Capital One's $265 billion Community Benefits Plan (CBP) is good for Black Texans.
AUSTIN, Texas (Texas Insider Report) — Serving as the representative of Texas' 142nd District has been the greatest honor of my career. Every day, I work tirelessly to improve the lives of my constituents and neighbors.
My work extends beyond the halls of the Texas State House. I also feel compelled to support initiatives around the country that I know will uplift my constituents.
My commitment to the wellbeing of my constituents is why I am excited about the potential impact of Capital One's $265 billion Community Benefits Plan (CBP) for Black Texans.
For generations, our communities have faced significant barriers in accessing financial services and credit. The CBP's commitment of $200 billion in lending for low- and moderate-income (LMI) individuals and communities will be a game-changer for communities that are often overlooked by other financial institutions.I’m also thrilled that this plan includes a $44 billion pledge for Community Development Financing, including investments in affordable housing, addressing a critical need in our state.
Stable, affordable housing is the foundation of strong communities, and a stepping stone to building wealth for countless families in Texas and around the country.
Moreover, the commitment to allocate $5 billion for spending with diverse suppliers resonates deeply with our community's needs.
This initiative will help ensure that minority-owned businesses in Texas have a fair shot at securing contracts, expanding their operations, and drive job creation, contributing to the overall economic health of our state.
Moreover, the commitment to allocate $5 billion for spending with diverse suppliers resonates deeply with our community's needs.
This initiative will help ensure that minority-owned businesses in Texas have a fair shot at securing contracts, expanding their operations, and drive job creation, contributing to the overall economic health of our state.
I see Capital One's Community Benefits Plan as a powerful tool for positive change and it is clear that this plan was crafted with our voices at the table. The collaborative approach taken in developing this plan, involving respected organizations like NeighborWorks America ensures that the investments reach those who need it most and address real, on-the-ground needs within our communities.
As federal regulators review this merger, I urge them to take into consideration the benefits Capital One’s CBP plan will bring to our communities. The merger and the CBP is a unique opportunity for the Biden Administration to build on its work of uplifting minority-owned businesses and supporting historically underserved communities.
The CBP is exactly the kind of bold, innovative, and targeted investments that our communities need in order to get one step closer to achieving true economic equality and prosperity for all Texans.
The Honorable Harold Dutton, Jr. is a native of the 5th Ward, Texas, and is a life-long Democrat. First elected to represent District 142 in the Texas House of Representatives in 1984, he is one of the longest-serving members of the Texas House.
