effort to support mutually beneficial partnerships between mdis, the anpr also would provide credit for mdis and women - owned financial institutions investing in other mdis, women - owned financial institutions, and low - income credit unions, as well as in their own institutions. we believe these and other ideas to support mdis can help provide incentives for majority - owned institutions to capitalize and to partner with these institutions, which will ultimately support more equitable financial access to low - income and minority consumers and communities. in addition, the federal reserve has consistently heard that bank partnerships with experienced cdfis can play an important role in helping banks more effectively make indian country loans and investments. during the pandemic, native cdfis have played an outsized role in supporting tribal businesses and homeowners, providing financial counseling, or extending loan terms for borrowers. for example, lakota funds in south dakota, led by tawney brunsch, helped 37 businesses access more than $ 100, 000 in covid - 19 emergency relief funds and provided more than $ 120, 000 in small grants to see https : / / www. ccb. bank / indian - country / home - loans. - 11 native ranchers, businesses, and homeowners. 21 despite their valuable work, native cdfis face substantial funding gaps. 22 to encourage bank partnerships that advance financial inclusion and address unmet credit needs, the anpr seeks feedback on extending to cdfis the status that is extended to mdis, women - owned financial institutions, and low - income credit unions. this approach would effectively give banks cra consideration for loans, investments, or services in conjunction with a cdfi anywhere in the country. we look forward to feedback on this potential approach, including the role this could play in indian country. in short, we recognize the challenges you face are great and we want to ensure cra reform helps you to improve credit access and financial inclusion in tribal communities. i am hopeful that the changes the federal reserve is considering will help spur new partnerships and encourage greater bank investment for tribal communities that have had inequitable access to financial services for too long. we need your input on these proposals and we are ready to listen. over the next three months, the federal reserve system will host cra anpr outreach meetings and listening sessions around the country, including in indian country. we encourage your feedback as part of these events, in addition to submitting written comments by the deadline of

- thirds of economic activity. consumers skilled in managing their finances are better prepared to weather bad times, and stronger household finances overall can help sustain growth, stabilize the economy, and mitigate an economic downturn. stabilizing the economy and mitigating a downturn, of course, also happen to be among the federal reserve ’ s primary responsibilities. when successful, monetary policy can be a powerful and effective tool to these ends, but its capabilities are dwarfed by larger factors such as the productivity of the workforce and the strength of household finances. by educating students and directly supporting their contributions to the economy as producers and consumers, all teachers, especially teachers of economics, are effectively furthering our mission at the fed, so let me offer my thanks for making that job a little easier. to help support your important work as teachers, the federal reserve board and the 12 reserve banks conduct programs, organize events, and publish books and other materials to spread knowledge of the role of the fed — and economics in general — and to promote financial literacy. before i get to those events and programs, let me say a word about what is probably the most important pedagogical aid that the fed produces — the 182 - page book called the federal reserve system : purposes and functions. the 10th edition of purposes and functions, published in october of last year, offers a detailed and comprehensive account of 1 / 2 bis central bankers'speeches what, why, and how the fed carries out its different responsibilities. i think it is a wonderful resource for teaching about the fed, and copies are available via the board ’ s website. 1 each of the fed ’ s reserve banks has community outreach and educational initiatives in the areas of the country they serve, and the outreach to economics teachers is coordinated by the group chaired by amy hennessy, the federal reserve system economic education group. at the board, we have for some years operated a program called feded, which sends fed employees into schools throughout the washington, d. c., metropolitan area and sponsors events for students here at the eccles building. 2 feded ’ s outreach to schools depends on the time and sacrifice of several dozen research assistants, who are typically recent college graduates who work for two or three years at the board. research assistants who volunteer for feded visit schools ; help teach about the fed, economics, and finance ; and answer questions about work opportunities at the board. the federal reserve is committed to promoting diversity in our ranks and in the economics