Senate Confirms Janet Yellen as Treasury Secretary

The 84-15 vote to confirm sets in motion a key step forward in the Biden recovery plan

Last night, the Senate confirmed Janet Yellen as Secretary of the Treasury, a cornerstone position in the Biden Administrations effort to move the country forward after months of economic challenges triggered by an ongoing global pandemic.  Yellen, confirmed in a bi-partisan vote, will be the first woman to hold the position.  

Jesse Van Tol, CEO of the National Community Reinvestment Coalition, made the following statement: 

The confirmation of Janet Yellen is an important first step on the road to economic recovery. We consider her both an ally and friend who understands that America’s enduring socio-economic disparities in wealth and opportunity need to be addressed through shifts in public policy and private sector practices. It will be refreshing to have an administration and a Treasury secretary committed to working to create a more just economyWith millions out of work, small businesses struggling to stay afloat, and a mortgage market that does not work for Black and Brown Americans, Janet Yellen’s experience and expertise should help the Biden Administration move quickly to put the country on track towards a just recovery. The Treasury Department will play a critical role in shaping the economic stimulus so desperately needed to keep people in their homes and connected to their jobs and health insurance.  Treasury will also help guide the future of the mortgage market and Fannie Mae and Freddie Mac’s role in ensuring access to credit. 

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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