Michelle W Bowman: Promoting an inclusive financial system
Speech by Ms Michelle W Bowman, Member of the Board of Governors of the Federal Reserve System, at the conference "Financial Inclusion Practices and Innovations", Washington DC, 9 July 2024.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Good afternoon and welcome back to the second half of today's conference on Financial Inclusion Practices and Innovations. It is really a pleasure to join you to discuss this important topic. This morning, our panelists provided their perspectives on issues related to supervision and regulation and payment frictions and innovations both domestically and internationally. The research and perspectives they discussed can certainly help to broaden our understanding of financial inclusion and all of the associated challenges. Together, our work to promote initiatives that further this work will enable greater access to financial services. An economy that works for everyone necessarily includes a more inclusive financial system. More expansive inclusion opportunities improve the financial well-being of both consumers and small businesses, thereby contributing to overall economic growth.
Today, I would like to highlight the excellent work being done in this area by our Division of Consumer and Community Affairs (DCCA). I will also touch on some ways that the banking system and private sector can support financial inclusion.
Promoting an Inclusive Financial System Is a Foundational Element of DCCA's Work
Before discussing our work at the Federal Reserve, I would like to first take a step back to anchor financial inclusion within the broader objective of fostering an economy that works for everyone. A healthy and robust U.S. economy relies upon broad access to financial resources and education. Bringing consumers and small businesses into the financial mainstream helps them more fully engage in the financial system and the economy and should help to facilitate the more effective operation of the U.S. economy. Through its responsibility for community affairs, DCCA works to achieve a thorough understanding of current community conditions and best practices by conducting research and convening relevant private sector participants.