On July 12, 2024, Secretary of the Treasury Janet L. Yellen delivered remarks at the Freedman’s Bank Summer Symposium. The event was attended by Deputy Secretary Wally Adeyemo and other colleagues.
The symposium is named after the Freedman’s Savings and Trust Company, commonly known as Freedman’s Bank. Chartered by the U.S. government in 1865, it aimed to provide newly emancipated Black Americans with financial tools for building security and wealth. However, due to the Financial Panic of 1873, mismanagement, and other challenges, the bank closed down, resulting in significant losses for many formerly enslaved individuals.
Secretary Yellen emphasized that under the current administration, efforts are being made to fulfill the unfulfilled promise of Freedman’s Bank. She stated: “It is clear that the economy has historically not worked well for Black families, communities, and businesses. We are committed to changing this: All Americans deserve opportunity.”
Yellen highlighted several initiatives including historic investments in financial institutions that support Black communities. More than $8.5 billion has been invested in community financial institutions with $1.4 billion directed towards Black-owned and Black-majority shareholder depository institutions.
She mentioned M&F Bank, which received $80 million from Treasury’s Emergency Capital Investment Program along with additional funds from corporate partners through the Economic Opportunity Coalition.
Treasury’s efforts also include investments at the Internal Revenue Service aimed at making it easier for families and businesses to access tax credits.
Yellen acknowledged that while much has been accomplished over recent years, more work remains ahead. She expressed gratitude to Shaw University and Operation HOPE for hosting the event in Raleigh, North Carolina.
In her concluding remarks she said: “Welcome to the Freedman’s Bank Summer Symposium. I hope it serves as an opportunity for you to hear about the breadth and depth of ongoing work and to recommit to the work ahead.”
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