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It’s important to better understand the issues leading to wealth gaps to help draw more people into the workforce, and boost economic growth and competitiveness, Boston Fed President Susan Collins said Thursday.
“The Boston Fed has a decades-long history of studying wealth disparities for groups and places,” Collins said in prepared remarks at the Bunker Hill Community College.2023 Convocation.
In doing so, the Boston Fed last year rolled out a multi-year research project, in partnership with several community partners, to study wealth disparities in Greater Boston and across Massachusetts, she noted.
The initiative includes measuring family wealth and assessing wealth differences between racial-ethnic groups and across geographies.
“We hope the findings will be used by a broad group of public, private, and nonprofit organizations to develop solutions that promote equity in wealth – which is a key foundation for greater economic opportunity,” Collins said.