Vice President Harris Announces Economic Opportunity Coalition to Advance Financial Inclusion

HOPE Serves as Key Advisor to Historic Partnership Formed to Close the Racial Wealth Gap

JACKSON, MS – Today, Vice President Kamala Harris will announce the formation of the Economic Opportunity Coalition (EOC) – a historic effort to catalyze public and private investments designed to close the racial wealth gap and accelerate economic opportunity in underserved communities. During the announcement, the newly formed Coalition, made up of 20 corporations and three foundations, pledged to align major investments in underserved communities with investments made by the Biden-Harris Administration. Building on prior investments to advance racial equity made by Coalition members, the group emphasized that more must be done to eliminate racial disparities in household income and assets.

HOPE (Hope Enterprise Corporation / Hope Credit Union) CEO Bill Bynum serves as an advisor to the Coalition, one of several social sector leaders tapped to inform the strategic direction of the effort and forthcoming investments.

“HOPE’s work is anchored in the premise that the success of private companies hinges on the realization of economic opportunity for all – not just a select few,” said Bill Bynum, CEO of HOPE. “As the nation becomes more diverse, the Economic Opportunity Coalition will provide invaluable leadership in ensuring that America’s emerging majority is equipped to fuel the economy – particularly in places like the Mississippi Delta and Alabama Black Belt where the untapped potential is so great, and barriers to economic opportunity have historically been most prevalent.”

In April, Vice President Harris visited Greenville, Mississippi to highlight the importance of access to capital for small businesses – particularly those owned by people of color. During the trip, she stopped by a fabric and sewing shop owned by Joyce Johnson, who shared how a Small Business Administration Paycheck Protection Program loan provided by HOPE kept her business afloat during the pandemic. The visit underscored the vital role that mission-driven financial intuitions play in closing financial service gaps.

Over the coming months, the EOC will build on investments the Biden-Harris Administration has made and develop new solutions that reimagine how capital, technology, and talent are deployed in underserved communities.

Founding members of the Coalition are Ariel Investments, Bank of America, BNY Mellon, Capital One, Citi, Discover, Ford Foundation, Goldman Sachs, Google, Key Bank, Kresge Foundation, Mastercard, McDonald’s, McKinsey & Company, Micron, Momentus Capital, Moody’s, Netflix, PayPal, PNC, Rockefeller Foundation, TIAA-CREF, and Upstart.