The Federal Reserve Bank of Richmond has established the Center for Rural Economies, an initiative aimed at improving economic opportunity and resilience in rural communities within the Fifth District and beyond. The new center will focus on research, policy analysis, and community engagement with a particular emphasis on education, career pathways, business dynamics, and economic resilience.
According to Daniel Davis, group vice president for regional economics and director of the Center for Rural Economies: “The Center for Rural Economies reflects our deep commitment to understanding and supporting the communities that form the backbone of our region. Through data-driven research, collaborative programs and strategic partnerships, we aim to empower rural leaders and organizations to build stronger, more resilient futures.”
Tom Barkin, president and CEO of the Federal Reserve Bank of Richmond, added: “We’re proud of the Richmond Fed’s efforts in rural economic research and engagement. We have built a broad network of rural experts and community leaders who work with our research team to help us understand rural economies and their pathways to further progress.”
The Center aims to provide critical insights that inform monetary policy while elevating issues unique to rural areas. It will draw on regional knowledge from across states including North Carolina, South Carolina, Virginia, Maryland, West Virginia (excluding the Northern Panhandle), and Washington D.C., which make up the Fifth Federal Reserve District.
The Federal Reserve Bank of Richmond is one of 12 regional banks working alongside the Board of Governors to maintain a stable economy by monitoring local conditions, supporting financial institutions’ safety practices, distributing currency fit for circulation, and ensuring efficient payments systems throughout its district.
