As Prepared for Delivery
I am excited to have the opportunity to welcome you to the Freedman’s Bank Summer Symposium, which I am very glad Deputy Secretary Wally Adeyemo and many of my colleagues are able to attend in person.
The Freedman’s Bank Forum was named for the Freedman’s Savings and Trust Company, commonly called Freedman’s Bank. It was a private corporation chartered by the U.S. government in 1865 to provide newly emancipated Black Americans with financial tools for building security and wealth and was located where part of the Treasury Department now stands. Unfortunately, the Financial Panic of 1873, mismanagement, and other challenges led to the Bank’s closure, leaving tens of thousands of formerly enslaved people with millions in losses instead of their-newly established savings.
Under this Administration, Treasury has worked to realize the unfulfilled promise of Freedman’s Bank. 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, and unlocking the potential of those who have been overlooked and underestimated is essential to increasing our country’s economic strength.
Let me highlight just a few of our many efforts, starting with our historic investments in financial institutions and funds with a track record of investing in Black communities. 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. I understand that later today you will hear from M&F Bank, the second-oldest Black-owned bank in the country, chartered by the state of North Carolina in 1907 as part of a thriving business community in Durham. The Bank received $80 million from Treasury’s Emergency Capital Investment Program and additional funds from corporate partners through the Economic Opportunity Coalition.
Treasury’s efforts extend far beyond access to capital, including, for example, the generational investments we are making at the Internal Revenue Service that will make it easier for families, businesses, and neighborhoods to access tax credits to get more breathing room in their household budgets.
We have done a lot in the past few years. But we are well aware that we still have a long way to go, and this event is another step forward. Let me thank our hosts—Shaw University and Operation HOPE—for making this event possible. I was very glad to host the Freedman’s Bank Forum at the Treasury Department in Washington, D.C. last year. Hosting the Freedman’s Bank Summer Symposium here, in Raleigh, North Carolina, is a powerful reminder that our work spans the country and that it must be driven by communities and grounded in their needs.
Again, 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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