At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
Editor’s note: In January, the New York Fed hosted “Transforming Community Development Through Arts & Culture,” a forum focused on an evolving era in community development that infuses art and cultural practice. This guest column was contributed by one of the New York Fed’s community development partners as a follow-on to that program. The views presented are the author’s alone and are offered to contribute to discussions on this topic.
In recent years, the New York Fed’s community development team has focused on solutions for equitable growth — or economic development that aims to maximize resources for underserved neighborhoods, residents, and institutions. The goal has been to identify ways to raise living standards and create shared prosperity in Second District communities. With the coronavirus pandemic, that focus has now shifted.
In response to the coronavirus pandemic, the Federal Reserve has taken extraordinary actions to support the economic and financial stability of the nation, including the establishment of a number of lending facilities to improve access to credit and liquidity for affected businesses and communities. At the same time, community engagement remains critical to informing the Fed’s work, and a major area of concern is how the COVID-19 crisis is affecting low-income communities and people of color. To spotlight this critical issue, which is deeply influenced by existing financial and economic disparities, the New York Fed launched a new event series called “The Fed and Main Street,” which convenes business, community development, nonprofit, and policy leaders to focus on the effects of the COVID-19 crisis and efforts to support the recovery.
On Thursday, May 21, New York Fed President John Williams spoke to three Chambers of Commerce in Upstate New York about the U.S. economy during the coronavirus pandemic.
During this time of extreme economic shock, community development financial institutions — commonly known as CDFIs — have demonstrated their ability to deliver capital to underserved communities, many of which are reported to be taking the brunt of the coronavirus pandemic’s impacts. Many CDFIs acted early in infusing much-needed capital to address financing gaps resulting from the pandemic, and their expertise could help ease the tension between timely delivery of capital and accountability to ensure responsible lending. They would benefit from a broad set of partners to continue in that role.
On Thursday, April 16, New York Fed President John Williams spoke to the Economic Club of New York about how the Federal Reserve is responding to the current economic turmoil.
This past January, the New York Fed hosted its first Investment Connection pitch program in Puerto Rico. Community development financial institutions, investors, and philanthropists gathered in San Juan to hear funding proposals from 30 economic and community development organizations from both rural and urban regions of Puerto Rico.
In the year since the release of the book Investing in America’s Workforce: Improving Outcomes for Workers and Employers, the New York Fed has organized a number of events across the Second District that are part of the Federal Reserve’s Investing in America’s Workforce (IAW) initiative.
On Tuesday, January 14, New York Fed President John Williams spoke at an event hosted by the Banking Standards Board, the New York Fed, and the London School of Economics about culture in the financial services sector.
In his final regional visit of 2019, President Williams traveled to Asbury Park, Trenton, and Newark, New Jersey, where he met with community and business leaders, local elected officials, and statewide agency heads. New Jersey is the nation’s most urban and densely populated state, and is among its most wealthy and diverse — factors that loomed large during the daylong visit. Topics of discussion included housing affordability, the intersection between workforce development and higher education, the significance of anchor institutions, and strategies for addressing gentrification.
