Yellen meets with ABA Board

Treasury Secretary Yellen met yesterday with members of the American Bankers Association Board of Directors to discuss ways the Treasury Department and the ABA can work together to facilitate a strong recovery over the short-term and a robust economic expansion over the longer-term. The Secretary highlighted the role of banks as a necessary source of strength due to their critical role channeling emergency government support to households and businesses through the Paycheck Protection Program and Economic Impact Payments.

Secretary Yellen also noted the crucial role banks can play as part of the Biden Administration’s historic investments in both infrastructure and the essential services for families—like childcare—to help drive broad-based growth. She also underscored the need for banks to embrace new technologies in coming years to expand financial services to underserved communities and the need for banks and regulators to collaborate to ensure robust and fair competition as technologies change financial intermediation.