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Treasury Advisory Committee on Racial Equity

(TACRE) Meeting 

December 5, 2022
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Agenda 

Welcome 10:00 – 10:05 Janis Bowdler, Racial Equity Counselor 

Opening Remarks 10:05 – 10:10 Secretary Yellen

Opening Remarks 10:10 – 10:20 Michael Nutter, Chair

Opening Remarks 10:20 – 10:25 Felicia Wong, Vice Chair

Open Discussion with Secretary Yellen 10:25 – 11:00 All 

Overview of Racial Equity Priorities 11:00 – 11:10 Janis Bowdler

Inflation Reduction Act/ 11:10 – 11:30 Lily Batchelder, Assistant

IRS Service Modernization Secretary, Office of Tax Policy

Natosha Sarin, Counselor for

Tax Policy & Implementation

Q&A 11:30 – 12:00

TACRE Bylaws and Roles 12:00 – 12:15 Snider Page, DFO

TACRE Committee Structure and Operations 12:15 – 12:30 Michael Nutter, Chair

Discussion/Vote on Possible Sub-Committees 12:30 – 1:00 Felicia Wong, Vice Chair

Adjourn
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Welcome

Janis Bowdler, Racial Equity Counselor 
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Opening Remarks – Racial Equity Counselor 

Janis Bowdler serves as Treasury's first Counselor for Racial Equity. Prior to Treasury, she

has spent the last two decades advancing economic equity solutions for 

communities of color and breaking down the barriers that underpin the disparities in 

wealth and financial security by race and gender.

Janis’ career has spanned local service, national advocacy, and international 

philanthropy. She launched her career in her native Northeast Ohio with Famicos

Foundation, a community development corporation working in the Hough and Glenville 

neighborhoods of Cleveland, Ohio. As a Project Manager she developed and preserved 

affordable homeownership and rental opportunities for the residents of these historically 

African American neighborhoods.

She then spent 10 years at UnidosUS, then National Council of La Raza, advocating for economic mobility opportunities for Latino 

families. As the Director of Economic Policy, she led research, advocacy, and policy development in the areas of job creation and job 

quality, retirement security, housing, banking, community development and consumer protection.

Most recently, Janis served the President of the JPMorgan Chase & Co. Foundation. Under her leadership, the firm launched several 

critical initiatives that have expanded capital for entrepreneurs of color, improved access to banking products and services, expanded 

access to new job skills, and built more inclusive neighborhoods. Janis played a critical role in developing the firm’s incremental $30 

billion racial equity commitment.

Janis has authored a number of publications on financial opportunity and economic mobility. Most recently, she co-authored “Building 

Equitable Cities: How to Drive Economic Mobility and Regional Growth” with Henry Cisneros and Jeff Lubell.

Janis received a Bachelor of Arts degree from Malone College in Canton, Ohio and a Master of Science degree from Cleveland State

University. She is a proud Latina, a yoga instructor, mom to one daughter, two dogs, and a bunny. She lives with her husband and her 

family in Takoma Park, Maryland.
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Opening Remarks – Secretary Yellen 

On January 26, 2021, Janet Yellen was sworn in as the 78th Secretary of the 

Treasury of the United States. An economist by training, she took office after 

almost fifty years in academia and public service. She is the first person in 

American history to have led the White House Council of Economic Advisors, the 

Federal Reserve, and the Treasury Department. 

Prior to serving at the Treasury Department, Secretary Yellen was a 

Distinguished Fellow in Residence with the Economic Studies Program at the 

Brookings Institution. During 2020-2021 she served as President of the 

American Economic Association. She is a member of the American Academy of 

Arts and Sciences and the Council on Foreign Relations. She was also a founding 

member of the Climate Leadership Council.

Secretary Yellen has served on the advisory boards of the Bloomberg New 

Economic Forum, the Committee for a Responsible Federal Budget and Fix the 

Debt Coalition (CRFB), and the Washington Center for Equitable Growth Steering 

Committee. She was elected to the Yale Corporation as an alumni fellow in 

2000, serving until 2006.

In 1967, Secretary Yellen graduated from Brown University and went on to earn 

her PhD at Yale. Dr. Yellen has received honorary doctorates from Bard College, 

Brown, the London School of Economics, NYU, the University of Baltimore, the 

University of Michigan, the University of Warwick and Yale from which she also 

received the Wilbur Cross Medal for distinguished achievements in scholarship, 

teaching, academic administration, and public service.
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Opening Remarks – Chair/Vice Chair 

Felicia Wong (Vice-Chair)

President and Chief Executive Officer, The Roosevelt 

Institute

Felicia Wong, President and 

Chief Executive Officer, The 

Roosevelt Institute. Felicia 

leads this non-profit 

organization, which focuses 

on progressive economics, 

invests in young leaders, and 

advances policies that bring 

the legacy of Franklin and Eleanor Roosevelt into the 21st 

century. Felicia is a political scientist whose work has 

focused on identifying barriers to an inclusive economy, 

industrial strategy, decarbonization, economic 

transformation, and strategies for long-term political 

change. Felicia Wong represents the non-profit sector.

Michael Nutter (Chair)

David N. Dinkins Professor of Professional Practice in 

Urban and Public Affairs, Columbia University and 

former Mayor of Philadelphia

Prior to being a Professor 

for Columbia University, 

Michael served as the 

Mayor, City of Philadelphia 

for eight years, where he 

made significant progress 

on high school graduation 

and college degree 

attainment rates, adding hundreds of miles of bike 

lanes and trails and launched the first low-income 

friendly bike share system in America. Michael actively 

recruited businesses to set up shop in Philadelphia, 

with tax reforms, better business services and 

international trade missions. Michael made a 

commitment to strong financial stewardship, resulting 

in the City’s credit rating being upgraded to “A” 

category by the three major credit rating agencies for 

the first time since the 1970s. Michael has a strong 

background in management of a large urban center, 

public service, and civic engagement. Michael Nutter

represents local government.
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Open Discussion with Secretary Yellen 
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Overview of the Racial Equity Priorities

Janis Bowdler, Racial Equity Counselor 
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Priority #1: Further developing our understanding of the implications of racial inequity 

for our national economy

Racial Inequality Blog Series

In partnership with CREO, the Office of Economic Policy is developing a blog series on racial inequality. Each post will highlight important facts, discuss

how key outcomes have evolved over time, and emphasize the connections with other components of economic inequality, with the goal of calling

attention to areas where more work is needed to advance racial equity. This is the first time the Treasury Department has publicly assessed the impact of

racial inequality on the economy.

• Post 1 – Racial Inequality in the United States (July 21)

• Post 2 – Racial Differences in Economic Security: The Racial Wealth Gap (September 15)

• Post 3 – Racial Difference in Economic Security: Housing (November 4)

EIP Research

The Office of Tax Policy is working with the IRS and Census Bureau to understand the distribution of Economic Impact Payments by race and ethnicity and

to assess the nature of any disparities in receipt and the timing of receipt by race and ethnicity. In addition, since the IRS does not collect information

about the race/ethnicity of taxpayers, Treasury is developing methods to impute race/ethnicity for use in the analysis of tax policy. This work is still

ongoing, but the initial results look promising.
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Priority #2: Fortifying capital delivery systems that transform neighborhoods and build 

family and community assets

Engagement with the Private Sector & Philanthropy

Announced in July 2022, a coalition of 24 companies and foundations have come together through the EOC to align historic investments in underserved

communities. The EOC will coordinate across public, private, and social sector organizations to develop and deploy products that solve challenges in

getting resources where most needed and drive towards outcomes for meaningful action.

• FACT SHEET: Vice President Announces New Private and Public Sector Efforts to Align Tens of Billions in Investments in Underserved Communities

• FACT SHEET: Vice President Harris Announces New Public and Private-Sector Efforts to Advance Racial Equity at Freedman’s Bank Forum

At the 2022 Freedman’s Bank Forum, Hyphen announced the Fund for Inclusive Entrepreneurship, a $100 million national initiative to expand access to

capital for small businesses owned by people of color. With lead support from JPMorgan Chase and the W.K. Kellogg Foundation, the Fund will offer a

two-stage approach: (1) building capacity among high-impact community lenders, and (2) raising private capital to invest alongside federal funding.

Interagency Community Investment Committee (ICIC)

The Interagency Community Investment Committee (ICIC) is focused on the operations and execution of federal programs that facilitate the flow of

capital and the provision of financial resources into historically underserved communities, including communities of color, rural communities, and Tribal

nations. The ICIC is composed of representatives from Treasury, SBA, Commerce, Transportation, HUD, and USDA.

A Request for Information was released in October by ICIC to gather input from the public on how to improve the effectiveness and impact of federal

community investment programs. Comments are due December 5 and will inform a white paper to be developed in 2023.

Office of Community & Economic Development

• The CDFI Fund has published for public comment criteria designating a certified CDFI as a Minority Lending Institution (MLI).

• By early 2023, the CDFI Fund will award approximately $1.75 billion in grants through the CDFI Equitable Recovery Program, for which the Fund has

received more than 650 applications.

• Through the Emergency Capital Investment Program (ECIP), Treasury has made over $8.28 billion in investments in 162 community financial

institutions.

State Small Business Credit Initiative (SSBCI)

Reauthorized and expanded by the American Rescue Plan, SSBCI provides $10 billion to states, territories, and Tribal governments to empower small

businesses to access capital needed to invest in job-creating opportunities. Treasury has announced the approval of 31 state plans for approximately

$4.8 billion in SSBCI funding.

• Treasury Announces Eleven Additional States to Receive up to $1 Billion from U.S. Treasury Department to Promote Small Business Growth and

Entrepreneurship through the American Rescue Plan
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Priority #3: Protecting and growing assets to improve financial stability and advance 

economic mobility

Digital Assets

In September, Treasury published a report on Section 5 of Executive Order 14067 regarding “Ensuring Responsible Development of Digital Assets” that

addressed the implications of digital assets for consumer, investors, and businesses. The report discusses implications associated with the use of digital

assets for consumers, investors, and businesses with an eye towards those aspects affecting populations vulnerable to disparate impacts. Treasury is

currently mapping out future engagement with civil rights and advocacy groups on this report through listening sessions and roundtables.

• FACT SHEET: Treasury Report on Crypto-Assets: Implications for Consumer, Investors, and Businesses

• Statement from Secretary of the Treasury Janet L. Yellen on the Release of Reports on Digital Assets

Office of Recovery Programs

Treasury has released multiple reports that highlight approaches and best practices to racial equity that have emerged from various state and local

jurisdictions across the country that are using recovery program resources to invest in historically disadvantaged communities. Many of the practices

that were piloted through recovery programs can be replicated and extended as new resources through the Inflation Reduction Act and Bipartisan

Infrastructure Law start flowing through communities.

• FACT SHEET: How Treasury’s Implementation of American Rescue Plan Programs Prioritizes Equity

• State and Local Fiscal Recovery Funds Equity and Outcomes Resource Guide

• GSA Office of Evaluation Sciences Study: Equity in the Distribution of the Emergency Rental Assistance Program
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Priority #4: Promoting economic mobility through a fair tax system

Inflation Reduction Act – Climate Tax Provisions

CREO is focused on four particular areas of the IRA’s climate tax provisions:

• Maximizing the targeted place-based incentives that provide bonuses for clean energy projects that are in low-income areas, Tribal land, and areas

that have borne the brunt of energy production over the last several decades, as well as bonuses for projects that meet prevailing wage,

apprenticeships, domestic content, and energy community requirements;

• Direct payment of certain tax credits to streamline access to key incentives and further incentivize investments in local communities;

• Examining the role of mission-driven lenders in climate finance and how institutions such as CDFIs and MDIs can direct capital and technical

assistance made available through the IRA into underserved communities.

• Data collection and evaluation across programs.

FACT SHEET: Four Ways the Inflation Reduction Act’s Tax Incentives Will Support Building an Equitable Clean Energy Economy

IRS has issued several requests for public comment about green credits, available here: Inflation Reduction Act of 2022 | Internal Revenue Service

(irs.gov)

Inflation Reduction Act – IRS Transformation

The Inflation Reduction Act, passed by Congress earlier this year, invests almost $80 billion in the IRS to transform tax administration in this country. The

IRS is currently developing a Strategic Operating Plan, which will set out a path for this historical transformation over the next decade. To inform this

plan, Secretary Yellen, Deputy Secretary Adeyemo will hear from stakeholders on how best to improve IRS services, technology, and improve tax fairness.

• READOUT: Deputy Secretary Adeyemo Convenes Roundtable Discussion on Small Business Priorities for an Improved and Modernized IRS | U.S.

Department of the Treasury
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Priority #5: Developing a Treasury Department that reflects America

Hiring

Treasury is in the process of hiring three positions for the Office of Diversity, Equity, Inclusion, and Accessibility (ODEIA):

• Chief DEIA Officer (closed November 17)

• Director of Civil Rights and Equal Employment (position not yet advertised)

• Director of the Equity Hub (position not yet advertised)
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Inflation Reduction Act / 

IRS Service Modernization 

Lily Batchelder, Assistant Secretary for Tax Policy 

Natosha Sarin, Counselor for Tax Policy & Implementation 
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Office of Tax Policy 

Natosha Sarin 

Counselor for Tax Policy & Implementation 

Natosha Sarin serves as the 

Counselor for Tax Policy and 

Implementation to the 

Assistant Secretary for Tax 

Policy. Prior to Treasury, 

Natosha swerved as the 

Assistant Professor of Law at 

the University of Pennsylvania Carey 

Law School with a secondary 

appointment in the Finance 

Department at the Wharton School.

Sarin is at the forefront of empirical law and economics, with 

research and teaching interests that lie at the intersection of law 

and finance. Her research engages with contemporary policy 

debates in the areas of financial regulation and tax policy.

Prior to joining the Law School faculty, Sarin earned a JD and PhD 

in Economics from Harvard University. She also received a BA in 

Ethics, Politics, and Economics from Yale University.

Lily Batchelder

Assistant Secretary for Tax Policy 

Lily Batchelder serves as 

Assistant Secretary for Tax 

Policy. Before joining 

Treasury, she was 

professor of law and public 

policy at NYU School of 

Law and an affiliated 

professor at the NYU 

Wagner School of Public 

Service. From 2010 to 2015, 

she was on leave from NYU, serving as Deputy Director of 

the White House National Economic Council and deputy 

assistant to the President, and as majority chief tax counsel 

for the US Senate Committee on Finance. Batchelder’s 

research and teaching has focused on personal income 

taxes, business tax reform, wealth transfer taxes, retirement 

savings policy, and social insurance. Before joining NYU in 

2005, Batchelder was an associate at Skadden, Arps, Slate, 

Meagher & Flom, director of community affairs for a New 

York state senator, and client advocate for a small social 

services organization in Ocean Hill-Brownsville, Brooklyn. 

Batchelder received an AB in Political Science with honors 

and distinction from Stanford University, an MPP in 

Microeconomics and Human Services from the Harvard 

Kennedy School, and a JD from Yale Law School.
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Question & Answer 
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Overview of TACRE Bylaws and Roles 

Snider Page, Designated Federal Official /

Acting Director, Office of Civil Rights and EEO 
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TACRE By-Laws and Roles 

• Officials

– Chairperson. The Chairperson of the TACRE is designated by the Secretary or the Secretary’s designee from 

among the members and serves at the sole discretion of the Secretary or the Secretary’s designee to perform 

the duties specified in the Charter and the By-Laws. Chair and/or Vice Chair must do the following: 

o Discuss and set the agenda/conduct of meeting with DFO, and 

o Certifies meeting minutes within 90 day of the meeting. 

– Designated Federal Officer (DFO). The DFO serves as the Department’s agent for matters related to the 

TACRE’s activities and has the authority to approve the establishment of subcommittees. The DFO must also 

do the following: 

o Ensure the Committee’s compliance with the requirements of FACA and its implementing regulations.

o Approve or call all of the meetings of the committee and subcommittee(s) (if any). 

o Attend all committee and subcommittee meetings. 

o Prepare and approve all meeting agendas. 

o Adjourn any meeting when determined to be in the public interest.

o Chair meetings when directed by the Secretary (or designee).

o Ensure meeting minutes are certified by TACRE Committee Chair within 90 days of the Federal advisory 

committee meeting.

– Support Staff. At times, staff from the Office of Diversity, Equity, Inclusion and Accessibility or from other 

offices within the Department may be made available to the DFO to provide adequate staff support for the 

TACRE.
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TACRE Bylaws and Roles (cont.)

• Quorum

– A quorum is necessary to conduct the business of the Committee and will consist of a simple majority of the 

members (including the Chairperson) then serving on the TACRE.

• Voting 

– A member must attend a TACRE meeting either in person, by telephone or other electronic means, to cast a 

vote. 

– TACRE action based on a vote requires a simple majority of the votes cast at a meeting at which there is a 

quorum, except that formal advice or recommendations to Treasury requires two-thirds of the votes cast at a 

meeting at which there is a quorum.

• Open/Closed Meetings 

– All meetings will be open to the public as space permits or via electronic means, unless a request is made to 

the DFO at least 30 days in advance of the publication of meeting notice in the federal registry to have a 

closed meeting. A request for a closed meeting must meet one of the exceptions in the Sunshine Act. 

– All materials brought before, or presented to, the TACRE during an open meeting will be made available to 

the public for review during the meeting. All such materials also will be made available on the Department’s 

(TACRE) website as soon as practicable afterwards. 

– The Chairperson of the TACRE may decide in advance to exclude oral public statements during a meeting in 

which case the meeting notice published in the Federal Register will invite written statements as an 

alternative. Members of the public may submit written statements to the TACRE at any time.
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TACRE Bylaws and Roles (cont.)

• Minutes

– Minutes of open or closed meetings will be made available to the public, subject to the withholding of 

matters about which public disclosure would be harmful to the interests of the Government, industry, or 

others, and which are exempt from disclosure under the Freedom of Information Act. 

– For the general sessions, we will have a transcriptionist who will be responsible for taking minutes. However, 

in the subcommittee meetings, the subcommittees will be responsible for taking notes and reporting out to 

TACRE. 

– The DFO will prepare minutes of each meeting of the TACRE and submit them to the Chairperson of the 

TACRE for certification of their accuracy. The minutes must be certified by the Chairperson of the TACRE 

within 90 calendar days of the meeting to which they relate. 

• Subcommittees 

– The TACRE, with the approval of the DFO, may establish such subcommittees as it deems necessary to 

support the TACRE’s functions and may appoint members to, and the chairpersons of, any subcommittees so 

convened.

– Each subcommittee shall be established by means of a TACRE vote, which shall be recorded in writing, 

whether in the minutes of a meeting or otherwise. 

– Only members of the TACRE will have the right to vote and make a motion for a vote in a subcommittee. 

– No subcommittee will have any authority to provide advice or recommendations (1) directly to the Secretary 

or Deputy Secretary or any other agency or officer of the Federal Government or (2) to be adopted by the 

TACRE without discussion or consideration at an open meeting of the TACRE. 

– Each subcommittee shall comply with recordkeeping requirements. 
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TACRE Bylaws and Roles (cont.)

• Records 

– All documents, reports and other materials prepared by or submitted to the TACRE constitute official government 

records and must be maintained and made publicly available in accordance with applicable law. 

– Examples of Records: 

o Records relating to the formation of the subcommittee or working group, if they exist 

o Decision documents

o Documents relating committee/subcommittee membership

o Statement of purpose or other documentation of duties and responsibilities 

o Records that document the activities of subcommittees that support their reports and recommendations to 

the chartered or parent committee. This documentation may include, but is not limited to: 

▪ meeting minutes,

▪ transcripts, 

▪ reports, 

▪ briefing materials, 

▪ substantive correspondence, including electronic mail, exchanged between one or more subcommittee 

members, any other party that involves the work of the subcommittee, and/or agency committee staff 

(such as the Designated Federal Officer),

▪ background materials, and 

▪ records related to committee termination (i.e., email, letter, memo, etc.) . 

o Other records documenting decisions, discussions, or actions related to the work of a committee, including 

information on committee websites not captured elsewhere in committee records.

o Email communication between members containing substantive analysis, discussions, proposals, and results 

of deliberations would normally be deemed records. Emails containing logistical information, or personal 

communications would not be records.
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TACRE Committee Structure and Operations 

Michael Nutter, Chair 
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Discussion/Vote on Possible Sub-Committees 

Felicia Wong, Vice Chair 
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Adjourn