U.S. Treasury Secretary Janet Yellen emphasized the Biden administration’s commitment to racial equity during her speech at the Global Black Economic Forum held at this year’s Essence Festival of Culture. Yellen stated that promoting racial equity is not just a moral imperative but also serves the best economic interests of the country. She highlighted the administration’s efforts to build a fairer economy and outlined key initiatives that have already made a positive impact.
Yellen acknowledged the enactment of the American Rescue Plan and the expansion of the Child Tax Credit as crucial moves that helped the economy recover from the COVID-19 pandemic. She pointed out that the Child Tax Credit program lifted over 700,000 Black children out of poverty in 2021 and significantly reduced overall child poverty levels. These achievements were met with applause from the audience, demonstrating the importance of these initiatives in addressing economic disparities.
However, Yellen acknowledged that there is still work to be done. She highlighted the administration’s collaboration with minority-owned banks and other institutions that have a history of delivering capital to underserved communities. Yellen also emphasized the administration’s commitment to increasing federal government contracts with minority-owned and small disadvantaged businesses. By leveraging the purchasing power of the federal government, Yellen believes this will create more opportunities for these businesses and contribute to a more equitable economy.
During her speech, Yellen shared that the Treasury awarded nearly $200 million in prime contracts to Black-owned businesses in 2021, marking a 60% increase from the previous year. This demonstrates the administration’s dedication to supporting and empowering minority entrepreneurs. Yellen emphasized that these actions are just the beginning and that the administration will continue to prioritize economic inclusivity and support for marginalized communities.
Earlier in the day, Yellen visited a New Orleans-based solar energy company called PosiGen, where she discussed how the Inflation Reduction Act is driving a manufacturing boom. This boom is strengthening the economy, creating well-paying jobs, and lowering costs for consumers. Yellen’s visit to PosiGen exemplifies the administration’s commitment to sustainable and clean energy solutions, which align with their broader economic and environmental goals.
Overall, Secretary Yellen’s presence and speech at the Global Black Economic Forum underscore the Biden administration’s commitment to advancing racial equity in the United States. By prioritizing economic inclusivity and supporting minority-owned businesses, the administration aims to create a fairer economy that benefits all Americans.
Original Story at abcnews.go.com – 2023-07-01 00:46:12