U.S. Deputy Secretary of the Treasury Wally Adeyemo addressed the Treasury Advisory Committee for Racial Equity in Philadelphia, thanking members for their dedication to advancing economic and racial equity. He expressed gratitude to former Philadelphia Mayor Michael Nutter and current Mayor Cherelle Parker for their contributions to the committee.
Acknowledging the progress made in the American economy over the past four years, Adeyemo emphasized the importance of addressing economic disparities by race and ensuring that Treasury programs increase economic opportunity for all Americans. He highlighted the need to build on the achievements of the past and work towards a more equitable economic landscape.
Adeyemo pointed out the significant investments made by the Treasury, such as the Direct File pilot launched by the IRS to assist low-income tax filers. He also mentioned the support provided to Community Development Financial Institutions and Minority Depository Institutions to deliver capital to underserved entrepreneurs and neighborhoods.
The Deputy Secretary highlighted the inclusion of an addendum to the FY2025 Greenbook, which analyzes the effects of revenue proposals on racial wealth inequality. He commended the committee for their valuable advice on utilizing data to support underserved businesses and promote equity in policy implementation.
In closing, Adeyemo reiterated the Treasury Department’s commitment to creating an economy that works for everyone and expressed eagerness to continue working towards achieving further progress in advancing economic and racial equity.
