1. I would like to thank Benjamin Horowitz and Casey Lozar for their assistance drafting my remarks. Return to text
2. See the Federal Reserve Board's website at https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-fed-listens-events.htm. Return to text
3. See the Federal Reserve Board website at https://www.federalreserve.gov/aboutthefed/cac.htm. Return to text
4. Randall Akee, Sovereignty and Improved Economic Outcomes for American Indians: Building on the Gains Made Since 1990 (Washington: Washington Center for Equitable Growth, 2021). Return to text
5. Randall Akee, Sovereignty and Improved Economic Outcomes for American Indians. Return to text
6. Randall Akee, Elton Mykerezi, and Richard Todd, "Opportunities to Diversify: Reservation Workplaces and Job Numbers Compared to Nearby County Areas," in Creating Private Sector Economies in Native America: Sustainable Development through Entrepreneurship (Cambridge: Cambridge University Press, 2019). Return to text
7. Randall Akee, Elton Mykerezi, and Richard Todd, Business Dynamics on American Indian Reservations: Evidence from Longitudinal Datasets (PDF) (Minneapolis: Federal Reserve Bank of Minneapolis, 2021). Return to text
8. Indian Country is a broad term used to refer more generally to tribal governments and Native communities, cultures, and peoples as defined by the National Congress of American Indians (PDF). Staff research from the CICD shows that 15 percent of tribal entities meet the Board of Governors' definition of being "branch poor" compared with just 1 percent of all U.S. counties. Return to text
9. The strongest evidence on this front is in Donna Feir and Laura Cattaneo, The Higher Price of Mortgage Financing for Native Americans, (Minneapolis: Federal Reserve Bank of Minneapolis, 2019). Return to text
10. High-priced mortgages are defined in Home Mortgage Disclosure Act data as having a rate greater than or equal to 1.5 points above average prime offer rate. Return to text
11. Michou Kokodoko, Valentina Dimitrova-Grajzl, Peter Grajzl, and Joseph Guse, "Native CDFIs Improve Credit Outcomes for Indian Country Residents" (Minneapolis: Federal Reserve Bank of Minneapolis, 2021). Return to text
12. Michou Kokodoko, et al., "Native CDFIs Improve Credit Outcomes for Indian Country Residents." See, for example, an initiative bringing U.S. Department of Agriculture resources to reservations in South Dakota in Andrew P. Scott, An Overview of Rural Credit Markets (PDF) (Washington: Congressional Research Service, 2021), report R46914, page 30. Return to text
13. Gabriel R. Sanchez and Raymond Foxworth, "Native Americans And COVID-19 Vaccine Hesitancy: Pathways Toward Increasing Vaccination Rates For Native Communities," Health Affairs Blog, July 29, 2021. Return to text
14. For details on unfulfilled treaty and trust obligations, see U.S. Commission on Civil Rights, Broken Promises: Continuing Federal Funding Shortfall for Native Americans (PDF) (Washington: U.S. Commission on Civil Rights, December 2018). Return to text
15. For examples of the outstanding infrastructure and housing needs of Indian Country, see: Return to text
- Alene Tchourumoff, Housing for Native Americans: Review of Federal Programs, Barriers, and Opportunities (PDF), testimony before the U.S. Senate Subcommittee on Housing, Transportation, and Community Development of the U.S. Senate Committee on Banking, Housing, and Urban Affairs on May 27, 2021.
- Nancy Pindus, G. Thomas Kingsley, Jennifer Biess, Diane Levy, Jasmine Simington, and Christopher Hayes, Housing Needs of American Indians and Alaska Natives in Tribal Areas: A Report from the Assessment of American Indian, Alaska Native, and Native Hawaiian Housing Needs, (Washington: U.S. Department of Housing and Urban Development, Office of Policy Development and Research, 2017), page xxi.
- Anahid Bauer, Donna Feir, and Matthew Gregg, The Tribal Digital Divide: Extent and Explanations (Minneapolis: Federal Reserve Bank of Minneapolis, 2021).
- U.S. Commission on Civil Rights, Broken Promises: Continuing Federal Funding Shortfall for Native Americans (PDF), briefing paper (Washington: U.S. Commission on Civil Rights, December 2018).
- Casey Lozar, Structural Barriers to Tribal Revenues Leave Indian Country Vulnerable to COVID-19 Pandemic (Minneapolis: Federal Reserve Bank of Minneapolis, 2021).
16. The Partnership for Progress website is www.fedpartnership.gov. Return to text
17. See, for example, the Federal Reserve Bank of San Francisco and U.S. Department of Agriculture, Alaska Rural Homeownership Resource Guide (PDF) (San Francisco: FRBSF and USDA, 2017). Return to text