Fed’s Kocherlakota Sees Challenges in American Indian Economies

May 1 (Bloomberg) -- Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said improving economic growth among American Indians requires different institutional and policy changes than in most rural areas.

“We must seek policies, laws, and institutions that enable tribes to pursue the cultural and political objectives they truly value,” Kocherlakota said today in a conference in Washington on “Growing Economies in Indian Country: A National Summit.” He did not discuss the outlook for the national economy or monetary policy in his remarks.

Kocherlakota highlighted the “economic gap” for American Indians on reservations, including lower incomes, higher rates of poverty and elevated unemployment.

To contact the reporters on this story: Joshua Zumbrun in Washington at jzumbrun@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net