Markets Wired

WASHINGTON – Today, the U.S. Department of the Treasury and White House convened a discussion with owners and operators of small childcare businesses, Community Development Financial Institutions (CDFIs), and local and national leaders to discuss best practices for collaboration between child care providers and CDFIs to improve access to affordable, high-quality child care.

In addition to remarks from Director of the Gender Policy Council Jennifer Klein and Domestic Policy Advisor Neera Tanden, the convening featured remarks from Deputy Assistant Secretary for Community and Economic Development Noel Poyo, who discussed the role of CDFIs in supporting childcare businesses and fostering community development, as well as Deputy Assistant Secretary for Consumer Policy Suzanna Fritzberg. The convening also included testimony from childcare providers, shedding light on the challenges and opportunities faced by owners of small center- and home-based child care businesses, a group disproportionately composed of women of color. The event’s panel discussion among CDFIs further highlighted opportunities for partnership. Today’s convening was held pursuant to Executive Order 14095, which directed Treasury to provide information to and share industry best practices with CDFIs to facilitate capital flows and support to care providers. Treasury has been a leader in the promotion of access to affordable, high-quality childcare during the Biden-Harris Administration, including through funding made available through pandemic recovery programs and the publication of a 2021 report on the economics of childcare.

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