Michelle W Bowman: Brief remarks
Brief remarks by Ms Michelle W Bowman, Member of the Board of Governors of the
Federal Reserve System, at the Fed Listens Event hosted by the Federal Reserve Bank
of Dallas, Odessa, Texas, 20 April 2023.
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Thank you, Lorie, it is great to be here, and to hear the broad range of perspectives that
are represented here today. In 2019, during a very different time in our history, the
Federal Reserve began a year of listening sessions with the public, tied to changes
being considered in our approach to monetary policy, which was: how the Federal Open
Market Committee uses interest rates and other tools to promote a healthy economy.
While data can tell us a lot, hearing the stories behind that data helps to paint a picture
that brings it to life for me and for my colleagues. We have heard a lot about how
Americans are faring in the economy, and about how they are affected by our policy
decisions. And so, our effort to create opportunities to enhance our ability to listen has
continued, and has become what I expect will be, and certainly should be, a permanent
feature of the Federal Reserve's decision-making.
It is a simple fact that what the Fed does in Washington has a significant impact on how
families and businesses spend, borrow and plan for the future. That is exactly why we
need to learn about the experiences of people in Odessa, Midland and other
communities in the Permian Basin. Lately, as you know, the Fed has been focused on
lowering inflation, which is essential if we want to support a growing economy and rising
incomes. We want to hear how inflation, along with the higher interest rates needed to
bring inflation down, is affecting you and your communities. These conversations
provide important context to the economic data that we consider, and they help guide
our thinking about how we can best achieve stability and support for the economic
wellbeing of all Americans.
One of the important issues we will talk about today is workforce development, which in
every community depends on effective partnerships with the private sector. For many
years, this region has been challenged to find qualified workers in certain industries. But
now, the challenge of finding willing and qualified workers stretches far beyond just
those requiring specific skills training. Our strong labor market has made it extremely
difficult for growing businesses to find workers, which, if not addressed, could
eventually undermine a strong economy. I am very interested to learn about the
different strategies and approaches being used in this region to provide workers with
the skills they need to fill these jobs, and what additional considerations might be
helpful in your efforts to improve workforce development.
Another issue we will focus on today is education. As a mother of two middle school
students during the depths of the pandemic, I am particularly interested in
understanding how your communities have managed and continue to manage
Kindergarten through 12th grade education after the disruptions many places
experienced as a result of the pandemic school closures.
Student performance suffers during even brief periods of instruction disruption. So even
in places where school closures may have been limited, there may continue to be
lasting effects on attendance and student performance. Where schools were permitted
to remain open, we know that teacher and support staff shortages were, and continue
to be, a significant challenge for many school districts. I look forward to hearing your
views and experiences during our time together.
Thank you, again, for the invitation to be here today, and I look forward to our
discussions.