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Yellen: The Importance of Asset Building for Low and Middle Income Households

From federalreserve.gov

Thank you for this opportunity to show my support for the work all of you do on asset-building, and to say a few words on this vitally important topic. The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve. But the effects of the recession are still being felt by many families, particularly those that had very little in savings and other assets beforehand. To help make this ... (full story)

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