By Andrea Shalal

WASHINGTON, (Reuters) – The U.S. Treasury has taken important steps in the last year to correct longstanding economic injustices faced by Americans of color. However, there is still much work to do to reduce the racial inequality, Treasury Secretary Janet Yellen stated Monday.

Rev. Al Sharpton, his National Action Network rights group and Al Sharpton told a meeting that Treasury was working with the Treasury to correct economic injustices outlined by Martin Luther King Jr. in his 1963 speech “I Have a Dream”.

He knew economic injustice was tied to the bigger injustice that he had fought for. 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,” Yellen said told a breakfast in King’s honor.

Jim Crow is a term that refers to the laws in Southern States, which were established in the years following the 1861-1965 U.S. Civil War in order to legalize segregation and to disenfranchise Blacks.

She said that Treasury had completed its first equity review and hired the most diverse team of leaders ever. It also appointed its first counselor for racial equity. The COVID-19 rescue plan was created to improve service to communities of color.

Treasury also invested $9 billion in Community Development Financial Institutions (CDFI) and Minority Depository Institutions to try and get more corporations involved with these institutions and the underserved.

Yellen stated that “Officially, no single program or administration can fulfill the dreams and aspirations of Dr. King for our country.” To reduce the disparity in racial wealth, Treasury still has much work to do.

Federal Reserve data shows that white households own 85.5%, 60% and 4.2% respectively of America’s wealth in 2019. However, they make up the majority of Americans. Latino households have 3.1% and Black households 8.2%. These numbers have not changed much from the 30 year ago according to USAFacts.org.