Lael Brainard: Community development in Baltimore and a few observations on Community Reinvestment Act modernization

Speech by Ms Lael Brainard, Member of the Board of Governors of the Federal Reserve System, at the Federal Reserve Bank of Richmond Baltimore Community Development Gathering, Baltimore, Maryland, 17 April 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

 I am grateful to Amanda Roberts and Theresa Stark of the Federal Reserve Board for their assistance in preparing this text. The remarks represent my own views, which do not necessarily represent those of the Federal Reserve Board.

Good afternoon everyone. I want to take a moment to thank you for giving us such great insights into all the important work that is taking place here in the neighborhoods of Baltimore. Every few months, I try to get out to some of the areas of the country where our Reserve Banks are engaged with community members, community development institutions, businesses, banks, and schools in efforts to create more vibrant communities. I last had the pleasure of visiting Baltimore with community development staff from the Richmond Federal Reserve Bank in 2015. Each visit teaches me so much more about the complexity of the challenges you face, the creativity of the solutions you devise, and ultimately the determination you all demonstrate to lift up the lives of all community members in this city. Collectively, as community development professionals, concerned residents, and community partners, I can see the considerable progress you are making in the neighborhoods of Baltimore, although of course there is still plenty of work to be done.