The program, called myRA, was launched about two years ago for those who don’t have access to a 401(k) or another retirement plan from their employer. The myRA accounts had no fees or minimum deposit, and were meant to appeal to low-income workers.

“Unfortunately, there has been very little demand for the program,” said U.S. Treasurer Jovita Carranza, in a release Friday. “The cost to taxpayers cannot be justified by the assets in the program.”

myRA, 401K, African American Families, African American Wealth, Black Wealth, KOLUMN Magazine, KOLUMN

The Bureau of Refugees, Freedmen, and Abandoned Lands, usually referred to as simply the Freedmen’s Bureau, was an agency of the United States Department of War to “direct such issues of provisions, clothing, and fuel, as he may deem needful for the immediate and temporary shelter and supply of destitute and suffering refugees and freedmen and their wives and children.”

The Freedmen’s Bureau Bill, which established the Freedmen’s Bureau on March 3, 1865, was initiated by President Abraham Lincoln and was intended to last for one year after the end of the Civil War. The Freedmen’s Bureau was an important agency of early Reconstruction, assisting freedmen in the South. The Bureau was made a part of the United States Department of War, as it was the only agency with an existing organization that could be assigned to the South. Headed by Union Army General Oliver O. Howard, the Bureau started operations in 1865. Throughout the first year, its representatives learned that these tasks would be very difficult, as Southern legislatures passed laws for Black Codes that restricted movement, conditions of labor, and other civil rights of African Americans, nearly duplicating conditions of slavery. The Freedmen’s Bureau controlled limited arable land. (Wikipedia).

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