HAP Provides Community Insight for Inaugural U.S. Department of the Treasury’s National Strategy For Financial Inclusion
Hmong American Partnership (HAP) celebrates the U.S. Department of the Treasury’s (Treasury) release of the National Strategy for Financial Inclusion in the United States, which benefits from the input from HAP’s President and CEO, May yer Thao. This inaugural Strategy is a set of objectives and recommendations for policymakers, industry, employers, and community organizations to advance consumer access to safe financial products and services and strengthen financial security. It is a major advancement by the Treasury to promote a financial system where all communities can fully participate.
Thao provided meaningful contributions to the Strategy while co-facilitating the Treasury’s inaugural AANHPI Economic Summit. There, she gave insight as a leader in the Hmong and Southeast Asian communities about the ways in which the financial system could be improved to better serve AANHPI people. This helped shape the final recommendations and objectives outlined in the Strategy.
“I am honored to use my voice to help represent the AANHPI community in this forward-looking Strategy that will create more opportunities for all of us to get ahead,” Thao said. “Improving inclusion in the financial system is a critical part of fostering financial well-being and addressing the wealth inequality that too often plagues our AANHPI community.”
To build wealth and financial security in the U.S., Americans must be able to participate in and benefit from the financial system. While the U.S. has a robust financial infrastructure, there are significant disparities in how different populations interact with and benefit from financial products and services. These disparities contribute to persistent economic inequities. This Strategy is intended to promote an inclusive financial system that works to reduce those disparities.
To better serve the diverse needs of consumers, such as members of the AANHPI community, partnerships with community-based organizations like HAP are critical in providing translation services and cultural context, as well as in fostering trust and empowering consumers to make informed decisions.
Objectives and Key Recommendations of the strategy include:
- Promote access to transaction accounts that meet consumer needs.
- Expand access to safe and affordable credit.
- Expand equitable access to savings and investments.
- Improve inclusivity of financial products and services provided or backed by the government.
- Foster trust in the financial system by protecting consumers from illegal and predatory practices.
Treasury invites all stakeholders to engage with this strategy, to innovate, and to collaborate in creating a more inclusive financial landscape.
