The U.S. Department of the Treasury has released its first National Strategy for Financial Inclusion, aiming to enhance consumer access to financial products and services while bolstering financial security. This strategy, requested by Congress in 2023, is based on comprehensive research and consultations with experts, community leaders, industry representatives, and federal agencies.

"Access to financial products and services is essential to creating opportunity for all Americans," stated Secretary of the Treasury Janet L. Yellen. She emphasized that this strategy offers a national roadmap to expand access to essential financial tools like credit and investments crucial for wealth building. "Implementing these recommendations will help more families build financial security and get ahead."

National Economic Advisor Lael Brainard highlighted the significance of this initiative as it reflects the Vice President's leadership in expanding access to capital, credit, and economic opportunities. "This financial inclusion roadmap marks a major step forward in charting a clear path to improving access to banking, credit, savings, and other financial products in underserved communities—to ensure every American has the financial tools to build wealth."

The strategy addresses disparities within the U.S. financial system that hinder certain populations from fully benefiting from available products and services. It aims to promote an inclusive system that reduces rather than exacerbates these disparities.

Key objectives include promoting access to transaction accounts tailored to consumer needs, increasing safe and affordable credit availability, expanding equitable access to savings and investments, enhancing inclusivity of government-backed financial products and services, and fostering trust by protecting consumers from illegal practices.

Treasury encourages stakeholders across various sectors to engage with this strategy actively. A fact sheet detailing the report's recommendations is accessible online.