Financial Inclusion and Economic Challenges in the Shadow of the Pandemic: A Conversation with Tribal Leaders Governor Lael Brainard At Fed Listens: Roundtable with Oklahoma Tribal Leaders, Oklahoma City, Oklahoma
The First Americans Museum (FAM) officially opened its doors Sept. 18-19, 2021 credit: VisitOKC. com
Lael Brainard At Fed Listens: Roundtable with Oklahoma Tribal Leaders, Oklahoma City, Oklahoma
I would like to join Esther George in expressing my appreciation to the leaders of tribal nations assembled here for this opportunity to listen and learn from this afternoon's conversation. I also want to thank Governor Anoatubby for hosting us.1 I am humbled to be here at the First Americans Museum, which is promoting a richer understanding of Native American history by sharing the cultural diversity, history, and resilience of the 39 Native nations of Oklahoma.
In addition to civic and cultural contributions whose impact reaches far beyond tribal lands, I want to recognize the important economic contributions Native American communities are making, despite daunting impediments that were exacerbated by the COVID-19 pandemic. By working together to address economic challenges and improving access to financial services, we can build a more inclusive economy that supports the economic potential of Native communities here in Oklahoma and across the country.
The COVID-19 Pandemic in Indian Country: Challenge and Resilience
Tribal nations have long been a critical source of economic opportunity and stability. For the U.S. economy overall, tribes provided over 1.1 million jobs prior to the pandemic.2 Here in Oklahoma, when looking at how the economic activity of tribes compares with different industries in the state, tribes would rank 9th in output, at over $7 billion, and 11th in job creation — greater than either the construction or utilities industries. By one estimate, tribal government activities supported nearly 100,000 jobs in the state and brought nearly $5 billion in wages and benefits to Oklahoma workers as of 2017.3 Oklahoma tribes also contributed nearly $43 million for the construction and maintenance of Oklahoma roads, bridges, and other transportation infrastructure that are used by all Oklahomans.4
The resilience of Native communities was evident in the strong response of tribal nations to the pandemic. As early as April 2020, just a month after the pandemic swept across the U.S., tribal nations were proactively offering COVID-19 testing for the general public. Once vaccines began to roll out in early 2021, tribal nations distributed them under a prioritized and phased timeline developed in accordance with Centers for Disease Control and Prevention guidance. This assistance from tribal nations helped make Oklahoma one of the top 10 states for vaccine rollout.5
But the pandemic added to sharp economic disparities that are longstanding. Prior to the pandemic, the median household income for American Indian and Alaska Native (AI/AN) households was about $20,000 lower than for non-Hispanic White households.6 Native American women faced particularly large disparities with 18 percent living in poverty before the pandemic — about 12 percentage points higher than White women.7 About 59 percent of AI/AN women overall are considered financially fragile.8 Such disparities were only exacerbated by the pandemic.9 The Federal Reserve Bank of Minneapolis's Center for Indian Country Development, a research institute dedicated to tribal economic development, estimates that the employment-to-population ratio for AI/AN households is 2.5 percentage points lower than the national average in August 2021, down from June 2020, when the gap was over 4 percentage points.10
The pandemic also led to significant declines in the revenues of tribal governments and businesses at a time when their services were more important than ever. In recent surveys by the Center for Indian Country Development, many respondents reported large, persistent revenue losses, with only one in five tribal entities indicating they have stable revenues.11 At the same time, they reported facing substantial increases in their operational costs that they expected to remain elevated for at least six months.
Pages: 1 · 2 · 3 · 4 · 5 · 6
Culture and Arts, Relationships and Going Places, Home and Shopping, Money and Computing, Art and Museums, News and Issues, History, Culture Watch, Employment, Money, Issues, Government, Senior Women Web, Articles, Sightings, What's New