Perseverance and Partnership Produce Progress in Community Development, a speech at the 2023 Policy Summit: Communities Thriving in a Changing Economy

The discussions over the last two days have focused on many of the challenges that face our communities, both long-standing ones and new ones that reflect our changing economy. There are still significant impediments limiting those in low- and moderate-income households and communities from fully benefiting from a strong economy. Not everyone has access to affordable education, transportation, broadband, housing, credit, and other financial services, which are the foundational elements that allow people to achieve the American dream and secure a better living standard for their children. I applaud each and every one of you for persevering in your efforts to improve our economy for all. At times it must be quite discouraging given what still needs to be done. But I have decided to end the summit on a positive note by providing some examples of the progress that has been achieved in supporting communities through partnership and perseverance. My examples of progress come from two areas in which the Federal Reserve System has been particularly interested: housing and workforce development.