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NCRC Congratulates Jerome Powell for Second Term as Federal Reserve Board Chair

Today, the Senate confirmed Jerome Powell to his second term as the Federal Reserve Board’s Chair.

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

“In his first term as Fed Chair, Jerome faced unprecedented economic challenges borne out of the global pandemic. He recognized that the financial and personal impacts of COVID were heaviest and hardest on communities of color. He told attendees at our 2021 Just Economy Conference that the Fed was focused on ‘long standing disparities because they weigh on the productive capacity of our economy. We will only reach our full potential when everyone can contribute to and share in the benefits of prosperity.’

“We completely agree. We also agree with Jerome’s most quoted line from our conference – ‘like activity should have like regulation.’ He was talking about the need for the entire financial sector to share the regulatory obligation to serve, reinvest and produce public benefits for all communities – a responsibility that is now exclusive to banks through the Community Reinvestment Act (CRA).

“We look forward to continuing to work with Jerome to finalize new CRA rules that will increase lending, investments and services to low- and moderate-income communities and communities of color.” 

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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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