Event

Money and Mission: Creating 21st Century Capital Markets for Better Social Outcomes

May 17, 2022

On Tuesday, May 17, the Federal Reserve Bank of New York hosted a discussion on the potential of philanthropy to act as both a source of capital and a model for the fundamental changes needed to address today’s challenges.

In the conversation, experts discussed the following questions:

  • Can we solve social problems with markets? If not, how do we marry market solutions with public policy and philanthropy in the most effective ways?
  • Does the philanthropic model have an internal contradiction that stymies progress if it uses only 5% of its assets to advance its mission?
  • How do we frame the big challenges facing communities—such as widening wealth inequality, affordable housing scarcity, and the decline of community services such as schools, health care, clean water, and internet access—so that they are not too overwhelming for foundations and other investors to hope to improve?

Speakers included Clara Miller, president emerita of the F.B. Heron Foundation, and Geoffrey Canada, founder and president of the Harlem Children’s Zone and William Julius Wilson Institute.

Event Details

Date & Time
May 17, 2022
4:00pm - 5:30pm EDT (Reception to follow)

Location
Federal Reserve Bank of New York
Auditorium
33 Liberty Street
New York, NY
In-person event only (no virtual component)

Audience

This event was open to the public and media. All remarks were on the record and the event was recorded. For media inquiries, please contact Ellen Simon at ellen.simon@ny.frb.org.


Agenda
Agenda
4:00pm-4:05pm Welcome Remarks

David Erickson, Head of Community Development, Federal Reserve Bank of New York
4:05pm-4:25pm Opening Remarks

Clara Miller, President Emerita, The F.B. Heron Foundation
4:25pm-5:25pm Panel Discussion: How Philanthropy Can Be a Force in Reimagining an Equitable Economy

Moderator: Andrea Levere, President Emerita, Prosperity Now

Rev. Cory Anderson, Chief Innovation Officer, Winthrop Rockefeller Foundation

Geoffrey Canada, Founder and President, Harlem Children’s Zone and William Julius Wilson Institute

Audrey Choi, Senior Advisor, Morgan Stanley

Clara Miller, President Emerita, The F.B. Heron Foundation
5:25pm Closing Remarks

Otho Kerr, Director of Strategic Partnerships and Community Impact Investing, Federal Reserve Bank of New York
5:30pm-6:30pm Reception

Speakers


Rev. Cory Anderson
Chief Innovation Officer
Winthrop Rockefeller Foundation


Geoffrey Canada
Founder and President
Harlem Children’s Zone and William Julius Wilson Institute


Audrey Choi
Senior Advisor
Morgan Stanley


David Erickson
Head of Community Development
Federal Reserve Bank of New York


Otho Kerr
Director of Strategic Partnerships and Community Impact Investing
Federal Reserve Bank of New York


Andrea Levere
President Emerita
Prosperity Now


Clara Miller
President Emerita
The F.B. Heron Foundation



resources

Visit the New York Fed's page on Community Development.

 


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