Most things in the world, beyond God and love, can be explained through an economic lens. 

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“The U.S. Treasury Department has taken an important step forward by deciding to rename the Treasury Annex building to acknowledge the truth of America’s history. By changing the name to Freedman’s Bank Building the department is recognizing the importance of historical attempts to address the great economic divide and wealth inequality gaps of African-Americans following emancipation in 1865. At this time of deepening wealth and income inequality gaps in America, this is a critical time to recognize the truth of the legacy of slavery and the systemic institutional inequality that still exists and must be addressed today.” 

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“It is a fitting recognition of American history which we are sometimes all too willing to forget. The new building celebrates the start of a new era in African American history which has led to substantial progress in 150 years and will inevitably lead to more.”

Dr. James J. Heckman is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago, a Nobel Memorial Prize winner in economics and an expert in the economics of human development. 

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