john c williams : 901 days remarks by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the securities industry and financial markets association ( sifma ), new york city, 15 july 2019. * * * as prepared for delivery thank you for the kind introduction and the opportunity to speak this morning. it ’ s a particular pleasure to be sharing the stage with andrew bailey, who has played such an important role in leading efforts on establishing robust references rates to replace the london interbank offered rate ( libor ). this critical undertaking traverses markets and transcends jurisdictions, making international cooperation and coordination essential for success. before i go any further, i need to give the standard fed disclaimer that the views i express today are mine alone and do not necessarily reflect those of the federal open market committee or others in the federal reserve system. where have we come from? today i ’ m going to talk about the progress we ’ ve made, and the path that lies ahead. but first, given that 12 years have passed since libor first became an acute area of concern, it ’ s important to remember why replacing it is so critical. libor is based on submissions from individual banks. the volume of actual transactions that term libor is based on is very small — totaling around $ 500 million on a typical day. to most people, $ 500 million may sound like a lot, but given that $ 200 trillion of financial contracts reference u. s. dollar libor, it ’ s really a drop in the ocean. 1 as a result, submissions are largely based on judgment, as opposed to real numbers. when the libor scandal erupted, it became clear that there had been fraud and collusion, both within and across financial services firms, in the pursuit of profit. the reliance on expert judgment, rather than actual data, makes the rate too vulnerable to manipulation. it ’ s readily apparent to all those in the industry — both firms and regulators — that libor is fundamentally broken. consequently, banks are increasingly reluctant to provide libor submissions, adding to the level of risk around using the rate. the u. k. financial conduct authority ( fca ) has reached an agreement with banks to keep submitting rates through the end of 2021, but in 2022 the existence of libor will no longer be guaranteed. in other words, libor ’ s survival is assured for only another 901 days. those in the

william c dudley : the national and regional economic outlook remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the university at albany, albany, new york, 18 november 2011. * * * good morning. i am pleased to be at the university at albany. it is always a pleasure to speak with students and faculty because of the intellectual leadership role you play in your communities. i also welcome the addition of business leaders to this gathering because you shape the economic landscape in the region. so, i thank you all for coming today and helping make this such a rich audience. over the past 20 months, i have been engaged in a series of outreach meetings all across my federal reserve district. i consider these visits just as important as my trips to washington, d. c., to help formulate monetary policy or to switzerland to shape international bank regulation. the understanding of issues and concerns that i gain today will help ensure that my policy decisions reflect the public interest in the broadest sense. each visit within the region helps me deepen relationships with the people i represent. as you may know, the new york fed ’ s district includes all of new york state ; 12 counties in northern new jersey ; fairfield county, connecticut ; puerto rico ; and the u. s. virgin islands. in august, i met with community leaders, businesses and elected officials in newark, patterson and jersey city. earlier this year i went to brooklyn, the bronx, queens and puerto rico, while last year i visited several upstate cities. my trip started yesterday with a policy speech to the west point cadets and was followed by a colloquium with their economics faculty. so, this visit to the upper hudson valley brings me in contact with some of our country ’ s future leaders – you and the cadets who will lead our country in very important, if different, ways. i will also have a chance to see more of what makes albany so distinct from both downstate and upstate new york. of course, i may have a leg up on this because i was born and raised close by, in western massachusetts! the greater albany area is home to 900, 000 people – roughly the size of three average cities in the united states. you and your fellow residents tend to be highly educated and be employed as public servants. these factors are all part of what makes albany feel special. today, i want to talk with you first about the fed – what we do and why