At a fundamental level, Americans have used the substantial increases in wealth generated by our market-driven economy to purchase what many would view as greater civility. *** Debates on the pros and cons of market capitalism have waged for generations.
As loan markets continue to evolve, well-designed small-dollar loan products remain an important resource for consumers, helping to encourage positive credit practices and transition into additional financial products. I will conclude with a key element of the Federal Reserve's community engagement to broaden access to financial services so that more Americans can participate in the broader economy.