Thank you again. Its my pleasure to introduce, deputy secretary, sarah bloom raskin. She has been a real leader in our efforts here and the efforts in the Federal Reserve board and the state of maryland in the n sen. Deputy secretary will be joined by ross johnson and john rogers jr. , the chairman and ceo and chief Investment Officer of aerial investments. Please join me in welcoming them to the stage. Good morning. Thank you, elias, for introducing this panel. Thank you all, really, for today, joining us for this bank forum for what promises to be an enlightening discussion. We are going to be talking about building jobs and opportunities for communities of color. We know that the challenge is related to the challenge of access to a Financial System that is designed to foster inclusion. Hence, the name of todays forum, the friedmans bank forum. Think about it. More than 150 years ago, the friedmans savings and Trust Company was founded at the direction of president lincoln, right next door to where we are all gathered today. This company was born out of the recognition of the need for a financial infrastructure that was inclusive of our newly emancipated people. It served as a place where the poorest and the most disadvantaged individuals could access often for the first time basic financial services. So it was a door. It served as a door into the formal economy and a pathway for people who had none. It allowed people to start getting credit, to start businesses and to begin opportunities to save. It was an early Institutional Response to the challenge of creating opportunity for the newly emancipated americans. More than a century and a half later, it is fair to say our nation has made enormous progress. The critical importance of Financial Inclusion to building jobs and opportunities for communities of color hasnt changed. How we foster such Financial Inclusion so that it unlocks opportunity to participate in economic gains is what we are going to be discussing on this panel. Now, the economy has experienced large improvements, if you look at the macroeconomic indicators, right . Nearly nine years ago, the worst financial crisis since the Great Depression plunged our economy into a recession. We know when president obama first took office, the economy was losing more than 700,000 jobs every month. Since then, the administration has made tremendous progress rebuilding our economy. If you look at the macro indicators, the Unemployment Rate stands at 4. 9 . U. S. Businesses have added 15. 1 million jobs since early 2010. Recent census data is showing Income Growth between 2014 and 2015 as being the fastest on record. This is good news. What is encouraging is that households at the bottom of the Income Distribution are finally seeing some of the largest gains. Specifically, the bottom 10 of households saw their income increase nearly 8 over the past year. Now, despite these gains, we know that there is a danger in focusing only on these macro indicators. They can often obscure what are underlying data points and trends that we know are important to understand, important to address for sustained Economic Growth. So when you pull the curtain back over the aggregate macro data, we see really what is at stake here. In 2013, the median net worth of white households by some surveys was 144,200, 13 times higher than the median net worth for black households, which was only 11,200. We find for communities of color, many gains on the macroeconomic level are not being filled. Consider this. 34 of all americans report that they could probably or certainly not come up with 2000 in the next month for an unexpected expense, 34 , for all americans. Among africanamericans, if you look just at africanamericans, this rate is even higher, 48 . Also, 26 million consumers, which represent 15 of africanamericans are credit invisible, meaning that they have no records at all at the major credit bureaus. They are unlikely to be able to access credit on good terms and they are more likely to have to turn to high cost, wealth stripping lenders in an emergency or for day to day expenses like fixing a car to get to work. We know financial emergencies are often unpredictable and unavo unavoidable. When americans dont have the income or the Financial Access, they have to be forced into higher cost products and making these impossible decisions like choosing between food and paying for rent. Beyond dealing with immediate expenses, when consumers dont have the income or the Financial Access they need, they are put at a significant disadvantage if they want to start a business. If they want to buy a home, if they want to do anything to begin creating a cushion for longterm financial security. On the other hands, the very lubricants of opportunity begin to evaporate. These barriers to an inclusive Financial System are consequential for individuals. They are ultimately consequential for being able to be on a path to an Economic Growth that is sustained and not merely sporadic. So, today, we have joined with us three esteemed panelists who are going to help us address some of these questions m they are going to help us explore what factors within our economic and Financial System can help support opportunity and a more inclusive Economic Growth. These panelists are going to help us understand these questions and think about what else we can be doing to build jobs and opportunities for communities of color. So, first, we are joined by raj p cheti, a professor of xhix at stanford, Whose Research combines empirical evidence and economic theory to help design more effective policies. We know it is not enough for a policy to sound good when we discuss it at meetings or in form ums like this. We need to be designing and p implementing evidencebased, databased solutions. Raj brings a perspective that will help us identify some of these solutions. We are also going to mary from curly dosman, the chairman of the 100 black men of america to talk about his role in transforming the life of youth and improving communities through mentorship. Curly has real boots on the ground experience and his expertise is relevant as we focus on policies that Effect People at the individual level in communities of color. If we design more accessible financial infrastructure, we turn to curly to help us answer will people really use it the way we think they will. In addition, we will hear about curlys role as president of the Georgia Pacific foundation and better understand how philanthropic investments can help build meaningful opportunities in communities. Finally, john rogers will share his perspective of aerial investments. John will help us better understand the role of the private sector. He was a role on the president S Advisory Council on financial responsibility. We are specially pleased to have you back here, john. Turning to our questions, i am going to start with raj. We are going to talk about, raj, some of the factors that foster economic mobility. Economists often dwell on labor, on capital, on Natural Resource endowment. Studies also show that there are institutional factors at stake, things like accessible and affordable education, safe financial services. These are all critical in as well as factors such as a fair legal system, appropriate regulation, sufficient Government Investment of vibrant, private sector. I want to start by asking you, w