Remarks by Secretary of the Treasury Janet L. Yellen at the Freedman’s Bank Summer Symposium

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.