Secretary of the Treasury Janet L. Yellen addressed the American Bankers Association Annual Convention, expressing gratitude for President Nichols' invitation and leadership. She highlighted the strong partnership forged over the past four years to provide capital to American households and businesses, expand economic opportunities, and support financial system resilience.

Yellen reflected on the economic trajectory since President Biden and Vice President Harris took office, noting significant improvements in the U.S. economy compared to the pandemic's peak. "Today, by contrast, the U.S. economy is strong," she stated, emphasizing robust growth supported by consumer spending and business investment.

The Secretary credited swift actions by the Biden-Harris Administration for driving a historic economic recovery and emphasized banks' critical role in this process. "From our first day in office, the Biden-Harris Administration acted quickly and decisively," she said.

Yellen discussed key areas of partnership with banks during the recovery phase, including delivering Economic Impact Payments through the banking system as part of the American Rescue Plan. She also mentioned community banks' significant contributions to small-business loans under programs like the State Small Business Credit Initiative.

Highlighting efforts toward strong and inclusive growth, Yellen announced new SSBCI awards and partnerships with Community Development Financial Institutions (CDFIs) to address housing shortages. The CDFI Fund financed over 100,000 affordable housing units last year.

The transition to a lower-carbon economy was another focus area. "Treasury’s Principles for Net-Zero Financing and Investment support financial institutions that make net-zero commitments," Yellen noted.

Yellen introduced a National Strategy for Financial Inclusion aimed at promoting access to financial systems across communities. This strategy emphasizes expanding transaction accounts access, increasing savings opportunities, improving government services, and strengthening consumer protections.

Addressing financial stability concerns following events like runs at Silicon Valley Bank and Signature Bank in March 2023, Yellen stressed continued collaboration with banks to prepare for liquidity stress and manage risks from uninsured deposits or unrealized losses.

On illicit finance and sanctions enforcement, Yellen acknowledged financial institutions' role in safeguarding against illicit activities. She cited their importance in enforcing Russia sanctions amid ongoing geopolitical tensions.

In conclusion, Yellen expressed appreciation for banks' collaboration on top economic priorities over recent years: "As we step back... it’s clear that banks of all sizes have been crucial partners."