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| Topics and Issues | Financial inclusion (22) |
On December 22, 2023, the Treasury Department issued a press release announcing a request for information (RFI) “to inform its development of a national strategy for financial inclusion. Treasury was directed to develop a strategy to improve financial inclusion in the Joint Explanatory Statement [JES] accompanying the Financial Services and General Government [FSGG] Appropriations Act of 2023.” The comment deadline was February 20, 2024.
Under the JES:
Financial Inclusion.—Treasury, in conjunction with its Federal partners, is directed to develop a strategy to improve financial inclusion. The strategy should aim to broaden access to financial services among underserved communities and improve the ability of such communities to use and benefit from financial tools and services. The strategy should establish national objectives for financial inclusion; set benchmarks for measuring progress; and offer recommendations for advancing financial inclusion through public policy, government programs, financial products and services, technology, and other tools and infrastructure. The Department is directed to brief the Committees on its plans to implement this language within 90 days of enactment of this Act.
Consolidated Appropriations Act, 2023, Cmte. Print, U.S. House Cmte. on Approps, on H.R. 2617, Pub. L. 117-328, Leg. Text & Explanatory Statement, Book 1 of 2, Divs. A – F, 1154.
The RFI adds that
Treasury intends for the strategy to identify clear and actionable opportunities for the public, private, and nonprofit sectors to advance financial inclusion. Treasury is therefore seeking information and recommendations from all interested parties for the purpose of advancing financial inclusion through policy, government programs, financial products and services, technology, and other tools and market infrastructure. Treasury is committed to including a broad range of perspectives in efforts to promote financial inclusion and is particularly interested in the views and needs of underserved communities.