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Reserve Bank presidents outline local tools: working communities, convenings and research
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Summary
Presidents from the Boston, Philadelphia and Richmond Federal Reserve Banks described district-level programs—research, convenings, and targeted grants—that aim to help rural places with workforce, housing and small-business capacity.
Three Reserve Bank presidents used a panel to translate federal aims into district-level practice, emphasizing research, convening and targeted programming.
"Housing really tops the list," Susan Collins (Federal Reserve Bank of Boston) said, stressing that housing shortages and repair needs are acute in many rural New England communities. Collins described efforts linking research and place-based programs such as the Working Communities/Working Places initiatives that funded 30 sites and supported 14 rural sites across New England.
Anna Paulson (Federal Reserve Bank of Philadelphia) focused on tailoring outreach where rural pockets exist inside denser regions and on quick-response webinars and stakeholder outreach that address emerging issues such as data centers and workforce pipelines. "You need homegrown conversations," Paulson said, urging community-led planning to match program pace and capacity.
Tom Barkin (Federal Reserve Bank of Richmond) outlined four rural priorities for his bank: presence in small towns, documenting and sharing what works, research (including on community colleges), and adapting urban models to rural contexts through the Rural Investment Collaborative. "Presence is a big part. I think it matters," Barkin said, describing a formal plan to spend sustained time in small towns and to publish local case studies that other communities can emulate.
Panelists noted consistent barriers: limited local grant-writing and administrative capacity, the challenge of assembling “capital stacks” that combine philanthropic, federal and private funding, and the risk that matching-fund requirements or reporting burdens can block projects. They pointed to examples where community banks and CDFIs played pivotal roles assembling finance for housing and small-business projects.
The presidents said targeted Fed programs, regional convenings and partnerships with philanthropy can reduce heterogeneity in program uptake and increase capacity to absorb funding.
The panel moved into audience questions about the Community Reinvestment Act rulemaking and incentives for private investment in rural places.
