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
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.”

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

Related Posts

Consumer Sentiment declined in April

Consumer sentiment falls in October

Economy
October 9, 2026

The University of Michigan Consumer Sentiment Index decreased 3.7% in October compared to the month prior, landing at 46.3, according to preliminary results for the month.

Personal income increased in February

Fed survey finds increase in family income, financial stress

Economy
October 9, 2026

While most U.S. families experienced moderate increases in income and net worth in recent years, the share of families experiencing financial stress also grew, the Federal Reserve said in its triennial Survey of Consumer Finances.

ABA, associations seek data behind FHFA credit score modernization effort

FHA formalizes use of alternative credit scoring models

Mortgage
October 9, 2026

FHA published a mortgagee letter to formalize the use of VantageScore 4.0 and FICO Score 10T alongside Classic FICO to assess the creditworthiness of single-family mortgages, with the new policy taking effect at the start of the coming...

Report: More states creating restrictions on crypto ATMs

Crypto exchange agrees to shut down ‘crypto ATMs’ as part of settlement

Compliance and Risk
October 8, 2026

The cryptocurrency exchange Coinme has agreed to close down its virtual currency kiosk operations in multiple states as part of a settlement with 34 state financial regulatory authorities over alleged Bank Secrecy Act and anti-money laundering violations, according...

Consumer credit increased in March

Fed: Consumer credit increased 1.9% in August

Economy
October 8, 2026

Consumer credit increased at a seasonally adjusted annual rate of 1.9% in August, according to the Federal Reserve. Revolving credit decreased at an annual rate of 4.2%, while nonrevolving credit increased at an annual rate of 4.1%.

Mortgage rates fall

Mortgage rates rise

Economy
October 8, 2026

The rate for a 30-year fixed-rate mortgage was 7.4% this week. The rate for a 15-year fixed-rate mortgage was 6.73%.

NEWSBYTES

Consumer sentiment falls in October

October 9, 2026

Fed survey finds increase in family income, financial stress

October 9, 2026

FHA formalizes use of alternative credit scoring models

October 9, 2026

SPONSORED CONTENT

The Shift from Demographic Marketing

The Shift from Demographic Marketing

October 1, 2026
Meeting Ag Lending Goals Without Going It Alone

Meeting Ag Lending Goals Without Going It Alone

October 1, 2026
Beyond the Portfolio: The Wealth Manager’s New Role in a Multigenerational World

Beyond the Portfolio: The Wealth Manager’s New Role in a Multigenerational World

September 17, 2026
Banking Technology at a Strategic Crossroads

Banking Technology at a Strategic Crossroads

September 8, 2026

PODCASTS

Podcast: The birth of American money and how it triggered a revolution

October 8, 2026

Podcast: Creating seamless customer experiences

September 30, 2026

Podcast: Telling a different kind of story about community banks

September 28, 2026

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

© 2026 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

© 2026 American Bankers Association. All rights reserved.