The Federal Reserve Bank of Cleveland recently hosted its seventeenth Policy Summit, a community development event that gathered experts to discuss economic growth and financial stability. The summit featured various sessions focusing on housing affordability, workforce development, and the impact of monetary policy on communities.

Federal Reserve Bank of Cleveland President and CEO welcomed attendees to the summit, expressing gratitude for the collaboration that made the event possible. "I’m honored to welcome you to our marquee community development event—my first as president and CEO of the Federal Reserve Bank of Cleveland," he stated.

The summit included participation from representatives of other Federal Reserve Banks, such as Atlanta, Boston, Chicago, Dallas, Kansas City, New York, Philadelphia, Richmond, and St. Louis. Federal Reserve Governors Michael Barr and Lisa Cook were also present. Governor Barr was set to speak about community development efforts later in the day.

A keynote address by Dr. Rajiv Shah from the Rockefeller Foundation was a highlight of the event. Following his speech, Dr. Shah engaged in a discussion with Lillian Kuri from the Cleveland Foundation. The conversation focused on how organizations like theirs have evolved over time to meet new challenges.

The Policy Summit aimed to provide attendees with valuable insights that they could take back to their communities. "It’s like the movie Pay It Forward: If each person shares what they’ve learned with three people...the knowledge...will spread far beyond this ballroom," said a speaker at the event.

Discussions at the summit addressed critical issues such as housing affordability—a concern highlighted by recent surveys conducted by both national and regional Federal Reserve entities. "More than 60 percent of respondents said there has been a decrease in the availability of affordable housing," noted one survey's findings.

Workforce development was another key topic at the summit. The Worker Voices Project and Perspectives on Work survey provided insights into employment barriers faced by individuals from low- and moderate-income communities.

Attendees were encouraged to engage with ongoing initiatives like becoming Beige Book contacts or using tools such as the Occupational Mobility Explorer (OME), developed by Cleveland and Philadelphia Feds to help workers find higher-paying jobs based on their skills.

In closing remarks, participants were urged to share their newfound knowledge within their own communities: "And now my ask of you: Pay it forward."