Family Finances

Aspen Institute and Partners Call for National Financial Inclusion Strategy

April 25, 2022  • Financial Security Program

Dear Secretary Yellen and Deputy Secretary Adeyemo:

As the economy emerges from the effects of the Covid-19 pandemic, we find ourselves at a historic moment of opportunity to reshape our economy and ensure that everyone in the US benefits from the economic recovery. Access to and utilization of financial services will be essential for households and businesses to achieve short-term stability and build long-term financial security during this time. But gaps in financial inclusion in the US require urgent action to ensure an inclusive recovery. Historic economic and social disparities, highlighted by Covid-19 and disproportionately borne by communities of color, have led to growing commitments from leaders across the financial sector to address these inequities. Financial institutions, both national and community-based, have made significant commitments to better serve those who have been historically underserved. Nonprofits and advocacy organizations have accelerated new emergency programs to reach communities and households at risk. Immediately upon taking office, the Biden Administration took the important step of making support for racial equity and underserved communities a top priority for federal agencies. While each sector is doing what it can to build an inclusive financial system to fully address the systemic barriers to financial inclusion, we need to coordinate meaningful action at the highest levels.

For too long, the US has taken a fragmented approach to financial inclusion. It is time to bring together actors across sectors to establish a shared vision for how policy, products, and business models can create the inclusive financial systems required to generate an inclusive and sustainable economy. To ensure a coordinated approach to building truly inclusive financial systems at scale in the US the undersigned support the establishment of a Presidential Commission to create a national, interagency financial inclusion strategy, as called for by US Senators Chris Coons, John Hickenlooper, and Raphael Warnock.

For decades, exclusion within our financial systems— particularly for people of color and those living in rural communities—has made it difficult for Americans to achieve financial security. According to the latest data from the FDIC, more than 7 million households in the US remain unbanked, with Black, Hispanic, American Indian or Alaska Native households being disproportionately excluded. These gaps are even starker for other financial services. As our economy becomes increasingly digitized, it is even more imperative that the new, technology-driven ways of storing, lending, saving, sending, and investing money are designed for inclusion from the start to address these persistent divides. Making sure that every person in America has easy access to safe and affordable bank accounts, payment tools, saving and retirement accounts, credit, insurance, and safety net programs when needed would be a critical—and monumental—step toward an inclusive economy. We must also design our financial systems to push beyond access alone; people must also be able to engage with, utilize, and reap the benefits of financial tools and services in ways that help them build both short-term stability and long-term financial security. This would allow us all to enjoy a more stable, resilient, and prepared economy when—not if— the next economic downturn happens.

The Biden Administration has committed to a comprehensive and equitable recovery, and a Presidential Commission on financial inclusion will help ensure the sustainability of a robust and fairer economy. Composed of a mix of senior government officials, members of historically excluded communities, consumer advocates, and financial services experts and practitioners, the Commission would be instrumental in creating and implementing a national financial inclusion strategy. Such a commission would further have the responsibility of supporting a financial system built for the future with the flexibility to ensure that emerging technologies are designed in an inclusive and equitable manner with proper consumer protections in place. In order to ensure that all communities and households benefit from the emerging economic recovery, this work must begin as soon as possible. 

This broad coalition of public and private sector stakeholders represents a diverse set of industries and interests and understands the importance of establishing a national strategy and commission to build inclusive financial systems. We are ready to work with stakeholders in government to establish and advance a shared vision for national financial inclusion. We look forward to working with the Biden Administration in the coming months on how, collectively, we can ensure that building equitable and sustainable financial systems today that can produce positive financial security outcomes for generations to come. We look forward to beginning the important work of this commission. 


Accion Opportunity Fund

AIR – the Alliance for Innovative Regulation

American Fintech Council

Andav Capital

Aspen Institute


Bank Policy Institute

Bear North LLC

Black Economic Alliance

BlueVine Inc.

BMO Financial Group

Capital One

Center for Social Development, Washington University at St. Louis


Change Machine



Code for America

Cohen Strategy Group

Common Future


Community Development Bankers Association


Consequential Capital

Consumer Data Industry Association

Credit Union National Association

Cross River Bank



Defined Contribution Institutional Investment Association  (DCIIA)

Dignity + Debt Network

Dragonfly Financial Solutions


Electronic Transactions Association

Emerging Technology Consortium




Financial Counseling Association of America

Financial Health Network



FlexWage Solutions


Gardner Capital Group

Greenpath Financial Wellness

Grounded Technologies


H&R Block

Her Suite Spot

Hope Credit Union



Income Movement

Independent Community Bankers of America



Joliet Latino Economic Development Association


Lawrence Community Works


Local Initiatives Support Corporation (LISC)

Making Hope Happen Foundation


Mission Asset Fund (MAF)


Morningstar, Inc.




National Association for Latino Community Asset Builders (NALCAB)

National Bankers Association

National Black Bank Foundation

National Credit Union Foundation

National Endowment for Financial Education

National Juneteenth Foundation

National Neighborworks Association Inc.

Neighborhood Trust Financial Partners

Nutmeg State Financial Credit Union



Opportunity Finance Network







Prism Data



Prosperity Now

Prosperity Works


Sage Financial Solutions

San Francisco Black & Jewish Unity Coalition



SpeakNow Inc.



Sunny Day Fund

The Blockchain Foundation

The Securities and Financial Markets Association (SIFMA)


Treasurer’s Office, State of Illinois

Treasurer’s Office, State of Maine

Unconventional Ventures


United Way of Massachusetts Bay

Urban League


Varo Bank


Wells Fargo


Family Finances
It’s Time for the US to Commit to Public Financial Health by Building More Inclusive Financial Systems
October 25, 2021 • Ida Rademacher & 1 more