Skip to main content
Banner for the Cleveland Fed Digest: Get to know us

Issue #32 | March 25, 2020

Recently, from the Cleveland Fed

  • Cleveland Fed open and operating; updates available

    The Federal Reserve Bank of Cleveland is open and operating to support the region it serves amid the COVID-19 pandemic. Find resources and information on our website. For the latest on Fed actions to support the economy, visit the Board of Governors

  • Wages are rising, so why is the middle class still feeling the pinch?

    Since 1980, wages for the middle class have risen, but the perception persists that it’s getting harder for today’s adults to maintain the lifestyles their parents did. Cleveland Fed researchers examine this issue to see if the data back up this sentiment. See the Economic Commentary.

  • From Hamilton and Burr to now: The evolution of bank capital requirements

    Since the first banks in the United States were founded, there have been capital requirements—rules about how much cushion banks must hold against unexpected losses. These rules help strengthen banks against losses and economic shocks. Learn the history of these regulations and see why and how they continue to evolve.

  • Do affirmative action bans cause students to move to attend college?

    With more states banning affirmative action, some wonder if these bans affect the interstate movements of college students. Dig into this Economic Commentary to find out how admissions policies in one state can affect the student populations of another.


Why is every person’s ability to recover from financial setbacks important to the Federal Reserve, and are there resources you recommend to ready people for the unexpected?


I realized at a very young age the importance of being prepared for unforeseen financial circumstances. Growing up, my mother always talked about how her parents, especially her father, instilled in her the importance of having your own resources because “life happens.” My parents separated when I was 7, when my mother found herself in a situation that wasn’t healthy for her and me. Because she had gone to college, because she had embraced the mindset that even as a married woman it was wise to have her own financial means, she was able to leave and make a better life for us.

It was around high school when I started realizing the impact of what financial knowledge could do to help people improve their standing in life and be independent. Education is a huge component of that. I’ve always been passionate about finding ways to help the people around me, and that’s led me down the career path to community outreach.

One aim of the Federal Reserve is a stable financial system. You can’t have a financially healthy community if people don’t have basic knowledge about what financial health is or how to get there. It’s important that all people are empowered to make informed choices. When people don’t know what financial health looks like and aren’t prepared to recover from financial setbacks, they can end up relying on the help or generosity of others to stay afloat.

In our Education & Museum Outreach department, one of our goals is to teach people of all ages about various topics ranging from the basics of money to preparing for the future. Our Great Minds Think interactive workbook, available in English and Spanish, teaches kids and their parents the basic foundations of personal finance; it offers young learners a place to dream about things they’d like to save for, and it stresses the importance of budgeting and saving.

For young people and adults, the Building Wealth workbook from the Federal Reserve Bank of Dallas is among the Fed’s most popular personal finance resources. And the Atlanta Fed offers Katrina's Classroom: Teaching Money Skills for Life, a series framed around the aftermath of Hurricane Katrina with the theme of emergency and financial preparedness. All three are among the free resources available at

Cariss Turner

is a regional education outreach coordinator for the Cleveland Fed who connects with students, educators, and other stakeholders to spread the word about the Fed’s free educational resources.

By the Numbers

On the Calendar

  • April 9

    Investment Connection Orientation and CRA Training (webinar for Erie organizations)
    (Learn more about Investment Connection.)

  • April 30

    Investment Connection Orientation and CRA Training (webinar for Cleveland organizations)
    (Learn more about Investment Connection.)

  • May 27-29

    2020 Reinventing Our Communities Conference: Equity InSight (Philadelphia, PA)

From around the Federal Reserve System

No Turning Back: The Growth of Black Female Entrepreneurs

Business ownership has grown faster among black women than among any other demographic in the United States during the past two decades. The Kansas City Fed released a report based on national data and a series of interviews with black women business owners.
Read the report

Cleveland Fed Digest delivers Cleveland Fed work right to your inbox once a month. Read, download, and explore just some of what the Cleveland Fed offers the public, from economic research and special reports on housing, banking, and labor markets to community development analyses and graphics that examine issues and illustrate trends. Of course, you can also check out all of our published work anytime right here on If you’re not yet a subscriber to Cleveland Fed Digest, share your email address with us to receive the e-newsletter each month. Sign up to receive other content regularly from the Cleveland Fed here. We welcome your feedback, too! Contact with questions or comments.

Rest assured, we do not sell or share your email address, and you may unsubscribe at any time.