Regional President Speech

NEW ENGLAND GOVERNORS CONFERENCE -- REMARKS LAST WEEK THE BOSTON FED HELD A PRESS CONFERENCE -- SOMETHING I KNOW EACH OF YOU HAS SOME EXPERIENCE WITH -- TO ANNOUNCE THAT I HAD BEEN APPOINTED PRESIDENT. DURING THE QUESTION AND ANSWER SESSION, A REPORTER ASKED ME WHAT IMPACT WOULD~, IN MY NEW JOB, HAVE ON THE LIVES OF THE PEOPLE OF NEW ENGLAND? THAT QUESTION HAS STUCK IN MY MIND, AND REALLY PROVIDES A PERSPECTIVE ON WHAT MY NEW JOB IS ALL ABOUT. u~ ~ -(Lv ~-'\.!.--Uhw 6 ~Q /~i t1, fu --1-/.L J /~JJ ,_,.,J J: t r, )./ J , ~;J bJ. J4,U,L ~Ur ~V1>1 q,f r11 ~: .. , 1 ~, 1 TO BANK/4EGULATION, IN THE RECENT PAST ALi OF US HAVE~ ~;._cl ✓ HAD FRONT ROW SEATS TO SOME OF T~E MOST TURBULENT TIMES THE NEW 0... {f_t ENGLAND BANKING INDUSTRY HAS EVER SEEN. THE FAILURE OF A LARGE ~ NUMBER OF INSTITUTIONS, THs/MERGERS AND ACQUISITIONS THAT HAVE /\'tr'b v·t.l j_uti,._, RESHAPED THE INDUSTRY, D THE .MANY CONSUMER ISSUES THAT HAVE ARISE~D CONTINUE T f18-. / :: v :s W ":8 I ~ T H h I . N t ..¢ 1 THE BANKING INDUSTRY ARE ALL '.,,J--.-/{J..b.1.-1 C t,{_tU ~ITUA'fi'-SNS IN WHIC THE FE~S HEAVILY INVOLVED. FORTUNATELY, )\ ~ 1 I ~ 1 TODAY WE ARE ING AT A~B ·KING INDUSTRY THAT HAS RETURNED,,.,m_,,1 GOOD HEALTH.,_ '-ffiJRE g:JH:A:T YOU ARE &EE:ENG-TF~-13ENEF7"TSfbi ,~.,, YDOR s·rn'P-BS. · . Ao)\~ v) t..~ 1 ~ 'c , P-Y ~~ l t H , , (' fHE THE THIRD LEG OF THE STOOL IS PAYMENTS SYSTEM -- THE BACKBONE OF THE FINANCIAL SYSTEM THAT .ii-:rtruil'SPORTS' FUNDS F1.-'.)M BANK TO BANK AND FROM ACCOUNT TO ACCOUNT. I KNOW THAT GOVERNOR SUNDLUN HAD SOME FIRSTHAND EXPERIENCE WITH THE INTRICACIES OF THE PAYMENTS SYSTEM DURING THE RISDIC CRISIS. WITH THE CLOSING OF RHODE J ISLAND CREDIT UNIONS, TENS OF THOUS~gr, qu~T~~~~ ~ACED(I I' ti.{~ 1 POTENTIAL DELAYS IN RECEIVING THEIR '"DIR~CT DEPOS!Y PA¥rJENT~TO ~M'ff3, AS WELL AS POSSIBLE SHORTAGES OF CASH. BUT WITH THE GOVERNO~S HELP, THE FED WAS ABLE TO IMPLEMENT SOME EMERGENCY PROCEDURES THAT KEPT THE SYSTEM FROM BREAKING DOWN. CRISIS SITUATIONS ASIDE, CITIZENS HAVE A RIGHT TO EXPECT THAT THEIR BANKING SYSTEM IS DEPENDABLE, AND THAT THE FUNDS THEY DEPOSIT INTO THEIR ACCOUNTS WILL ACTUALLY BE THERE WHEN IHE CHECKS THEY WRITE ARE CLEARED. THE PAYMENTS SYSTEM IS THE AREA WHERE I HAVE SPENT THE BULK OF MY CAREER IN THE FEDERAL RES~E SYSTEM~~ FQ,R TM~T I HAVE A STRONG APPRECIATION~ ITS IMPORTANCEo..,,___j A1(1~ ~ 80-:w {~ y :, .eA (. li1 I ~ I Ii,; JJ..£ Jc:. j u.)JJ.. iL; ,1 J Vl:1 IN l\:DD±~EAGH-GE--~HREE RQLES..,_IllEJ'.E.D-l£ E.~ Y ~ ,, CONeER'l'(tED-ABOB THE OVERALL ECONOMY IN NEW ENGLAND. OUR MANDATE I£-"fvPROM0':P-El-SUSTAINABLE- ECONOMIC G'R!OAWTHJ, - A. NB-WE -PtrR~~MJIT IN (! . S n EV 4 E RA , L s W ~ AYS· I : , , , I~ i I , .._ 1 1 m rjJ .-/k.,l:. lt- b 4 , 'f-J- "µ' I ~ A.,,1 c -p 1 . 7 /J.. ' t e,I .i;i , u - ' < '- t (ff {JJA.), aJo;,:f, f)Af, vf cio ~ ~a,, }, d--l L I ~~ oJ ~~ uu: vlf'(L 1A-~ld ~e,t~e -~ tU 1 1 :4..J)/UftiduJ J.- /;UJ-,A_ , ~I ~ /V~l."'~ ~~ ~/ ~~ ,10-1~~ - ~ ' 4 iU 0,,utt !tj W/_,'/4,,ul ~ cud ~ ~'4,' / ~ --c/~ __ _,__,,, otra RESE~91 c6if6" A'NTLY MoNIT6Irn AND · CONDJJGTS J..NA?SIS OF THE REGIONAL ECC:--rc.t.1Y, ' ~ 1 ~L,,~ I~ --~ARE JCTIVEkY ENGAGED IN PROMOTINAG NECODNO'MIC i0 J~~/Vr. / DEVELOPMENT BY· PRAONVDI DING ANALYSIS '£_u ~NVENINo/·PUBo/C PRIVATE PARTICIPANTS IN il . DEVELQ MENT PROCESS ,T~·T~L «cec-; THE BANK HAS A LO~~STORY OF C~R~TE C ZENSHIP AND INVOLVEMENT IN COMMUNITY I--~e,J;I,BfRB--±f;,.....Q~~;,J,N(;....'.J~:;i;:. IT 1--8-!;P-HA::!f'--::f---,lfeB±:rG--hl:-:Iffi"--vErRY7Jll:JCE~,-,101t~H!:f;~~~M--:l:'HE:]rjRE ~CONDMI-G DEVELOPMENT. 'fME NEW ENGLAND S'BATES IIliVE UN3:et)'-:E OPRQRTllNJ-:!F-rES, BO'l'H INDIVIDUALLY AND COLLECTI\/ELY. <n':' ~ 0 wU;1 --\-t> ()_ IN THE MeN'PHS.~, I AM PLANNING TO VISIT EACH OF THE NE (g~,,;.,__ ~ 4, ENGLAND STATES TO_y!ON'Yi3Nll l'!USINES'S"" LEADERS TO DfrCUl'lS HE t C0tffi'T'I'"roNS-THE FA'CE~'F-WOULD BE A TREMENDerrrs 1tE:CP -i- WE-GOULD ~ lj,C}R-K-wI'41H-¥0tJ-A:N; YOliR 1IDMINISTRATIONS IN PULLliJG 'f'0GE'PHER-'THESE /~' ~l ~{)...,,~ A• /4\ A,,/ U ~...l+J.G~ · ( ~ f_ v1vnJ; \' -.':·V -,:, --- .:,,,', rt -.J 1 .ti\ .)....tJ_.M • v~, () O, \ ts,,\_~ /J/_) J _. 1 A /;,: $- ' - t4.,~r 4-'t 111~ ~f;;r~1 uj -'f I W ,«c ¥1 d.u df/&ud 11 1 /c, le - w 1 1 1 / ) 1 t I t 1 # Y. iL& fut cU, d.t (M. AU"l,.,-1'---'?f ~ 4_;( t»--1 • t,1/..,-1 (J__ ( a l ,4~ ol./vrft a/1,). 1vf ttf 4 H d ~ fdwµ_~~~ lo tt . Jtf.kL +o ~1 ~ - {ti ~ 1W A./1--- r~,.,,,,,.._,. fu % wU µLUjo} ~ ~ 12151>1~ ~ tu · ~ £L 4U;) ~ ~ ~·-Alu.,.

Cathy E. Minehan (1994, June 30). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19940701_cathy_e_minehan

@misc{wtfs_regional_speeche_19940701_cathy_e_minehan,
  author = {Cathy E. Minehan},
  title = {Regional President Speech},
  year = {1994},
  month = {Jun},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19940701_cathy_e_minehan},
  note = {Retrieved via When the Fed Speaks corpus}
}