Bank Gives Economic Update to Baltimore Leaders

The Richmond Fed recently partnered with the United Way of Central Maryland to provide an annual economic update for leaders of civic and business programs in the Baltimore region.

The Economic Briefing for Regional Leadership programs has been an annual event at the Bank’s Baltimore Branch for more than a decade. Richmond Fed Regional Executive Andy Bauer was joined in presenting to the group by senior policy economist Urvi Neelakantam and Community Development Manager Peter Dolkart, and by United Way of Central Maryland CEO Franklyn Baker.

The group’s interactive presentation in late May focused on human capital and offered insights about the benefits and barriers that students and young adults face when investing in their own skills. Adults already in the workforce, particularly low-income workers, face the additional challenge of “benefits cliffs,” which is the loss of public assistance a worker might face with an increase in income that creates a simultaneous gap in financial resources.

Dolkart updated leaders on the Bank’s partnership with the Atlanta Fed to introduce organizations and communities across the Fifth District to the CLIFF tools, a suite of digital resources curated by the Atlanta Fed that showcase the loss of public assistance a worker might face when approaching a benefits cliffs.

“The audience for this event was among the first in Maryland to see how these new tools and resources are being deployed,” Dolkart said.