Lael Brainard: Why opportunity and inclusion matter to America's economic strength

Speech by Ms Lael Brainard, Member of the Board of Governors of the Federal Reserve System, at the Opportunity and Inclusive Growth Institute Conference, sponsored by the Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota, 22 May 2017.

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

I want to thank Neel Kashkari for launching the Opportunity and Inclusive Growth Institute and for inviting me to join the deliberations of this distinguished group today. This new Institute is another great example of how individual Reserve Banks are taking the initiative in illuminating key dimensions of our work and shaping the agenda of the Federal Reserve System.

 While it has long been understood that opportunity is central to the strength of America's social fabric, it is now increasingly clear that opportunity and inclusion are central to the strength of America's economy. I will touch on the key ways that opportunity and inclusion matter for policymaking at the Federal Reserve, ranging from our dual-mandate goal of maximum employment to our monitoring of household financial health to our engagement in low- and moderate-income communities all over the country. I will focus on how our work intersects with the groundbreaking work of the accomplished group of researchers assembled here.