and families, especially the most vulnerable. i am committed to pursuing the federal reserve ’ s congressionally mandated goals of price stability and maximum employment and to maintaining the strength and resilience of our financial system. i am committed to the independent and nonpartisan status of the federal reserve. if confirmed, i look forward to supporting chair powell in carrying out the responsibilities assigned to the federal reserve and in fostering transparent communication and accountability to you and the american people. i will bring a considered and independent voice to our deliberations, drawing on insights from working people, businesses, financial institutions, and communities — large and small — across the country. i will support policies that are in the interests of the american people and based on the law and careful analysis of the evidence. before closing, i want to thank my husband and daughters for their steadfast support of my work. and i would like to commend the outstanding efforts of the individuals across the federal reserve system who work so hard every day to serve the american public. 1 / 2 bis central bankers'speeches senators, i thank you for this opportunity to appear before you and for considering my nomination. i would be pleased to respond to any questions. 2 / 2 bis central bankers'speeches

, families in the lowest quintile of the income distribution increased their rate of homeownership nearly 5 percent. although results from the 2004 scf are not available, data reported under the home mortgage disclosure act indicate that home - purchase lending to lower - income families increased 11 percent between 2001 and 2003. these data also reveal a 17 percent increase in home mortgage loans to african - americans and a 30 percent increase in home mortgage loans to hispanics. further, hmda data for the same period show a 45 percent increase in home mortgage loans in low - income tracts, while lending in higher - income tracts rose by only 19 percent. in weighing the implications of the trends reflected by the data, it is important to consider the presence of changes in external market influences. for example, advances in mortgage underwriting and delivery systems have resulted in increased availability of funding for homeownership, which has resulted in increased efficiencies in extending credit in harder - to - reach markets. however, despite the difficulty of distinguishing between outcomes attributable to macroeconomic conditions and those attributable to localized community interventions, we must attempt to make this differentiation. indeed, understanding the effects of the multiple influences on the economic conditions of a market is the only means of achieving the highest possible use of public funding and establishing appropriate expectations for private - sector participation in redevelopment activities. information gains in community development despite the lack of empirical data about the effectiveness of specific community development programs, many community development corporations ( cdcs ) have modified their strategies and their structures to enhance their efficiency and impact. most notably, cdcs have realized the necessity of diversifying their funding sources and reducing their reliance on government support, which is vulnerable to the vagaries of shifting political priorities. in expanding the range of financing for their programs, community development leaders have gained a better understanding of the risk tolerance and return requirements of their various capital providers. in addition to diversifying sources of funding, community developers have sought to broaden the types of financing they use. they once viewed debt as the primary, if not the sole, vehicle available for capitalizing community development efforts, but now they recognize the vital role of equity investment in helping communities withstand economic downturns. new sources of equity - community development venture capital funds and secondary markets that securitize community development loan pools - have become available to energize market forces in economically distressed neighborhoods. technological advances have significantly improved the development of new financing strategies. with