Meeks Congratulates John Williams on Appointment as New York Fed President & Vows to Work with Williams on Creating a More Inclusive Economy

Meeks Congratulates John Williams on Appointment as New York Fed President & Vows to Work with Williams on Creating a More Inclusive Economy

Washington, DC – Congressman Gregory W. Meeks, a senior member of the House Committee on Financial Services, released the following statement on the announcement that John Williams will serve as the president of the Federal Reserve Bank of New York:

"I congratulate John Williams on his selection to be the next president of the New York Fed. Williams has dedicated his life to public service. His commitment to our country's economic prosperity is both noteworthy and will serve Americans well in his new role.

"As the head of the Second Federal Reserve District, which encompasses my district and the great State of New York, Williams will face challenges as our economy continues to evolve at rapid pace, but I believe he is well-equipped to tackle them.

"By 2044, it's predicted that America's population will be majority-minority. Underrepresented communities – including racial minorities and women – have been shut out of the highest levels of the private and public sectors. In that vein, the Federal Reserve System can do a much better job at diversifying its workforce, including its leadership, and leading its regulated entities by example when it comes to breaking down barriers in the c-suites and boardrooms. Without meaningful change our nation would miss out on tremendous talent that could drive economic growth. Thus, I look forward to working with Williams on employment policies that will create a more inclusive economy.

"I also anticipate working with Williams to modernize financial regulation, encouraging responsible innovation and expanding access to affordable financial services. I was encouraged by a February New York Fed study that demonstrated that technology based lenders (or "FinTech" companies) have improved efficiency in the mortgage lending space without increasing risk. The New York Fed should continue its research on FinTech to provide policymakers with a better understanding of the budding sector's potential benefits and risks.

"Furthermore, I will continue exploring what the future of work and public education should look like as technological advances and automation transform American industries. Whether America harnesses its immense potential in emerging technologies and its diverse workforce will determine if this country remains an economic engine."