Recently, my daughter, Chappell, had a chance to listen to a panel discussion led by Dr. Raphael Bostic, President & CEO of the 6th District of the Federal Reserve regarding racial inequities in our economy. We had the opportunity to discuss what she learned. While the chief goal of the Central Bank is to create policies that allow for stable prices and maximum employment, the Bank is also working to highlight challenges for our multi-cultural citizens in the areas of education, workforce development, access to broadband and financial support for employment.
A few opportunities they suggested:
- Create internal business policies to address challenges if someone is behind, since minorities face a deficit in terms of access to opportunities.
- Overcome residential real estate barriers, since where someone lives determines access to schools, job training, financing and home values.
- Help minority-owned businesses gain access to capital.
- Get people into the labor force after they leave the criminal justice system.
Overall, if the Bank promotes policies that allow people to be more productive and responsive to the economy, then everyone, regardless of their background, benefits from a better economy.