Spelman College welcomed Federal Reserve Board Chairman Jerome Powell and Federal Reserve Board Governor Lisa D. Cook, Ph.D., C’86, on Dec. 1, 2023, for a full day of insightful conversations on the economy, career opportunities in the finance sector and economic mobility opportunities and challenges often faced Black entrepreneurs and technology firms. They also attended the opening performance of the 97th Spelman Morehouse Christmas Carol Concert at Morehouse College.
Following a welcome by Spelman Economics Department Chair and Professor Dr. Marionette Holmes, C’90, Powell joined Spelman President Helene Gayle for a fireside chat that began with Powell’s opening commentary on the state of the U.S. economy and the Federal Reserve Bank’s consideration’s to further stabilize and grow the economy. Despite a higher than preferred inflation rate of 2.5 percent, he remained optimistic that the economy would continue to return to balance as the nation continues to recover from the COVID-19 pandemic.
During the Fireside Chat, Chairman Powell and Dr. Gayle engaged in a discussion on economic mobility for minority communities, the economy post-COVID, and wealth inequality faced by minority communities. Dr. Gayle invited students to join the conversation in a Q&A with Chairman Powell.
Students demonstrated strong academic prowess on economic issues by posing questions directly to the Federal Reserve’s dual mandate goals to achieve maximum employment and price stability. In essence, many students expressed informed concern regarding their future and the future of the economy.
In response, Powell offered words of encouragement for college students and recent graduates. “There’s a lot of opportunity for new graduates. The unemployment rate has moved up a bit, but it’s still very low by historical standards and by many measures, it’s a great time to start a career,” said Powell. “You’ll face challenging decisions soon about what professions to enter...but each of you has already made one good decision, and that’s coming here to Spelman.”
Powell and Dr. Cook later participated in a roundtable discussion with leading voices from Spelman College, Georgia Institute of Technology, Georgia State University, and the Atlanta business community. The roundtable was hosted in partnership with Kaye Husbands Feeling, Dean of Georgia Tech’s Ivan Allen College of Liberal Arts. Panelists included Jaycee Holmes, director of curriculum and innovation in Spelman’s Innovation Lab; Dr. Isabelle Monlouis, associate director of the H.J. Russell Center for Entrepreneurship at Georgia State University; Jewel Burks Solomon, managing partner at Collab Capital; Dr. Bara Cola, assistant professor at Georgia Tech; Dr. Raheem Beyah, dean of the College of Engineering at Georgia Tech; Lonnie Johnson, president and founder of Johnson Research and Development Co., Inc.; and Dr. Allison Scott, CEO of the Kapor Center Foundation.
The Federal Reserve leaders listened intently to the professionals as they discussed barriers often faced by Black and minority professionals in tech and entrepreneurship.
During the roundtable discussion, panelists - some of whom serve as mentors and faculty in tech and student development - expressed concerns over a lack of career pathways into the finance sector, challenges securing capital for startups, and the importance of education and mentorship for Black startup founders. Despite their concerns, the panelists emphasized student interest in entrepreneurship and commended their tenacity and perseverance toward fulfilling their entrepreneurial goals.
Concerning the outlook for entrepreneurship and technology in the Atlanta metro area, Dr. Grant Warner, director of the Center for Business and Entrepreneurship (CBE), who moderated the panel, stated, “Atlanta is in a great place because there is a plan, and that plan is thoughtfully rethinking what success looks like. The common metrics used for other cities might not apply here if we want a different outcome, so we’re really excited for what’s possible.”
Dr. Cook also raised questions regarding artificial intelligence (AI) and the impact it may have on the workforce, to which panelists responded and stressed the need for guardrails and regulations around AI and the importance of teaching AI literacy in the classroom.
Chairman Powell concluded the discussion by commending leaders on plans to mitigate barriers for those looking to head into tech or become entrepreneurs, noting that a thorough plan and execution are the common denominators for cities that have had success tackling pipeline inaccessibility.
“The biggest asset you have is really the great STEM oriented schools. You have not only great universities, but the right kind of universities,” said Powell. “People need skills, they need role models, they need education. In my experience of early-stage investing...tenacity and perseverance far beyond what is rational or normal is called upon for success.”
The events with Chair Powell and Dr. Cook drew significant media coverage by local, national and international media including the Atlanta Journal Constitution, Wall Street Journal, New York Times, CNN, CNBC, NBC News, ABC News, 60 Minutes, Bloomberg, Forbes, Barrons, Market News, Market Watch, AXIOS, USA Today and Agence France-Presse, among other media.