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.
When we hosted our first conference on reforming culture and behavior in the financial services industry in 2014, significant dialogue around misconduct risk, culture, and supervision didn’t exist. Now, as we prepare to host our fourth event on the topic on June 18, supervision is an accepted and critical part of the global conversation on cultural reform in finance.
On June 18, the New York Fed will host its fourth conference focused on reforming culture and behavior in the financial services industry. Speakers and panelists will look at progress to date and the challenges ahead, building on the conversation that started with our first event in 2014.
Small businesses are critical to the U.S. economy and it’s clear that we must do more to understand their needs and realities. One key factor in the success of small businesses is financing, and that’s where the Small Business Credit Survey (SBCS) comes in. The SBCS is an annual survey of small business owners that focuses on firms with fewer than 500 employees. It’s fielded by all 12 regional banks in the Federal Reserve System and aims to address important information gaps about business capital needs and obstacles.
Today’s post continues our two-part series on the New York Fed’s recent visit to Puerto Rico and the U.S. Virgin Islands (USVI), a trip that focused on understanding current economic conditions and recovery efforts in the aftermath of Hurricanes Irma and Maria. This trip to San Juan, Puerto Rico, and St. Thomas, USVI marked our first regional roadshow of 2018.
In the first regional roadshow of 2018, President Dudley and a team from the New York Fed traveled to San Juan, Puerto Rico and St. Thomas in the U.S. Virgin Islands (USVI) to meet with local nonprofit, government, and business leaders, with the aim of understanding economic conditions and recovery efforts in the aftermath of Hurricanes Irma and Maria. The devastation of these storms resulted in a significant setback to areas already facing very difficult circumstances.
A recap of insights, analysis, and discussions we don’t want you to miss. Each month we compile key highlights from selected publications, events, and perspectives to provide you with a deeper look into the work we do at the New York Fed.
A recap of insights, analysis and discussions we don’t want you to miss. Each month we compile key highlights from selected publications, events, and perspectives to provide you with a deeper look into the work we do at the New York Fed.
On our fourth and final regional visit of 2017, we learned about key issues facing Northern New Jersey and efforts underway to promote inclusive economic growth. The local business and community leaders we spoke with in New Brunswick, Kearny, and Newark raised issues of affordability and mobility, discussed efforts to link local residents to local jobs, and highlighted efforts to repurpose and adapt land and buildings for the 21st century economy.
Following the Investing in America’s Workforce (IAW) capstone conference in Austin, Texas, we wanted to provide an update on our efforts. As mentioned in our post in September, IAW is a Federal Reserve System-led initiative that seeks to underscore the importance of workforce development as an investment in our national economy.
Earlier this week, New York Fed President Bill Dudley participated in a panel discussion on culture and conduct in the financial services industry. This conversation should serve to remind us that while the industry has made progress on the issue, significant work still remains to promote accountability, ethical conduct, and open dialogue and diversity of thought. As we continue to consider these questions, I thought I’d share my perspective on how lawyers can play a critical role in shaping an institution’s culture.
