On September 29, Minneapolis Federal Reserve Bank President Neel Kashkari participated in several listening sessions with community leaders and a town hall luncheon on the School of Mines & Technology Campus. Listening session topics included new developments in the Rapid City Collective Impact initiative, highlights of the Rapid City Downtown Master Plan, an economic impact analysis of Main Street Square, and the outlook for wages and employment in Rapid City.
During the town hall luncheon, Kashkari and former Congresswoman Heather Wilson (now president of the South Dakota School of Mines & Technology) shared dramatic stories of their roles in the historic 2008 bailout, when Kashkari led the Troubled Asset Relief Program at the U.S. Department of the Treasury. Kashkari also provided an overview of the Minneapolis Fed's initiative to end Too Big To Fail (TBTF) banks.
When asked about the survival of community banks facing regulatory compliance issues, Kashkari emphasized the importance of ending TBTF banks first. “If we don’t change anything, more consolidation is coming. Unless somebody does something, that trend is going to continue. My hope is that if we as a country can do something about the biggest banks, and have confidence that we’ve done that, then there will be the opportunity to then relax some of the regulations that are smothering the community banks.”
The Minneapolis Fed has also established the Center for Indian Country Development. The center’s work focuses on outreach and collaboration with tribal communities on efforts including increasing access to credit, business development, housing and homeownership, and education.
If you missed the town hall luncheon, which was hosted by the Black Hills Knowledge Network, the Rapid City Economic Development Partnership and the Rapid City Chamber of Commerce, a recording of the event is available on the Minneapolis Fed's YouTube channel.