outcomes for various groups, but it can contribute to an environment in which progress toward equality is more likely to be made. adjusting monetary policy in a forward - looking manner to attain the maximum sustainable growth path for the aggregate economy and stable prices will help foster conditions under which the greatest number of americans - - including minorities - - share in the nation's prosperity. the federal open market committee's accommodative policy over the past 22 months has been aimed at supporting aggregate demand to lay the groundwork for a return to a sustainable rate of economic expansion. and, last week's decision to ease further was aimed at increasing the chances that the economic recovery would stay on track and not be derailed by the recent soft spot. private wealth creation just as the long expansion of the 1990s brought marked reductions in unemployment, it also supported individual wealth creation. because the creation of wealth is an important benefit of policies that encourage stable economic conditions and sustainable job creation, my colleagues and i at the fed take an active interest in understanding the process of wealth creation. the board's surveys of consumer finances, which are conducted every three years, help us understand issues of personal finance. with the information for 2001 tabulated so far, our survey shows that u. s. families saw sizable gains in both their mean and their median net worth over the past decade : median real net worth rose 40 percent, and mean net worth rose 72 percent, between 1992 and 2001. roughly half those gains occurred between 1992 and 1998, and half occurred in just three years, from 1998 to 2001. between 1992 and 1998, although the level of net worth for minority families remained well below that of other families, their median real net worth was rising at roughly the same pace, 20 percent, as nonminority families. however, between 1998 and 2001, inequality in family net worth increased significantly : median real net worth changed little for minority families while it increased an additional 17 percent for nonminority families. as a result, the striking difference in the level of wealth between minority and other families widened further : in 2001, the median net worth was $ 17, 100 for minority families versus $ 120, 900 for non - hispanic white families. i note, for this audience, that the story for african americans alone is somewhat more positive : median wealth did increase about 13 percent between 1998 and 2001, but the median level of net worth in 2001 was still only $ 19, 000. a substantial part of the wealth

illegal discrimination. information and educational programs besides collecting and analyzing data on small businesses and consumers, the federal reserve has also supported programs to encourage community development in low - and moderate - income areas and to promote small business development. through our community affairs programs at each of the twelve federal reserve banks, we conduct ongoing outreach and educational activities and give hands - on technical assistance to help financial institutions, their customers, and communities understand and address community credit needs. this is no small commitment. the federal reserve board and the reserve banks devote more than 100 full - time staff members to help institutions understand and participate in community development. to give you an idea of the kinds of activities we engage in, the federal reserve banks over the past three years have sponsored educational conferences, seminars, and workshops focusing on emerging community development issues, which more than 45, 000 people have attended. some issues addressed have been related to affordable housing, but recently our activities have focused increasingly on issues related to small business, economic development, and financial literacy. each reserve bank develops programs that are tailored to local needs. for example, the federal reserve bank of atlanta worked with staff at georgia state university to research growth patterns of minority - owned businesses. the new york bank, in partnership with the university of buffalo, held a conference that explored economic challenges faced by inner - city communities and effective strategies for business development. a recent conference at the dallas bank examined the role of technology in community development, discussed financial services in distressed communities, and considered ways of delivering financial services to those without bank accounts. in 2001, the system's community affairs offices held their second biennial research conference, featuring studies on the delivery of financial services to lower - income populations and small businesses. topics included the community reinvestment act, predatory lending, credit scoring, wealth creation, and alternative financial services. the published proceedings are available on the board's web site. the 2003 conference will be an opportunity for researchers to explore subjects such as evaluating the role of social and private capital in fostering economic development and measuring the success of programs designed to support business development and economic well - being. besides these programs, reserve banks provide direct technical assistance to bankers, businesses, and community development organizations to help them identify and address capital and credit issues. many of our reserve banks have helped bankers create multibank community development corporations ( cdcs ) and other consortium lending intermediaries, which focus on equity and debt financing for small and disadvantaged businesses. they also help banks deal with regulatory requirements