It is my pleasure to welcome you to the Federal Reserve System's community development research conference, which this year focuses on economic mobility. I would like to commend the organizers for their foresight in choosing a topic that has risen to the top of the global agenda. According to a recent Pew Research Center survey, the gap between rich and poor now ranks as a major concern in the minds of citizens around the world. In advanced economies still feeling the effects of the Great Recession, people worry that children will grow up to be worse off financially than their parents were. In the United States, ... (full story)