seem to be making an impact and could have broader potential that are worth sharing. early in my tenure i visited brooklyn p - tech and met with a dedicated and focused group of young students learning it skills for middle - skill jobs. this partnership between ibm corporation, the new york city department of education, the city university of new york, and the nyc college of technology, provides an instructive model. it takes kids from high school through an associate ’ s degree with corporate support and real - life experiences. and it ’ s working. their first class of 91 students entered the program in september 2011 and 1 / 3 bis central bankers'speeches almost all have since earned their high school diplomas and about half have earned an associate ’ s degree in a stem field. ibm has hired 23 graduates and continues to offer paid summer internships. 1 in a few weeks, i will be visiting per scholas, a tuition - free workforce training program in the bronx and in other parts of the country. it seeks to break the cycle of poverty by providing free technology career education, training, placement, and advancement services to people in underserved communities. approximately 90 % of per scholas trainees are people of color, with the large majority representing black / african american and hispanic / latino individuals - - groups with historically low representation in it and the financial services industry. this workforce program is unique in that it seeks to re - train adult workers for successful careers as technology professionals and works with employers in crafting unique training programs for their business. in 2017, per scholas ny enrolled 502 students and 406 graduated, of which a substantial majority reported being placed with an employer with an average starting wage of more than $ 20 an hour. 2 earlier this year, the new york fed partnered with per scholas ny to support our own diversity & inclusion efforts focused on career paths in it, cybersecurity, and data science in the financial services industry. i am proud to say that the new york fed was recognized by per scholas as a major partner in its recent 2018 annual update report. i mention these two examples as they reflect the theme of today ’ s event and the book — workforce development is about investing in work, workers and systems leading to greater employment opportunities for all. employer engagement by community colleges in new york state another important issue is the role of employer engagement with community colleges. by working directly with local employers, community colleges can more effectively prepare students for available

’ d like to take a moment to speak more broadly about the internal ratings - based approach. i think it is a significant and innovative step for banks ’ internal ratings to play a major role in their capital requirements – a step that plays very strongly into our goal of better aligning capital requirements and risks. to do this effectively, we need to ensure that a bank ’ s internal rating system enjoys an appropriate degree of credibility and consistency when used in determining regulatory capital. accordingly, we are striving to develop a meaningful set of minimum standards. while i have focused on the first “ pillar ” of the new accord, namely the minimum capital requirements, it ’ s important to remember that there are two other pillars vital to the new framework : supervisory review and market discipline. i would be happy to talk about them during the discussion if you would like to hear more. timing of the new accord let me close by telling you where we are in the process. to make sure that we get the new accord right, members of the committee and i felt it was important to continue to solicit and evaluate feedback from the industry in a variety of ways. empirical exercises ( or the quantitative impact studies as they are called ) will be an important part of this dialogue, both those underway now and the more comprehensive study that will be undertaken in october. the exercise we are designing for the autumn will provide banks with the opportunity to assess the impact of a fully specified proposal. it will be targeted to a wide set of banks worldwide, after which, the committee will release its proposal for a third and final round of formal consultation. we expect the consultation will be relatively brief given all of the discussion and assessment that has taken place. let me stop here. i would be delighted to answer your questions.