Federal Reserve Vice Chair Michael S. Barr said financial inclusion is directly tied to the central bank’s core mandate, arguing that full employment and price stability cannot be achieved if large parts of the population lack access to basic banking services. Barr made the remarks in Washington at the Second Chance Lending Forum, where he framed access to banking as more than a social policy issue and instead linked it to broader economic stability.
Citing data from the 2023 National Survey of Unbanked and Underbanked Households, Barr said the share of unbanked Americans has fallen to a record low. Even so, nearly 20% of adults still said they would be unable to cover a $400 emergency expense, a sign that financial vulnerability remains widespread despite progress in formal banking access.
Barr also pointed to data he disclosed at the Next Generation Financial Inclusion conference on July 14. Among workers with graduate degrees, 43% had recently used artificial intelligence tools, compared with 10% among those with only a high school education. He said that gap in technology adoption is widening inequality in the labor market, according to CryptoBriefing.
Federal Reserve Vice Chair Michael S. Barr said financial inclusion is directly linked to the central bank’s core mission. Speaking at the Second Chance Lending Forum in Washington, Barr said full employment and price stability cannot be achieved if large numbers of people do not have access to basic banking services.
Barr cited data from the 2023 National Survey of Unbanked and Underbanked Households, saying the share of unbanked Americans has fallen to a record low. Still, nearly 20% of adults said they could not afford a $400 unexpected expense.
He also referred to figures disclosed at the Next Generation Financial Inclusion conference on July 14. Among workers with graduate degrees, 43% had recently used artificial intelligence tools, compared with 10% among workers with only a high school education. Barr said the gap in technology adoption is worsening inequality in the labor market.
The remarks were reported by CryptoBriefing and republished in summary form by Techub.
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