Treasury Secretary Janet Yellen says economy has not ‘lived up’ to promise of ‘equal opportunity for all’

Speaking at the Freedman’s Bank Forum this week, United States Secretary of the Treasury Janet Yellen told the audience the American economy has not “lived up to the nation’s promise of equal opportunity for all.”

Yellen said in one address while introducing Vice President Kamala Harris on Tuesday in Washington, DC, “We know that advancing equity is not just a moral priority. It is also vital to our economic success,” but later went on to say that so far, the United States’ economy has not fully delivered on that goal.

“We’re trying to invest in communities that have often been ignored or overlooked,” she said. “Our economic blueprint supports our strong belief that tapping the potential of all communities is not just the morally right thing to do, it’s a promising strategy for inclusive economic growth as well.”

Yellen pointed to the success of the American Rescue Plan in getting American families back on their feet after the COVID-19 pandemic.

“Two and a half years into the pandemic, data indicates that our recovery has been historically equitable, with record drops in the unemployment rate for many communities of color,” she said. “But it’s not enough to help families simply recover.”

The Secretary also highlighted some efforts the Biden administration has undertaken to help disadvantaged communities achieve more equitable opportunities. 

“The Administration’s trifecta of legislation enacted over the past year — the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act — will create good-paying jobs and growth opportunities for businesses across the United States,” Yellen said. “These laws will expand economic opportunity for communities of color and other underserved people and places.”