The Federal Reserve Banks of Atlanta, Boston, and Minneapolis will come together today to host the first in a series of seven virtual events examining the impacts of structural racism in the U.S., titled Racism and the Economy. Presidents Raphael Bostic of Atlanta, Eric Rosengren of Boston, and Neel Kashkari of Minneapolis will host the series launch with a roster of economics, business, philanthropy, and education thought leaders scheduled to speak at the series kickoff. The series will continue through 2020-2021 and explore the context and ways to address systemic racism in sectors including employment, housing, education, and criminal justice.
"The conversations we hope to spur with this kickoff event, and the whole series, are critical because systemic racism has a deep cost to our country—not just in psychological or emotional terms, but also by limiting economic mobility, innovation, and educational opportunities," said Atlanta Fed President Raphael Bostic. "Plainly put, racism robs our economy of trillions of dollars in productivity.”
“Engaging with communities across the country is critical to understanding how the economy works for all Americans,” Minneapolis Fed President Neel Kashkari said. “This series will convene accomplished community, business, and policy experts to identify actionable solutions to reduce structural barriers people of color face in our economy.”
“It is important that a variety of parties, including the Fed, conduct research on racial patterns in economic data,” Boston Fed President Eric Rosengren said. “This is highly consistent with the Fed’s public service mission and our mandates. We want to document inequities, work to understand drivers, and spur solutions.”
Nationally recognized experts will provide perspective throughout the event, and Marketplace host Kai Ryssdal will moderate a discussion between the three Bank presidents. Speakers for this event include:
Register for today’s event here.
More about the Racism and the Economy event series:
Racism forms the foundation of inequality in our society; it limits opportunity for people of color and threatens the health of our economy. While the global pandemic has intensified racial and economic disparities, the killing of George Floyd has provoked people from all walks of life to address the systems and structures that enable and perpetuate these outcomes. Led by the Community Development departments, the Federal Reserve Banks of Atlanta, Boston, and Minneapolis will host a series of virtual events to examine the ways in which structural racism manifests in America and advance actions to dismantle structural racism.
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation’s central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin, and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.