In a meeting with Deputy Treasury Secretary Wally Adeyemo today, members of ABA’s executive committee discussed the economic recovery and the administration’s proposal to create jobs and overhaul the nation’s infrastructure. During the meeting, members shared their perspective on the Paycheck Protection Program and identified ongoing PPP issues. They also discussed industry efforts to reach minority and women-owned small businesses hit hard by the pandemic. Adeyemo commended the industry’s participation in PPP, which has delivered 3.6 million loans totaling more than $210 billion to small businesses during the pandemic, as well as banks’ efforts to process 150 million economic impact payments to individuals and families.
Adeyemo also told executive committee members that he is in the process of conducting a full review of the nation’s economic and financial sanctions programs, and “noted the important role financial institutions play in implementing these policies,” according to a Treasury readout of the meeting.