with eyes open wide
Eric S. Rosengren is not your typical Federal Reserve Bank President. Mr. Rosengren realises the importance of all rungs of society, not just the top executives and bankers.
His Boston branch of the Federal Reserve sponsored a competition called Working Cities Challenge that funnelled $1.8 million into “innovative economic development projects” in six Massachusetts cities that have fallen on hard times in the past few decades.
The money is specifically meant to “support ambitious work to improve the lives of low-income people in those cities.”
The other Federal Reserve Banks are looking at Rosengren’s competition as an experiment. If it works well, they might replicate it in their areas too.