By Janet Yellen
President and CEO, Federal Reserve Bank of San Francisco
It is my pleasure to introduce the Community
Development Investment Review, a new journal dedicated to the emerging field of community
development investing. Our goal with this publication, like
that of our Center for Community Development Investments, is
to seek new ways to increase the flow of capital to low- and
moderate-income communities. The Review, to be published three
times a year, will bring together experts to debate new approaches,
share knowledge, and promote effective public policy.
You may know the Federal Reserve System’s
mission is to implement sound monetary policy that ensures
stability and maximum employment. Some pockets of persistent
unemployment and poverty, however, may be beyond the reach
of macroecomic levers. We have created the Center and this
publication to explore new approaches that ensure all segments
of the economy, including low-income areas, enjoy the benefits
of our shared economic growth.
This issue will focus on the New Markets
Tax Credit program, which was enacted in 2000 to increase
the flow of capital to
communities that had been left out of the tremendous economic
growth of the nation’s longest economic expansion. Now,
five years later, we believe it is an appropriate time to see
how the program is working.
We hope you enjoy this inaugural issue of the Review, and
that you will share your ideas with us for advancing the community
development investment field.