In a lengthy report, the St. Louis Federal Reserve Bank identifies regional food systems as “a promising avenue for economic growth for both rural and urban communities through the creation or enhancement of existing jobs and businesses.”
Among other issues, the report addresses the future prospects for regional food systems and offers examples of communities who have used regional food strategies to advance economic and other community goals.
The road to growth for low- and moderate-income communities is barricaded by lack of access to knowledge and credit, say James Bullard, the chief executive of the regional Fed, and Lael Brainard, a Federal Reserve governor.
“Unfortunately, access to knowledge and capital networks is something that has been historically lacking in many LMI (low- and moderate-income) communities,” write Bullard and Brainard in the foreword of the report, which is divided into 17 chapters. “Through our work on this project, we have become aware of organizations across the country that are working to provide LMI and under-served communities with access to these important resources.” The report provides many examples but its list is not comprehensive, they say.
The report, produced in partnership with USDA, was inspired by consumer interest in where their food came from and if their food purchases could provide greater support to local producers. “We…learned that, with appropriately targeted policies and support, the attendant opportunities can advance the economic and financial security of low- and moderate-income households and communities,” write the two Fed leaders. “This publication – a compilation of research, essays and reports by community development experts around the country – is the result of that process.”