Yellen: The US economy “has never worked well enough for black Americans” Racism News

The United States Secretary of the Treasury has highlighted the gap in racial wealth in a Martin Luther King Day speech.

The U.S. economy “has never functioned properly for black Americans – or, indeed, any Americans of color,” U.S. Treasury Secretary Janet Yellen said in a statement Monday, recognizing Martin’s unmet need for racial equality among many national leaders. Luther King Day.

Major holiday events included Martin Luther King Jr. of the Ebenezer Baptist Church of the Church of Atlanta, Georgia. it was also a year-long service where the chief pastor, U.S. Sen. Raphael Warnock, Georgia Governor Brian Kemp and other politicians took over. President Joe Biden, Vice President Kamala Harris, and members of King’s family were giving statements in Washington.

Monday marked the 93rd anniversary of the death of King Reverend, who was just 39 years old when he was assassinated in 1968, helping sanitation workers strike in Memphis, Tennessee, for pay and job security.

King, who gave the historic “I Have a Dream” speech while leading the 1963 Washington March and was awarded the Nobel Peace Prize in 1964, considered racial equality impossible to alleviate poverty and stop the war. Non-violent protest continues to have an impact on activists who promote civil rights and social change.

Yellen referred to King’s famous speech in notes he recorded at the Al Sharpton Reverend’s National Action Network breakfast in Washington, highlighting the financial metaphor he used to describe the founding fathers ’promises of equality.

King said on the steps of the Lincoln Memorial: “America has failed this debt card in terms of its citizens of color.” He called it a “bad check,” which returned a check that marked “insufficient funds.” But we refuse to believe that the bank of justice has failed! ”

“The rhetoric is compelling, but I think Dr. King knew it was more than a metaphor. He knew that economic injustice was linked to greater injustice. From reconstruction to Jim Crow to the present day, our economy has never worked well enough for black Americans, or, really, for any American of color, ”Yellen said.

The Biden administration has sought to ensure that no economic organization works for people of color. Equity was included in the American Rescue Plan to help color communities alleviate the coronavirus pandemic, and the Treasury is injecting $ 9 billion into community development financial institutions (CDFIs) and minority depository institutions (MDIs) that have traditionally mishandled the financial sector.

“There is still a lot more work to be done to reduce the racial wealth divide that the Treasury needs to do,” he said.

The King Center said the 10 a.m. (15:00 GMT) service, which will feature a keynote address by Bishop Michael Bruce Curry, will be broadcast live on Atlanta’s Fox TV affiliate and live on Facebook, YouTube and thekingcenter.org. . The planned events in Atlanta also included a march, a rally and voter registration for the Georgia Coalition for People’s Agenda and Youth Service America.

“On this Kingo holiday, I call for a change in our priorities to reflect our commitment to true peace and to reflect our awareness of our interconnectedness, interdependence and interrelationship,” Bernice King Center CEO said in a statement. “This will lead us to understand our responsibilities to each other and to each other, which is essential for us to learn to live together, to achieve ‘true peace’ and to create a Beloved Community.”