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