The Center for Indian Country Development (CICD) at the Federal Reserve Bank of Minneapolis is proud to share that the Board of Governors of the Federal Reserve System is joining the Central Bank Network for Indigenous Inclusion. Leaders at the Board, supported by the Federal Reserve Bank of St. Louis and CICD, will collaborate with the Network to foster ongoing dialogue, research, and education to raise awareness of economic and financial issues and opportunities around Indigenous economies.
CICD, a research and policy institute committed to assisting Indian Country to reach its full economic potential, will serve as a resource to the Board of Governors and the Board’s Network representative Governor Michelle Bowman. Other banks in the partnership include Reserve Bank of New Zealand/Te Pūtea Matua, the Bank of Canada, and the Reserve Bank of Australia.
“Indigenous access to capital must be a critical issue if we are serious about achieving an economy that works for all of us,” said Minneapolis Fed President Neel Kashkari. “The Network will strengthen our understanding and support of Indigenous economies in our district and beyond.”
The United States, Canada, Australia, and New Zealand are home to millions of Indigenous peoples, many of whom experience suboptimal economic conditions and limited employment opportunities. As with many ethnic minorities in the United States, American Indians/Alaska Natives have low levels of personal income, economic mobility, and homeownership compared with White Americans. While each of the Native nations in Network countries is unique, there are significant parallels between them.
Throughout 2021, the Network’s central banks have hosted a series of expert-led educational discussions about Indigenous issues in their respective countries.
“That the central banks are prioritizing Indigenous economies is a major step forward, and I’m optimistic about what we can achieve together,” said CICD Director Casey Lozar. “When Indigenous economies thrive, all economies thrive.”
Since its establishment in 2015, CICD has researched and convened partners on housing and homeownership, access to capital and credit, broadband infrastructure, and education in Indian Country. CICD’s current policy and research center on leveraging data and research to inform policymakers and practitioners to strengthen the long-term prosperity of tribal economies.
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.