of education is vital to improving the capacity of our citizens to manage the challenges that come from global competition, rapid technological change, and the greater share of the risk they now bear for saving for retirement. the average american with a college degree earns twice as much as his neighbor without a college education, which is about twice the premium that existed 40 years ago. improving access to educational opportunity for all our citizens, regardless of race or the economic fortune of their parents, is critical to the credibility of the american ideal of equality of economic opportunity. as larry summers has noted, in our country today, a student whose parents are among the richest quartile of american is six times more likely than one from the poorest quartile to graduate with a b. a. within five years of leaving high school. and improving the capacity of our present and future tax payers to make informed judgments about economic policy is important to improving the quality of policy decisions by our elected officials, national and locally. this is vital in an era where we face tremendous challenges in bringing our commitments and resources closer to balance. improving educational achievement, access to educational opportunity, and the level of public sophistication on economic issues are critical challenges with high returns to progress. this is why we will continue to invest in educational programs and why we are pleased to work closely with organizations as effective as the naf in this noble cause. 1 / 2 i take some comfort in the fact that, when naf students think of the federal reserve bank of new york, they know we have an important role in monetary policy and financial stability. they know we sit on a large amount of the gold and dollar reserves of the world. but what they think is really cool is the fed challenge, and how they can win a place in the national competition. my wife said to me this morning that the fed challenge sounds considerably more fun and exciting than the real thing. i applaud all of you who contribute to this effort. and i thank the naf for its tribute to the new york fed. 2 / 2

##toare theagree blueprint serve the foundation forcan our global this isbythe house we're going to live in for a long time. let's build it to last. reviewing our privacy statement. 1 alternative reference rates committee, arrc commends decisions outlining the definitive endgame for libor, march 5, 2021. 2 alternative reference rates committee, progress report : the transition from u. s. dollar libor, march 31, 2021. 3 john c. williams, 901 days, remarks at securities industry and financial markets association ( sifma ), new york, july 15, 2019. 4 forum on ongoing innovation in reference rates for commercial lending, presentation materials, federal reserve bank of new york, new york, november 18, 2020. 5 alternative reference rates committee, arrc identifies market indicators to support a recommendation of a forward - looking sofr term rate, may 6, 2021. 6 alternative reference rates committee, second report, march 2018. 7 john c. williams, 537 days : time is still ticking, remarks at libor : entering the endgame, webinar, july 13, 2020. see also : financial stability board, reforming major interest rate benchmarks, november 20, 2020 ; and bank of england financial policy committee, interim financial stability report, may 2020. 8 alternative reference rates committee, the arrc selects a broad repo rate as its preferred alternative reference rate, june 22, 2017. 9 john c. williams, 537 days : time is still ticking, remarks at libor : entering the endgame, webinar, july 13, 2020. see also : federal reserve bank of new york, iosco compliance, as of may 2021. 10 alternative reference rates committee, best practices for completing transition from libor, as of september 3, 2020. 11 treasury market practice group financial benchmarks, as of may 2021. by continuing to use our site, you agree to our terms of use and privacy statement. you can learn more about how we use cookies by reviewing our privacy statement.