FACACLASSIC

Note: An Annual Comprehensive Review, as required by §7 of the Federal Advisory Committee Act, is conducted each year on committee data entered for the previous fiscal year (referred to as the reporting year). The data for the reporting year is not considered verified until this review is complete and the data is moved to history for an agency/department. See the Data From Previous Years section at the bottom of this page for the committee’s historical, verified data.

Details on agency responses to committee recommendations can be found under the Performance Measures section for each committee in the fields “Agency Feedback” and “Agency Feedback Comment.”

TRES - 84649 - Treasury Advisory Committee on Racial Equity - Agency Authority

GENERAL INFORMATION

Committee Name	Treasury Advisory Committee on Racial Equity	Agency Name	Department of the Treasury
Fiscal Year	2025	Committee Number	84649
Original Establishment Date	3/22/2022	Committee Status	Terminated
Actual Termination Date	2/4/2025	Committee URL	https://home.treasury.gov/about/offices/equity-...
Actual Merged Date		Presidential Appointments*	No
New Committee This FY	No	Max Number of Members*	25
Terminated This FY	Yes	Designated Fed Officer Position Title*	Deputy Director, Office of Civil Rights and Diversity
Merged This FY		Designated Federal Officer Prefix
Current Charter Date	3/22/2024	Designated Federal Officer First Name*	Snider
Date Of Renewal Charter	3/22/2026	Designated Federal Officer Middle Name
Projected Termination Date		Designated Federal Officer Last Name*	Page
Exempt From Renewal*	No	Designated Federal Officer Suffix
Specific Termination Authority		Designated Federal Officer Phone*	(202) 622-0341
Establishment Authority*	Agency Authority	Designated Federal Officer Fax*
Specific Establishment Authority*	EO 13985	Designated Federal Officer Email*	snider.page@treasury.gov
Effective Date Of Authority*	1/20/2020
Exempt From EO 13875 Discretionary Cmte	Not Applicable
Committee Type*	Continuing
Presidential*	No
Committee Function*	Non Scientific Program Advisory Board

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*	Continue
Legislation to Terminate Required	Not Applicable
Legislation Status	Not Applicable
How does cmte accomplish its purpose?*	The purpose of the Committee is to provide advice and recommendations to the Department of the Treasury (“Department”) to assist the Offices of the Secretary and Deputy Secretary in carrying out their duties and authorities towards advancing racial equity and addressing acute disparities for communities of color who have been historically underserved, marginalized, and adversely affected by persistent poverty and inequality. The Committee will convene to identify, monitor, and review aspects of the domestic economy that have directly and indirectly resulted in unfavorable conditions for Black, Latino, and Indigenous and Native American persons, Asian Americans and Pacific Islanders and other persons of color. Topics of discussion may include, but not be limited to, financial inclusion, capital access, housing stability, federal government supplier diversity and economic development.
How is membership balanced?*	The body of the Committee shall consist of up to 25 members. The groups/entities represented on the Committee in order to achieve a fairly balanced membership shall represent a wide range of views, such as the Federal government, financial services industry, state regulatory authorities, consumer or public advocacy organizations, community-based groups, academia, philanthropic organizations, as well as others focused on the advancement of equity priorities within the United States. The Committee may be composed of special government employees and representative members. However, membership balance is not static and may change, depending on the work of the Committee.
How frequent & relevant are cmte mtgs?*	The Committee shall meet at such intervals as are necessary to carry out its duties. It is estimated that the Committee will generally meet two times per year, virtually or in person.
Why advice can't be obtained elsewhere?*	The Department considered multiple options for seeking input on how to advance its racial equity strategy and determined that a FACA committee would provide the most consistency and an opportunity for more in-depth analysis of racial equity issues than other options (such as ad hoc meetings with rotating groups of third-party stakeholders). A committee enables the Department to receive advice and recommendations from a broad swath of members who have a variety of relevant expertise and experience. The committee would also be able address inquiries the Department has received from Congress on the topic of racial equity.
Why close or partially close meetings?	Meetings will be open.
Recommendation Remarks

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*	No	Action Reorganize Priorities*	No
Outcome Trust In Government	Yes	Action Reallocate Resources
Outcome Major Policy Changes	Yes	Action Issued New Regulations
Outcome Advance In Scientific Research		Action Proposed Legislation
Outcome Effective Grant Making		Action Approved Grants Or Other Payments
Outcome Improved Service Delivery		Action Other	Yes
Outcome Increased Customer Satisfaction	Yes	Action Comment	In response to TACRE recommendations, Treasury has adjusted audit algorithms to better understand the nature of disparate audit rates among Black and Hispanic taxpayers compared to white taxpayers and is monitoring the results of those adjustments. Treasury also published an addendum to the Greenbook to understand the implications of budget proposals by race and is implementing a new data sharing agreement between the Census Bureau and the IRS that will allow for greater visibility and further research into disparate impacts. Treasury has also enhanced CDFI certification standards, including the addition of enhanced standards for responsible lending, increased data collection, and expanding the target populations they serve. Treasury has prioritized renters and low-income families in deploying renewable energy technology for underserved communities. Both Treasury and the IRS are publishing refundable tax credit participation rates for the Earned Income Tax Credit, Premium Tax Credit, and the Child Tax Credit. IRS launched a new public-facing dashboard on IRS.gov to list current wait times for various services.
Outcome Implement Laws/Reg Requirements		Grants Review*	No
Outcome Other	Yes	Number Of Grants Reviewed
Outcome Comment		Number Of Grants Recommended
Cost Savings*	None	Dollar Value Of Grants Recommended
Cost Savings Comment		Grants Review Comment
Number Of Recommendations*	52	Access Contact Designated Fed. Officer*	Yes
Number Of Recommendations Comment	a. March 2023 - 2 b. June 2023 - 3 c. September 2023 - 26 d. Dec 2023 - 12 e. April 2024 - 1 f. September 2024 – 8	Access Agency Website	Yes
% of Recs Fully Implemented*	76.00%	Access Committee Website	Yes
% of Recs Fully Implemented Comment	The majority of these recommendations date back to those made towards the beginning of the TACRE term. Among those considered closed are four that are not considered feasible or not feasible as written by the TACRE, one is ongoing and iterative, and five that Treasury considers to be fully implemented. The remaining 32 closed recommendations have been implemented and will require monitoring over time.	Access GSA FACA Website	Yes
% of Recs Partially Implemented*	24.00%	Access Publications	No
% of Recs Partially Implemented Comment	There are 10 recommendations that remain open and require additional research, two remain open from the September 26 meeting and all eight recommendations from the September 2024 TACRE meeting are open. Among the remaining open recommendations, two require further analysis and reporting as Filing Season data become available. In one case, Treasury agrees to the need to audit procurement practices but doesn’t currently have the resources to do so. One recommendation requests further breakdowns of the Greenbook data when it is next published. The last open recommendation requests further data sharing between the IRS and Census data and is in the process of being implemented.	Access Other
Agency Feedback*	Yes	Access Comment
Agency Feedback Comment*	1. At the Sept. 2023 meeting, Treasury informed members of the process being used to evaluate recommendations and timeline to provide a response. 2. At the December 2024 meeting, Treasury issued Treasury Actions Aligned with TACRE Recommendations, dated December 7, 2023. This memo provides a high-level overview of key actions Treasury has taken over the past several months that respond to and/or support the Committee’s recommendations. 3. At the April 2024 meeting, Treasury issued: Technical Progress Report to the Treasury Advisory Committee on Racial Equity (TACRE), March 2023 – December 2023, dated April 18, 2024. This Technical Progress Report summarizes the recommendations received in TACRE’s first year and the actions and commitments Treasury takes in response. 4. At the September 2024 meeting, Treasury issued: Update to the U.S. Department of Treasury’s Technical Progress Report to the Treasury Advisory Committee on Racial Equity (TACRE), January 2024 – August 2024, dated September 6, 2024. This memo provides an update on recommendations provided by TACRE since the release of the April 2024 Technical Report described above.	Narrative Description*	Treasury's full responses to the Committee's recommendations are located on the TACRE's website: https://home.treasury.gov/about/offices/equity-hub/TACRE/tacre-meeting-materials.

COSTS

1. Payments to Non-Federal Members*		1. Est Paymnts to Non-Fed Membrs Nxt FY*
2. Payments to Federal Members*		2. Est. Payments to Fed Members Next FY*
3. Payments to Federal Staff*		3. Estimated Payments to Federal Staff*
4. Payments to Consultants*		4. Est. Payments to Consultants Next FY*
5. Travel Reimb. For Non-Federal Membrs*		5. Est Travel Reimb Non-Fed Membr nxtFY*
6. Travel Reimb. For Federal Members*		6. Est Travel Reimb For Fed Members*
7. Travel Reimb. For Federal Staff*		7. Est. Travel Reimb to Fed Staf Nxt FY*
8. Travel Reimb. For Consultants*		8. Est Travel Reimb to Consltnts Nxt FY*
10. Other Costs		10. Est. Other Costs Next FY*
11. Total Costs	$0.00	11. Est. Total Next FY*	$0.00
Date Cost Last Modified	2/13/2025 12:51 PM	Est. Fed Staff Support Next FY*
Federal Staff Support (FTE)*		Est Cost Remarks
Cost Remarks

Interest Areas

Category Area Civil Rights Civil Rights Equal Opportunity Minorities Native Americans Finance Banking Credit Finance Investment Securities Tax Government Federal Government Internal Federal Government

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