WASHINGTON, D.C. – CBC Chairman G. K. Butterfield (NC-01) released the following statement recognizing the 150th anniversary of the Freedman’s Savings and Trust Company, which is also commonly referred to as the Freedman’s Bank, and commends the U.S. Department of the Treasury for its decision to name the Treasury Annex building the Freedman’s Bank Building:
“The Congressional Black Caucus applauds the U.S. Department of the Treasury and Secretary Jacob J. Lew for commemorating the 150th anniversary of the Freedman’s Savings and Trust Company, which is also known as the Freedman’s Bank, and for recognizing its significance to American history.
“The Freedman’s Bank was established in 1865 to provide an opportunity for the more than 4 million formerly enslaved African Americans to save and build financial wealth for themselves and their families. The bank’s overarching goal was to promote economic integration and financial inclusion and during its nearly 10-year existence, approximately 100,000 African American individuals and institutions accumulated more than $57 million in the bank’s 37 local branches located in 17 states and Washington, D.C. At its pinnacle, the Freedman’s Bank was the foremost leading financial institution for African Americans and created a model for financial institutions across the country.”
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Since its establishment in 1971, Members of the Congressional Black Caucus (CBC) have joined together to empower America’s neglected citizens and address their legislative concerns. For more than 40 years, the CBC has consistently been the voice for people of color and vulnerable communities in Congress and has been committed to utilizing the full Constitutional power and statutory authority of the United States government to ensure that all U.S. citizens have an opportunity to achieve the American Dream. To learn more about the Congressional Black Caucus, visit http://cbc-butterfield.house.gov.
Media inquiries: Candace Randle Person at (202) 593-1331 or Candace.Randle@mail.house.gov