ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Economy

Powell: Broad Effort Needed for All to Benefit from Economic Recovery

May 3, 2021
Reading Time: 1 min read

The Federal Reserve is focused on addressing “long-standing disparities” in unemployment “because they weigh on the productive capacity of our economy,” Federal Reserve Chairman Jerome Powell said today during remarks at an industry event. “We will only reach our full potential when everyone can contribute to, and share in, the benefits of prosperity.” Achieving that goal “will take action from across society, from fiscal and other government policy to private-sector initiatives” to community development efforts, he added.

Powell highlighted new figures from the Fed’s latest Survey of Household Economics and Decisionmaking (due to be published later this month) that saw, for example, higher unemployment among prime-age workers without college degrees than those who were college-educated, as well as disparities in the number of Black and Hispanic workers that were laid off compared to white workers in 2020. Additionally, “while the recovery is gathering strength, it has been slower for those in lower-paid jobs: Almost 20 percent of workers who were in the lowest earnings quartile in February of 2020 were not employed a year later, compared to 6 percent for workers in the highest quartile,” he observed.

As the recovery moves forward, Powell said that the Fed will continue using its monetary policy tools to strengthen the economy and the employment outlook. The agency will also use its supervisory tools to ensure fair lending compliance, as well as engage with community development stakeholders to encourage investment and the expansion of credit opportunities in low- and moderate-income communities.

“Those who have historically been left behind stand the best chance of prospering in a strong economy with plentiful job opportunities,” Powell said. “Our recent history highlights both the benefits of a strong economy and the severe costs of a weak one.”

ADVERTISEMENT
Tags: Community developmentCoronavirusCOVID-19Fair lendingFederal ReserveFinancial inclusionInterest ratesJob cuts
ShareTweetPin

Related Posts

Illinois lawmakers vote to delay implementation date for state interchange fee law

Illinois lawmakers vote to delay implementation date for state interchange fee law

Legal
June 1, 2025

The Illinois General Assembly approved legislation extending by a year the effective date of a first-of-its-kind state law restricting interchange fees.

Consumer Sentiment declined in April

Consumer sentiment holds steady in May

Economy
May 30, 2025

The University of Michigan Consumer Sentiment Index neither rose nor fell in May compared to the month prior, holding at 52.2, according to final results for the month.

Personal income increased in February

Personal income increased 0.8% in April

Economy
May 30, 2025

Personal income increased 0.8%, or $210.1 billion, in April, the Commerce Department said. The personal savings rate was 4.9%.

CFPB study: BNPL loans grew tenfold since 2019

ABA DataBank: Increase in late payments by buy now, pay later users

Economy
May 30, 2025

Close to one-fourth of buy now, pay later users were late making a payment in 2024, a significant increase from the previous year.

ABA faults banking regulators for confusing CRA rule rollout

FDIC releases CRA exam schedules for Q3, Q4

Compliance and Risk
May 30, 2025

The FDIC has issued the lists of institutions scheduled for Community Reinvestment Act examinations during the third and fourth quarters of 2025.

HUD to reinstate 2013 disparate impact rule

ABA urges HUD to rescind disparate-impact rule

Compliance and Risk
May 30, 2025

ABA urged HUD to rescind its 2023 disparate-impact rule and replace it with one that more closely aligns with the findings of the U.S. Supreme Court.

NEWSBYTES

Illinois lawmakers vote to delay implementation date for state interchange fee law

June 1, 2025

Consumer sentiment holds steady in May

May 30, 2025

Personal income increased 0.8% in April

May 30, 2025

SPONSORED CONTENT

AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.