the most precarious rungs of the ladder often feel the impacts of a downturn soonest and the longest. 4 chair yellen brought the subject of economic disparities to the forefront of our conversations, consistently emphasizing the importance of an economy that works for everyone. 5 as chair, janet yellen continued her practice of meeting with community members, where she had in - depth conversations about disparities in employment, labor force participation, income, and wealth, recognizing these direct interactions provide valuable insights no statistic or report can fully capture. for instance, she visited the manufacturing technology center on cuyahoga community college ’ s metropolitan campus where she participated in a roundtable discussion on the state of manufacturing workforce development in northeast ohio. 6 janet l. yellen, “ what the federal reserve is doing to promote a stronger job market ” ( speech at the 2014 national interagency community reinvestment conference, chicago, illinois, march 31, 2014 ), www. federalreserve. gov / newsevents / speech / yellen20140331a. htm. “ differences in unemployment rates across racial and ethnic groups tend to widen sharply during recessions, as less advantaged groups shoulder an outsized share of total layoffs, and these differences shrink during recoveries. for example, in the second quarter of 2017, the unemployment rate for black adult men was a little more than 3 percentage points higher than for white adult men. this differential, while sizable, is nonetheless close to the smallest gap seen since comparable data became available in the mid - 1970s. ” lael brainard, “ why persistent employment disparities matter for the economy ’ s health ” ( speech at “ disparities in the labor market : what are we missing? ” a research conference sponsored by the board of governors of the federal reserve system, washington, d. c., september 26, 2017 ), www. federalreserve. gov / newsevents / speech / brainard20170926a. htm. janet l. yellen, opening remarks ( speech at the “ economic mobility : research and ideas on strengthening families, communities, and the economy, ” a community development research conference sponsored by the federal reserve system, washington, d. c., april 2, 2017 ), www. federalreserve. gov / newsevents / speech / yellen20150402a. htm. janet l. yellen

focus on the concerns of low - and moderate - income populations. ” www. federalreserve. gov / aboutthefed / cac. htm. lael brainard, “ community investment in denver ” ( speech at the federal reserve bank of kansas city, denver branch, denver, colorado, october 15, 2018 ), www. federalreserve. gov / newsevents / speech / brainard20181015a. htm. under chair powell ’ s leadership, eric belsky, anna boyd, federal reserve bank of cleveland president loretta mester - - who chairs the committee on research, public information, and community affairs for reserve bank presidents - - and community development staff across the system are continuing to advance this agenda. over the past year, all 12 reserve banks have adopted a common community development strategic plan that seeks to advance the economic resilience and mobility of low - and moderate - income households and communities and to enhance public awareness of these issues. during chair yellen ’ s 16 years as a public servant in the federal reserve, her words, actions, and research demonstrated a deep commitment to striving for an inclusive economy and recognizing the challenges faced by underserved communities. 12 from her speeches to her policy deliberations, janet made clear that her duty was to serve main street and all americans. the award for excellence in community development that we are establishing tonight memorializes janet yellen ’ s commitment to the people and places that make up our vibrant economy, including those who face challenges. going forward, we will look to celebrate staff within the system like ariel cisneros - - the first to receive this award in janet yellen ’ s name - thus honoring those who innovate, trailblaze, and embody the same deep - seated commitment to low - and moderate - income communities that janet yellen espouses. with that, it is my great pleasure to introduce chair janet yellen. janet l. yellen served as a member of the board of governors from august 12, 1994, to february 17, 1997 ; president and ceo of the federal reserve bank of san francisco from 2004 to 2010 ; vice chair of the board of governors from october 4, 2010, to february 3, 2014 ; and chair and executive officer of the board of governors from february 3, 2014, through february 3, 2018 ( www. federalreservehistory. org / people / janet _ l _ yellen ).