Remarks by
Martin J. Gruenberg
Chairman
Federal Deposit Insurance Corporation
Financial Inclusion - Expanding Economic Opportunity
Local Initiatives Support Corporation
New York, N.Y.
November 7, 2017
Martin J. Gruenberg
Chairman
Federal Deposit Insurance Corporation
Financial Inclusion - Expanding Economic Opportunity
Local Initiatives Support Corporation
New York, N.Y.
November 7, 2017
1
Good morning. I would like to begin by thanking Maurice Jones and the Local Initiatives
Support Corporation (LISC) for the invitation to be here today. It is a great privilege to take part
in this program with Maurice and Bob Rubin.
I have long been an admirer of LISC and the extraordinary contribution it has made to
community development in the United States. LISC takes a broad view of what constitutes
community development. In addition to supporting the development of hundreds of thousands of
units of affordable housing and billions of dollars of investment, LISC’s vision of community
development is a holistic one that includes jobs, education, health care, and access to affordable
banking services. It is an inclusive vision based on the belief that the strength and
competitiveness of our economy ultimately depend on giving everyone an opportunity to
participate and contribute.
Over time, LISC and other community development practitioners have shown that their work can
make a great difference. To illustrate this, I would like to share a personal anecdote, if I may.
I grew up in the Bronx, and my first job out of school was as an aide to my local Congressman.
This was in 1980—the same year LISC was established. While I lived and worked in
Washington at the time, one week each month I went up to the Bronx to work on housing and
community development projects. I came to know well the leading community group in the
district, the Northwest Bronx Community and Clergy Coalition, and the leaders of two
community organizations: Jim Buckley of the University Neighborhood Housing Program and
John Reilly of the Fordham Bedford Housing Corporation.
As you know, the rebuilding of the Bronx over the past 35 years is one of the great urban success
stories. A few years ago I had the opportunity to visit the Bronx and see the progress that has
been made. When I got on the bus that was going to take us around, who was there leading the
tour—Jim Buckley and John Reilly. Block by block and building by building, Jim and John
pointed out the rehabilitation and construction work that had been done. They could show the
enormous progress that had been made over the course of 30+ years.
The tour was perhaps the greatest object lesson I have had regarding community development.
What I saw was how community organizations, over time, had developed great expertise in
development and finance. Just as important, they established strong working relationships with
Good morning. I would like to begin by thanking Maurice Jones and the Local Initiatives
Support Corporation (LISC) for the invitation to be here today. It is a great privilege to take part
in this program with Maurice and Bob Rubin.
I have long been an admirer of LISC and the extraordinary contribution it has made to
community development in the United States. LISC takes a broad view of what constitutes
community development. In addition to supporting the development of hundreds of thousands of
units of affordable housing and billions of dollars of investment, LISC’s vision of community
development is a holistic one that includes jobs, education, health care, and access to affordable
banking services. It is an inclusive vision based on the belief that the strength and
competitiveness of our economy ultimately depend on giving everyone an opportunity to
participate and contribute.
Over time, LISC and other community development practitioners have shown that their work can
make a great difference. To illustrate this, I would like to share a personal anecdote, if I may.
I grew up in the Bronx, and my first job out of school was as an aide to my local Congressman.
This was in 1980—the same year LISC was established. While I lived and worked in
Washington at the time, one week each month I went up to the Bronx to work on housing and
community development projects. I came to know well the leading community group in the
district, the Northwest Bronx Community and Clergy Coalition, and the leaders of two
community organizations: Jim Buckley of the University Neighborhood Housing Program and
John Reilly of the Fordham Bedford Housing Corporation.
As you know, the rebuilding of the Bronx over the past 35 years is one of the great urban success
stories. A few years ago I had the opportunity to visit the Bronx and see the progress that has
been made. When I got on the bus that was going to take us around, who was there leading the
tour—Jim Buckley and John Reilly. Block by block and building by building, Jim and John
pointed out the rehabilitation and construction work that had been done. They could show the
enormous progress that had been made over the course of 30+ years.
The tour was perhaps the greatest object lesson I have had regarding community development.
What I saw was how community organizations, over time, had developed great expertise in
development and finance. Just as important, they established strong working relationships with