For Immediate Release: January 26, 2021
Contact: [email protected]
President Clinton to host “The Power of CDFIs for an Inclusive Economic Recovery,” the third event in the Clinton Foundation series to address racial and economic disparities amid COVID-19
The event will feature Governor Michelle Lujan Grisham, Donna Gambrell, and Dr. Rajiv Shah on the importance of Community Development Financial Institutions and Minority Depository Institutions as a way to build a more inclusive and equitable economy
New York, NY – On Tuesday, February 2, President Bill Clinton will host the third installment of “Building an Inclusive Recovery,” a Clinton Foundation series to address racial and economic disparities amid the ongoing COVID-19 pandemic. This event will highlight the economic impact on historically underserved communities, and how Community Development Financial Institutions (CDFIs) and Minority Development Institutions (MDIs) can spur economic growth and promote economic equity.
This discussion comes as America faces increasing challenges and difficulties in its fight against the COVID-19 pandemic and the racial and social inequalities it has exacerbated. As the nation marks the loss of more than 400,000 Americans, the ongoing need to increase assistance to families who have lost livelihoods and loved ones is of continued importance.
This pre-recorded event will be streamed via live.clintonfoundation.org/cdfi
This virtual event, with support from the Ludwig Family Foundation, will feature Governor Michelle Lujan Grisham, State of New Mexico; Tawney Brunsch, executive director, Lakota Funds; Donna Gambrell, president & CEO, Appalachian Community Capital; and Dr. Rajiv Shah, president, Rockefeller Foundation.
CDFIs and MDIs often serve as a bridge between low-income communities and economic resources, including access to capital. This is more evident and important following the events of 2020 with corporations, philanthropists, and government institutions further recognizing the power of these community lenders to accelerate a much-needed inclusive economic recovery. With unprecedented financial support in 2020, including $12 billion in federal aid through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the CDFI industry will be at the forefront of the much-needed work to address the issues of economic equity and inclusion that have stymied community and small business growth especially in Black, Latino, and Native American communities across the US.
President Clinton will lead a discussion aimed at identifying ways to deploy more capital, build innovative products and services, and strengthen and sustain partnerships. These actions will support community lenders so that they can continue to make meaningful strides to close America’s long-standing wealth and opportunity gaps while powering an inclusive economic recovery.
The Riegle Community Development and Regulatory Improvement Act established the Community Development Financial Institutions Fund (CDFI Fund) – a part of the U.S. Department of the Treasury – and was signed into law by President Clinton in 1994. Today, with the help of the CDFI Fund, a thriving financial services industry has been established with the unique purpose of meeting the needs of underserved communities across the United States.
Under the Clinton Global Initiative (CGI) Commitment to Action model, these meetings provide a platform for the cultivation of new, specific, and measurable projects promoting an inclusive economic recovery. Each virtual event in this series highlights approaches ready to be scaled or replicated. Following these events, Clinton Foundation staff continue to bring people together and host additional conversations among partners to help facilitate action and drive additional impact.
The Clinton Foundation and President Clinton launched this series of events to advance inclusive economic recovery and help to tell the stories of the important work being done, as well as the significant challenges that we still need to collectively address. This series features conversations designed to create actionable results and spotlight the people, ideas, and businesses that are pioneering solutions to create more equitable wealth opportunities in the United States.
About the Clinton Foundation
Building on a lifetime of public service, President Clinton established the Clinton Foundation on the simple belief that everyone deserves a chance to succeed, everyone has a responsibility to act, and we all do better when we work together. For nearly two decades, those values have energized the work of the Foundation in overcoming complex challenges and improving the lives of people across the United States and around the world.
As an operating foundation, we work on issues directly or with strategic partners from the business, government, and nonprofit sectors to create economic opportunity, improve public health, and inspire civic engagement and service. Our programs are designed to make a real difference today while serving as proven models for tomorrow. The goal of every effort is to use available resources to get better results faster – at the lowest possible cost.
We firmly believe that when diverse groups of people bring resources together in the spirit of true cooperation, transformative ideas will emerge to drive life-changing action.