NCRC Applauds Nomination of Sarah Bloom Raskin for Federal Reserve Board Vice Chair for Supervision, and Lisa Cook and Philip Jefferson as Governors

President Biden today nominated former Treasury Department Deputy Secretary Sarah Bloom Raskin to serve as the Vice Chair for Supervision of the Federal Reserve Board and Lisa Cook and Philip Jefferson as Governors.

Jesse Van Tol, President and CEO of the National Community Reinvestment Coalition (NCRC), made the following statement:

“We applaud the nominations of Sarah Bloom Raskin as Federal Reserve Board Vice Chair for Supervision, and Lisa Cook and Philip Jefferson as Governors. During her tenure in the Treasury Department, Sarah Bloom Raskin served as an outstanding voice for all consumers, defended safeguards in the marketplace and looked for new ways to bring us closer to a just economy. We know she will bring this same commitment to her new position on the FRB, and that she will ensure the needs of low- and moderate-income Americans are a priority as we continue to recover from the Covid pandemic. These nominations demonstrate the president’s continued commitment to advancing financial security for underserved people and communities.

“We’re also encouraged by the nominations of Lisa Cook and Philip Jefferson to serve as Fed Governors. Both come with extensive economic policy-making experience, and as African Americans, they will make the Fed a more representative institution and, I hope, one that goes deeper and achieves more to address the nation’s enduring racial economic divide.

“These nominations come at a critical moment for the FRB. Along with managing inflation and the nation’s economic recovery from the pandemic, the FRB is on a path, joined with the other bank regulatory agencies, to propose stronger rules and better enforcement of the Community Reinvest Act. We also support more rigorous scrutiny of bank mergers.”

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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