The Community Development and Engagement team supports the Minneapolis Fed’s mission to pursue a growing economy that works for all of us. We advance the economic well-being of Indian Country and low- to moderate-income individuals, households, and communities. Through policy analysis, applied research, and convening, we inform public policy discussions. We are proud to be the home of the Center for Indian Country Development, which advances the economic self-determination and prosperity of Native nations and Indigenous communities through actionable data and research that inform public policy discussions.
Our work began in 1981, when Congress established a network of Community Affairs offices throughout the Federal Reserve System to provide a source of information and guidance about the Community Reinvestment Act (CRA). In addition to serving as a resource on community reinvestment, we work closely with policymakers, practitioners, and community leaders on topics that affect low- and moderate-income families, such as housing affordability and labor market policies.
Community development is one of the Federal Reserve’s core functions as the central bank of the United States. Community development work helps improve economic outcomes in low- and moderate-income communities. It’s an important responsibility of the Federal Reserve that is rooted in its mandates from Congress. These efforts promote a healthy economy and a strong financial system and aim for people in every community to have opportunities to participate in the economy and prosper.
Labor market policies and programs help shape outcomes for low- and moderate-income workers. For example, policies related to occupational licensure and non-compete contracts can affect access to jobs. Workforce services programs and unemployment insurance can support workers while they look for employment. We conduct research to provide leaders with high-quality information as they make decisions that matter for workers, employers, and the overall labor market.
Housing affordability supports family stability, employer growth, economic mobility, and community vitality. Housing costs are the largest category in most household budgets, and homeownership can build intergenerational wealth. We conduct research, convene experts, and engage our community to better understand housing affordability in our region. By examining challenges to growing housing supply and homeownership for lower-income households, we aim to provide data to inform housing policy.
The CRA (Community Reinvestment Act) is a 1977 federal law that encourages banks and other depository institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods.
In 2015, the Minneapolis Fed established the Center for Indian Country Development, a research and policy institute that advances the economic self-determination and prosperity of Native nations and Indigenous communities through actionable data and research that inform public policy discussions.