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WASHINGTON - Good afternoon. I am so pleased to be here today to pay tribute to Azie Taylor Morton, the 36th Treasurer of the United States. I am also honored that so many of you could join us and participate in what I know was a series of interesting and constructive discussions. Before today, Azie Taylor Morton was probably not a name familiar to many of you. It was unlikely that you encountered her story in a social studies classroom or on the evening news. But in many ways, she was every bit as much a barrier breaker as some of the more prominent figures in our history.
Azie Taylor Morton was the first and only African American to serve as Treasurer, an office which has long balanced the
Department’s responsibility for prudently managing government funds with the equally critical mission of promoting financial
literacy, community outreach, and inclusion.
Appointed by President Carter, Ms. Morton served as Treasurer from 1977 until 1981 — the crowning achievement of an extraordinary career spent as an educator, small business owner, civil servant, corporate officer, and political leader. Ms. Morton was also actively engaged in international affairs, serving as an observer for presidential elections in Haiti, Senegal, and the Dominican Republic, as well as a representative to the first African/African-American Congress held in Africa.
Ms. Morton’s rise was all the more remarkable when you consider the details of her life story.
She was born to a deaf mother who could not speak, and she was raised by her maternal grandparents. And because her community had no high school that would admit African Americans, she attended the Texas Blind, Deaf, and Orphan School in Austin just so she could get an education. Ms. Morton went on to earn a degree in 1956 from Huston-Tillotson College. But even then, who would have ever imagined that one day her signature would grace the nation’s currency?
Ms. Morton is proof that success in our country is not determined by what you look like or where you come from. She reminds us that with hard work, grit, and a good education, it is possible to realize the American dream. The same goes for the leaders you heard from over the course of this afternoon. Looking around the room at the talent and expertise assembled here today, we can see what is possible. But the challenges discussed remind us that more needs to be done.
Today, for too many people, the American dream seems further and further out of reach. There is growing concern that significant barriers to upward mobility are jeopardizing middle-class America’s basic bargain—that if you work hard, you have a decent chance to get ahead.
President Obama has called this the “defining challenge of our time,” and it is at the center of this Administration’s policy agenda – and the discussions that have taken place here today. Whether it is access to capital for small business owners or financial empowerment we must make sure that our economy works for every American.
What steps are we taking? The President has laid out five principles that guide our legislative and administrative actions.
To begin with, we need make sure our economy is growing faster—we cannot improve the prospects for upward mobility if the economic pie is shrinking or stagnant. That means simplifying the tax code, promoting a trade agenda that encourages exports while protecting middle class jobs, carefully managing our nation’s finances, and getting more Americans back to work. More relevant to your discussions here today, it means growing America’s small businesses, particularly in underserved communities, where it is often harder for entrepreneurs to secure the loan or investment they need to expand or hire. We know that small businesses are critical drivers of growth and employment, but if an entire segment of those businesses cannot access the capital they need, then we are not maximizing our potential.
Second, we know that education and income go hand-in-hand. After all, workers with post-secondary and high-skills training are more likely to be employed, earn higher wages, and rise up the economic ladder.
That is why this Administration is committed to helping young people get the skills and knowledge they will need to pursue successful careers. Seizing opportunities for a better life also means preparing every worker to make informed financial decisions. Possessing those capabilities can have a profound impact on whether families are able to get ahead, and on the financial well-being of entire communities.
Third, we need to empower our workers. Although our economy is growing, and our businesses have created about eight and a half million new jobs over the past four years, average wages have barely budged. As a start, President Obama took action last week to lift more workers’ wages by requiring federal contractors to pay their employees a fair wage of at least $10.10 an hour.
Fourth, we still need targeted programs for the communities and workers that have been hit hardest by the Great Recession, the housing crisis, and broader shifts in the economy.
We have put forward plans to help these communities and their residents through the establishment of Promise Zones to help encourage business formation, as well as other initiatives to address the unique challenges of long-term unemployment. Today’s conversations and events like this play a particularly important role in moving this part of the President’s agenda forward.
Fifth, as we continue to focus on financial empowerment, we need to make sure that after a lifetime of hard work, Americans can retire with dignity. As a start, this Administration recently unveiled a new program called myRA, which could help millions of Americans begin to save for retirement. I was with the President in Pittsburgh a few weeks ago when he announced the details. It is going to be a simple savings bond instrument, and individuals will be able to sign up at the workplace to have part of their paycheck withheld and invested–$25 to start, and as little as $5 per pay period for each contribution thereafter. It will be safe, so beginning savers will not have to worry that their investments will go down in value–the principal will be guaranteed. And people will be able to gain access to their money if they need it in the future because it will be set up as a Roth IRA, allowing account holders to access their contributions at any time.
Of course, none of these initiatives is a silver bullet. None will be an overnight success. And none, alone, will solve this “defining challenge.” But collectively, over time, I believe they will help us make a meaningful difference in the lives of so many Americans.
That is why I was so pleased for Treasury to host these inaugural Morton Meetings, and I look forward to hearing more about what you discussed. Indeed, I can think of no better way of honoring the legacy of Azie Taylor Morton than by focusing our attention on ways to improve economic mobility—a principle that she not only championed but epitomized.
Thank you.
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