Kenneth Spong is a Senior Economist in the Banking Research Department at the Federal Reserve Bank of Kansas City.?Mr. Spong has been with the Federal Reserve since 1973 and is engaged in research on a variety of topics related to the regulation, supervision, and performance of banks and other financial institutions. This research includes: corporate governance and the ownership and management structure of banks, large banks and too-big-to-fail concerns, small business lending, interstate banking, and home financing and homeownership issues among low-income households. This research has been published in a variety of Federal Reserve, academic, and banking trade publications. In addition, Mr. Spong has written a book on bank regulation; Banking Regulation: Its Purposes, Implementation, and Effects which is now in its fifth edition. Mr. Spong has a MA in economics from the University of Chicago and a BA in mathematics and economics from the University of Kansas.
Although prepaid cards have the potential to address digital payments exclusion, their use among unbanked households remains low.
A tight labor market tends to raise wages and lower unemployment, but an overly tight labor market can cause inflation. Labor...