mr greenspan focuses on the revolution in information technology and its implications for key government policies speech by mr alan greenspan, chairman of the board of governors of the us federal reserve system, before the boston college conference on the new economy, boston, on 6 march 2000. * * * in the last few years it has become increasingly clear that this business cycle differs in a very profound way from the many other cycles that have characterized post - world war ii america. not only has the expansion achieved record length, but it has done so with economic growth far stronger than expected. most remarkably, inflation has remained largely subdued in the face of labor markets tighter than any we have experienced in a generation. a key factor behind this extremely favorable performance has been the resurgence in productivity growth. since 1995, output per hour in the nonfinancial corporate sector has increased at an average annual rate of 3½ %, nearly double the average pace over the preceding quarter - century. indeed, the rate of growth appears to have been rising throughout the period. my remarks today will focus both on what is evidently the source of this spectacular performance - the revolution in information technology - and on its implications for key government policies. when historians look back at the latter half of the 1990s a decade or two hence, i suspect that they will conclude we are now living through a pivotal period in american economic history. new technologies that evolved from the cumulative innovations of the past half - century have now begun to bring about dramatic changes in the way goods and services are produced and in the way they are distributed to final users. those innovations, exemplified most recently by the multiplying uses of the internet, have brought on a flood of startup firms, many of which claim to offer the chance to revolutionize and dominate large shares of the nation ’ s production and distribution system. and participants in capital markets, not comfortable dealing with discontinuous shifts in economic structure, are groping for the appropriate valuations of these companies. the exceptional stock price volatility of these newer firms and, in the view of some, their outsized valuations indicate the difficulty of divining the particular technologies and business models that will prevail in the decades ahead. how did we arrive at such a fascinating and, to some, unsettling point in history? while the process of innovation, of course, is never - ending, the development of the transistor after world war ii appears in retrospect to have initiated a special wave

strengthening the cra : a conversation with representatives of native communities remarks by lael brainard vice chair board of governors of the federal reserve system at national native coalition virtual series on the community reinvestment act notice of proposed rulemaking ( via webcast ) july 19, 2022 good afternoon. 1 i am happy to join you today for the national native coalition listening session to discuss the community reinvestment act ( cra ). i want to thank the national congress of american indians and its many tribal partners, as well as casey lozar and his team at the center for indian country development at the federal reserve bank of minneapolis. i am pleased to be joined by acting comptroller of the currency michael hsu of the office of the comptroller of the currency ( occ ) and acting chairman martin gruenberg of the federal deposit insurance corporation ( fdic ). in may, the federal reserve, the occ, and the fdic issued a unified proposal to modernize the cra regulations. this is a once - in - a - generation opportunity to strengthen the cra to bring greater credit, investment, and banking services to the communities that have faced the greatest challenges. for the first time, the cra will provide powerful incentives for banks to make investments in communities that do not have access to branches, such as in native lands. as representatives of native communities, you know all too well the challenges faced by native communities in getting access to financial services — challenges that were made worse by the pandemic. i have visited with native communities in south dakota and oklahoma and seen firsthand the resiliency and innovation of these communities in the face of numerous challenges. 2 even with the implementation of the cra and other complementary laws, tribal economic inclusion is hindered by a lack of banking and credit access. as of the most recent 2019 data, over 16 percent of native i am grateful to amanda roberts and matthew lambert of the federal reserve board for their assistance in preparing this text. the views expressed here are my own and do not necessarily reflect those of the federal reserve board or the federal open market committee. see lael brainard, “ financial inclusion and economic challenges in the shadow of the pandemic : a conversation with tribal leaders ” ( speech at fed listens : roundtable with oklahoma tribal leaders, oklahoma city, oklahoma, october 13, 2021 ), https : / / www. federalreserve. gov / newsevents / speech / brain