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Strategic Objective
Promote savings and increased access to credit and affordable housing options
Strategic Objective
Overview
Over the next four years, Treasury will work to provide tools to the American people to help them build a stable financial future and grow the nation’s economy. Treasury will endeavor to enable Americans to invest in their future – whether in higher education or in hard-earned retirement. We will continue to support the Administration’s efforts to lower barriers so that entrepreneurs and businesses can innovate, grow, and hire. We will also continue to bolster programs that provide Americans with the fundamental ability to secure a place to call home, whether through renting or buying. We will promote housing finance reform, which would create jobs, spur growth, and provide revenue at the local and state level, and when financed properly, enable Americans to build assets for long-term financial security.
Read Less...Progress Update
The Small Business Jobs Act of 2010 (Jobs Act), which celebrates its fifth anniversary this year, has produced impressive results. The law created the State Small Business Credit Initiative (SSBCI), which is charged with increasing the availability of credit for small businesses and generating jobs and other economic development benefits for states. Because of the program’s success, Treasury seeks to reauthorize it through FY 2023. Since its passage, SSBCI has supported more than 12,400 private sector loans or investments to small businesses and helped create or retain more than 140,000 jobs, as reported by the small businesses who received the loans and investments. As of June 30, 2015, approximately $1.26 billion of $1.46 billion total funds available for disbursement have been provided to the states. As of December 2014, states had expended $864 million of these funds to leverage $6.4 billion in new lending or investing.
The Jobs Act also created the Community Development Financial Institutions (CDFI) Bond Guarantee Program, which is administered by the CDFI Fund. Bonds issued under the program support CDFI lending activity in underserved communities by providing a source of long-term capital. Under FY 2013 and 2014 authority, Treasury provided four bond guarantees, which supported eight bond loans totaling $525 million. On September 29, 2015, Treasury announced that an additional nine bond loans, totaling $327 million, were guaranteed in FY 2015.
Helping Americans save—for retirement and other goals—is a top priority for Treasury. Millions of workers in America either do not have access to an employer-sponsored retirement plan or lack options to save for retirement. In December 2014, Treasury began the initial pilot phase of myRA, or my Retirement Account, that makes saving for retirement simple, safe, and affordable. In addition, Treasury continued to lead the administration’s efforts to help Americans have the financial information and skills they need to make sound choices in a complex financial system by chairing the interagency Financial Literacy and Education Commission and receiving important recommendations from the President’s Advisory Council on Financial Capability for Young Americans. Additionally, Treasury worked closely with the Department of Education to improve the federal student loan system.
