The Fed is starting to pay closer attention to the other America

Inspired by Janet Yellen's leadership and strong labor-market focus, the Federal Reserve has placed increasing emphasis on its community-development function. The Fed's role stems from its oversight of banks and enforcement of the 1977 Community Reinvestment Act. David Erickson, an economist who serves as director of community development at the San Francisco Fed, envisions a Beige Book for the less fortunate, he tells Business Insider. Top Federal Reserve officials, inspired by Janet...