March 30 San Francisco Federal Reserve Bank
President John Williams on Thursday pledged to increase
diversity at his own bank and said reducing income inequality
and poverty throughout American communities is directly linked
to a stronger economy.
Preventing the next crisis or recession depends in part on
making investments in communities, even though such investments
are beyond the purview of monetary policy, Williams said in
remarks prepared for delivery to an event for the Strong,
Prosperous, and Resilient Communities Project, an initiative
aimed at fostering investment in underserved communities.
Williams did not address the monetary policy or economic
outlook in his remarks.
Leaving anyone behind, Williams said, "is not only a stain
on the moral soul of our country, it’s an obstacle to our
economic potential, productivity, and global competitiveness."
(Reporting by Ann Saphir; Editing by Chizu Nomiyama)