Welcome speech from President Powell at the Economic Booking Summit 2022

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Good morning and welcome. It gives me great pleasure to welcome all attendees to RES 2022.

The National Center for Amerindian Enterprise Development has been a strong and consistent partner of the Federal Reserve, collaborating with us on small business COVID surveys, serving on the Leadership Council of the Minneapolis Fed Center for Indian State Development, and running a series of online policy seminars. About the diversification of tribal projects, to name a few.

Trust is gained and developed through relationships. This is especially important in the Indian country. The Federal Reserve has built a strong and lasting relationship with the National Center, and we appreciate this partnership.

We are excited to participate in this year’s conference, and to learn with you. There is undoubtedly more research and engagement to be done on the specific and unique economic needs of tribal nations and indigenous communities. RES 2022 is a great meeting ground for such collaboration.

The best ideas and analysis come from the people who live and work in communities and have an inside view of the struggles and opportunities that lie within them. Make the Federal Reserve System a priority to communicate with leaders and stakeholders about the opportunities most relevant to tribal economic prosperity. For example, input from tribal stakeholders has been invaluable to inform the important work of updating the Community Reinvestment Act, which is incorporated into the recently published proposal for which we look forward to feedback. We also appreciate the increased representation of tribal voices on the boards of directors and advisory boards of the Reserve Banks, which helps us to better understand economic conditions in India.

Many of you are familiar with the Indian Country Development Center (CICD), our national institute dedicated to helping tribes reach their full economic potential. We are excited to expand their ability to conduct economic research and data analysis to support the long-term economic prosperity of the Indian country, in partnership with Indian Country. We look forward to CICD’s continued collaboration with tribal communities in research and data.

Additionally, St. Louis’s initial federal partnership with the Osage Nation, to provide financial education to youth, has led to partnerships with tribal governments across the country that provide personalized financial education, often in their native languages. Tribal leaders nationwide also joined recent hearings to discuss the effects of inflation. Similar sessions were held in our epidemic response facilities, which were adapted after listening to their input.

Other Federal Reserve partnerships with India include initiatives on access to credit; financial institutions for community development; Financial education programs designed for early childhood, secondary, and higher education; workforce development; housing; social services; Seniors programmes.

As part of our ongoing efforts to deepen our understanding of tribal economies, the Federal Reserve announced last year that we had joined the Central Bank Network for Indigenous Integration, along with the Reserve Bank of New Zealand, the Bank of Canada, and the Reserve Bank of Australia. This is part of our commitment to learning best practices and expanding our international partnerships with central banks that similarly invest in supporting indigenous peoples and communities.

The Federal Reserve works for all of us, and our research and analysis should reflect the specific needs and conditions of all of our communities. I am grateful for our partnership with the National Center for American Indian Enterprise Development, and I want to thank you, as well as all of our colleagues, advisors, and stakeholders who are helping us work toward a stable and inclusive economy.

Thank you.