WASHINGTON — The Biden administration is deepening its effort to focus on reducing racial inequity with the formation of a new advisory committee that will help the Treasury Department carry out policies that aim to narrow economic disparities faced by communities of color.

The Treasury Advisory Committee on Racial Equity will include 25 members from academia, business and advocacy groups. It will convene four times a year to evaluate and offer guidance to the Treasury Department and its leadership on an array of programs that touch nearly every corner of the economy.

Biden administration officials say the focus on equity will help unlock economic potential that has for decades gone untapped.

“The steps we take here to think about racial equity aren’t only about moral issues, but how we can further our economic agenda by expanding the potential of the economy,” Wally Adeyemo, the deputy Treasury secretary, said in an interview. Mr. Adeyemo noted that the biggest gaps in labor force participation occur in marginalized communities.

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