As the president of the Central Midlands Young Democrats, I'm thrilled to voice my support for the proposed merger between Capital One and Discover and the proposed $265 billion Community Benefits Plan (CBP). This plan isn't just another corporate initiative; this is a targeted plan that will be a game-changer for underserved communities and young people like us who are trying to build our futures in the Palmetto State.

What is unique about this proposal is that it was crafted with the needs of our communities in mind. Capital One invited organizations like the National Association for Latino Community Asset Builders (NALCAB), NeighborWorks America and the Opportunity Finance Network (OFN) to the table to make sure that the investments put forth in this plan will reach the people who need it most.

This plan’s commitment of $200 billion in lending to low- and moderate-income (LMI), individuals and communities is a beacon of hope for the countless households who want to own homes and build wealth. In cities all across our state where housing costs have been climbing, this could be the boost young families need to finally purchase their first homes.

For young entrepreneurs in our state, this plan is equally exciting. The $15 billion earmarked for small business lending in LMI communities could open the doors for them to start their own businesses. This will create countless jobs in the Midlands and drive economic growth. This plan is also exciting for the minority-owned businesses in our state because it includes a $5 billion commitment to spending with diverse suppliers. This could open doors for many business owners in our community who have been historically excluded from major corporate contracts to be more competitive and continue their growth.

I'm particularly excited about the $600 million commitment to nonprofit Community Development Financial Institutions (CDFIs). These organizations are vital for expanding financial services to all, and this investment could significantly enhance their ability to support young people in our state, whether through first-time homebuyer programs or small business loans.

As young Democrats, we're always looking for ways to build a more inclusive future for all South Carolinians. This CBP, along with the Capital One-Discover merger, represents a significant step towards that goal. This is about ensuring economic opportunities for all, not just those who are already well-off.

I urge regulators to consider the transformative impact this plan could have on the young people and marginalized communities in South Carolina and across the nation. By approving this merger and implementing the CBP, we can unlock unprecedented economic opportunities for everyone to thrive and contribute to our state's economic growth.

Jeremy Jones is the executive committeeman for the Lexington County Democratic Party.