Biden administration, stakeholders to host interagency event on economic equity

The Biden administration announced on Thursday that it would be hosting its first interagency event on economic equity next week. 

The Commerce Department, along with organizations such as the Ford Foundation and the U.S. Impact Investing Alliance, will be holding an event Tuesday morning focused on economic equity advancement for underrepresented groups and communities of color both at the federal agency and on a business level. 

The event, which includes a series of fireside chats and panel discussions, will discuss various aspects of creating an equitable economic recovery, focusing on aspects such as small business support, the creation of new jobs and diversity within American corporations. 

Commerce Secretary Gina Raimondo, Ambassador Susan Rice, U.S. Securities and Exchange Commission Chair Gary Gensler, and presidential senior adviser Gene Sperling are among a handful of officials from the Biden administration slated to give remarks during the event, according to an agenda obtained by The Hill. Labor Secretary Marty Walsh and Treasury Janet Yellen will also be delivering remarks. 

Atlanta Mayor Keisha Lance Bottoms, Ford Foundation President Darren Walker and other stakeholders will also be attending.

“For too long, economic growth and prosperity have not been shared equally in our country,” Rice said in a statement. “As we build back better from the devastating health and economic effects of the pandemic, we must reimagine an economy where every American has a fair shot to build wealth and opportunity. This interagency convening is an important step towards realizing a more equitable economy.”

The event comes as earlier this year the Impact Investing Alliance and other organizations called on the Biden administration to create an initiative focused on inclusive economic growth. 

“We are eager to engage with and support the Administration on a series of economic policy proposals, including financial markets structural reforms, that together can advance the Administration’s priorities around economic recovery, racial equity, and climate change. These policy solutions are ripe for action because they have public recognition, growing support in the business and investment communities, and in many cases bipartisan support as well,” the groups wrote in April.

“They will support inclusive economic growth for American workers, communities, and businesses. In order to ensure that the Biden-Harris Administration can take advantage of this unique moment, we propose a White House Initiative on Inclusive Economic Growth, staffed at the NEC, that could play a central coordinating role in promoting equitable economic policy across the Administration,” they added.