Learning from Our Community

The Richmond Fed has a beautiful building in downtown Richmond. It’s in a great location, overlooking the river, and serves as a focal point for collaboration, mentorship and connection. But physically, it is quite literally an ivory tower. As we try to assess the macro forces affecting the economy, we don’t want our thinking to match the exterior of our building. So, we have oriented the Federal Reserve Bank of Richmond outward. My colleagues and I are on the ground in the Fifth District constantly, meeting and learning from community members. Last year, we had over 1,700 engagements with external contacts — with bankers, business and community leaders, workers and public officials. These meetings take us to every corner of our district — you can see on this map where I’ve been in the last few years. I’ve been on the other side of these conversations. During my time in business in Atlanta, I gained a lot from interacting with the Atlanta Fed and Dennis Lockhart (the president at that time). I learned from them, and hoped I helped them learn a little something too. But this kind of high-touch outreach requires time and effort. And — perhaps most importantly — it relies on the generosity of community members to share their time and perspective with us. Why go to all this effort?