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MBDP
Minority Bank Deposit Program

About the Minority Bank Deposit Program

The beginning

President Richard Nixon issued Executive Order 11458 on March 5, 1969, setting up a national program supporting minority businesses.

In response to that executive order, the Department of the Treasury began the Minority Bank Deposit Program later that year.

By the time President Jimmy Carter sent a memorandum to the heads of departments and agencies in April 1977, $86.6 million of government-controlled funds was on deposit in 81 minority banks. President Carter urged all departments and agencies "to make every possible effort to locate deposits under [their] control or administered through [their] agency which [could] be channeled into minority banks."

Read President Carter's 1977 memorandum

The present

Today, the Bureau of the Fiscal Service administers the Minority Bank Deposit Program, by

  • verifying eligibility
  • offering mentoring to participants
  • keeping a list of participating financial institutions
  • distributing the list periodically to federal agencies, interested state and local governments, and private sector companies
  • reminding participants when it is time to renew their certification

Other relevant historical resources

 

Last modified 06/11/20