Economic Letter

Resilience of Community Banks in the Time of COVID-19

Stress tests in December 2020 showed that the largest U.S. banks had strong capital levels and could continue to lend to households and businesses under hypothetical severe recessions. Assessing thousands of small community banks against similar criteria suggests that, while about one-fifth could fall below adequate capitalization, only a handful of those risk becoming insolvent.

Is the Federal Reserve Contributing to Economic Inequality?

Not every American gets the same chance at life, liberty, and the pursuit of happiness. We have to acknowledge and confront this reality—as individuals, as institutions, and as a nation. The Fed can help create more inclusive economic success by finding full employment experientially. But achieving true equality will require commitment from all of us.

Work for the Fed

We like to say we work for the Fed, not at the Fed. That's because the SF Fed is not just another employer or government agency. Here, you have the opportunity to become part of an important public service institution whose work touches lives across the globe.