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Speech
Toward a More Inclusive Economy
Mester, Loretta J. (2020-09-28)
It is clear that the adverse effects of the pandemic have not been evenly distributed. They have been borne by the most vulnerable in our economy: lower-income and minority workers and communities; those who do not have the opportunity to work from home; those who do not live in areas with reliable telecommunications and internet services or access to adequate healthcare; and the smaller of small businesses. Indeed, the results from a recent Fed survey show that between March and July, a larger percentage of low-income workers, less educated workers, and Black and Hispanic workers were laid ...
Speech

Speech
From Gaps to Growth: Equity as a Path to Prosperity
Daly, Mary C. (2021-09-29)
Presentation to UCLA Anderson Forecast Webinar, by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, September 29, 2021
Speech

Journal Article
Unbanked in America: A Review of the Literature
Boel, Paola; Zimmerman, Peter (2022-05-26)
We review the recent literature on the causes and consequences of financial exclusion—that is, the lack of bank account ownership—in the United States. We examine existing work in a range of fields, including economics, finance, public policy, and sociology.
Economic Commentary , Volume 2022 , Issue 07 , Pages 10

Disaggregated Data as a Tool of Inclusion
anonymous (2020-12-17)
Rhonda Vonshay Sharpe, founder and president of the Women’s Institute for Science, Equity and Race, says disaggregating data leads to better policy and saves lives.
On the Economy

Journal Article
The Unequal Effect of Interest Rates by Race, Gender
Puig, Aina (2022-08-01)
Household spending typically falls as interest rates rise, but the responses vary by race and gender. Data show that households with mortgages headed by white women cut their spending on durable goods about a quarter percentage point in the three years following a 1 percentage point increase in interest rates. This is a much larger reduction than for households with mortgages headed by white men or Black men or women. The differences highlight the challenge of understanding how policy interest rate changes affect a diverse population.
FRBSF Economic Letter , Volume 2022 , Issue 19 , Pages 5

Journal Article
Policy Update: The Reserve Bank Presidential Search
Murphy, Chris (2022-07)
The public-private governance structure of the Fed was designed to keep it apolitical and independent, yet accountable to Congress, to ensure it could operate most effectively as the nation's central bank. For the past several decades, Congress and the Fed have instituted policies seeking to make the Fed more transparent to the public without eroding its independence.
Econ Focus , Volume 22 , Issue 3Q , Pages 12

Report
Home Mortgage Lending by Race and Income in a Time of Low Interest Rates: Examples from Select Counties in Kentucky, Ohio, and Pennsylvania from 2018 through 2021
Klesta, Matthew (2022-11-29)
Signed into law in 1975 by President Ford, the Home Mortgage Disclosure Act (HMDA) requires most financial institutions to disclose information on their mortgage lending. Annually, this information creates a publicly accessible data set that includes millions of records and covers about 90 percent of mortgage lending in the United States (Gerardi, Willen, and Zhang, 2020). More information on HMDA can be found in this summary: What is HMDA and why is it important?Several years ago, the Cleveland Fed examined data for seven large urban counties in the Fourth District.1 At that time, we looked ...
Community Development Publications

Discussion Paper
Who Has Been Evicted and Why?
Haughwout, Andrew F.; Zhang, Xiaohan; Liu, Haoyang (2020-07-08)
More than two million American households are at risk of eviction every year. Evictions have been found to cause prolonged homelessness, worsened health conditions, and lack of credit access. During the COVID-19 outbreak, governments at all levels implemented eviction moratoriums to keep renters in their homes. As these moratoriums and enhanced income supports for unemployed workers come to an end, the possibility of a wave of evictions in the second half of the year is drawing increased attention. Despite the importance of evictions and related policies, very few economic studies have been ...
Liberty Street Economics , Paper 20200708b

Journal Article
Pandemic Unemployment Effects across Demographic Groups
Duzhak, Evgeniya A. (2022-05-16)
Workers in service industries and occupations with a lot of close social contact suffered the highest job losses during the pandemic recession. This differed from previous downturns, which tended to have their most severe effects on industries with high concentrations of manual labor. As a result, the unemployment impact of the pandemic on different demographic groups has not followed historical patterns, particularly for Asian, Black, and female workers. The unemployment gap between these racial groups has not been as wide as previous economic fluctuations would have predicted.
FRBSF Economic Letter , Volume 2022 , Issue 12 , Pages 05

Journal Article
Fintech, Racial Equity, and an Inclusive Financial System
Sanchez-Moyano, Rocio; Shrimali, Bina (2021-08-02)
This issue of the Community Development Innovation Review examines the promise and pitfalls of financial technology, or fintech, for fostering racial equity and greater financial inclusion. Edited in partnership with the SF Fed’s Fintech Team and Aspen Institute’s Financial Security Program, this issue brings together a broad set of voices from people working in various roles—including in technology, community development, economic inclusion, regulation, and investment—to contextualize gaps in the financial system and consider ways to address them. The authors examine dimensions of ...
Community Development Innovation Review , Volume 15 , Issue 2 , Pages 132

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