ensuring all communities in our nation have access to affordable credit. these principles — connect, convene, and catalyze — will continue to guide us forward as we grow our outreach programs and drive progress. they are the ways we contribute to an economy that works for everyone, above and beyond the high - level levers of interest rates and asset purchases. conclusion i ’ ll conclude where i began. as a policymaker i ’ m constantly weighing up the dual mandate, thinking about how we keep the economy on track, and balance maximum employment with low, stable inflation. but these decisions don ’ t affect the kinds of jobs that are created or who benefits from growth. the type of growth we have, where it manifests, and who benefits from it play a huge role in shaping both the fabric of society and the lives of new yorkers. that ’ s why our community and outreach programs are so important to me. i ’ d like to close by reemphasizing my gratitude for your commitment to this city. community development work is complex, challenging, and never done. but it ’ s essential for building healthy communities that support everyone to reach their full economic potential. thank you. i look forward to your questions. 1 see economic press briefing on wage inequality in the region, august 10, 2017. 2 see community reinvestment fund, usa and u. s. bank partner to expand access to credit for small businesses, business wire, january 8, 2018. 4 / 4 bis central bankers'speeches

with a series of roundtables, collaborating with colleges, workforce development organizations, and employers across the state. displacement and equitable growth are areas where we can do more. i ’ m pleased to share that later this year we ’ ll be hosting a series of listening sessions on these topics. we plan to bring together community development experts and nonprofits to better understand what ’ s happening across the district. we want to know what ’ s worked in the communities that have seen equitable growth, the challenges for those that haven ’ t, and what we can do about it. we hope the findings from these sessions serve as a tool for those areas on the cusp of gentrification to ensure every part of the community benefits from local investment. catalyze finally, i ’ m going to turn to this idea of how we can be a catalyst for action. our desire to create change is the reason we created resource guidebooks — publications that collate data, information, and contacts about specific communities. we ’ ve published guidebooks for parts of new york state and new jersey, and we have another one in the works for puerto rico. they act as a starting point for local stakeholders and investors looking to support equitable growth in underserved areas. another example where we ’ ve acted as a catalyst is our small business credit survey. the findings revealed the challenge small businesses face accessing loans for expansion. the cost of originating smaller loans is often so great that banks won ’ t take them on. but as a result of the gap being identified, one bank is now partnering with the community reinvestment fund to refer small businesses to the community development financial institutions ( cdfi ) fund. 2 small businesses are vital to job creation and play an important role in our communities, so it ’ s essential we support them to get access to the credit they need to grow. i don ’ t want to talk about access to credit without saying a few words about the community reinvestment act, or cra. our work supervising cra compliance supports efforts to make sure credit gets to where it ’ s needed most. a large amount of work has been going on at the board of governors to review the modernization of the cra, and we held two roundtables here in new york city to better understand what ’ s working and where we need change. what ’ s important is that efforts to modernize cra maintain and strengthen the emphasis on 3 / 4 bis central bankers'speeches