current outlook, the fomc in its statement noted that we now anticipate that we are likely to keep short - term interest rates exceptionally low at least through mid - 2013. we also discussed the range of policy tools available to promote a stronger economic recovery in a context of price stability. further details on the discussion at the meeting will be available when the minutes are published in three weeks time. i will not comment on monetary policy any further today. following the release of the fomc ’ s statement, market interest rates generally moved lower, which should help provide some additional support for economic activity and jobs. i would note, however, that conditions remain unsettled and the equity market in particular remains very volatile. bis central bankers ’ speeches regional economic conditions turning to our region, the economic recovery continues to be slow, although much of the region is performing reasonably well compared with the nation as a whole. to frame our current situation, let me put this recession and recovery in the context of previous cycles. while this recession lasted longest, caused the deepest job losses, and has shown the slowest employment recovery of any post - war recession for the united states, it has not been the worst on record for the region. new york state sustained fewer severe job losses than the nation during the recent recession – a reversal of historical patterns. upstate new york, which has struggled with sluggish economic growth in recent decades, has proven particularly stable. in fact, while job losses were quite severe during previous recessions, that was not the case this time around. similarly, new york city ’ s job losses were more moderate than in previous recessions. new jersey, on the other hand, saw steeper jobs losses than new york and a more tepid recovery. puerto rico endured a serious downturn lasting for over five years and is now just beginning to show signs of stabilization. why was the downturn in our region less severe than in many other parts of the country? part of the reason is that the effects of the housing boom and bust on the region ’ s economy were less consequential. of course, we have seen declines in construction employment, losses of housing equity and people losing their homes. however, as in most mature regions, the housing market tends to be less influential here than it is in parts of the country where population growth has been more rapid. this is particularly true across much of upstate new york, which experienced little in the way of a construction boom, home

at § 343 ( 3 ) ( b ) ( iv ). 22 see, e. g., lev menand, " unappropriated dollars : the fed's ad hoc lending facilities and the rules that govern them, " law working paper no. 518 / 220 ( may 2020 ). 23 see robert c. hockett & saule t. omarova, " private wealth and public goods : a case for a national investment authority, " 43 j. corp. l. 437 ( 2018 ). 24 martin wolf, " monetary financing demands careful and sober management, " financial times ( apr. 9, 2020 ). 25 see financial crimes enforcement network ( " fincen " ), " the financial crimes enforcement network provides further information to financial institutions in response to the coronavirus disease 2019 ( covid - 19 ) pandemic, " press release ( apr. 3, 2020 ) ( " compliance with the bank secrecy act ( bsa ) remains crucial to protecting our national security by combating money laundering and related crimes, including terrorism and its financing. fincen expects financial institutions to continue following a riskbased approach, and to diligently adhere to their bsa obligations. " ). 26 see, e. g., fincen, " fincen issues advisory on medical scams related to covid - 19 and companion notice providing filing instructions for financial institutions, " press release ( may 18, 2020 ) ; financial institution regulatory authority ( " finra " ), " finra reminds firms to beware of fraud during the coronavirus ( covid - 19 ) pandemic, " regulatory notice 20 - 13 ( may 5, 2020 ) ; u. s. securities and exchange commission ( " sec " ), " sec charges microcap fraud scheme participants attempting to capitalize on the covid - 19 pandemic, " press release ( june 11, 2020 ). see also jennifer achilles and alejo cabranes, " banks may need to update policies to fight covid - 19 fraud, " law360. com ( june 16, 2020 ) ( discussing the role of banks in identifying medical fraud in light of fincen advisory ). 27 see randall k. quarles, letter to g20 finance ministers and central bank governors ( apr. 11, 2020 ) ( " the financial stability risks that would be associated with an unsuccessful transition away from libor are as relevant in the current environment as they were before. "