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Freedman Financial Corp history
Freedman Financial Corp company history timeline
Enter the Office of the Comptroller of the Currency (OCC). Created in 1863, just two years before the Freedman's Savings Bank, the Comptroller and his examiners were responsible for supervising the national banks it chartered, including several in the nation's capital.
With these needs in mind, Congress on March 3, 1865, enacted legislation to establish the first-of-its-kind social services agency that became known as the Freedmen's Bureau, to administer a broad program of help and self-help.
By examining county-level vote shares in the 1868 congressional elections, Stein and Yannelis found corroborative evidence that the mere presence of a bank branch drove better school attendance, higher literacy and property value, and more employment and income.
They then lined these records up with a sample from the 1870 census containing information on schooling, literacy, employment and wealth among Black Americans.
The Panic of 1873 was a death knell, as real-estate prices fell, loans went bad and depositors demanded their money back.
Some of those problems stemmed from the volatile post-war economy, which saw decline, expansion, and then contraction again, culminating in the Panic of 1873.
On June 29, 1874, trustees voted to shutter the bank—leaving more than 60,000 depositors with nearly $3 million in losses.
To honor the bank’s legacy, on January 7, 2016, the Treasury Department commemorated the 150th anniversary of the Freedman’s Bank by renaming the Treasury Annex the Freedman’s Bank Building.
An assistant professor at the Booth School of Business and an expert in household finance, Yannelis visited the United States Treasury in fall 2018, but was rerouted from the main entrance due to a temporary security issue.
May 18, 2021 Remarks by Secretary of the Treasury Janet L. Yellen on A Better Deal for Americans to The United States Chamber of Commerce
May 17, 2021 Treasury and IRS Announce Families of 88% of Children in the United States to Automatically Receive Monthly Payment of Refundable Child Tax Credit
July 12, 2022 Treasury Releases Request for Comment on Risks and Opportunities and Presented by Digital Assets
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