WASHINGTON — Federal Reserve Chairman Ben Bernanke Friday said the labor and housing markets are showing signs of improvement "for the nation as a whole," but that "conditions in lower-income neighborhoods remain difficult by many measures."
Bernanke made no mention of monetary policy in remarks prepared for delivery at the Federal Reserve System Community Affairs Research Conference, choosing to focus instead on community development.
"Substantial coordination and dedication are needed to break through silos to simultaneously improve housing, connect residents to jobs, and help ensure access to adequate nutrition, health care, education, and day care," said Bernanke, calling for local leaders to step up to the challenge, establishing a strong vision for their communities.
He pointed out that improving these aspects in low-income communities is directly related to improved economic conditions, saying "these efforts have the potential to improve not only health, but educational and economic outcomes as well.
"A city's path to economic recovery typically depends on its ability to draw on its own particular assets," Bernanke said.
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