by Joy Hoffmann, Community Affairs Officer, Federal Reserve
Bank of San
When Bob Parry retired in June after 18 years as
president of the Federal Reserve Bank of San Francisco, we in Community
Affairs felt a particular loss. Bob had been a champion of our community
development work in the 12th District and we benefited from his support.
He moved the community development industry forward in important ways,
most notably by facilitating the creation of statewide multi-family affordable
housing loan consortia throughout the District. Bob’s support led
us to try new programs, lead innovative initiatives, and explore new
areas for Fed involvement.
Bob was going to be a tough act to follow,
but when the Fed announced the appointment of Janet Yellen as our president,
we recognized a new
ally. She is a renowned economist, noted for her research in areas that
affect low- and moderate- income people and communities including issues
such as unemployment, labor markets, and income and wage inequality.
As chair of President Clinton’s Council of Economic Advisers, she
was involved with welfare reform, and as a Fed Governor she served on
the oversight committee monitoring the work of Community Affairs throughout
the Fed System.
We feel fortunate that Janet understands the importance of community
development. She's made it clear that she is interested in learning more
about and playing a role in our various initiatives. In fact, her first
public meeting was with a community advocacy organization during which
she gained a better understanding of issues facing this District's low-
and moderate-income communities.
It’s convenient to have support from the top.
As we often tell bankers, senior-level support for community development
efforts is critical
to any bank’s success in the community. It’s nice for us
that we can practice what we preach.