William Dudley, the President and CEO of the New York Federal Reserve Bank, visited the university to discuss the nation’s economy with President Stephen J. Friedman on Nov. 29.
The event, which was titled,“Regional and National Economic Outlook of 2013,” took place in the Schimmel Theatre.
Students took the event as an opportunity to network with Pace’s distinguished alumni, some of who work at the Federal Reserve, and other prestigious institutions. The event was covered by several domestic and international news organizations including The Huffington Post, Newsday and The Wall Street Journal.
Billy Pittman, a sophomore majoring in Economics, said the event “provides great exposure for economics and finance majors,” and hoped the event would provide him with a “better idea of the economic outlook.”
The event officially started when President Stephen J. Friedman introduced Dudley, and provided a brief history of Dudley’s career and experience.
Dudley has been the President and CEO of the New York Federal Reserve since 2009, and is Vice President of the Federal Open Market Committee, which negotiates the nation’s fiscal policies. Previously, Dudley spent a decade as Vice President of the Markets Group for Goldman Sachs.
Dudley then took the stage and gave an explanation on the Federal Reserve’s function, and outlined his upcoming discussion on the economic outlook by making note of the “fiscal cliff”, regional outlook – specifically the effects of Hurricane Sandy, and the national outlook.
The Federal Reserve receives accounts on what is occurring in communities financially. In regards to the effects of Hurricane Sandy; Dudley stated that the Federal Reserve is currently using a clinic in Staten Island to obtain information on what financial aid is needed in the area.
Dudley stated that before Hurricane Sandy, New York and other areas affected were on the right path, but that the storm will not derail economic expansion. However, production has slowed due to lack of transportation as well as other disruptions.
To obtain information, each district member of the Federal Open Market Committee will consult with the board members to understand the groundwork in observing Sandy’s aftermath. The Federal Reserve plans to track conditions in each district by observing local housing conditions, taking a poll on the current needs of small businesses, and creating growth and outreach initiatives for loan programs to businesses.
In reference to housing outlook, the Reserve is also looking to target low-income groups as well as communities experiencing high foreclosure rates.
Dudley did mention that there is still room for improvement citing the 9 percent unemployment rate in New York as well as the national unemployment rate of 7.9 percent. He said that there are too many people out there who are “not looking [for work],” and in the past six months five million people have been unemployed.
After Dudley’s remarks, the floor was open for audience members to ask questions. Audience members asked about student loans, the global economy and the relationship between job skills and education.
Dudley said that when the economy gets going, more jobs will be created. Dudley said the economic outlook globally, is slow, even for China.
In reference to the mismatch of the labor market and the skills that job seekers contain, he believes that education can reduce that mismatch by working closely with businesses to close the gap.
Students who attended the event overall found the discussion to be valuable and thought-provoking.
Pittman said, “It gave me a better, well-rounded understanding of the economy post-election.”
Bushra Anwar, junior, said, “[It] offered an interesting perspective…it sparked my curiosity even more. I’m glad I came, it was very informative and useful.”