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In September Federal Reserve took an important step interest rate cuts for the first time in over four years. As the CEO of a financial institution, I recognize the impact of this move on the people I serve and on the many Americans who struggle with higher costs and inflation. These rate cuts will enable banks to empower organizations and individuals to support positive social change, helping us get cheaper loans for changemakers.

Come this important decisionThe Federal Reserve used a lot of data, including a key one that we use to understand our nation’s economy – the U.S. monthly unemployment rate. This rate for September was published today, enabling businesses to make informed decisions about hiring, firing and borrowing. As a banker, I realize that the market is very sensitive to small changes in this rate, which can cause global financial markets to fluctuate. However, the data we and the Federal Reserve use to make these important decisions is at risk.

Unfortunately, the survey from which this data is collected, called the Current Population Survey (CPS), is already like this woefully underfunded. After more than a decade of decline, the Bureau of Labor Statistics (BLS) has been forced to propose cuts to the CPS sample, which, starting in January, includes our monthly employment reports, inflation data, wage gap statistics and more.

Whether you are applying for a job, buying a house or apply for small business loan to open your dream mom and pop restaurant, this cut will have very real effects. This further exacerbates the decline in survey response rates post-pandemic. Fewer respondents mean the data is less reliable and contains less information.

We risk losing demographic and geographic details that allow us to see how specific populations, whether veterans, are faring, minority population, women Or disabled people. The smaller the community, the greater the risk. Whether it’s a veteran planning her future or… Indigenous ownership a company located in a geographical area affected by a serious crisis climate changethe inability to see employment data at the intersection of these demographic groups and geographic regions makes it difficult to determine where our resources are needed most.

Fortunately, there is a clear solution: Congress can fund the BLS. AND recent letter written by two former BLS commissioners, appointed by Republican and Democratic presidents, outlines how this problem could be solved with just $20.6 million. That’s less than 13 cents per person working adult.

Continuation of the resolution recently passed by Congress secured $6 million in financing, which is a start; but it ends in December, so I’m sounding the alarm and inviting other companies to cooperate.