The U.S. Department of the Treasury launched an initiative that identifies objectives and recommendations for policymakers, industry, employers, and community organizations on safe financial products and services.
The National Strategy for Financial Inclusion in the United States has been informed by Treasury’s extensive research and engagement with experts, community leaders, industry representatives, and other federal agencies.
“Access to financial products and services is essential to creating opportunity for all Americans,” Secretary of the Treasury Janet Yellen said. “For the first time, Treasury’s strategy provides a national roadmap to expand access to foundational financial tools like credit and investments that are key to building wealth. Implementing these recommendations will help more families build financial security and get ahead.”
The objectives and key recommendations of the strategy include:
• Promote access to transaction accounts that meet consumer needs;
• Increase access to safe and affordable credit;
• Expand equitable access to savings and investments;
• Improve the inclusivity of financial products and services provided or backed by the government;
• Foster trust in the financial system by protecting consumers from illegal and predatory practices; and
• Treasury invites all stakeholders to engage with this Strategy, to innovate, and to collaborate in creating a more inclusive financial landscape.
“Today’s release marks the nation’s first ever strategy on financial inclusion and reflects the Vice President’s leadership on expanding access to capital, credit, and economic opportunity,” National Economic Advisor Lael Brainard said. “This financial inclusion roadmap marks a major step forward in charting a clear path to improving access to banking, credit, savings, and other financial products in underserved communities—to ensure every American has the financial tools to build wealth.”
The ability to participate in the U.S. financial system is a foundation for financial security and wealth building. However, Treasury notes that there are significant disparities in how different populations interact with and benefit from financial products and services – and these disparities contribute to persistent economic inequities.
Improving inclusion in the financial system is critical to fostering financial resilience and creating opportunities for all communities to succeed. The goal of this effort is to promote inclusion and reduce rather than increase disparities.