March 30, 2017 / 3:32 PM / in 8 months

Fed's Williams: tackling inequality can boost economy

March 30 (Reuters) - San Francisco Federal Reserve Bank President John Williams on Thursday pledged to increase diversity at his own bank and said reducing income inequality and poverty throughout American communities is directly linked to a stronger economy.

Preventing the next crisis or recession depends in part on making investments in communities, even though such investments are beyond the purview of monetary policy, Williams said in remarks prepared for delivery to an event for the Strong, Prosperous, and Resilient Communities Project, an initiative aimed at fostering investment in underserved communities.

Williams did not address the monetary policy or economic outlook in his remarks.

Leaving anyone behind, Williams said, “is not only a stain on the moral soul of our country, it’s an obstacle to our economic potential, productivity, and global competitiveness.” (Reporting by Ann Saphir; Editing by Chizu Nomiyama)

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