william j mcdonough : completing the journey to the new basel accord remarks by mr william j mcdonough, president and chief executive officer of the federal reserve bank of new york, before the twelfth international conference of banking supervisors, cape town, south africa, 18 september 2002. * * * introduction and overview as the chairman of the basel committee on banking supervision, i am honored to welcome you today to the twelfth international conference of banking supervisors. i would like to thank our hosts, governor mboweni and the staff of the south african reserve bank, as well as my colleague, andrew crockett, and the bank for international settlements, for organizing our gathering here in cape town. i ’ m sure you ’ ll agree that they ’ ve done an excellent job. it appears to me, and probably to many of you, that south africans have discovered a wonderful niche for themselves as hosts of auspicious international gatherings, having just concluded the world summit on sustainable development in johannesburg a few weeks ago. so if you ’ re visiting this beautiful country for the first time, i have a feeling that you may be back in south africa someday in the future. participants at the united nations summit in johannesburg sought ways to improve the lives of people everywhere by focusing on, among other goals, alleviating poverty and promoting economic growth. bank supervisors and central bankers certainly share those goals. through our duty to ensure the safety and soundness of the financial system, we aim to preserve depositors ’ savings, to promote the circulation of credit, and ultimately to protect the health and growth of our economies. indeed, we cannot alleviate poverty, we cannot promote economic growth unless our banks are well managed, our financial systems stable, and our markets transparent and open. that the health of an economy depends to a great degree on whether its banks are financially sound and well managed is certainly not coincidental. banks are charged with critical public trust to safeguard the public ’ s wealth and to serve as a source of credit to consumers and businesses alike. when banks fail to discharge these tasks responsibly, the costs to society can be high and the impact on the economy devastating. at the same time, the duty for supervisors to promote the safety and soundness of the banking system entails achieving a delicate balance. ensuring the prudent management of banks does not mean that we should hinder their growth or profit. rather, the supervisor ’ s job is to promote the responsible pursuit of opportunity and innovation. likewise

william c dudley : “ remarks at the new york fed ’ s economic press briefing on the regional economy ” opening remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the economic press briefing on the regional economy, federal reserve bank of new york, new york city, 18 august 2016. * * * jaison abel, jason bram, hunter clark, giacomo de giorgi, richard deitz, jack gutt, andrew haughwout and joseph tracy assisted in preparing these remarks. good morning and welcome to the new york fed ’ s economic press briefing. i am pleased to have this opportunity to speak with the journalists covering our region. you are an important communication channel to the people in our district. this morning i want to focus on economic conditions in our region, giving particular attention to job growth. i also want to discuss our ongoing work on puerto rico. as always, what i have to say reflects my own views and not necessarily those of the federal open market committee or the federal reserve system. the new york fed is deeply committed to serving our region. this commitment manifests itself in several ways. we produce business surveys and local economic indexes to help our constituents track regional economic conditions. my staff writes papers and blog posts on economic issues important to our region. we meet with a number of advisory boards comprised of community and business leaders. and, i regularly visit different parts of our district so that i can meet with local businesses, community development professionals, and the people who live and work here. this on - the - ground intelligence is valuable to me and helps inform my view of the region and the economy, which, in turn, plays an important role in shaping my outlook on policy. let me now talk a bit about job growth in our region. job growth in the region nationally, the labor market has added 2. 4 million jobs over the past year. and, the strong jobs reports released over the past two months have helped allay concerns that arose earlier this year that job growth was beginning to stall. indeed, these reports reinforce my view that labor market conditions continue to improve. turning to conditions closer to home ; job growth in our region has generally been somewhat below the national pace. one important exception is new york city, where job growth has been strong, despite the relatively sluggish performance of the financial services industry. in the past, the city has counted on job growth from wall street to fuel economic growth