U.S. Treasury official, bank CEOs discuss boosting 'economic inclusion'

[April 21, 2021]  WASHINGTON (Reuters) -A top Treasury Department official met on Tuesday with 20 top bankers to discuss President Joe Biden's $2.3 trillion infrastructure plan and ways to use public-private partnerships to expand economic inclusion, the agency said in a statement.

Economist Adewale "Wally" Adeyemo listens to questions during his Senate Finance Committee nomination hearing to be Deputy Secretary of the Treasury in the Dirksen Senate Office Building, in Washington, D.C., U.S., February 23, 2021. Greg Nash/Pool via REUTERS

U.S. Deputy Treasury Secretary Wally Adeyemo told 20 bank chief executives who are members of the nonpartisan Bank Policy Institute research group, that "now is the moment to reimagine and rebuild a new American economy" that rewards work, not wealth, and create a tax code that helps end "profit shifting and tax games."

Adeyemo and the CEOs also discussed economic inclusion and ways to improve access to credit for low- and moderate-income communities, particularly with regard to mortgage finance as a pathway to building wealth, the statement said.

BPI represents the nation's leading banks, which collectively employ nearly 2 million Americans.

Adeyemo said Biden's infrastructure and jobs plan would create millions of well-paying jobs, rebuild infrastructure, and position the U.S. to outcompete China, Treasury said.

The Biden administration has made ending systemic racism and disparities a central part of its overall economic policy.

He also focused on the Treasury Department’s continuing review of U.S. economic and financial sanctions policies adopted by former President Donald Trump, and said it was look to identify both "successes and opportunities for change or improvements."

Adeyemo told academics and other experts on sanctions earlier this month that he viewed sanctions as a "potential and valuable tool for policymakers" and it was important to ensure they remained a viable option for years to come.

(Reporting by Andrea Shalal; editing by Jonathan Oatis and Chizu Nomiyama)

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