At a conference at the New York Fed on April 12, EVP Kevin Stiroh discussed the issue of cybersecurity from the perspective of a bank supervisor. He noted that cybersecurity is one of many aspects of operational resiliency for firms:
April 15, 2019
Takeaways from Kevin Stiroh’s Remarks on Cybersecurity from a Supervisory Perspective
Posted in Supervision | Permalink
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.
Posted in Community Development | Permalink
Catching up on Open Market Operations? The 2018 SOMA Annual Report and New Data Interactive Has You Covered
The New York Fed today released the 2018 annual report of the System Open Market Account (SOMA). Issued to the Federal Open Market Committee (FOMC) for much of the Fed’s history, this report provides a review of open market operations conducted by the Open Market Trading Desk (the Desk), other developments that influenced the Fed’s portfolio of domestic securities, and developments in the Fed’s foreign operations. The SOMA represents the largest asset on the Fed’s balance sheet.
Posted in Monetary Policy Implementation | Permalink
April 10, 2019
Investing in America’s Workforce: Update on Regional and National Efforts
Since the release of the three-volume book Investing in America’s Workforce: Improving Outcomes for Workers and Employers last year, the Federal Reserve System and its community and business partners have continued to engage communities and workforce stakeholders on the research and promising practices highlighted in the publication. (For a refresh of the main topics the book covers, see this post from Carl E. Van Horn, Distinguished Professor of Public Policy and Director of John J. Heldrich Center for Workforce Development at Rutgers University.)
Posted in Community Development | Permalink
April 2, 2019
Takeaways from Michael Held’s Remarks on Financial Crime and the Payment System
At a risk-management conference this morning, New York Fed Executive Vice President and General Counsel Michael Held discussed financial crime and the payment system. The official sector and the financial industry have a shared goal in preventing the former and protecting the latter.
Posted in Financial Infrastructure | Permalink
March 11, 2019
Takeaways from Kevin Stiroh’s Remarks on Culture Reform
New York Fed Executive Vice President Kevin Stiroh, who heads the Supervision Group, spoke about corporate culture in the finance industry at a recent conference. He identified misconduct risk — or the potential for behaviors or business practices that are illegal, unethical, or contrary to a firm’s stated beliefs, values, policies, and procedures — as a major consideration for firms when it comes to risk management.
Posted in Banking Culture | Permalink
March 8, 2019
Key Takeaways from General Counsel Michael Held’s Speech on SOFR and the Transition from LIBOR
In a speech last week, New York Fed Executive Vice President and General Counsel Michael Held discussed the transition away from the widely used reference rate known as the London Interbank Offered Rate (LIBOR). In his remarks, he described LIBOR’s weaknesses, the threats posed by the fact that it could soon disappear, and the urgent work under way to transition to alternative reference rates, including the Secured Overnight Financing Rate (SOFR).
Posted in Financial Markets | Permalink
March 6, 2019
Key Takeaways from President Williams’s Speech on the Fundamental Drivers Behind Slower Growth
On Wednesday, March 6, New York Fed President John Williams spoke to the Economic Club of New York. He discussed the current economic outlook, the fundamental drivers behind slower growth, and what that means for the path of monetary policy.
Posted in Economic Outlook | Permalink
January 18, 2019
Key Takeaways from President Williams’s Speech on Monetary Policy and the Economic Outlook
On Friday, January 18, New York Fed President John Williams described the current economic outlook and gave his views on monetary policy to a meeting of the New Jersey Bankers Association. In his remarks, President Williams emphasized that his views on monetary policy are data dependent.
Posted in Economic Outlook | Permalink
December 18, 2018
Uptown to the Boogie Down: President Williams Heads to the Bronx
President Williams’ final regional visit of the year was to the Bronx, a borough that has made great strides since a period of declining population and rising crime that stretched from the 1970s into the 1980s. The progress of the last few decades notwithstanding, the Bronx still lags economically behind the rest of New York City, with the lowest median household income and highest poverty rate among the five boroughs. During his daylong visit, President Williams met with local nonprofits, businesses, and community leaders to discuss efforts to strengthen the local workforce, challenges facing small businesses, strategies to promote development without displacement, and the importance of anchor institutions and public-private partnerships.
Posted in Regional Visits | Permalink
