( iii ) what approach is the most neutral to technological change? ( iv ) what approach provides the clarity to the greatest extent possible ( recognizing that every model will have its faults )? ( v ) what approach will last to and through the next cycle of innovation? i mentioned the sec earlier. the sec analyzes digital currencies using a test that the supreme court formulated almost 90 years ago — that is mind boggling, but for what the sec does, it is also still very relevant — this is something worth striving for. you might be surprised that i don ’ t have the answer to what the next 90 years of digital currency regulation will look like, but i hope to have the opportunity to explore this issue with some of you. thank you. 1 many thanks to joseph torregrossa and thomas noone for their assistance with these remarks. 2 gerald p. dwyer jr., wildcat banking, banking panics, and free banking in the united states, economic review 6 ( frb atlanta dec. 1996 ) ( hereinafter “ dwyer ” ). 3 dwyer 4. 4 dwyer 6. 5 dwyer fn. 13. 6 dwyer 6. 7 dwyer 6. 8 dwyer 2. 9 arthur a. rolnick & warren e. weber, free banking, wildcat banking, and shinplasters, quarterly review 13 ( frb minn. fall 1982 ) ( hereinafter “ rolnick ” ). 10 dwyer 7. 11 dwyer 5. 12 rolnick 16. specifically, the states varied on whether security for the notes would be measured in par or market value. 13 rosa lastra, central bank and bank regulation, 204 ( sept. 1991 ) ( ph. d. thesis london school of economics ) ( on file with author dm # 172574 ). 14 john sherman, recollections of forty years 237 ( werner co. 1896 ) available at https : / / archive. org / details / johnshermansreco00sher / page / 236. 15 milton friedman & anna jacobson schwartz, a monetary history of the united states, 1867 - 1960 17, 21 ( 1963 ) ( hereinafter “ friedman ” ). 16 see e. g., 12 usc § 26 ( comptroller to determine if institution is engaged in the business of banking ). 17 see dwyer 16. 18 in 1935, the treasury redeemed all debt that backed national bank notes. the glass

’ ve helped bring small businesses together with lenders to help smooth access to credit. over the past year we have conducted ten access - to - credit events — workshops, clinics and conferences — for companies interested in learning about traditional and alternative sources of financing. we partnered with local and national government agencies, small business development centers and local nonprofit organizations to hold these events throughout the district. one such workshop was held recently in queens. the queens economic development corporation and the queens chamber of commerce, with support from the new york fed ’ s asian professional network alliance, co - sponsored a resource clinic for small businesses. the clinic offered an opportunity for attendees to receive one - on - one advice from several non - profit organizations on a wide range of topics, including which types of financing are most appropriate for their needs, what lenders look for in potential borrowers, alternatives to traditional bank loans and tips on improving their chances for success. these are just a few examples of the activities that reflect the bank ’ s commitment to the region. let me turn now to the subject matter of today ’ s briefing : the economic outlook for the regional economy. there is a lot of good news to share. many parts of the region have bounced back quite well from the great recession, and now have more jobs than before the downturn. new york city really stands out in this regard. while the great recession was the deepest and longest recession in modern history for the nation as a whole, new york city bucked that trend to a surprising degree, and did it with little help from wall street. as we will discuss later in the briefing, one of new york city ’ s strongest sectors has been technology. in this recovery, employment in the city ’ s tech sector has added nearly 50, 000 jobs, many of which pay well. the growth of the so - called silicon alley has not only helped the city bounce back from the recession, but, i believe, is a key for the city moving forward. when i visited brooklyn late last year, i saw firsthand how technology is spurring economic activity, directly and indirectly. for example, etsy, the popular e - commerce website, which in many ways resembles a retail company, relies on technology to underpin its business model. but it ’ s not just new york city that is growing nicely. employment levels on long island and in parts of upstate new york — most notably the albany, buffalo and rochester metro areas — have also climbed and are at or near