##makers, we make decisions affecting the see lisa d. cook and anna gifty opoku - agyeman ( 2019 ), “ ‘ it was a mistake for me to choose this field, ’ ” new york times, september 30. see lisa d. cook and christine moser ( 2024 ), “ lessons for expanding the share of disadvantaged students in economics from the aea summer program at michigan state university, ” journal of economic perspectives, vol. 38 ( summer ), pp. 191 – 208. - 5entire economy and the well - being of every american by focusing on the dual mandate given to us by congress : maximum employment and stable prices. entrepreneurs ’ vital role in the economy in my years of conducting research and while at the board, i have met many inventors, innovators, and entrepreneurs who made important contributions to the economy. many of them happened to be women who were very knowledgeable, creative, and inspiring. so i want to discuss the vital role entrepreneurship and new business creation play in our economy. you might ask what interest i have in this subject, as a monetary policymaker focused closely on the dual mandate of maximum employment and stable prices. well, this topic has interested me for a long time, and i conducted a fair amount of research on entrepreneurship and innovation before joining the board. but the topic is also important precisely because of our dual mandate. to convince you of this, i will explain a few of the ways in which economists think about entrepreneurship, and how they relate to the dual mandate. the first is the most basic : for many people — many millions, in fact — entrepreneurship or self - employment is a career choice. 7 it is their preferred way of there is no single way to measure the number of self - employed individuals and related businesses, but it certainly numbers in the millions. the latest bureau of labor statistics current population survey indicates there are roughly 10 million unincorporated and 7 million incorporated self - employed individuals. separate data on businesses from the u. s. census bureau indicate that, as of 2021, there were about 25 million nonemployer and 800, 000 employer sole proprietorships ( nonemployer statistics ; statistics of u. s. businesses ), https : / / www. census. gov / programs - surveys / nonemployer - statistics. html, https : / / www. census. gov / programs - surveys / susb. html. for analysis of inconsistencies between self

means strengthening the regulations to ensure that a wide range of lmi banking needs are being met. it also entails promoting financial inclusion by, among other things, providing credit for activities in areas with unmet needs outside of assessment areas, such as indian country. additionally, we aim to create incentives for investment in minority depository institutions and community development financial institutions, many of whom are icba members. we know that banking has evolved over the past 25 years, so we also sought to update standards in light of changes to banking over time, including mobile and internet banking. lastly, we wanted to continue to promote community engagement to inform the examination process. our second major goal for the anpr was to provide greater certainty, tailor regulations, and minimize burden. the anpr seeks feedback on several approaches designed to make the rules clearer, more transparent, and less subjective. for example, the proposed metrics for the retail test and the community development test would provide more clarity and transparency on how bank ratings are determined. in talking with community banks, federal reserve staff and i also heard about the need for clearer standards and greater limitations on the size of assessment 1 / 2 bis central bankers'speeches areas — especially for small banks operating just in a portion of a large county or only making a few loans in a part of a county. the anpr offers ideas to provide greater clarity in response to these concerns. importantly, the anpr proposes to tailor cra to bank size and business model. in discussing cra reform with bankers and community organizations, it has been clear that there is a need for a tailored approach for small banks and better outcomes for rural communities. i am encouraged that the anpr offers ideas that advance these objectives. so let me say a bit more about the proposals in the anpr that are tailored to small banks. small retail banks could continue to have their retail lending activities evaluated under the current framework, or they could elect to be evaluated under the proposed retail lending metric. small banks that opt for the retail lending metric can also elect to have other activities considered. additionally, the anpr minimizes data collection and reporting burden by relying on existing data as much as possible, as well as exempting small banks from deposit and certain other data collection requirements. we also heard from stakeholders like icba that rural areas, and banks in rural areas, have particular needs. therefore, the anpr proposes providing incentives for banks in rural areas to participate in beneficial civic and other nonprofit activities ( e.