“From Reconstruction to Jim Crow to the present day, our economy has never worked fairly for black Americans — or, really, for any American of color,” she said in remarks prepared for Martin Luther King Jr. Day.
“Our administration has tried to change that; to ensure that neither the figurative bank of justice — nor any literal economic institution — fails to work for people of color,” she said.
Yellen went on to claim that King believed the fight for racial justice included economic initiatives, quoting a speech from King in which he says black Americans were given “a bad check … which has come back marked insufficient funds.”
However, what Yellen failed to note is that King was not speaking literally about a check or a bank, but was using the reference as a metaphor.
This speech is just the latest effort by the Biden administration’s Treasury Department to push the Left’s woke agenda. Last year, the department launched its first “equity review” to make sure the agency was being run by a diverse leadership. It also appointed a “counselor for racial equity” to deal with so-called systemic racism, which the Biden administration claims is found in many parts of the economy.
For example, when Congress passed the second COVID-19 stimulus package during President Joe Biden’s first few months in office, the administration tried to claim that they pushed for the bill to “narrow the racial wealth divide.”
“We knew that the communities hurt most by COVID were often communities of color, and so as we began implementing relief bills like the American Rescue Plan, we did so with equity in mind,” Yellen said.