WASHINGTON, Jan. 17 (Xinhua) -- U.S. Treasury Secretary Janet Yellen said on Monday that the U.S. economy "has never worked fairly for Black Americans" and there is much more work needed to be done to narrow racial wealth gap.
"Since taking office last January, our administration has tried to change that; to ensure that neither the figurative bank of justice - nor any literal economic institution - fails to work for people of color," she said.
Yellen noted that the Treasury Department has taken a number of actions to make the department more inclusive, including completing Treasury's first equity review, hiring the department's first ever counselor on racial equity, and implementing pandemic relief bills with equity in mind.
"We also know that progress requires a constellation of actors across generations, in and out of government ... I look forward to continuing the effort for racial and economic equality in 2022," she added.
The racial wealth gap in the United States has widened notably over the past few decades. The average Black and Hispanic or Latino households now earn about half as much as the average White household and own only about 15 to 20 percent as much net wealth, according to research conducted by economists at the Federal Reserve.