Harvesting Opportunity: National Perspectives on Regional Food Systems Andrew Dumont Senior Community Development Analyst Federal Reserve Board Andrew.M.Dumont@frb.gov

Disclaimer The analysis and conclusions set forth in this presentation represent the work of the author and do not indicate concurrence of the Federal Reserve Board, the Federal Reserve Banks, or their staff. Mention or display of a trademark, proprietary product, or firm in the presentation by the authors does not constitute an endorsement or criticism by the Federal Reserve System and does not imply approval to the exclusion of other suitable products or firms.

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Community Development at the Fed Why? “The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy’s long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” 12 U.S.C. § 225a Economically and financially healthy consumers and communities, including those with low- and moderate- incomes (LMI) or otherwise historically disadvantaged, promote stable regions and a more robust economy overall

Community Development at the Fed The Federal Reserve’s CD function supports the development of economically and financially healthy consumers and communities by: Promoting access to credit, investment, and financial services among LMI households, small businesses, and communities through research and engagement; Fostering a better understanding of market developments and economic conditions through applied research and analysis; and Soliciting diverse views on issues affecting the economy and financial markets to inform the Fed’s financial stability, supervisory, and regulatory responsibilities.

Harvesting Opportunity Electronic version is freely available at: https://www.stlouisfed.org/community-development/publications/harvesting-opportunity

The Fed & Regional Food Systems Analyze the potential for many different sectors to contribute to local, regional and national growth Investments in regional food systems, if done in an appropriately tailored way, represent a promising avenue for economic growth Can provide both positive economic outcomes and other important benefits, like improved healthy food access, which could improve workforce productivity

Important Considerations Investments in food systems should be thoughtfully structured to broadly advance, and sustainably root, regional economic growth Local ownership (Rupasingha, 2013) Equity and inclusion (Feldstein, Lo, & Spach, 2017; and Kagan & Merrigan, 2017) Access to credit and other forms of assistance has not historically been equally available (Redlining by Banks; Pigford v. Glickman; Diamond Ventures vs Mills)

Equity and Inclusion: Not Just an After-thought Michigan Good Food Fund Includes equity indicators into their scorecard measuring whether they’re meeting their goals La Montañita Food Co-op Culturally sensitive outreach to Native American farmers as the starting point for a long-term supplier relationship Common Market Georgia expansion included extensive outreach and technical assistance for Black farmers to get them ready to sell into institutional markets