Working from three cities—Cleveland, Pittsburgh, and Cincinnati—our Cleveland Fed community development team promotes the economic resilience and mobility of low- and moderate-income (LMI) people and communities throughout our District. 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, decision making, and investment.
Community development is rooted in the Community Reinvestment Act (CRA) of 1977, which requires the Federal Reserve and other banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, including LMI neighborhoods. We also help to foster a better understanding of market developments and economic conditions affecting LMI people and communities, which support the Federal Reserve’s dual mandate of both price stability and maximum employment. Economic inclusion is aligned with the maximum employment goal to ensure that all people who want to work can find a job and have the opportunity to advance economically. Within economic inclusion, we support racial equity, defined as just and fair inclusion in an economy in which all can participate, prosper, and reach their full potential, so that race can no longer predict life outcomes. Browse our Program on Economic Inclusion for more data, analysis, and programming that advances racial and economic inclusion from across the Bank.
Our work primarily focuses on three priority areas:
- Economic and Workforce Development: Access to good jobs (related work)
- Housing: Access to quality and affordable housing (related work)
- Small Business: Access to credit (related work)
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At a virtual event in 2020, Cleveland Fed President Mester, Fed Chair Powell, and Youngstown-area leaders discussed ways to build a resilient workforce. Read the recap and watch the video.
Community Advisory Council
The Community Advisory Council (CAC) helps to inform the Federal Reserve Bank of Cleveland’s Community Development staff and senior leadership about current and emerging issues and trends impacting underserved and lower-income individuals and communities in the Fourth District. Learn more and meet the members.