, to community reinvestment act reform. over the last month alone, the federal reserve board has held three sessions with representatives of mdis, community development financial institutions ( cdfis ), and vulnerable groups to discuss the challenges faced by underserved communities. we have heard about the extraordinary measures mdis have taken to keep their banks accessible, modify loans, and extend paycheck protection program ( ppp ) loans to new and existing customers, predominantly small, minority - owned businesses. preliminary data from an independent community bankers of america report indicate that your work, and the work of other community banks, has been a critical source of lending to minority - owned small businesses, accounting for 73 percent of all ppp loans made to minority - owned small businesses. 9 in addition, some mission - focused institutions have participated in the main street new loan facility, and we continue to welcome your feedback on how to support institutions reaching the businesses and communities most in need. in addition, we are hearing of greater commitments to promote mdis and cdfis on the part of large institutions. a number of black - owned banks, including nba member banks, are involved in new partnerships to address racial disparities in access to credit and provide wealth - building opportunities. 10 these recent developments are only independent community bankers of america, " data show community banks lead economic recovery, " news release, august 19, 2020, https : / / www. icba. org / newsroom / news - andarticles / 2020 / 08 / 19 / data - show - community - banks - lead - economic - recovery. broadway financial corporation and cfbanc corporation, “ broadway financial corporation and cfbanc corporation to combine to create the largest black - led minority depository institution in the u. s., ” news release, august 26, 2020, https : / / www. cityfirstbank. com / sites / default / files / final _ press % 20release _ merger % 20announcement _ 08. 25. 2020 _ gn _ 9pm. pdf. - 5the latest chapter in how your sector continues to grow and lean into the challenges this nation faces. the community reinvestment act ( cra ) is one of the most powerful tools we have for addressing systemic inequities in credit access for minority individuals and communities. last month, the federal reserve board unanimously voted to approve an advance notice of proposed rulemaking ( anpr ) on the cra

for release on delivery 8 : 45 a. m. edt june 17, 2022 welcoming remarks remarks by jerome h. powell chair board of governors of the federal reserve system at “ international roles of the u. s. dollar, ” a research conference sponsored by the federal reserve board washington, dc june 17, 2022 good morning, and welcome to the inaugural conference on the international roles of the u. s. dollar. thank you all for participating and for lending your expertise on this important topic. this conference marks the first use of our new martin conference center, which i hope you enjoy. the international financial and monetary system that emerged after world war ii has been defined by the centrality of the dollar. it is the world ’ s reserve currency and the most widely used for payments and investments. as outlined in recent work by board staff, this global preeminence has been supported by the depth and liquidity of u. s. financial markets, the size and strength of the u. s. economy, its stability and openness to trade and capital flows, and international trust in u. s. institutions and the rule of law. 1 professor barry eichengreen will expand on some of these themes later this morning. the dollar ’ s international role holds multiple benefits. for the united states, it lowers transaction fees and borrowing costs for u. s. households, businesses, and the government. its ubiquity helps contain uncertainty and, relatedly, the cost of hedging for domestic households and businesses. for foreign economies, the wide use of the dollar allows borrowers to have access to a broad pool of lenders and investors, which reduces their funding and transaction costs. the benefits of the dollar as the dominant reserve currency have generated an extensive academic literature. yesterday ’ s paper on the treasury market by alexandra tabova and frank warnock extends that work in meaningful ways. see carol bertaut, bastian von beschwitz, and stephanie curcuru ( 2021 ), “ the international role of the u. s. dollar, ” feds note ( washington : board of governors of the federal reserve system, october 6 ), https : / / doi. org / 10. 17016 / 2380 - 7172. 2998. - 2the federal reserve ’ s strong commitment to our price stability mandate contributes to the widespread confidence in the dollar as a store of value. to that end, my colleagues and i are acutely focused