President Joe Biden signed the Juneteenth National Independence Day Act into law on June 17, 2021, making it the first new federal holiday in nearly four decades since the law for Martin Luther King Jr. Day was passed in 1983. The holiday is actually called “Juneteenth National Independence Day” and is celebrated annually on June 19th.
Juneteenth remembers the emancipation of slavery in the United States because it was on June 19, 1865, that Union soldiers reached Galveston, Texas, to implement the Emancipation Proclamation and announce the emancipation of the last remaining slaves. It was over two years after President Abraham Lincoln had issued the Emancipation Proclamation in 1863.
Federal agencies and departments closed
Since Juneteenth is a federal holiday, most non-essential federal offices and agencies are closed. Shut downs include numerous federal departments and services:
Federal offices closed for the day
- Social Security Administration: All of the Social Security Administration field offices are closed to the public on Juneteenth and telephone live agent service is not available. The Social Security Administration specifically mentions Juneteenth National Independence Day in its official holiday schedule.
- Internal Revenue Service: All IRS offices will be closed on Juneteenth, impacting tax services and appointments. The closing may affect tax filing due dates and payment processing.
- Department of Defense: The United States military also celebrates Juneteenth along with all other federal holidays. Most military and civilian staff have the day off, but some deployed units operating missions across the globe carry on. Official memorandums were issued by the Department of Defense to mark the holiday.
- U.S. Postal Service: Post offices are closed on Juneteenth, and no mail is received or sent on this holiday. That’s how it should be, utilizing federal holiday procedures.
Other Federal services impacted
- Federal Courts: U.S. courts are closed on Juneteenth, but electronic filing never closes shop. This has an impact on court cases and legal deadlines across the country.
- Department of Motor Vehicles: State DMV offices under federal control are usually closed, but state-specific too.
- Federal Building Services: Federal buildings and most administrative offices close down for the holiday, impacting other government services.
Services that remain open
Most federal offices close down, but some key services continue to operate on Juneteenth. The National Weather Service stays open to monitor important weather events and offer emergency services. National parks and Smithsonian museums usually stay open to the public.
Effect on financial services and markets
The federal holiday designation of Juneteenth has a major impact on banking institutions and the markets. Large banks such as Bank of America, Chase, Wells Fargo, and others are closed on June 19th. The Federal Reserve also observes the holiday, impacting the banks across the country.
Stock exchanges also celebrate Juneteenth and close for the day, with both NASDAQ and the New York Stock Exchange closing for trade. The holiday has business implications for market operations and can impact the processing of payroll within businesses utilizing banking services.
State-level recognition
In addition to federal recognition, 28 states and the District of Columbia already observe Juneteenth as a state holiday, where state workers receive paid time off. Texas was the first state to establish Juneteenth as a state holiday in 1980, twenty years before federal recognition. The number of states recognizing Juneteenth is growing steadily, with more states seeking legislation to make it a permanent state holiday.
Juneteenth as a federal holiday in 2021 is a milestone moment in America’s history. The fact that it is now officially done at the federal level means that government offices and agencies are closed on June 19th, impacting millions of federal government employees and the services they deliver. As this relatively recent federal holiday gains more popularity, its impact on the workings of the government, stock markets, and society as a whole in America continues to grow, both as a remembrance day and a freedom celebration.
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