Federal Reserve Bank of San Francisco

Community Development

Local Stock Exchanges and National Stimulus

Author(s):

August 2009

Community Development Investment Review

Since the global financial system unraveled in 2008, U.S. policymakers have struggled heroically to improve the performance and oversight of global banks and investment firms. But these actions have been largely unresponsive to the growing number of Americans who would like to remove their hard-earned retirement savings from these high financial fliers altogether and invest their nest eggs instead in their community. Might it be time for policymakers to consider the potential stimulus payoffs from nurturing micro-equity investments?

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