Media Advisory: FedTalk presentation and panel discussion on the Cleveland Fed’s research about the racial wealth gap

Who: Federal Reserve Bank of Cleveland senior research economist Dionissi Aliprantis and research economist Daniel R. Carroll

Panelists:

• Stephanie McHenry, Chief Financial Officer and Senior Vice President for Business Affairs and Finance, Cleveland State University
• Randell McShepard, Vice President, Public Affairs and Chief Talent Officer, RPM
• Jill Rizika, Executive Director, Towards Employment

What: Aliprantis and Carroll will discuss their recent research on the racial wealth gap. A panel discussion with local experts will follow, with Jennifer Jordan, anchor/reporter, WJW-TV Fox 8, moderating the discussion. Panelists will take part in an audience Q&A following the moderated discussion.

When: Monday, November 18, at 5:30 pm ET

Where: Federal Reserve Bank of Cleveland, East 6th St. and Superior Ave.; please use Superior Ave. entrance

Register: Media are invited to attend but must register in advance; contact Chelcee Stearns at Chelcee.A.Stearns@clev.frb.org or 216.579.3169. Advance registration and a photo ID are required for admittance.

On November 18, 2019, the Federal Reserve Bank of Cleveland will host a FedTalk presentation and panel discussion on the Cleveland Fed’s research about the racial wealth gap. The program is free and open to the public, but advance registration is required.

Black households in the U.S. have, on average, considerably less wealth than white households. Why hasn’t this gap closed over the past half century, even with the passage of civil rights legislation? Researchers at the Federal Reserve Bank of Cleveland have found that, together with barriers including discrimination, the primary driver maintaining the wealth gap is that the earning power of blacks in the labor market continues to trail that of whites. That’s contrary to other studies which generally concluded that the wealth gap was “too big” to be explained by differences in income.

• How can economics inform us about racial inequities in wealth accumulation?
• Why has the wealth gap between blacks and whites persisted?
• What can be done and how long will it take to actually close the wealth gap if we maintain the current course?

Questions? Contact Chelcee Stearns at Chelcee.A.Stearns@clev.frb.org or 216.579.3169.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell, doug.campbell@clev.frb.org, 513.455.4479