During her prepared remarks at the 2023 Freedman's Bank Forum on October 25, Secretary of the Treasury Janet L. Yellen underscored the significance of creating a fair and inclusive economy. "All of us here know that the U.S. economy has not historically worked well for Black, Latino, Native, and many Asian American and Pacific Islander communities," Yellen stated. She emphasized that the Biden Administration aims for "an economy that unlocks the economic potential of people, communities, and businesses that have been left behind."
According to Yellen, the American Rescue Plan played a key role in the country's economic recovery from the COVID-19 pandemic, focusing especially on "the needs of the most vulnerable Americans." She cited that "Governments receiving funds from the American Rescue Plan’s Homeowner Assistance Fund were required to target assistance to below-median-income and socially-disadvantaged homeowners."
Addressing the impact of the Child Tax Credit, Yellen said, "The program brought over 700,000 Black children out of poverty in 2021 and cut overall child poverty almost in half." She, however, lamented that "the expiration of the expanded credit has since erased these gains, underscoring how much work we still have ahead."
Per Yellen's remarks, the Treasury Department has also launched specific initiatives to support underserved businesses. "Through the Emergency Capital Investment Program, we’ve invested more than $8.5 billion in community financial institutions, including $1.4 billion in Black-owned and Black-majority shareholder depository institutions," she revealed.
Speaking about the long-term economic strategy, Yellen said, "President Biden’s Investing in America agenda is rooted in what I call modern supply-side economics: an economic strategy to expand our economy’s long-term productive capacity while reducing inequality and environmental damage."
In her closing remarks, Secretary Yellen encouraged continued collaboration among all stakeholders. "An economy that works for communities of color is an economy that works for all of us—fueling our economic strength and ushering in a better future," she concluded.