Federal Reserve Board of Governors chairman Jerome Powell addressed the HAC Rural Housing Conference on December 6, 2018. Chairman Powell discussed the strength of the economy while acknowledging that not everyone has enjoyed the benefits of the strong economy equally.
“While the economy is strong overall, we recognize that some communities have yet to feel the full benefits of the ongoing expansion,” Powell said.
During his speech, Chairman Powell praised the work of the community development functions in each of the 12 Federal Reserve banks and what their work means for local communities. He stressed the importance of the Community Reinvestment Act (CRA) and praised HAC’s research on the subject as beneficial to the Fed’s plans around potential CRA reform.
He closed his remarks by acknowledging the work of community development organizations like HAC’s partners in improving rural communities across the country. He stressed that their work is critical to expand the benefits of the strong economy into more rural areas.