Workforce development may help reduce inequality: Fed's Lacker

CHARLOTTE, North Carolina Tue Nov 5, 2013 1:18pm EST

Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, participates in a session titled, ''Help or Harm: Central Bank Monetary Policies at the Outer Limits'' NABE Economic Policy Conference in Washington March 5, 2013. REUTERS/Yuri Gripas

Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, participates in a session titled, ''Help or Harm: Central Bank Monetary Policies at the Outer Limits'' NABE Economic Policy Conference in Washington March 5, 2013.

Credit: Reuters/Yuri Gripas

CHARLOTTE, North Carolina (Reuters) - Richmond Federal Reserve Bank President Jeffrey Lacker said on Tuesday workforce development programs may help reduce rising U.S. economic inequality.

In a speech that did not touch on the outlook for monetary policy or U.S. economic growth, Lacker pointed to better economic outcomes for college-educated Americans.

"The rich are increasingly likely to remain rich, and the poor are increasingly likely to remain poor," Lacker told an event at the Richmond Fed's Charlotte branch.

"Workforce development programs targeted toward young people have the potential to affect not only individual employment incomes but also broader issues such as economic mobility and inequality."

(Reporting by Pedro Nicolaci da Costa; Editing by Andrea Ricci)

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