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The attention of Federal Reserve governors is clearly focused on macroeconomic issues and monetary policy. However, by visiting the cities and rural areas of the country, governors gain a greater understanding of the economy in all its aspects and are better able to put their work in context.
Federal Reserve Governor Alice Rivlin visited two South Minneapolis communities on September 25.
Governor Rivlin was accompanied on the tour by Federal Reserve Bank of Minneapolis President Gary Stern, as well as members of the Federal Reserve Bank of Minneapolis Community Affairs staff.
The group first toured the Seward neighborhood. David Fey, executive director of Seward Redesign, a neighborhood nonprofit developer, led the tour.
Governor Rivlin visited housing, commercial and retail projects in the area, some of which have been completed for years and others still in development.
Throughout the tour, Fey discussed the collaborative process used by Seward Redesign and the necessity of building the capacity of neighborhood revitalization organizations.
He noted that Seward Redesign, which has been active in the area for almost 30 years, began with affordable housing development and did not tackle commercial and retail development until it had significant neighborhood-based development experience.
Next, Governor Rivlin visited another South Minneapolis neighborhood.
During this visit, which was organized by Southside Neighborhood Housing Services, she learned about the collaboration of local housing designers, builders, nonprofit organizations, corporations and financial institutions that resulted in affordable-housing efforts in the area.
This is the second time this year that we have had the opportunity to provide a Federal Reserve governor first-hand information about aspects of community development in the Ninth District. Governor Laurence Meyer toured two Minnesota Indian reservations last May. His visit was profiled in the last edition of Community Dividend.
We in Community Affairs are pleased to provide Federal Reserve governors the opportunity to see for themselves what is happening in the cities, towns and neighborhoods of the Ninth District.
We look forward to hosting more tours in the future.
