March 19, 2012
Federal Reserve Bank of NY Endorses Accelerate LI & Seeks Partnership
By: Matthew Cohen, VP of Government Affairs & Commun
Federal Reserve Bank of New York Endorses Accelerate Long Island and Seeks Partnership
President & CEO William Dudley Joins LIA President & CEO Kevin Law in Addressing Top Long Island Business Leaders
On Monday, March 19, 2012, the Long Island Association held a Special Executive Breakfast Meeting featuring William Dudley, President & CEO of the Federal Reserve Bank of New York. Kevin Law, President & CEO of the Long Island Association hosted and moderated the event. This was Mr. Dudley's first speech to the Long Island business community.
Mr. Dudley announced his endorsement for Accelerate Long Island. Spearheaded by the Long Island Association, this initiative is a collaboration of the region's top institutions, including Brookhaven National Laboratory, Cold Spring Harbor Laboratory, Hofstra University, North Shore LIJ, and Stony Brook University that will focus on commercializing the research conducted at these institutions into commerce. Mr. Dudley expressed interest in exploring partnership opportunities between the Federal Reserve Bank and Accelerate Long Island.
Mr. Dudley also delivered a speech in which he addressed the national, New York State, and Long Island economies; the foreclosure crisis and housing market; inflation; and gas prices. He remarked that the pace of the economic recovery in New York is improving and that it has taken hold on Long Island, however, there is still a long way to go. While housing prices have not shown signs of bottoming out yet, Mr. Dudley stated that the long-term outlook for Long Island is positive. Mr. Dudley received questions from both Mr. Law and the audience regarding issues such as interest rates, national energy policy, the Federal Reserve's monetary policy, the unavailability of bank loans for residential real estate development, the municipal debt crisis, and the legacies of Federal Reserve Chairman Ben Bernanke and Treasury Secretary Tim Geithner.
Kevin Law, President & CEO of the Long Island Association said: "The LIA supports the efforts of the Federal Reserve Bank to promote policies and programs that will speed our economic recovery and strengthen the business community. We welcome Mr. Dudley's interest in Long Island and his willingness to help the LIA and Accelerate Long Island build an innovation economy on Long Island."