Deputy Secretary of the Treasury Wally Adeyemo recently delivered remarks at the Vice President’s Economic Opportunity Tour Event in Milwaukee, Wisconsin. He began by expressing his gratitude for the warm introduction and acknowledging the presence of Acting Secretary Adrianne Todman and Vice President Kamala Harris.
Reflecting on Milwaukee's economic transformation over the past four years, Adeyemo recalled a time when unemployment rates were over 14 percent and nearly five people died daily from COVID-19. However, he highlighted that the American economy has since rebounded and is now leading globally, attributing this success to the resilience and persistence shown during a once-in-a-generation pandemic.
Adeyemo particularly credited Black women for driving economic recovery, noting that almost 300,000 more Black women are part of the American labor force today than before the pandemic. He further stated that Black wages have grown 7 percent above inflation and the number of Black small businesses has doubled under the Biden-Harris Administration.
He also noted that national unemployment has been under 4 percent for 27 consecutive months - a streak unseen in almost six decades. Furthermore, Americans across the country have started 17 million businesses, with over 18,000 business applications recorded last year in Milwaukee County alone.
Adeyemo acknowledged that small businesses need access to capital to invest and expand. Consequently, he explained how the Biden-Harris Administration has delivered $12 billion in funding to Community Development Financial Institutions (CDFIs) and Minority Deposit Institutions (MDIs), including $200 million to four CDFIs located in Milwaukee.
The Deputy Secretary concluded his speech by encouraging attendees to engage with representatives from local institutions such as Northwest Side Community Development Corporation, Wisconsin Housing and Economic Development Authority, and Wisconsin Economic Development Corporation who were present at the event. These organizations aim to help community members achieve their dreams of expanding businesses or investing in their communities by providing access to financial resources.
He ended his remarks by reiterating the President's belief in American workers and businesses, expressing the administration's readiness to partner with them to continue the small business boom.
