New Fed Chairman Hails Community Development Efforts
Local Initiatives Support Corporation
In two recent speeches, new Federal Reserve Board Chairman Ben S. Bernanke emphasized the value of community economic development.
On May 3, at Operation HOPE's Anacostia Economic Summit in Washington, DC, Chairman Bernanke highlighted the importance of strategic collaborations among public, private and nonprofit organizations in revitalizing neighborhoods.
Using Anacostia as an example, he noted that a number of such partnerships, including LISC's with several community development corporations, had helped transform this neighborhood.
He also cited the success this approach has had in Richmond, Virginia, where property values in several neighborhoods have increased higher than the city as a whole, due to collaborative efforts by the city, Virginia LISC, and other organizations.
Additionally, he commented that success in community development requires a comprehensive approach, where residents have not only a home, but also places to shop, work and enjoy recreation.
At The Greenlining Institute's Thirteenth Annual Economic Development Summit on April 20, Chairman Bernanke cited LISC's MetroEdge initiative as a source of good market analyses that help identify unrecognized market opportunities.
As Fed Chairman, Bernanke is one of the most important U.S. economic policymakers, as well as the primary regulator of many of the nation's largest banks.
These are the first comments that he has made regarding community development since he became Chairman.
He was previously Chairman of the President's Council of Economic Advisors.
