Trump administration is ‘fuel’ for philanthropy efforts at Goldman Sachs, bank's foundation president says

Adriana Belmonte
Associate Editor

President Donald Trump has presented new challenges for those working in philanthropy — notably by backing a tax law that discourages charitable giving.

Yahoo Finance’s editor-in-chief, Andy Serwer, recently asked the president of Goldman Sachs’s (GS) nonprofit arm, the Goldman Sachs Foundation, whether the current administration makes her job tougher.

As the global head of corporate engagement and president of the Goldman Sachs Foundation, Asahi Pompey shared that her job is “very mission driven” and that it comes with challenges regardless of the administration.

“If anything, it’s extraordinarily motivating,” she said. “There’s a fire in my belly around making sure that we’re making an impact in the communities in which we work and live. And so, I see it as fuel.”

President Donald Trump greets small business owners after speaking in the Rose Garden of the White House, Friday June 14, 2019, in Washington. (Photo: AP Photo/Jacquelyn Martin)

Pompey shared these comments with Yahoo Finance Editor-in-Chief Andy Serwer on an episode of “Influencers with Andy Serwer,” a weekly interview series with leaders in business, politics, and entertainment.

While many Trump policies are deemed controversial, job creation is one that has widespread support, along with supporting small businesses. According to a survey from Wilmington Trust, Trump’s pro-business agenda has the support of 59% of the public, with 53% indicating that the administration’s policies “have had a positive impact on their businesses.”

“We know the power of small business, and we’ve decided to double down on helping small businesses across our country and across the world,” Pompey said. “There are 30 million small businesses across the United States. Those 30 million small businesses account for 60 million jobs.”

According to a 2018 report from the Small Business Association Office of Advocacy, small businesses led to the creation of nearly 2 million jobs in 2015, with firms that had less than 20 employees seeing the largest gains.

President Donald Trump, left, and Small Business Administration administrator Linda McMahon, center, listen as Director of the Office of Management and Budget Mick Mulvaney speaks. (Photo: AP Photo/Evan Vucci)

“As we listen to the news, we can’t turn it on without hearing about jobs and the importance of jobs and the importance of workforce,” Pompey said.

Two of the major programs that are part of the Goldman Sachs Foundation are the 10,000 Small Business Program, which is co-chaired by billionaires Warren Buffett and Mike Bloomberg, and the 10,000 Women Program. The main goal of the small business program is to help those grow across the country.

“The results are in, and the results are phenomenal,” Pompey said. “It’s a program that’s centered around three things: education, practical education to small businesses, and, in particular, underserved small businesses, diverse small businesses. Small businesses on Main Street in America who really need help.”

Adriana is an associate editor for Yahoo Finance. Follow her on Twitter @adrianambells.


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