financial security. 1 / 4 bis - central bankers'speeches in addition to broad - based outreach, i would also like to emphasize the opportunity that financial education provides to advance our shared goal of financial inclusion. today, i will discuss three important aspects of the fed's inclusion efforts that helps to inform policies and practices designed to advance financial access and capability : access to a banking account ; the availability of responsible small - dollar lending products for short term financial needs ; and expanded reach of financial initiatives to indigenous and native communities to more effectively assist in providing access to the broader financial economy. we have made significant progress in providing greater access to bring the unbanked into the insured depository space. our research gives us insight into the success of recent efforts to expand access among unbanked populations. for example, the federal reserve's survey of household economics and decisionmaking ( shed ) showed in 2021 that 94 percent of adult survey respondents have a bank or credit union account, and the federal deposit insurance corporation's 2021 national survey of unbanked and underbanked households found that 95. 5 percent of all u. s. households were banked, which is the highest level since the survey began in 2009. 2 the fed's shed survey shows similar results. from 1989 to 2019, the percentage of u. s. adults with bank accounts rose from 85. 6 to 94. 5 percent. this is also true in the increased number of bank accounts owned by members of minority groups over the same time period, especially for black and hispanic consumers. black adults increased bank account ownership from 56. 7 to 86. 8 percent and hispanics increased from 63. 5 to 89. 5 percent. though these surveys show significant improvement over the past decades, there is still further progress to make. in fact, our shed survey data helps to identify characteristics of those who may choose not to use a deposit account or do not have access to one. the most recent survey results show that income and education may also play a factor - among the respondents, 24 percent of adults who have not earned a high school diploma and 17 percent of adults making less than $ 25, 000 a year did not own a deposit account. we also know that there are many factors that may lead consumers to choose not to engage in the banking system, whether from a distrust of the banking system or prior mishandling of a banking relationship being an impediment to account ownership. these broader gains in the number of consumers

. telephone communication expanded, and digital electronic computing came into use. taken together, these advances allowed an ever - broadening set of products to be traded internationally. in the policy sphere, tariff barriers - which had been dramatically increased during the great depression - were lowered, with many of these reductions negotiated within the multilateral framework provided by the general agreement on tariffs and trade. globalization was, to some extent, also supported by geopolitical considerations, as economic integration among the western market economies became viewed as part of the strategy for waging the cold war. however, although trade expanded significantly in the early post - world war ii period, many countries - recalling the exchange - rate and financial crises of the 1930s - adopted regulations aimed at limiting the mobility of financial capital across national borders. several conclusions emerge from this brief historical review. perhaps the clearest conclusion is that new technologies that reduce the costs of transportation and communication have been a major factor supporting global economic integration. of course, technological advance is itself affected by the economic incentives for inventive activity ; these incentives increase with the size of the market, creating something of a virtuous circle. for example, in the nineteenth century, the high potential return to improving communications between europe and the united states prompted intensive work to better understand electricity and to improve telegraph technology - efforts that together helped make the trans - atlantic cable possible. a second conclusion from history is that national policy choices may be critical determinants of the extent of international economic integration. britain's embrace of free trade and free capital flows helped to catalyze international integration in the nineteenth century. fifteenth - century china provides an opposing example. in the early decades of that century, the chinese sailed great fleets to the ports of asia and east africa, including ships much larger than those that the europeans were to use later in the voyages of discovery. these expeditions apparently had only limited economic impact, however. ultimately, internal political struggles led to a curtailment of further chinese exploration ( findlay, 1992 ). evidently, in this case, different choices by political leaders might have led to very different historical outcomes. a third observation is that social dislocation, and consequently often social resistance, may result when economies become more open. an important source of dislocation is that - as the principle of comparative advantage suggests - the expansion of trade opportunities tends to change the mix of goods that each country produces and the relative returns to capital and labor. the resulting shifts in the structure of production