Michelle Bowman, Speech: Financial Education,

“Today, I will discuss three important aspects of the Fed’s inclusion efforts that helps to inform policies and practices designed to advance financial access and capability: Access to a banking account; the availability of responsible small-dollar lending products for short term financial needs; and expanded reach of financial initiatives to Indigenous and native communities to more effectively assist in providing access to the broader financial economy.”

“I will conclude with a key element of the Federal Reserve’s community engagement to broaden access to financial services so that more Americans can participate in the broader economy. Financial inclusion for all, including underserved communities, like Indigenous groups, is important for the economic strength of our country. Our efforts across multiple Federal Reserve System functions work to advance this goal. The Federal Reserve Board’s Community Advisory Council offers diverse perspectives on economic circumstances and financial services needs of a range of consumers and communities, with a particular focus on low- and moderate-income populations. The Community Advisory Council has benefited from having representation from the Native American Indian community serving on the council and updating the members on current challenges and opportunities facing these communities. In addition, in 2021, the Federal Reserve joined the Central Bank Network for Indigenous Inclusion, which fosters ongoing dialogue and research to enhance the participation of Indigenous populations in the economy.”