Speeches and essays
The banking system and the demand for reserves
When it comes to the balance sheet, as with all of the Fed’s work, the focus needs to be on how we can best serve the public and support a strong economy and financial system.
April 02, 2026
Dallas Fed Communities
Texas economic growth outpaces the nation, but are small businesses keeping up?
Given Texas’ strong economic performance compared with the U.S., one might think the state’s small businesses would outperform those nationwide.
October 31, 2025
Working Paper
Subcontracting in Federal Spending: Micro and Macro Implications
This paper studies the critical but underexplored role of subcontracting in shaping the spatial and firm-level effects of federal government spending.
September 22, 2025
Waco
Waco’s business community thrives on partnerships, trust
A surge in business relocations, driven in part by Waco's central location in the geographic triangle formed by Texas' five largest cities, has served as a foundation for Waco’s growth in recent years.
June 24, 2025
Dallas Fed Communities
Women business owners in Texas get less financing than men do
Women in Texas who own small businesses struggle more than men to access loans, post-COVID data show, and the situation is worse for women of color.
December 01, 2023
Dallas Fed Communities
Pandemic painful for many self-employed women, but their numbers are rising again
Years before the term “she-cession” became part of our national lexicon, the number of businesses owned by women was growing at a rate more than twice that of all businesses. Despite their increasing importance to the economy, women-owned firms were less likely than firms owned by men to be financially healthy heading into the COVID-19 economic crisis.
March 23, 2023
Special Report
Mission-oriented banks in Texas and underserved businesses: lessons from the Paycheck Protection Program
Although it is too soon to have outcome data on the ECIP, we can still explore how useful expanding MDI and CDFI lending might be to underserved small firms by using data on loan access and forgiveness from its predecessor, the PPP.
December 16, 2022
Economic Education
Everyday Economics
A series of publications and interactive whiteboard lessons designed for high school students. Each one explains a fundamental economic concept.
December 13, 2021
Dallas Fed Communities
How PPP loans eluded small businesses of color
Using national- and state-representative data from small business owners from the Federal Reserve System’s Small Business Credit Survey, we found that small business owners of color were in greater need of financial support than their white-owned counterparts, but they successfully accessed the PPP less frequently.
November 29, 2021
Special Report
Small Business Credit Survey
This report presents survey findings on business conditions, financial challenges and credit environment from the perspective of small business owners with employees.
July 26, 2021