At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
At the end of April, the New York Fed hosted an economic education event for about 50 middle and high school students from Black Girls Code, a nonprofit organization that focuses on increasing the number of women of color in the STEM fields (science, technology, engineering, and math).
On Tuesday, June 4, New York Fed President John Williams spoke at the fifth conference on culture in financial services hosted by the Bank.
Adrian Franco, the New York Fed’s director of community development finance, delivered a keynote address at the annual conference of the New York State CDFI Coalition in Albany, New York, on May 7. In his remarks, which are published below, he emphasizes how the New York Fed’s community development initiatives can complement the work of community development financial institutions (CDFIs) in promoting equitable growth, and he calls on members of the industry to complete the Federal Reserve’s 2019 CDFI Survey. The survey, which closes on May 31, assesses the condition of CDFIs in the United States in terms of capitalization, financial products, development services, and demand and capacity; it is available here.
New York Fed President John C. Williams visited Puerto Rico and the U.S. Virgin Islands in late March, where he met with elected officials and community and business leaders to gain a deeper understanding of current economic conditions and the continuing recovery efforts in the aftermath of Hurricanes Irma and Maria. The hurricanes battered the region in quick succession in late 2017, and the islands still have a long road to recovery. This was President Williams’ first regional visit of the year, and topics in focus included ongoing hurricane recovery efforts, collaboration among organizations, a burgeoning entrepreneurship and start-up ecosystem, and the numerous challenges small businesses face.
On Tuesday, May 14, New York Fed President John Williams spoke at the 9th High-Level Conference on the International Monetary System, hosted by the International Monetary Fund and the Swiss National Bank.
On Friday, May 10, New York Fed President John Williams spoke at the 21st Annual Bronx Bankers Breakfast.
The New York Fed recently published The Story of Monetary Policy, the third issue of its new Educational Comic Book Series. In the story, intrepid characters travel to previously unseen worlds, meeting new friends and teaching economic lessons along the way. Today, we offer a behind-the-frames look at the comic book’s production — from idea to sketch to print — and the creation of a world “way, way out at the edge of the universe” to educate students about economics and monetary policy.
During a press conference following last week’s meeting of the Federal Open Market Committee (FOMC), Federal Reserve Chair Jerome Powell pointed out that the Fed has made “consequential decisions” about its balance sheet in recent months, including to maintain its current framework for implementing monetary policy and to slow the pace at which it allows maturing securities to run off. A speech last month by New York Fed senior vice president Lorie Logan provides helpful context around questions about balance sheet normalization and how the Fed could implement monetary policy going forward in light of these decisions by the FOMC.
“Way, way out — at the edge of the universe — there’s a little planet called Novus.” So began the New York Fed’s return to publishing comic books to promote economic literacy, especially among students from middle school through college.
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:
