On Thursday, June 9, the Federal Reserve Bank of New York, the Federal Reserve Bank of St. Louis, and the Aspen Institute Financial Security Program hosted a hybrid event on the role of household debt in building wealth. The event featured contributors to the book, “The Future of Building Wealth,” and showcased research and solutions aimed at mitigating burdensome and wealth-depleting debt, while improving the use of wealth-building debt.
The event explored the role policymakers, philanthropists, and capital providers can play in improving access to capital as a tool to building long-term stability, including access to loans for higher education, starting a small business, or purchasing a home.
June 9, 2022
2:00pm - 4:30pm EDT (Reception to follow)
Federal Reserve Bank of New York
Auditorium
33 Liberty Street
New York, NY
This hybrid event is open to the public and media. Registration for attending either in-person or virtually is available through the registration link. All remarks are on the record and the event will be livestreamed with a recording to be made available afterwards. For media inquiries, please contact Ellen Simon at ellen.simon@ny.frb.org.
| 2:00pm-2:05pm | Welcome Remarks David Erickson, Head of Community Development, Federal Reserve Bank of New York |
| 2:05pm-2:15pm | Keynote Joanna Smith-Ramani, Managing Director, Aspen Institute Financial Security Program |
| 2:15pm-2:45pm | Interview Moderator: Mae Watson Grote, Founder and Chief Executive Officer, Change Machine Lynnette Khalfani-Cox, Founder, The Money Coach® Frederick F. Wherry, Director, Debt and Dignity Network |
| 2:45pm-3:25pm | Lifting Innovations Moderator: Joanna Smith-Ramani, Managing Director, Aspen Institute Financial Security Program Vishal Jain, Vice President, Head of Financial Wellness Strategy and Development, Prudential Financial Sid Pailla, Founder and Chief Executive Officer, Sunny Day Fund Bryan Young, Co-Founder and Chief Executive Officer, Home Lending Pal |
| 3:25pm-3:35pm | Break |
| 3:35pm-4:15pm | Capital to Solutions Moderator: Jonathan Kivell, Director of Community Investments, Federal Reserve Bank of New York Don Baylor, Co-Head of Community Impact and Managing Director of Services, Lafayette Square Wole Coaxum, Founder and Chief Executive Officer, Mobility Capital Finance, Inc. (MoCaFi) Signe-Mary McKernan, Vice President, Center on Labor, Human Services, and Population, Urban Institute Sarah Morgenstern, Venture Partner, Flourish Ventures |
| 4:15pm-4:25pm | Call to Action Ray Boshara, Senior Advisor, Institute for Economic Equity, Federal Reserve Bank of St. Louis Ida Rademacher, Vice President and Executive Director, Aspen Institute Financial Security Program |
| 4:25pm-4:30pm | Closing Remarks Dyvonne Body, Community Development, Federal Reserve Bank of New York |
| 4:30pm | Reception |
Disparities in Debt: Why Debt is a Driver in the Racial Wealth Gap
101 Solutions for Inclusive Wealth Building
Aspen Financial Security Program Presentation
Visit the New York Fed's page on Community Development.
