Fed’s Stein Says Crowdfunding Can Boost Community Development


Governor Jeremy C. Stein

Governor Jeremy C. Stein

Federal Reserve Governor Jeremy Stein said raising capital through crowdfunding on the Internet may help spur growth in low- and moderate-income communities and that the central bank should support the effort.

Crowdfunding, a form of fundraising often associated with technology startup companies and artist funding, “can be adapted to community development investing,” Stein said today in the text of remarks prepared for delivery in Washington.

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