Tony Davis, Officer and Director, and Edison Reyes, Associate, Communications and Outreach

Since the release of the three-volume book Investing in America’s Workforce: Improving Outcomes for Workers and Employers last year, the Federal Reserve System and its community and business partners have continued to engage communities and workforce stakeholders on the research and promising practices highlighted in the publication. (For a refresh of the main topics the book covers, see this post from Carl E. Van Horn, Distinguished Professor of Public Policy and Director of John J. Heldrich Center for Workforce Development at Rutgers University.)

Kausar Hamdani, Senior Vice President, and Jessica Battisto, Senior Analyst

New York City has one of the weakest credit inclusion rates in the nation, according to a recent New York Fed report. Data in our New York City Credit Profile show that 22.2% of city residents were not included in the credit economy as of the fourth quarter of 2017. That means over 1.5 million adults were without a credit file or a credit score and without ready access to mainstream financial lenders.

Carl E. Van Horn, Ph. D., Distinguished Professor of Public Policy and Director of John J. Heldrich Center for Workforce Development

Continuing from a post earlier this year about the Federal Reserve System-led IAW initiative, I am pleased to announce the release of Investing in America’s Workforce: Improving Outcomes for Workers and Employers. As co-editor of the publication, I am excited about the release of this three-volume collection that features the knowledge and experience of workforce and community practitioners, and scholars from around the nation. On Friday, November 9, 2018, the New York Federal Reserve Bank will host and co-sponsor the Investing in America’s Workforce Book Launch Event. Over 100 participants will join me to hear 20 national leaders discuss systemic barriers to employment and the strategies and investments that are helping to overcome those barriers.

Jessica Battisto, Senior Analyst, Communications and Outreach

Earlier this year, the New York Fed released the Long Island Credit Profile, the second in a series of reports examining select geographies in depth using the Community Credit framework and indicators. See our previous post detailing the framework for how to interpret the analytics for practice.

Arturo E. Osorio, Ph. D., Assistant Professor of Practice — Entrepreneurship, Management, & Global Business, Rutgers Business School Newark — New Brunswick, and Maria Carmelita Recto, Associate Director, Outreach & Education, Federal Reserve Bank of New York

It is increasingly apparent that inclusive growth is an accelerator in achieving the potential of economic growth. There is statistical evidence that inequality inhibits overall productivity, yet it remains a persistent issue for many communities. While this is a global phenomenon, we don’t need to look far to see anecdotal evidence of a widening disparity in the distribution of the benefits of a growing economy.

Lisa Green Hall, Senior Fellow at the Beeck Center and Case Foundation; Fran Seegull, Executive Director, U.S. Impact Investing Alliance; Chelsea Amelia Cruz, Associate Director, CoDeFi at New York Fed; and Adrian Franco Ph.D., Officer & Director, CoDeFi at New York Fed

The tax bill passed in 2017 includes a provision creating various benefits for investors that move capital gains into designated low-income census tracts, known as Opportunity Zones, through special investment vehicles known as Opportunity Funds.

William C. Dudley, President

Small businesses are critical to the U.S. economy and it’s clear that we must do more to understand their needs and realities. One key factor in the success of small businesses is financing, and that’s where the Small Business Credit Survey (SBCS) comes in. The SBCS is an annual survey of small business owners that focuses on firms with fewer than 500 employees. It’s fielded by all 12 regional banks in the Federal Reserve System and aims to address important information gaps about business capital needs and obstacles.

Tony Davis, Officer and Director, and Edison Reyes, Outreach & Education Associate

Following the Investing in America’s Workforce (IAW) capstone conference in Austin, Texas, we wanted to provide an update on our efforts. As mentioned in our post in September, IAW is a Federal Reserve System-led initiative that seeks to underscore the importance of workforce development as an investment in our national economy.

Morgan Harper, VP of Knowledge Management & Strategy at LISC, and Adrian Franco, Director of Community Development Finance at the New York Fed

At our December summit on community development finance, Transforming Communities: Driving and Assessing Investment, it became clear that organizations financing community development are at a crossroads.

This Tuesday, December 12, the Local Initiatives Support Corporation (LISC) and the New York Fed will convene a summit on community development finance. Transforming Communities: Driving and Assessing Investment will advance critical dialogues around defining how community development finance tools can support under-resourced areas, determining the metrics to assess impact, and identifying opportunities for partnerships. Ahead of the conference, we asked senior leaders Denise Scott from LISC and Eric Belsky from the Federal Reserve Board about their views on these issues — from the perspectives of both the policymaker and the practitioner.