WASHINGTON (Reuters) – St. Louis Federal Reserve president James Bullard said Wednesday that “structural and historical” factors were continuing to hold back Black economic progress.
“A more inclusive economy is a strong economy,” Bullard said in webcast comments to the Greater Louisville Chamber of Commerce, noting the 10 to one gap his bank has estimated in the net worth of Blacks versus whites.
“It is more challenging for Blacks to realize economic resilience and security…Structural and historical factors continue to suppress the ability of Black Americans to accumulate wealth…To promote racial economic equity we as a nation must consider structural or institutional responses.” The city was the scene of a police shooting that figured into recent protests over police treatment of Blacks.
(Reporting by Howard Schneider; Editing by Andrea Ricci)
