john c williams : welcoming remarks - investing in america's workforce book launch event welcoming remarks by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the investing in america's workforce book launch event, new york city, 9 november 2018. * * * as prepared for delivery welcome good morning. i am very pleased to welcome you all to the federal reserve bank of new york for the launch of investing in america ’ s workforce : improving outcomes for workers and employers. i would like to thank our colleagues across the federal reserve system, the heldrich center for workforce development at rutgers university, the ray marshall center at the university of texas at austin, and the w. e. upjohn institute for employment research for collaborating with us on this initiative. my colleagues and i are proud to co - sponsor this event today and appreciate everyone who contributed their time and effort to making the investing in america ’ s workforce publication a reality. with over 100 contributors, pulling this together was not an easy feat. i recognize the value of sharing knowledge and resources and am pleased that we can help facilitate this effort. i congratulate my colleagues and our partners for this accomplishment and believe this is just the beginning of our work to support the workforce field. there is a tendency to try to re - invent the wheel and overlook past experience, but by taking a step back and learning from one another, we can have a much greater positive impact in our communities. roadshow workforce experience sustainable economic growth and thus broad - based prosperity is dependent on a healthy job market, one in which employers can find the skills they need and workers find jobs that allow them to grow and move up the economic ladder. the challenge is developing a system that encompasses both and is accessible to all those seeking a job. our workforce development initiative aims to promote dialogue and a greater understanding of promising policies and programs that allow workers, especially those in low and moderate - income communities, to develop in - demand skills and connect them with employers. we can achieve this by connecting with workforce stakeholders through policy forums, roundtable discussion sessions, and examining areas through our research and outreach. one of the best aspects of my job is the opportunity to visit communities across our second district. the skills gap and the uneven economic recovery among different communities are consistent themes i hear, not just in the second district but also in my previous job on the west coast. i also have heard about a variety of policies and programs that

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