ThePressReleaseEngine.com

Press Release
Remarks by Treasury s Counselor for Racial Equity Janis Bowdler at  the 2022 Inclusiv Annual Conference in San Juan Puerto Rico

☷Remarks by Treasury s Counselor for Racial Equity Janis Bowdler at the 2022 Inclusiv Annual Conference in San Juan Puerto Rico

U.S. Department of the Treasury
| 16| 2
   Remarks as prepared for delivery:Thank you to Inclusiv CEO Cathie Mahon and Pablo DeFilippi , both of whom I’ve had the pleasure of working with for many years , for inviting me to the Inclusiv Annual Conference . I also want to recognize the important partners here , including CUPride , African American Credit Union Coalition , and the National Association of Latino Credit Union Professionals . The work of community development credit unions is deeply important to advancing our shared vision for a more equitable economy . In fact , the work you all do is...... growing in importance – delivering mission - driven capital to communities that have lacked the resources needed to invest in their future is at the heart of Treasury’s strategy to expand economic opportunity for all . I am so glad you chose Puerto Rico as the location for this year’s conference – the work of cooperativas is having a clear impact on the distribution of capital and the economic recovery of the island . From day one , racial equity has been a priority for the Biden - Harris Administration , and for good reason . The failure to invest in communities that have been underserved is money left on the table; it is a drag on our national economy . For Treasury to realize its goals for an inclusive and resilient economy , it must consider how to create opportunity for all Americans – including those at the greatest risk of being left behind . Secretary Yellen has been clear on this point: far too often , the economy has not worked well for Black , Latino , AAPI and native communities . Rural communities , those impacted by climate change and natural disasters , people with disabilities , and many who identify as LGBTQ have also seen limits on their ability to participate in the prosperity of our nation . Our goal is to foster an economy where everyone can achieve financial security and reach their full economic potential . We will only get there by fixing the broken systems that sideline too many of our families , businesses , and communities . Community finance partners are critical to this mission . We know that community development credit unions reach deep into communities that would otherwise be underserved by mainstream financial services . Executing on this vision is both a great challenge and a defining opportunity – and it comes at a critical time . When the pandemic hit , Black and Latino workers saw the largest increases in unemployment rates , with the Black unemployment rate peaking at 16 . 8 percent in May 2020 and Latino unemployment rate peaking at 18 . 8 percent in April 2020 . Here in Puerto Rico , the unemployment rate was around 9 percent in May 2020 . The Administration quickly got to work with Congress to pass the American Rescue Plan to infuse $1 . 9 trillion into the economy to get families back to work safely , help local communities recover , and provide a lifeline to small businesses hit hard by the pandemic . From the outset , community finance partners like community development credit unions played a critical role in this strategy . High - impact efforts include:Treasury’s CDFI Rapid Response Program , which provided $1 . 25 billion in COVID relief funds to 863 CDFIs . The Emergency Capital Investment Program ( ECIP ) , which is designed to build the capacity of CDFIs and MDIs to provide capital to communities that struggled the most during COVID - 19 . In December 2021 , Treasury announced $8 . 7 billion in investments through the ECIP , marking an unprecedented investment that will strengthen CDFIs and MDIs and position these institutions to make new loans to promote inclusive economic development as the economy recovers . Treasury is currently reviewing state plans to administer $10 billion through the State Small Business Credit Initiative . Building on the first iteration of SSBCI , this round includes $2 . 5 billion targeting businesses owned by socially and economically disadvantaged individuals . The CDFI Fund has continued to make available hundreds of millions of dollars through is regular annual program rounds and will soon be making available $1 . 75 billion that will promote an equitable recovery by supporting lending to borrowers with significant unmet capital and financial services needs that have experienced disproportionate economic impacts from the COVID - 19 pandemic . In addition , the State and Local Fiscal Recovery Funds have provided a fiscal lifeline to Puerto Rico . The program allocated a little over $4 . 0 billion to Puerto Rico , including $2 . 5 billion for the Commonwealth and $1 . 5 billion for the Island’s municipalities . The aid can be used for a broad range of services and capital expenditures that respond to the pandemic’s impacts and support economic growth , including support for job training , housing , childcare , and small business . And as I’ll talk about in a moment , these funds can also be used to support outreach efforts to increase uptake of the Child Tax Credit . Treasury is dedicated to helping governments in Puerto Rico deploy these funds . Treasury has also provided significant support to help low - income Puerto Ricans stay in their homes through the Emergency Rental Assistance program , which has allocated over $550 million to Puerto Rico and has already made payments to more than 50 , 000 households . Another crucial aspect of President Biden’s American Rescue Plan was to provide extraordinary supports through tax cuts to families with children , and low - income workers . Treasury and the IRS took extraordinary steps to reimagine the way the IRS serves families in Puerto Rico . Specifically , the American Rescue Plan made historic , permanent changes to the Child Tax Credit for Puerto Rico families . Previously , only Puerto Rico families with three or more qualifying children could qualify for any Child Tax Credit benefit . This meant that , before the American Rescue Plan , only about 10 percent of Puerto Rico families qualified for any Child Tax Credit . The American Rescue Plan permanently removed that eligibility barrier by extending the Child Tax Credit to Puerto Rico families with fewer than three qualifying children . As a result of the American Rescue Plan , 97 percent of Puerto Rico families with children are eligible for the 2021 Child Tax Credit . In addition , for 2021 , the American Rescue Plan increased the Child Tax Credit to $3 , 600 per qualifying child under age 6 and $3 , 000 per qualifying child under age 18 , thereby allowing 17 - year - olds to qualify for the first time . The American Rescue Plan also made the Child Tax Credit fully refundable , which ensured that lower - income families could access the full credit . Building the infrastructure to support Puerto Rican residents filing U . S . Federal income taxes for the first time is a challenge . We are especially grateful for the partners who have helped us spot and troubleshoot problems as they arise and lift up messages and tools to help residents file taxes . Many of you in this room also operate VITA sites or partner closely with VITA providers . I want to thank you for your help in ensuring that all families eligible for the Child Tax Credit can claim this benefit . As we continue this work , we want to make clear that families in Puerto Rico can continue to claim the Child Tax Credit after last month’s filing deadline . In fact , families who don’t owe taxes to the IRS can file their 2021 tax return and claim the Child Tax Credit for the 2021 tax year at any point in the next three years without any penalty . Our efforts to enroll families in the Child Tax Credit are therefore continuing in the months ahead . As with any new program , we are responding to implementation issues as they arise , and we will continue to do so as we work to make sure that every eligible resident of Puerto Rico is able to access this benefit . Last month we celebrated the one - year anniversary of the American Rescue Plan; there is a lot to be proud of . We’ve supported the economic stabilization of individuals and households during a period of deep uncertainty , and the economic support provided by ARP helped reinvigorate an economy that added 6 . 6 million jobs last year . We’re now seeing the unemployment rates for Black and Latino adults nearing their pre - COVID levels , and here in Puerto Rico , unemployment is the lowest it ' s been since 1976 . Given all we have been through and the economy showing promise , some may be tempted to let the hard truths surfaced by tragic and painful racial violence , such as the massacre in El Paso , the murder of George Floyd , and the random hate crimes against AAPI people , fade into the rearview mirror . The challenges we face today are rooted in our history of structural racism that left Black , Brown , AAPI , and native communities out of policies that built the middle class . That’s one reason why it’s so important for federal agencies to tackle issues of racial equity head on . A key aspect of my role is to ensure the progress I described above is not fleeting with a single Administration . We are taking steps to weave racial equity into the fabric of Treasury . One way we are doing this is through the Treasury Advisory Committee on Racial Equity . As an official advisory committee , members will provide advice and recommendations to Treasury’s senior leadership on a wide range of topics essential to addressing wealth disparities and meeting the moment of opportunity to invest in the potential of our communities . We are also expanding internal efforts to recruit a Treasury workforce that reflects the diversity of our Nation and build our institutional capacity and expertise on racial economic issues . Looking ahead , we must pivot from acute crisis mode to renewing our focus on building an economy that works for us all . Treasury cannot do this alone and looks to partners like Inclusiv and your members . Now is the time for us to make bold investments in people and families that will fuel our economy . I look forward to partnering with you on these endeavors and I wish you the best of luck for the rest of your conference!


03 May 2022 ( May 03 2022 )



Press release information:
Direct link to press release: Click here .


Was this page helpfull ?



Advertisment
Remarks by Treasury s Counselor for Racial Equity Janis Bowdler at  the 2022 Inclusiv Annual Conference in San Juan Puerto Rico
Advertisment

Similar from the same period

Press Release

403rd Army Field Support Brigade Personality Spotlight Phylip Michael Agee

U.S. Army
May 03,2022

Phylip - Michael Agee and his wife Vestria Lovell Agee . Hometown: I am an Air Force BRAT so that has always been a difficult question to answer . A lot of my childhood was spent in Brevard County Florida ( Melbourne/Palm Bay area ) where much of my mother’s side of the family resides . [ . . . ]

U.S. Army
Press Release

PCS season is coming — Plan ahead

U.S. Army
May 03,2022

Plan your move . Pay attention to the Personal Property Team during levy briefings , ask questions , take notes . Know your maximum Household Goods weight allowance and what items you are authorized to ship . [ . . . ]

U.S. Army
Press Release

First Team Builds Partnership With Field Day

U.S. Army
May 03,2022

“I think maintaining a partnership in the community is important because Copperas Cove is so closely tied with Fort Hood , ” said Command Sgt . Maj . Esteban Alvarado , Headquarters and Headquarters Battalion , 1st Cavalry Division command sergeant major as the unit volunteered at their Adopted School Mae Stevens Early Learning Academy in Copperas Cove , Texas on April 29 to host field day . [ . . . ]

U.S. Army
Press Release

Presidio of Monterey kicks off use of Army maintenance site

U.S. Army
May 03,2022

Users can use Digital Garrison to link to the new Army Maintenance Application ( ArMA ) . Housing and barracks residents are able to sign up and access the new system through Digital Garrison or at https://www . [ . . . ]

U.S. Army
Press Release

Fort Hood DPW educates youth at Gatesville Earth Day

U.S. Army
May 03,2022

Sunny Wood , a Fort Hood archaeologist , explains to students how stone tools were once used in tanning animal hides during an annual Earth Day event at Gatesville , Texas , April 22 . GATESVILLE , Texas — Gatesville Independent School District students learned about recycling , sustainability , litter prevention , waterways and more during Gatesville’s annual Earth Day April 22 . [ . . . ]

U.S. Army
Press Release

Asian American Pacific Islander Heritage Month 2022

U.S. Army
May 03,2022

May is Asian American & Pacific Islander ( AAPI ) Heritage Month , a celebration of the innumerable contributions , vibrant cultures , and rich heritage of Asian Americans , Native Hawaiians , and Pacific Islanders in this country . [ . . . ]

U.S. Army
Press Release

Secretary Blinken to Deliver Keynote Remarks at the 52nd Annual Washington Conference on the Americas Luncheon United States Department of State

U.S. Department of State
May 03,2022

Secretary of State Antony J . Blinken will deliver keynote remarks on Tuesday , May 3 , 2022 at 1:35 p . m . , at the 52nd Annual Washington Conference on the Americas Luncheon , co - hosted by the U . S . Department of State Bureau of Western Hemisphere Affairs and the Council of the Americas . [ . . . ]

U.S. Department of State
Press Release

Army Fellows Program in Europe offers unique international opportunities for recent grads and early career engineers with U S Army Corps of Engineers

U.S. Army
May 03,2022

U . S . Army Corps of Engineers , Europe District Army Fellow Erin Dinunzio , Aegis Ashore Missile Defense System Poland Executive Officer Lt . Cmdr . Travis Avant and AAMDS Commanding Officer Cmdr . Joshua Wolf review working as - built drawings on the fire suppression system for accuracy and adequacy at the Aegis Ashore ballistic missile defense project April 1 , 2022 in Redzikowo , Poland . [ . . . ]

U.S. Army
Press Release

Michigan team saves a life while mentoring Liberian partners

National Guard
May 03,2022

MONROVIA , Liberia – The man was dead . “He completely flatlined for a little over two minutes , ” said U . S . Army Capt . Matthew Gomberg , a battalion physician assistant assigned to Headquarters and Headquarters Company , 3rd Battalion , 126th Infantry Regiment , Michigan National Guard . [ . . . ]

National Guard
Press Release

Homesick Soldier initiates Easter egg hunt in garrison front yard

U.S. Army
May 03,2022

Sgt . 1st Class Cameron Letcher posing in front of the group of children , parents and teachers gathered for the Easter Egg Hunt in the park outside the gate of Mihail Kogalniceanu Airbase , a site belonging to USAG Rheinland - Pfalz With Easter approaching , a homesick Sgt . [ . . . ]

U.S. Army
Press Release

Garrison celebrates Bike Safety Month showcases local rules and education

U.S. Army
May 03,2022

Part 1 – Technology WIESBADEN , GERMANY – People are increasingly biking to commute , exercise , or just for fun . By law , bicycles on the roadway are vehicles with the same rights and responsibilities as motorized vehicles . [ . . . ]

U.S. Army
Press Release

Michigan Guard medical team saves life while mentoring Liberian partners

U.S. Army
May 03,2022

U . S . Army Capt . Matthew Gomberg , a battalion physician assistant assigned to Headquarters and Headquarters Company , 3rd Battalion , 126th Infantry Regiment ( 3 - 126th IN ) , Michigan National Guard ( MING ) assisted emergency room staff at 14 Military Hospital in Monrovia , Liberia to save this man ' s life April 26 , 2022 . [ . . . ]

U.S. Army
Press Release

World Food Prize Laureate Announcement Ceremony United States Department of State

U.S. Department of State
May 03,2022

This year’s World Food Prize Laureate will be announced at the 2022 World Food Prize Laureate Announcement Ceremony . The Ceremony will be held on Thursday , May 5 , at 9:30 a . m . in the Benjamin Franklin Room of the U . [ . . . ]

U.S. Department of State
Press Release

Remarks by Treasury s Counselor for Racial Equity Janis Bowdler at the 2022 Inclusiv Annual Conference in San Juan Puerto Rico

U.S. Department of the Treasury
May 03,2022

Remarks as prepared for delivery:Thank you to Inclusiv CEO Cathie Mahon and Pablo DeFilippi , both of whom I’ve had the pleasure of working with for many years , for inviting me to the Inclusiv Annual Conference . [ . . . ]

U.S. Department of the Treasury
Press Release

Baton Rouge Man Sentenced to 110 Months in Federal Prison for Charges Related to Drug Trafficking and Possession of Contraband in Prison

Bureau of Alcohol, Tobacco, Firearms and Explosives
May 03,2022

United States Attorney Ronald C . Gathe , Jr . announced that U . S . District Judge Brian A . Jackson sentenced Reuben Maurice Crawford , age 36 , of Baton Rouge , Louisiana , to 110 months in federal prison following his convictions for unlawful use of communications facilities in furtherance of drug trafficking activities and possession of contraband in prison . [ . . . ]

Bureau of Alcohol, Tobacco, Firearms and Explosives
Press Release

Idaho I T Professional Charged with Misappropriating Pre Publication Investment Recommendations for Insider Trading Scheme

Federal Bureau of Investigation
May 03,2022

Idaho I . T . Professional Charged With Misappropriating Pre - Publication Investment Recommendations For Insider Trading Scheme David Stone Electronically Accessed an Investment Advice Service’s Unannounced Stock Picks and Used That Information to Generate Millions in Trading Profits and to Provide Inside Tips to Another Damian Williams , the United States Attorney for the Southern District of New York , and Michael J . [ . . . ]

Federal Bureau of Investigation
Press Release

Navajo Man Arraigned on Charges of Aggravated Sexual Abuse of a Child in Indian Country

Federal Bureau of Investigation
May 03,2022

Navajo man arraigned on charges of aggravated sexual abuse of a child in Indian Country ALBUQUERQUE , N . M . – Brandon Yazzie , 28 , of Standing Rock , New Mexico , and an enrolled member of the Navajo Nation , was arraigned in federal court on April 28 on a four - count indictment charging him with three counts of aggravated sexual abuse and one count of abusive sexual contact . [ . . . ]

Federal Bureau of Investigation
Press Release

Three Family Members Sentenced in USDA Crop Loan and Bankruptcy Fraud Schemes

Federal Bureau of Investigation
May 03,2022

Three Family Members Sentenced in USDA Crop Loan and Bankruptcy Fraud Schemes Mother Pretended to Be Father in Bankruptcy Court Hearing Three Northeastern Iowa family members were sentenced recently in federal court for their respective roles in crop loan and bankruptcy fraud schemes . [ . . . ]

Federal Bureau of Investigation
Press Release

Vestal Man Pleads Guilty to Possession of Child Pornography

Federal Bureau of Investigation
May 03,2022

Vestal Man Pleads Guilty to Possession of Child Pornography SYRACUSE , NEW YORK – Nicholas Donafrio , age 42 , of Vestal , New York , pled guilty today before Senior United States District Judge Thomas J . McAvoy to one count of possession of child pornography , announced United States Attorney Carla B . [ . . . ]

Federal Bureau of Investigation
Press Release

Filipino Seaman Pleads Guilty to Federal Charge for Fatally Stabbing Fellow Crewmember on Los Angeles Bound Container Ship

Federal Bureau of Investigation
May 03,2022

Filipino Seaman Pleads Guilty to Federal Charge for Fatally Stabbing Fellow Crewmember on Los Angeles - Bound Container Ship LOS ANGELES – A Philippines national who fatally stabbed a fellow crewmember on a container ship en route from Shanghai to Los Angeles pleaded guilty today to a federal criminal charge . [ . . . ]

Federal Bureau of Investigation
Advertisment

Advertisment