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Fed's Bowman says well-being of Indigenous people important for financial inclusion

Reuters
·1-min read
Federal Reserve Governor Michelle Bowman gives her first public remarks as a Fed policymaker at an American Bankers Association conference in San Diego

(Reuters) - Federal Reserve officials need to factor in the economic well-being of Indigenous people as they work to improve access to banks and other financial services, Fed Governor Michelle Bowman said on Monday.

"The Federal Reserve, with all of the powerful tools at its disposal, can’t fully succeed unless Native people, and others that have existed on the margins of the economy, have the opportunity to become full participants," Bowman said in remarks prepared for a virtual event on Indigenous economies organized by the Bank of Canada.

Bowman did not comment on her outlook for the economy or monetary policy.

Through research, meetings with tribal leaders and other outreach programs, the Fed seeks to learn how Indigenous communities can gain greater access to credit and other financial services, Bowman said.

(Reporting by Jonnelle Marte; Editing by Leslie Adler)