Understanding Disparities in Hispanic Employment

Thanks for inviting me to be with you today, and a special thank you to the Maryland Hispanic Chamber for hosting us. This is the first time these five chambers have gotten together, and I hope it’s the start of a new tradition. We have a lot to learn from one another, and I am confident the discussions today will inspire new ideas for all of us. Before I dive in, I have to note that the views I express are my own and not necessarily those of my colleagues on the Federal Open Market Committee or in the Federal Reserve System.1 That said, I thought I might spend some time today talking about how the COVID-19 pandemic has affected the Hispanic workforce. This is an important topic for us to study at the Fed because the Hispanic community is essential to the growth of our workforce, and workforce growth is a key ingredient of economic growth. I hope that my remarks today will provide helpful, high-level context for the upcoming roundtable. The important issues that will be discussed, such as education, health care and access to capital, contributed to how Hispanic workers fared during COVID-19 and will be key tools during the recovery and beyond.