community Development Financial Institutions Funds (CDFIs), small businesses, and community infrastructure in underserved communities.

The Biden-Harris Administration and the EOC will work together to ensure current and future commitments are equitably invested in underserved communities, thereby strengthening our overall economy. When the private and public sector join forces, our entire nation benefits.

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NY 1: In NYC, Harris previews new effort to give underserved communities an economic boost
[Rachel Tillman, July 28]

"There are still far too many people in our nation who do not have access to the capital and to the financial services they need to thrive," Harris said Thursday. "And I believe, given the breadth of the financial disparities in our nation, the public and the private sector must join forces to take on these challenges."

To bridge the divide, the Biden-Harris administration will launch a new Economic Opportunity Coalition – a partnership with 21 corporations and three foundations – to coordinate cross-sector efforts that will "develop and deploy products that solve challenges in getting resources where most needed and drive towards outcomes for meaningful action.

amNY: Vice President Kamala Harris visits Brooklyn to tout new Economic Opportunity Coalition helping underserved communities
[Dean Moses, July 28]

Since the COVID-19 pandemic exacerbated already marginalized communities, the Biden administration shared that they are striving to amend these disparities and in doing so strengthen the overall economy. Calling these investments long overdue, the administration states that they are working to provide more pathways to economic growth for underserved communities by deploying products that solve challenges, supplying resources, and driving toward meaningful outcomes through private and public investments, which includes the EOC.

Reactions from CDFIs and other organizations:

Financial Health Network Chief Program Officer Adeeb Mahmud: "The Administration's emphasis on increasing positive financial health outcomes, particularly within communities of color and other underserved communities, is a monumental step forward."

HOPE Credit Union CEO Bill Bynum: "As the nation becomes more diverse, the Economic Opportunity Coalition will provide invaluable leadership in ensuring that America's emerging majority is equipped to fuel the economy – particularly in places like the Mississippi Delta and Alabama Black Belt where barriers to economic opportunity have historically been most prevalent."

NALCAB President and CEO Marla Bilonick: "Today's announcement uplifts an exciting collaboration between the public and private sectors that will contribute to closing the racial and ethnic wealth divide in our nation."

National Bankers Association: "The National Bankers Association (NBA) commends the Biden-Harris Administration's commitment to addressing systemic inequities faced by communities of color that have sustained enormous disparities in wealth creation. We are proud to serve as one of 17 social sector advisors to the Economic Opportunity Coalition. We look forward to continuing to inform the development and implementation of its commitments to deploy more capital and opportunities for financial wellness into underserved communities."

Opportunity Finance Network President and CEO Lisa Mensah:"Community development finance institutions are creative community partners that work amid the harsh realities of the wealth gap and put more people on the ladder to prosperity with responsible financial products and services. With aligned investments from this powerful public-private coalition, we can do so much more."

SaverLife CEO Leigh Phillips: "As we emerge from a pandemic that laid bare the deep wealth inequities in our country," Phillips says, "there is an urgent need for the public, private, and social sectors to lean in and do more to close the racial wealth gap with full force." (Blog post, July 28)

The Resurrection Project CEO Raul Raymundo: "Economic solutions are not one size fits all, and while some strategies produce paths to wealth for some groups, they are not equitable for everyone...The EOC's objective is to promote policies and investments that leaves NO one behind, especially communities of color."

Statements from Economic Opportunity Council members:

Alphabet and Google Senior Vice President and Chief Financial Officer Ruth Porat: "A healthy economy exists only when opportunities to participate are open to everyone...Consistent with that approach, today Google is proud to help launch the Economic Opportunity Coalition, a group dedicated to building an equitable economy. Google intends to work alongside others in the public, private and nonprofit sectors to find ways to help close the racial wealth gap in the United States." (Blog post, July 28)

Citi CEO Jane Fraser: "At Citi, we recognize that closing the racial wealth gap is not only imperative for communities but for businesses. We need collective action from both the private and public sectors to address systemic socioeconomic issues and increase economic mobility."

Ford Foundation President Darren Walker: "The Economic Opportunity Coalition will leverage the power of public-private partnerships to create positive, sustainable change for the communities that need it most. From the urban communities that were hit hardest by COVID-19, to the heartland of rural America that has experienced disinvestment for decades, it takes cooperation, collaboration, and innovation across sectors to remove barriers to equal opportunity and pave the way for a fairer, more prosperous future for all."

Kresge Foundation President and CEO Rip Rapson: "The strength of American cities – and the nation as a whole – depends on generating inclusive growth for people of all races, ethnicities and incomes...For those of us who have long been boosters of inclusive growth at the municipal level, the creation of the Economic Opportunity Coalition marks a significant shift in how we promote economic mobility and decrease socio-economic disparities in the United States."

Momentus Capital President and CEO Ellis Carr: "We are thankful to the Biden-Harris Administration for its support of the Economic Opportunity Coalition. Working together in this public-private partnership will help create social and economic justice in disinvested communities."

Next Street Managing Partner Charisse Conanan Johnson: "As a person of color, I have personally and professionally experienced how deeply entrenched these obstacles are, and know it will require collective commitment from the most senior levels of government, corporations and philanthropy to make meaningful change. Thanks to the support of the Biden-Harris administration and our EOC partners, we hope to shift the conditions that have held communities of color back. While we may be limited in our ability to change the injustices of the past, we can strive to change the course of the future, and EOC plays a key role toward that goal."

The Rockefeller Foundation President Dr. Rajiv J. Shah: "At The Rockefeller Foundation, we believe every working person in the United States should be able to meet their family's financial needs and have a path to a better future...That's why we're proud to join the Economic Opportunity Coalition and look forward to working with our partners to finally make opportunity universal and sustainable."

TIAA CEO Thasunda Brown Duckett: "Closing the wealth gap for people of color in America continues to be one of the toughest issues we face as a nation. Cooperation between private institutions and government leaders can help us chart stronger pathways toward economic success and financial empowerment for everyone...We look forward to working with the Biden-Harris Administration and the EOC to build to develop and deploy crucial resources where they are most needed."

Upstart Vice President and Head of Public Policy and Regulatory Affairs Nat Hoopes: "As a founding participant in the Economic Opportunity Coalition, we are proud to help MDIs and CDFIs thrive by offering fairer, more accurate, and seamless consumer loans as customer expectations are evolving rapidly...MDIs and CDFIs offer critical access to credit that is fundamental to economic mobility in the United States, and Upstart's AI technology provides a unique opportunity to unlock credit where it is often needed most." (Press Release, July 28)