Vice Presidential Pool Reports of December 14, 2021

VP pool report #1 - Gathered

Good morning all! I'll be your pooler for the vice president's event at the Treasury Department this morning, where she'll join Sec. Yellen for the Freedman's Bank Forum.

Pool has been tested and is gathered at the White House for the walk over to Treasury on this clear and sunny morning. Background is below — let me know if any questions!

On Background from a White House Official

Today, at 11:30am EST, Vice President Kamala Harris will join Secretary of the Treasury Janet L. Yellen at the 2021 Freedman's Bank Forum event at the Treasury Department, to announce the deployment of more than $8.7 billion for 186 Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs). This $8.7 billion is part of the $12 billion that then-Senator Harris secured through her bill with Senators Warner, Schumer, Booker and Chairwoman Waters which was passed in the December 2020 COVID/Omnibus legislation, to help customers and communities respond to the economic hardships created by the COVID-19 pandemic.

Since the beginning of the Administration, the Vice President has worked with Secretary Yellen, Treasury staff, and Office of the Vice President staff to implement the CDFI and MDI funding programs to ensure small business owners in underserved communities can access capital to start and grow their businesses. In June 2021, Secretary Yellen and Vice President Harris announced $1.25 billion of the $12 billion was being made available to community lenders.

The funds are disbursed through the Emergency Capital Investment Program (ECIP) to increase lending to small and minority-owned businesses, and low- and moderate-income consumers in underserved communities, including rural areas.

In 2015, then Treasury Secretary Jack Lew named the Treasury Annex building the "Freedman's Bank Building" and launched an annual conference to showcase strategies to address racial economic disparities. Freedman's Savings and Trust Company was established in 1865 to provide newly emancipated Black Americans with the financial mechanisms to safeguard their earnings, build financial security, and generate family wealth.

At today's event, the Vice President and Secretary of the Treasury Janet L. Yellen will deliver remarks and participate in a moderated conversation.

VP pool report #2 - Pool at Treasury and livestream link

Pool arrived across the street at Treasury at 10:51 AM and is now holding in the hallway outside a large meeting room called the Cash Room where the VP will give remarks. She is arriving separately.

To watch, the forum is being live-streamed here: https://m.youtube.com/watch?v=kOPadyKZML0

VP pool report #3 - Room color

Pool is still waiting on the event to begin as of 11:35 — some color from the room below:

Pool entered the Cash Room around 11:15, where about 50 or so people were standing around talking amid rows of spaced out chairs. Pool spotted Rev. Al Sharpton near the front. The room has a high ceiling with three large gold chandeliers and marble walls with gold accents. There is a large Christmas tree with white and silver ornaments and two menorahs set up in the back right corner of the room.

The front stage is set up with five beige and gold signs that say "Freedman's Bank Forum" and two TV screens on either side read: "Fireside Chat with Vice President Kamala Harris & Treasury Secretary Janet Yellen."

VP pool report #4 - VP remarks

The VP entered the room at 11:44 with Secretary Yellen. The VP is wearing a black suit, beige blouse and dark gray pearls. She began by speaking about the survivors of the Tulsa race massacre who she met earlier this year and how racial disparities — specifically the wealth gap — persist today.

She spoke first at an official podium with the secretary standing to the left of her, wearing a red shirt and multicolor, striped blazer.

The VP finished speaking at 11:55 and introduced Secretary Yellen.

Reminder this is being live-streamed here: https://youtu.be/kOPadyKZML0

Some highlights from VP:

"In America today, deep racial disparities continue to hold people back from achieving all they can."

"Community lenders see the value in providing capital directly to these communities."

"When every community reaches its full potential, so too does America."

She says the Tulsa massacre survivors made it clear how far things have come and how far the country has to go, saying that she promised them that she would keep fighting to close the gaps.

VP pool report #5 - VP and Sec. Yellen conversation

The VP and Sec. Yellen sat down for their moderated "fireside chat" at 12:01, a conversation led by Janis Bowdler, the racial equity counselor at Treasury.

Asked how she got into her work on economic justice, the VP said: "In many ways, I was born into it," mentioning her parents' advocacy, Thurgood Marshall and MLK Jr.

She says she started tracking the foreclosure crisis and how it impacted families of color when she was attorney general of California.

The VP said the Biden-Harris administration has focused on investing in America's workers, investing in people, investing in families for the greatest "return on investment." She mentions the maternal health summit last week and the child tax credit.

Sec. Yellen says it's been a conscious goal of Treasury to make sure money intended for certain communities is being spent there.

The VP got light applause when she said that some of the financial programs they're discussing were not built to benefit certain people. "It's about restructuring," she says.

The VP talked about the importance of trust in institutions among underserved communities and the importance of "self-determination."

She mentioned voting rights as a connected issue, an "ongoing blatant challenge" to democracy. "Our democracy is being threatened." Says there is a natural progression from voting rights to the issue of economic justice.

The event ended at 12:29 and the VP (masked) began chatting with attendees and shaking hands as a small crowd formed around the stage where she was. She took a photo with Rev. Al Sharpton and spoke with a few others before she left the room at 12:35. She did not answer a shouted question about whether she is concerned about the impact of inflation on communities of color.

Please check the official transcript, but I did Otter the session starting with the VP's remarks if of interest: https://otter.ai/u/mHtEZ9YYPEzjp_L8EJH16v5KIMU

That's it from me today — please let me know if any follow-up questions!