Treasury Secretary Janet Yellen announced a plan Tuesday to get more people to open bank accounts if they don’t have one.

With a week left until the election, Yellen is following up with a request from Congress last year to craft a national strategy for financial inclusion, per the Financial Services and General Government Appropriations Act. Her plan involves banks and employers cooperating to encourage people to open bank accounts when they get a new job, tax refund, or a government payment.

“[This plan] focuses not just on increasing access to the financial system but also on leveraging that access to drive better consumer outcomes like increased financial resilience, wellbeing, and wealth,” Yellen said.

The Federal Deposit Insurance Corporation found in its most recent survey in 2021 that there are some 6 million households without accounts at either a bank or a credit union. These include 11.3% of black households, 9.3% of Hispanic households, and 6.9% of American Indian and Alaska Native households.

In response, the country’s largest bank, J.P. Morgan, unveiled its strategy to open 100 new branches in low-income areas. The Reading Cooperative Bank opened an entirely bilingual branch in Lawrence, Massachusetts, for an immigrant community there. 

“For the first time, Treasury’s strategy provides a national roadmap to expand access to foundational financial tools like credit and investments that are key to building wealth,” Yellen said. “Implementing these recommendations will help more families build financial security and get ahead.”

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Yellen recently spoke at a banking conference where she cited “robust economic growth, bolstered by solid consumer spending and business investment” under the Biden-Harris administration. The department released her remarks as Vice President Kamala Harris nears her election against former President Donald Trump.

Voters ranked the economy in their top three concerns in 2024.