Fed center to promote economic development on reservations

The Federal Reserve Bank of Minneapolis is establishing a center to promote economic development on American Indian reservations.

Minneapolis Fed President Narayana Kocherlakota said the Center for Indian Country Development will help reservations where economic development has lagged.

"We plan this to be really a center for a bunch of community development operations within the Federal Reserve and more broadly, really thinking about analysis, convening and research of various kinds, I think, to help in this area," Kocherlakota said.

The bank's region includes several deeply impoverished reservations, including Pine Ridge and Rosebud.

Kocherlakota said the bank already has hired one co-director for the center and plans to hire a second later this year. The center is expected to open this summer.

"Two areas that I think we've been very effective on are helping to facilitate the formation of Indian business alliances that I think are helpful in fostering small business development on the reservation and also talking to tribes about ways they can improve property law on the reservations," he said.