Putting the pieces together: Why the Cleveland Fed studies economic inclusion
We are committed to fostering an inclusive environment both within our Bank and throughout the communities we serve. Through our Office of Diversity, Equity, Inclusion, and Opportunity (ODEIO), we keep close tabs on our internal progress in areas such as workforce and supplier diversity and continue to develop strategies to grow our success. At the same time, we strive to advance the public’s understanding of economic disparities in our region and across the nation through our Program on Economic Inclusion, and our community development work centers on promoting the economic resiliency of low- and moderate-income people and communities.
Chris Webb, a Cleveland poet, performer, and filmmaker, and Perris Mackey, a Northeast Ohio collage artist, partnered with the Cleveland Fed to illustrate why the Bank studies economic inclusion and how it’s necessary for a thriving economy.
Office of Diversity, Equity, Inclusion, and Opportunity
Our Office of Diversity, Equity, Inclusion, and Opportunity (ODEIO) fosters an inclusive environment by supporting Bankwide inclusion, measuring and assessing diversity and inclusion progress and how the Bank's expanded efforts align with its strategies, and fulfilling our Office of Minority and Women Inclusion (OMWI) responsibilities. The Bank and ODEIO are dedicated to sustaining an environment in which diversity and equity are foundational, inclusion is valued, and differences are strengths. We do this through internal training, robust education outreach and programming, and sustained supplier diversity initiatives. ODEIO supports matters relating to three areas of focus: workforce diversity, supplier diversity, and financial literacy. For information on the Bank's progress in these areas, read the OMWI Annual Report to Congress.
The Program on Economic Inclusion (PEI) has two primary goals: It seeks to understand obstacles to economic inclusion in the Federal Reserve's Fourth District and what approaches are promising for removing these obstacles, and it works to expand opportunities for individuals to develop their potential so that the economy can reach its full potential. An inclusive economy is central to the nation's reaching maximum employment, which is one of the two monetary policy goals Congress has given the Fed (the other is price stability). The PEI also supports economic inclusion as part of the Federal Reserve's responsibility as mandates through the Community Reinvestment Act (CRA) of 1977: to ensure that low- and moderate-income communities have access to financial products and services.
The Community Development Department is dedicated to promoting the economic resilience and mobility of low- and moderate- income people and communities throughout our District. The department's economists, policy analysts, and outreach managers listen, learn, and capture insights from community members; conduct applied research and analyze data and trends; share findings and policy implications through publications, webinars, meetings, and conferences; and convene key players in community and economic development to inform policy and decision making.