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U.S. NEWS Wednesday 29 March 2017

Yellen: Banks play vital economic role in poor communities

serve, including low- and Yellen noted that the Fed advances in technology.
moderate-income neigh- recently revised its guid- “While the job market
borhoods. She said the Fed ance to clarify how it and for the United States as a
takes the law’s require- other bank regulators plan whole has improved mark-
ments seriously, including to assess banks’ support for edly since the depths of
making public each bank’s workforce development the financial crisis, the per-
performance ratings un- in low-income neighbor- sistently higher unemploy-
der the law. Over the past hoods. ment rates in lower-income
four decades, Yellen said, The Fed chair said work- and minority communities
the law has “helped chan- force development is espe- show why workforce devel-
nel capital into communi- cially important to allow job opment is essential,” Yellen
ties, and, in the process, seekers in such communi- said in a speech to the an-
supported innovative and ties to keep up with chang- nual conference of the Na-
effective approaches to es in the economy caused tional Community Reinvest-
community development.” by global competition and ment Coalition. q
Federal Reserve Chair Janet Yellen speaks at the National Com-
munity Reinvestment Coalition annual conference in Washing-
ton, Tuesday, March 28, 2017. Yellen said that U.S. banks must
do all they can to promote economic development in low-in-
come areas where high unemployment has persisted despite
the overall job market’s significant gains.
(AP Photo/Susan Walsh)
MARTIN CRUTSINGER banks are needed not just
AP Economics Writer to provide home mortgag-
WASHINGTON (AP) — Fed- es in low- and moderate-
eral Reserve Chair Janet income neighborhoods
Yellen said Tuesday that but also to support educa-
U.S. banks must do all they tional opportunities and to
can to promote economic bolster the development of
development in low-in- small businesses.
come areas where high un- Yellen noted that this is
employment has persisted the 40th anniversary of the
despite the overall job mar- Community Reinvestment
ket’s significant gains. Act, which requires banks
Yellen told community de- to meet the credit needs
velopment groups that of the communities they

US consumer confidence climbs
to highest level in over 16 years

JOSH BOAK The “renewed optimism
AP Economics Writer suggests the possibility of
WASHINGTON (AP) — some upside to the pros-
U.S. consumer confidence pects for economic growth
climbed to its highest level in the coming months,”
in more than 16 years, a said Lynn Franco, director
strong gain for one of Presi- of economic indicators for
dent Donald Trump’s pre- the business group.
ferred economic indica- More Americans, accord-
tors. ing to the survey, said that
The Conference Board they expect hiring and in-
said Tuesday that its con- comes to increase over the
sumer confidence index next six months, while near-
rose to 125.6 in March from ly a third described busi-
116.1 in February, the best ness conditions as “good”
reading since December in March.
2000. The index measures Economists closely moni-
both consumers’ assess- tor the mood of consum-
ment of current conditions ers because their spend-
and their expectations for ing accounts for about 70
the future. Both improved percent of U.S. economic
this month. activity. q