"While some major corporations have expanded into the area, inadequate education and training, as well as the lack of public transportation, make it difficult for many residents of low-income and minority communities to take advantage of new jobs. Local development groups have been working to ameliorate the situation. For example, Metanoia CDC, a community development corporation, is located in the heart of the old naval communities of North Charleston, and its work has visibly improved the hardest hit communities. Its holistic range of programs--in community leadership, quality affordable housing, and economic development--appears to be contributing to decreasing crime, rising student grades, and homes for first-time homebuyers. The group focuses on building assets--both physical and human--such as transforming vacant buildings into homes for families and helping students in a Young Leaders program improve their performance in school."

To read of the Chairman's Speech in its entirety, CLICK HERE.

--Chairman of Federal Reserve Ben Bernanke at Federal Reserve Community Affairs Research Conference