Federal Reserve Bank Of Minneapolis Meets With Diverse Group Of Business Owners In Duluth

DULUTH, Minn. –For the first time in Duluth, the Federal Reserve Bank of Minneapolis held a roundtable on Monday to learn about how businesses owners who are women and/or people of color are doing during the pandemic.

The Federal Reserve Bank of Minneapolis is a part of America’s central banking system, which oversees financial institutions and creates economic policies.

The president of the Minneapolis bureau for the Reserve says listening to a wide range of experiences can help shape economic recovery policies, such as adjusting the national interest rate.

“The Federal Reserve, one of our jobs is to make sure that we have an economy that works for everybody,” Neel Kashkari, the Federal Reserve Bank of Minneapolis president, said. “One of our goals is maximum employment: as many Americans as possible gainfully employed and contributing to our economy. We know that entrepreneurs, small businesses, women-owned businesses, minority-owned businesses, they are an engine of America’s economy. We need to get a first-hand sense of how are they doing. Are the struggles they’re facing different, larger, smaller, than other businesses in the region?”

The talk also touched on trying to close achievement gaps when it comes to education, as well as available resources to help struggling businesses from the pandemic, such as PPP loans.

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