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Chairman and a member of the Board of Governors of the Federal Reserve System.
Welcome to Partnership for Progress. I am Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve System, our country's Central Bank. We are responsible for monetary policy, the nation's payment system, and the regulation and supervision of bank holding companies and state member banks.
Our country's financial marketplace has thrived on innovation, competition, and the entrepreneurial spirit. The Federal Reserve has been committed to helping minority-owned and de novo banks achieve long-term success in our nation's dynamic marketplace.
As Bank regulators, we recognize that it takes more than vision to succeed in providing access to credit and services in traditionally underserved areas. Most banks succeed because their vision is grounded in solid market research, strong capital investment, industry regulation expertise, and a talented management team.
Partnership for Progress was created by the Fed to help minority banks confront their unique challenges, cultivate safe and sound practices, and compete more effectively in today's marketplace.
The Fed supervises bank holding companies and shares responsibility for supervising minority-owned banks. Each plays a vital role in our economy by providing services that help build more economically stable communities. We met with minority-owned and de novo banks, state and federal agencies, and banking trade groups to help design this program.
We at the Fed encourage you to take advantage of the online learning, explore the tools and resources, sign-up for the workshops, and reach out to your bank regulator through this initiative.
Help us make this a true Partnership for Progress by giving input to your regional Reserve Bank. This will ensure that the program continues to reflect your segment of the marketplace, the banking industry, and the overall economy.