I cannot promise that the Federal Reserve will always be able to achieve these goals. I can promise that we will do our best to keep the economy on track. At the same time, we could use some help from the fiscal policy side of Washington as well. An agreement to put the Social Security system on a sound foundation for the next generation of workers and retirees will also help our long-run prosperity. To the extent that we are successful in implementing sound monetary policy, we directly further the goals of community development.
Banks are natural participants in the community development process.
Chartered to meet the convenience and needs of their communities, most banks remain closely tied to the economic health and growth prospects of their local markets. These functions are central to anyone's concept of community development. Therefore, it is no wonder that the activities of banks often have been a focus of attention when questions about the health of neighborhoods and local economies are raised. It is no wonder that banks are viewed as natural and even essential partners in the community development process. And it is no wonder that banks remain central to any debate over equal access to credit or barriers to economic opportunity for disadvantaged persons.