Event

The Fed and Main Street During the Coronavirus Pandemic

April 23, 2020

 

The impact of COVID-19 on communities has spotlighted pre-existing financial and economic disparities faced by low-income communities, particularly communities of color. The Federal Reserve Bank of New York convened a dialogue with community leaders via WebEx on Thursday, April 23 to discuss:

  • How the Coronavirus pandemic has disproportionally affected low-income communities and people of color;
  • The current and imminent funding gaps for some underserved segments of the population; and
  • The critical role that Community Development Financial Institutions (CDFIs) and other socially responsible capital providers can play to support an equitable economic recovery.
The forum also addressed how the Federal Reserve has responded to the economic consequences of the pandemic.


A brief overview about the event
Event Details

Date & Time
April 23, 2020
2:00pm - 3:15pm

Audience
This event was open to members of the public including nonprofit organizations, foundations, chambers of commerce, federal and local officials, community development practitioners and researchers, banks, impact investors and other capital providers.

A video will be available after the event.

Agenda
2:00pm-2:05pm Brief Welcoming Remarks*

John Williams, President & CEO, Federal Reserve Bank of New York
2:05pm-2:10pm Opening Remarks

David Erickson, Senior Vice President, Outreach & Education, Federal Reserve Bank of New York
2:10pm-2:30pm Session 1: The Impact of COVID-19 in Underserved Communities and the Funding Gaps in Current Recovery Efforts

Small Businesses and Nonprofit Organizations: Joe Neri, CEO, IFF
Housing: Judi Kende, Vice President and New York Market Leader, Enterprise Community Partners
Financial Security: Jonathan Mintz, Founding President and CEO, Cities for Financial Empowerment Fund

2.30pm–2:50pm Session 2: The Role of Socially Responsible Capital Providers in Addressing Funding Gaps and Ensuring an Equitable Recovery

Community Development Financial Institutions: Lisa Mensah, President and CEO, Opportunity Finance Network (OFN)
Nonprofit Organizations: Sheena Wright, President and CEO, United Way of New York City
Financial Institutions: Anna Fink, Executive Director, Amalgamated Foundation

2:50pm–3:10pm Session 3: The Federal Reserve’s Role in Building Equitable Economic Resiliency

Denise Scott, Executive Vice President for Programs, LISC and Chair, Board of Directors, Federal Reserve Bank of New York
Anna Kovner, Vice President and Policy Lead for Financial Stability, Research & Statistics Group, Federal Reserve Bank of New York
Kevin Stiroh, Executive Vice President and Head of the Supervision Group, Federal Reserve Bank of New York

3:10pm–3:15pm Concluding Remarks

Adrian Franco, Officer & Director of Community Development Finance, Federal Reserve Bank of New York

*Due to technical issues, President Williams was unable to join the call.

Media
This event was open to the media. All remarks and panels were on-the-record, unless otherwise noted. Members of the press should contact Desmond Lee.

Resources

Visit our Community Resources on Coronavirus Hub for helpful resources and relevant research from the New York Fed on COVID-19.

The content on this page is provided for informational purposes only. It does not represent the views of the New York Fed or any other part of the Federal Reserve System. The New York Fed and the Federal Reserve System do not sponsor or endorse the resources, tools, hyperlinks and other documents by third parties included throughout this section of the page.