Yellen: Banks play an important role in the economy in poor communities

WASHINGTON – the Federal Reserve Chairman, Janet Yellen, says the AMERICAN banks should do everything they can to promote economic development in poor areas, where high unemployment persisted despite the total labour market is substantial profit.

Yellen says development of the community groups that banks need not only to issue mortgages in low – and moderate-income neighborhoods, but also to support opportunities in education and for strengthening the development of small businesses.

The Fed chairman says workforce development is especially important to the unemployed in such communities to keep up with the changes in the economy caused by global competition and advances in technology.

Yellen’s comments came in a speech in Washington at the annual conference of the National Community Reinvestment Coalition.

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