This is the 10th installment in our virtual event series, which examined the impact of structural racism on our economy and advanced ideas to improve economic outcomes for all Americans.
This session examined structural racism in our financial services system and its impact on the economy. We surveyed the historical and present-day barriers to traditional financial services that exist for people of color, which can drive them into expensive and sometimes exploitative alternatives. This session envisioned new products and practices, prioritizing people and places that have experienced chronic disinvestment and exclusion. It explored ways to address root causes that can result in more equitable access to financial services and help close these gaps. Leaders from financial institutions, consumer protection organizations, research institutions, and others explored ways we can fully support consumers and financial service providers to ultimately help facilitate an economy that works for all.
- Tom Barkin, President, Federal Reserve Bank of Richmond
- Raphael Bostic, President, Federal Reserve Bank of Atlanta
- Camille Busette, Senior Fellow, Economic Studies, Governance Studies, Metropolitan Policy Program and Director, Race, Prosperity, and Inclusion Initiative, Brookings Institute
- Bill Bynum, CEO of Hope Enterprise Corporation, Hope Credit Union, and Hope Policy Institute
- Nancy Farghalli, Executive Producter, Marketplace (moderator)
- Terri Friedline, Associate Professor, University of Michigan School of Social Work
- Esther George, President, Federal Reserve Bank of Kansas City
- Robert James II, Chairman, National Bankers Association and President, Carver Development CDE
- José Quiñonez, Founder and CEO, Mission Asset Fund
- Lisa Rice, President and CEO, National Fair Housing Alliance
- Lisa Servon, Kevin and Erica Penn Presidential Professor and Department Chair, City and Regional Planning, Weitzman School of Design, University of Pennsylvania
- Lakota Vogel, Executive Director, Four Bands Community Fund
- Abbey Wenimo, Cofounder, Esusu Financial
Racism forms the foundation of inequality in our society. It limits opportunity for people of color and threatens the health of our economy. While the global pandemic has intensified racial and economic disparities, the killing of George Floyd in Minneapolis has galvanized people from all walks of life to address the systems and structures that enable and perpetuate these outcomes.
Hosted by all 12 District Banks of the Federal Reserve System, Racism and the Economy is a virtual series that brings together community, business, and academic leaders to examine the economic impact of racism and advance bold ideas and concrete actions to achieve an economy that makes opportunity available to everyone.