As part of a national Operation Hope tour commemorating the 150th anniversary of the Freedman’s Bank, Ambassador Andrew Young was invited to Detroit, Michigan to assist his mentee John Hope Bryant and the Operation Hope team in delivering a powerful message about the importance of inclusive economics.
The Freedman’s Bank, was incorporated on March 3rd, 1865 when President Abraham Lincoln signed the Freedman’s Bureau Act. It was important for President Lincoln, who had recently signed the Emancipation Proclamation to give a pathway for freed slaves to learn about free economic enterprise as well as participate in capital markets. At its height, the Freedman’s Bank had almost half a million depositors and 19 branches, mostly in the South. Unfortunately for a number of reasons (one of which being the untimely death of President Lincoln), the Freedman’s Bank was a short lived initiative and today’s history books often fail to mention it.
This message of inclusive economics, delivered through the Freedman’s Bank Tour, is crucial to be received by cities across the country, especially Detroit. Once one of the richest cities in the country, Detroit has continued to make headlines for high crime rates, high poverty rates and recently became the largest municipality in this nation’s history to declare bankruptcy. However, under the leadership of Mayor Mike Dugganalong with a splurge of investments/developments from individuals such as investorDan Gilbert and a growing number of professionals such as myself who refuse to believe that Detroit’s brighter days are behind it, the city seems to be on the road to a rapid recovery. Operation HOPE viewed this as a great opportunity to bring this important message and ensuing financial literacy efforts into the city to assist in the inevitable recovery of Detroit.
Hosted by the Charles H. Wright Museum, the evening delivered a packed house of Detroit residents who had every reason to feel excited about the future of Detroit at the conclusion of the program.
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