Teen and preteen African American sisters sit on a couch, holding a piggy bank
Achieving an Equitable and Inclusive Wealth Recovery

June 29, 2022

Toward an Inclusive Recovery Achieving an Equitable and Inclusive Wealth Recovery, June 29, 2022 (video, 1:38:38). Open transcript in new window.

Wealth can be transformative in its ability to promote financial security and opportunity across generations. Yet, wealth gaps have existed well before the pandemic, and the uneven trajectory of the recovery may have intensified them. Historical factors and ongoing systemic barriers have significantly inhibited the ability of people of color, women, and other disadvantaged groups to accumulate meaningful levels of wealth.

Wealth gaps could widen further depending on housing and stock market performance and the expected expiration of critical cash, food, housing, and debt assistance to struggling families. As a result, households may experience depleting savings and increasing debts to potentially alarming levels. Price increases in various sectors, resulting from inflation and global events, could have disparate effects on family wealth holdings. This could burden those with less wealth even more while those with greater wealth may draw down theirs to meet consumption needs. How can we ensure the most vulnerable families are equitably included in recovery and wealth-building efforts? How can more families build the healthy balance sheets they need to thrive?

This seminar, presented by the Federal Reserve Banks of Boston and St. Louis on June 29, 2002, featured an expert discussion of wealth trends since the pandemic and how evidence-based responses, within households and the broader economy, can promote wealth equity and an inclusive wealth recovery. The first panel provided a framing of the issue, including how different household assets and liabilities have been affected. The second panel explored ideas on how to move beyond a simple recovery mindset and focus on collectively getting families to a more stable and resilient wealth position moving forward.

For takeaways from our seminar hosts, read How the pandemic affected savings and debts, and how we can build wealth for all.

Featured speakers

Panel experts

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1:00-1:05 pm ET


Maria Thompson, Outreach Manager, Small Business Credit Survey, Cleveland Fed

1:05-1:10 pm ET

Introductory remarks

Jim Bullard, President, St. Louis Fed

1:10-1:15 pm ET

Opening remarks

Sara Chaganti, Deputy Director of Research, Regional and Community Outreach, Boston Fed

1:15-1:55 pm ET

Ana Hernández Kent, Senior Researcher, Institute for Economic Equity (IEE), St. Louis Fed moderator

Fiona Greig, Managing Director and Co-President, JPMorgan Chase Institute  

Joelle Scally, Senior Data Strategist and Researcher, Center for Microeconomic Data, New York Fed

Xudong An, Assistant Vice President of Supervision, Regulation, and Credit, Philadelphia Fed

1:55-2:30 pm ET

Panel 2: Evidence-based responses, that promote wealth equity and an inclusive wealth recovery

Ray Boshara, Senior Advisor, Institute for Economic Equity, St. Louis Fed moderator

Genevieve Melford, Director of Insights and Evidence, Aspen Institute Financial Security Program (FSP)

Jenny Schuetz, Senior Fellow, Brookings Metro 

Lisa Servon, Kevin and Erica Penn Presidential Professor 

Janet Boguslaw, Senior Scientist, Heller School and Institute for Economic and Racial Equity

2:30-2:40 pm ET

Closing remarks

Prabal Chakrabarti, Executive Vice President, Regional and Community Outreach, Boston Fed

William M. Rodgers III,  Vice President and Director, Institute for Economic Equity, St. Louis Fed

Page last updated July 11, 2022 to include event video.

About the Series

The Federal Reserve Community Development Research Seminar Series is a forum for exploring the intersection of research, policy, and practice in the community development field. The Series expands access to high-quality research that informs stakeholders who are working to support low- and moderate-income communities and communities of color.