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News Release 2020-143
October 30, 2020
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LOS ANGELES—Acting Comptroller of the Currency Brian P. Brooks today joined civic leaders, community advocates, and bankers to kick off Project REACh regional efforts in Los Angeles—L.A. REACh.
REACh stands for Roundtable for Economic Access and Change, and the project brings together leaders from the banking industry, civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal, and fair participation in the nation's economy. The Los Angeles event is the first with a regional focus to organize and initiate formal efforts in the Los Angeles area to promote greater access to affordable housing, enhance small business financing, and create opportunities to reinvigorate area minority-owned financial institutions.
"We started Project REACh in July as a simple idea—convene people who want to tear down barriers that keep our economy and financial system from providing the same full, fair, equal access to everyone," said Acting Comptroller Brooks. "With the launch of efforts here in Los Angeles that idea is becoming a movement that can benefit millions."
"I am thrilled to be able to partner with the Office of the Comptroller of the Currency on Project REACh," said Supervisor Kathryn Barger, Chair of the Los Angeles County Board of Supervisors. "Access to capital and the ability to build generational wealth is critical to investing in our lower-income communities. Project REACh will eliminate existing barriers that most disproportionately impact vulnerable populations, and open the doors to the free-market system that has brought so many out of poverty. I am excited to see this at work in Los Angeles and am grateful to the Acting Comptroller of the Currency Brian Brooks for bringing these opportunities into our communities."
Acting Comptroller Brooks founded Project REACh in July with the goals of expanding participation in the economy and helping millions of people, previously left out of the system, to pursue their American dreams.
Today's event included remarks by the Acting Comptroller of the Currency and the Chair of the L.A. County Supervisors and a discussion that included:
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