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5/7/2024

Remarks by Secretary of the Treasury Janet L. Yellen at Asian American, Native Hawaiian, and Pacific Islander Economic…

Remarks by Secretary of the Treasury Janet L. Yellen at Asian
American, Native Hawaiian, and Pacific Islander Economic
Summit
May 7, 2024

As Prepared for Delivery
Good morning. I am very glad to welcome all of you to the Treasury Departmentʼs first Asian
American, Native Hawaiian, and Pacific Islander Economic Summit. Today, we convene a
diverse group—academics, community leaders, and representatives from nonprofits, the
private sector, and government—to discuss issues that matter specifically to AA and NHPI
communities. Weʼll discuss the diverse strengths of these communities, as well as the unique
challenges they face; Treasuryʼs relevant work; and what more can be done to build a thriving
economic future for them and for our country.
Let me speak briefly to the incredible economic strength of AA and NHPI communities. Asian
Americans, Native Hawaiians, and Pacific Islanders contribute significantly to the American
economy. Members of these communities participate in the labor force at higher rates than
the national average and own over three million businesses. Based on 2020 census data, they
make up 6.2 percent of the population, but nearly 11 percent of all employer firms. And they
are the fastest-growing communities in the United States, meaning these contributions will
continue to compound.
At the same time, in recent years, AA and NHPI communities have faced unique challenges.
They were particularly hard-hit by the COVID pandemic. Asian Americans were almost 50
percent more likely to die of COVID than white Americans in part due to systemic
discrimination in public health and medicine that resulted in testing disparities. And the
pandemic also fueled anti-Asian racism, leading to an unacceptable surge in hate crimes and
discrimination.
AA and NHPI communities face financial challenges as well. According to the Fedʼs Small
Business Credit Survey, 50 percent more white-owned businesses than Asian-owned
businesses were fully approved for a line of credit last year. And among the incredibly diverse
AA and NHPI communities, certain subgroups are especially economically vulnerable.
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5/7/2024

Remarks by Secretary of the Treasury Janet L. Yellen at Asian American, Native Hawaiian, and Pacific Islander Economic…

The Biden Administration has sought to address these challenges as part of our e orts to
increase economic opportunity for all Americans, across income levels, genders, ethnicities,
and geographies. Over the past three years, this Administration has driven a historically
inclusive economic recovery. By one analysis, the American Rescue Plan contributed to a nearly
22 percent decline in the poverty rate within AA and NHPI communities, including due to the
expanded Child Tax Credit, housing support, and direct relief payments. And unemployment
rates for AA and NHPI workers quickly returned to near pre-pandemic levels.
Now, weʼre focused on building on this recovery to invest in the communitiesʼ prosperity for
the medium- to long-term. Weʼve worked to enhance access to capital for members of AA and
NHPI communities, including through the State Small Business Credit Initiative, a $10 billion
program that invests in small businesses around the country, with a focus on underserved
communities. Weʼre investing in Community Development Financial Institutions that have a
track record of reaching financially underserved borrowers. This includes updating the CDFI
certification process to formally incorporate the Vietnamese and Filipino populations as
targeted populations. Our outreach e orts also include working to raise awareness and
confidence among AA and NHPI individuals and business owners that they can take
advantage of our historic legislation, including the Inflation Reduction Actʼs tax credits.
Let me give one specific example of our work. In April, Deputy Secretary Adeyemo hosted a
small business roundtable in Philadelphia with business owners who received loans from Asian
Bank, an independent community bank. Asian Bank received significant support from the CDFI
Fund during the pandemic, including a $6.2 million grant from the CDFI Equitable Recovery
Program that it committed to investing entirely in minority individuals or minority-owned
businesses. Some of those individuals were at the roundtable—including the owners of Ninja
Bao, an Asian fusion restaurant, and the owner of Asia Cra s, a local gi shop.
As we look ahead, thereʼs much more work to do—from additional strategic investments to
innovative public and private sector partnerships. And weʼll need to push for more granular
data collection to help policymakers at Treasury, across the government, and beyond to
better understand how programs impact di erent populations, including the tax code. More
granularity is especially important for capturing the broad diversity within AA and NHPI
communities.
Todayʼs Summit is just one step in Treasuryʼs ongoing e orts to engage with and elevate AA
and NHPI communities. But as the first such Summit, itʼs a significant one. I hope today
provides an opportunity to take stock of where we are and generate momentum for the work
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5/7/2024

Remarks by Secretary of the Treasury Janet L. Yellen at Asian American, Native Hawaiian, and Pacific Islander Economic…

ahead. Thank you to Treasuryʼs AA and NHPI sta , who contribute so greatly to the
Department, and many of whom have been instrumental to bringing us together today. And
thank you to all of you for being here today and for your partnership in this important work.
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