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April 11, 2019

Key Takeaways from President Williams’s Speech: Fulfilling Our Economic Potential

On Thursday, April 11, New York Fed President John Williams spoke at the annual conference of the Association for Neighborhood & Housing Development. He discussed the challenges of inequitable growth and his vision for the New York Fed’s community development work.

He said:

“In New York City and Northern New Jersey, someone near the top of the income distribution earns seven times that of someone closer to the bottom.”

“Growth in New York has generated demand for highly skilled workers, who are often more highly paid and highly mobile. This drives up housing prices and contributes to gentrification, which often goes hand in hand with displacement.”

“We seek growth that enables everyone to fulfill their economic potential. We want enterprise that supports communities, and communities that have the tools to flourish through investment.”

In his speech, President Williams said that “outreach and community-based work is a key priority.” He outlined his principles for action — connect, convene, and catalyze — and set out the direction of the New York Fed’s work going forward.

He noted the important role the New York Fed can play, connecting people with data, convening stakeholders to share best practices, and acting as a catalyst for new initiatives.

During his remarks, President Williams noted the challenges created by displacement and inequitable growth. He announced a series of listening sessions on those topics. He said: “We plan to bring together community development experts and non-profits to better understand what’s happening across the district. We want to know what’s worked in the communities that have seen equitable growth, the challenges for those who haven’t, and what we can do about it.”

Read the full speech.

This article was originally published by the New York Fed on Medium.

The views expressed in this article are those of the contributing authors and do not necessarily reflect the position of the New York Fed or the Federal Reserve System.


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