Welcoming Remarks
Remarks by
Jerome H. Powell
Chair
Board of Governors of the Federal Reserve System
at the
Reservation Economic Summit 2022
National Center for American Indian Enterprise Development
Las Vegas, Nevada
May 24, 2022
Good morning, and welcome. It is a great pleasure to welcome all the attendees
to RES 2022.
The National Center for American Indian Enterprise Development has been a
strong and consistent partner to the Federal Reserve, collaborating with us on small
serving on the Leadership Council for the Minneapolis Fed's
business COVID surveys,
Center for Indian Country Development, and moderating our policy webinar series on
tribal enterprise diversification, just to name a few.
Trust is earned and developed through relationships. This is particularly
important in Indian Country. The Federal Reserve has built an enduring and sturdy bond
with the National Center, and we value that partnership.
We are excited to be participating in this year's conference, learning alongside
you. There is undoubtedly more research and engagement to be done on the specific and
unique economic needs of tribal nations and Indigenous communities. RES 2022 is a
great meeting ground for such collaboration.
The best insight and analysis come from people who live and work in
communities and have an inside view of the struggles and opportunities within. The
Federal Reserve System has made a priority of engaging with leaders and stakeholders on
opportunities most relevant to tribal economic prosperity. For example, input from tribal
stakeholders has been invaluable to informing the important work of modernizing the
Community Reinvestment Act, which was incorporated into the recently published
proposal that we are looking forward to getting comments on. We also value the growing
representation of tribal voices on our boards of directors and advisory councils at Reserve
Banks, helping us to better understand economic conditions in Indian Country.
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Many of you are aware of the Center for Indian Country Development (CICD),
our national institute dedicated to helping tribes reach their full economic potential. We
are excited to be expanding its capacity to conduct economic research and data analysis
to support the long-term economic prosperity of Indian Country, in partnership with
Indian Country. We look forward to CICD's ongoing
collaboration with tribal
communities on research and data.
Additionally, an initial St. Louis Fed partnership with the Osage Nation, to
provide youth financial education, has led to partnerships with tribal governments across
the country that provide personal finance education, often in their Native languages.
Tribal leaders nationwide have also joined recent listening sessions to discuss the impacts
of inflation. Similar sessions were held on our pandemic response facilities, which were
adapted after hearing their input.
Other Federal Reserve partnerships with Indian Country include initiatives on
access to credit; Native community development financial institutions; financial
education programs tailored to early childhood, secondary, and higher education;
workforce development; housing; social services; and elder programs.
And as part of our ongoing effort to deepen our understanding of tribal
economies, last year, the Federal Reserve Board announced that we had joined the
Central Bank Network for Indigenous Inclusion, along with the Reserve Bank of New
Zealand, the Bank of Canada, and the Reserve Bank of Australia. This is part of our
commitment to learning best practices and expanding our international partnerships with
central banks that are similarly invested in supporting Indigenous people and
communities.
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The Federal Reserve works for all of us, and our research and analysis must
reflect the specific needs and circumstances of all of our communities. I am grateful for
our partnership with the National Center for American Indian Enterprise Development,
and I want to thank you, as well as all our colleagues, advisors, and stakeholders who
help us work toward a stable and inclusive economy for all.
Thank you.