##tingency planning the federal reserve has been involved with contingency planning and dealing with various types of emergencies for many years. today is no different in many respects, but the need for year 2000 readiness raises new concerns that are applicable to all banks, foreign or domestic. one is the risk of contagion. operating problems at individual banks must not be allowed to spread and become systemic. many experts have pointed out that counterparties to automated transactions ordinarily do not transmit material whose logic statements can act as a virus and destroy software in a receiving host. on the contrary, most exchanges are simply transmitting data that is ordinarily subject to edits intended to identify any miscalculated date sensitive information. if indeed, the sender has unintentionally transmitted erroneous, miscalculated information and it is identified as such, the recipient rejects the misinformation and is free from the problem which can then be corrected by the sender. so this very important issue should be readily manageable, but managed it must be. on the subject of operating outages, if an automated information system crashes because of a year 2000 readiness problem, the crash must be prevented from spreading. we know that when electric utilities experience a local problem with the power grid, it has on occasion in the past taken down a wider, regional network. could this happen with interconnected computer systems? most professionals argue that the operational outage of one data center need not spread and disable others. nevertheless, as a bank supervisor concerned about systemic issues, even the remote possibility for operational outages and disruptions to service require all of us to do significant contingency planning. early in our efforts to address year 2000 automation issues, we realized contingency planning in the year 2000 context is made more difficult because operating centers can not fall back to an earlier version of a software package because the earlier version itself may not have been readied for year 2000. similarly, a us office of a foreign bank experiencing local problems may not be able to rely on its parent because it is likely that the parent depends on the same software that caused the local problem. so, in order to plan for continuation of services, it may be necessary to provide a complete, alternative service, or a service that can be repaired as a year 2000 problem is identified. a major interagency contingency planning effort underway addresses a possible federally assisted resolution scenario that might be necessary should a bank experience extensive computer problems

welcoming remarks remarks by jerome h. powell chair board of governors of the federal reserve system at the reservation economic summit 2022 national center for american indian enterprise development las vegas, nevada may 24, 2022 good morning, and welcome. it is a great pleasure to welcome all the attendees to res 2022. the national center for american indian enterprise development has been a strong and consistent partner to the federal reserve, collaborating with us on small business covid surveys, serving on the leadership council for the minneapolis fed ’ s center for indian country development, and moderating our policy webinar series on tribal enterprise diversification, just to name a few. trust is earned and developed through relationships. this is particularly important in indian country. the federal reserve has built an enduring and sturdy bond with the national center, and we value that partnership. we are excited to be participating in this year ’ s conference, learning alongside you. there is undoubtedly more research and engagement to be done on the specific and unique economic needs of tribal nations and indigenous communities. res 2022 is a great meeting ground for such collaboration. the best insight and analysis come from people who live and work in communities and have an inside view of the struggles and opportunities within. the federal reserve system has made a priority of engaging with leaders and stakeholders on opportunities most relevant to tribal economic prosperity. for example, input from tribal stakeholders has been invaluable to informing the important work of modernizing the community reinvestment act, which was incorporated into the recently published proposal that we are looking forward to getting comments on. we also value the growing representation of tribal voices on our boards of directors and advisory councils at reserve banks, helping us to better understand economic conditions in indian country. - 2many of you are aware of the center for indian country development ( cicd ), our national institute dedicated to helping tribes reach their full economic potential. we are excited to be expanding its capacity to conduct economic research and data analysis to support the long - term economic prosperity of indian country, in partnership with indian country. we look forward to cicd ’ s ongoing collaboration with tribal communities on research and data. additionally, an initial st. louis fed partnership with the osage nation, to provide youth financial education, has led to partnerships with tribal governments across the country that provide personal finance education, often in their native languages. tribal leaders nationwide have also joined recent listening sessions to discuss the impacts of inflation. similar sessions were held on our pandemic response facilities