Reflections on Moderating Federal Reserve's "Racism and the Economy" Panel

I had the honor of moderating a panel with three Federal Reserve presidents to conclude the seventh installment of "Racism and the Economy" events, presented by the 12 District Banks of the Federal Reserve. Below are some thoughts I shared as moderator as I opened up our discussion.

As I listened today, I could not help but think of the numerous justice-impacted people that I have engaged with in my years of working in, with, and for community. People who have struggled, despite their very best attempts. I think of a very talented young man in my life, who was engaged very early with systems that did not serve him well.?He committed a crime, he served his time and, once released, did everything he could to take care of himself and his family. He pursued a career as a real estate agent, took the classes and had many people vouching for this brilliant young man. But, at the end of the day, he was denied the license because of this criminal background.?

Minnesota is experiencing a political moment for reform, but key gaps remain. One of the goals of the Federal Reserve is maximizing employment, but we know that the unemployment rate alone does not tell a complete story. It is an inaccurate accounting of the economic devastation happening in Brown and Black communities across this country.

Nick Turner?in the opening panel shared that criminal justice reform, or the criminal legal system reform, is more than just incarceration. It is also about the 10 million people booked each year in jail, as well as significant issues in probation, parole, fines and fees and life navigating all of our systems with a criminal record. We also heard that the U.S. has less than 5 percent of the world's population yet accounts for more than 20 percent of the incarcerated population. As a country, we have decided that justice-impacted individuals should be sentenced for life and be marginalized — and often excluded — from fully participating in our economy.?

And Minnesota is not an exception. We have the 15th-highest rate of correctional control in the U.S; in a state that is 80 percent white, nearly half the people in Minnesota prisons are indigenous or people of color. The racial disparities are even more exacerbated in the juvenile justice system.?

As noted, there is collateral damage: Men are more often jailed, and bail is paid disproportionately by the women in their lives, which impacts them and their families; there is the hidden cost to children and communities. As attorney general Keith Ellison said, ultimately "The biggest cost at risk is one of human creativity and potential.”?

Lastly, I want to reinforce the connection of criminal justice and safety, a point raised in the fireside chat conversation between Mr. Ellison and Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis. We know that an economy that works for everyone is the foundation for safety. Violence is one indication of safety deprivation, and we are seeing this happening in real-time across the country.

I appreciate the 12 District Banks of the Federal Reserve System for hosting this important event, and I encourage you to listen to the insights of the many remarkable guests by clicking here . You can also learn more about the series by clicking here .