The economic well-being of Indigenous people is an important aspect of the Federal Reserve's goal to increase economic inclusion for all Americans, and it is one of the reasons we are participating in today's symposium and the Central Bank Network for Indigenous Inclusion. Over time, it has become evident that opportunities to succeed and build a better life for all economic participants is a central concept for a healthy and growing economy and a stable and strong financial system. The negative effects of past policies and a lack of economic opportunity have impacted Indigenous people for generations. I would like to acknowledge this history, but also to acknowledge that no great nation can prosper when its people are left behind. The Federal Reserve, with all of the powerful tools at its disposal, can't fully succeed unless Native people, and others that have existed on the margins of the economy, have the opportunity to become full participants. The discussions today, including those regarding access to credit for Indigenous communities, can advance this goal.

The Federal Reserve also makes progress on economic inclusion through the process of engagement. We rely on discussions like those from our Fed Listens events series to supplement the quantitative data upon which central bankers rely to make decisions that may have life-changing consequences for households across the United States.2 In partnership with the Federal Reserve Bank of Kansas City, the Board of Governors recently held a Fed Listens event in Oklahoma to learn from tribal leaders that represent the 39 federally recognized tribes in that state.

The Board also gains perspective from formal advisory bodies like its Community Advisory Council. The council "provides the Board with diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income populations."3 An Indigenous leader on the council regularly shares insights on the economic conditions and opportunities within Indigenous communities.

In the U.S. context, effective outreach must be regular and extensive, so we are able to capture the wide range of perspectives represented within and across 574 federally recognized tribes. Each tribal community's experience differs and is shaped by its own often-complex history. I met with some of these leaders on a recent trip to South Dakota, and they reminded me of the importance of building understanding by meeting people where they are to better grasp what they have experienced. That said, there are some common experiences across Native American communities that are reflected in data: Per-capita income among Native Americans is about half that of the rest of the United States.4 But since 1990, Native Americans' gross domestic product per capita has nearly doubled in real terms.5 While reservation economies often offer fewer, less-diverse job opportunities relative to other rural areas,6 firms in Indian Country showed high levels of resiliency during the last financial crisis.7

Bank branches are harder to find in Indian Country.8 Credit is often more expensive for reasons not fully explained by available borrower characteristics alone.9 As an example, 14 percent of American Indian/Alaska Native mortgages were "high-priced" compared with eight percent for other populations.10 In response, the number of Native-led Community Development Financial Institutions (CDFIs) has quadrupled over the past two decades.11 These Native CDFIs cannot singlehandedly resolve Indian Country's credit needs, but research and pilot programs demonstrate the power of cultural fit as they bring credit, financial services, and consumer education into tribal communities.12