Informing the public about the Federal Reserve
Is the Federal Reserve aware of the challenges that I and others in my community face? Does the Federal Reserve take these issues into account when developing national policy?
The Federal Reserve System is composed of 12 regional Reserve Banks throughout the country and the Board of Governors in Washington, D.C. This structure enables the Federal Reserve to gather information from a wide and diverse range of communities.
Each Reserve Bank has a division, department, or group that focuses on regional Community Development issues, with a particular emphasis on serving low- and moderate-income communities and populations. The people on these teams work within their communities by promoting cooperation among community organizations, financial institutions, government officials, and academics; educating the public about financial issues; and advising policymakers, community leaders, and others about community development best practices.
This ground-level view plays an important role in formulating national policy, providing context to aid our understanding of the pace of the national economic recovery.
In addition, Community Development staff have direct contact with homeowners, bankers, small business owners, community advocates, and local government leaders, who often see trends manifest locally before they hit nationally. Current Community Development initiatives have focused on strengthening this emphasis on emerging issues. Efforts such as the Federal Reserve System's Mortgage Outreach Foreclosure Efforts (MORE) group, which produced our Foreclosure Resource Centers, and the small business financing conference and meeting series, provided valuable information about how real people are affected by the current economic situation and what federal policies and programs can do to help.