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william c dudley : the competitiveness of puerto rico ’ s economy – reducing the cost of doing business and improving labor market opportunities remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york and chairman of the committee on the global financial system ( cgfs ), before the puerto rico chamber of commerce annual convention, fajardo, puerto rico, 29 june 2012. * * * good morning and greetings from new york city. i sincerely thank the chamber for giving me the opportunity to address your annual meeting. unfortunately i am unable to be in puerto rico in person, because i have a broken leg and am under doctor ’ s orders not to fly. the good news is that i am on the mend and that i have this opportunity to speak to you via video. we at the new york fed are pleased that puerto rico is part of the second federal reserve district that we represent in the federal reserve system. we are committed to the people of the island and to its growth and prosperity. our commitment is reflected in our ongoing work with our many partners on the island. last spring, with the puerto rico chamber of commerce and other local partners, we co - sponsored a forum aimed at helping small businesses in puerto rico learn about export opportunities. we have been involved with education on the island for two decades, including by helping to set up the alianza. today we help promote financial literacy through a video competition in partnership with the puerto rican bankers association. our banking supervisors work to strengthen the financial system so it can readily supply credit to families and businesses, while our research economists monitor and analyze local economic conditions. this analysis – along with similar analyses from other regions across our nation – feeds into the decisions the federal reserve makes on monetary policy. in support of this work, i and other senior officials have traveled to puerto rico a number of times in recent years and met with a wide range of stakeholders, including university officials, students, business leaders, entrepreneurs, bankers and government officials. what we learn during these engagements helps to shape our understanding of the puerto rican economy and our efforts to support it. i have seen numerous examples of expansion and growth. this gives me confidence that puerto rico has the capability to be an economic success story. nevertheless, these local engagements have also confirmed to me that conditions are not what we want them to be – in particular, growth and expansion are not happening broadly enough. the task of putting the island on a path of robust,