Yellen addresses Essence Festival crowd, discusses economy, efforts to enfold minority communities

Janet Yellen, the U.S. Treasury Secretary, addressed a vibrant crowd at the Essence Festival, where she discussed the economy and the Biden administration’s efforts to uplift minority communities.

During the Global Black Economic Forum, Yellen emphasized the administration’s commitment to building a “fairer economy.” She expressed her strong belief that the pursuit of racial equity is not only morally right but also serves the best economic interests of the entire country. The predominantly Black audience warmly welcomed Yellen, making her the first treasury secretary to attend and speak at the festival.

In her address, Yellen acknowledged the presence of the audience and their dedication to attending the event despite the tempting music and other attractions at the festival. She humorously referred to herself as a warm-up act for popular hip-hop icons like Megan Thee Stallion, eliciting laughter and applause from the crowd.

Yellen highlighted the significance of the “American Rescue Plan,” which aided the recovery of the economy by supporting families, keeping businesses afloat, and ensuring the continuity of critical services during the COVID-19 pandemic. She also pointed out the positive impact of the expanded Child Tax Credit, which lifted over 700,000 Black children out of poverty in 2021. Furthermore, she mentioned that overall child poverty was reduced by almost half, reaching its lowest recorded level that year.

However, Yellen acknowledged that there is still much work to be done. She emphasized the administration’s collaboration with minority-owned banks and institutions known for effectively delivering capital to underserved communities. Additionally, the administration is working with states to provide financing opportunities for Black-owned businesses. Yellen highlighted their commitment to increasing the federal government’s contracts with minority-owned and small disadvantaged businesses. Leveraging the immense purchasing power of the federal government, which is the world’s largest buyer of goods and services, Yellen announced that the Treasury had awarded nearly $200 million in prime contracts to Black-owned businesses in 2022, representing a 60% increase from the previous year.

Earlier in the day, Yellen visited PosiGen, a solar energy company based in New Orleans. During the visit, she discussed the positive effects of the Inflation Reduction Act, which has stimulated manufacturing, strengthened the economy, generated well-paying jobs, and reduced costs for consumers.

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• Janet Yellen – U.S. Department of the Treasury
• Essence Festival
• American Rescue Plan – White House
• Child Tax Credit – IRS
• Inflation Reduction Act – Congress.gov