IN JULY, THE Law School hosted a town hall with special guest John C. Williams, the newly appointed president and CEO of the Federal Reserve Bank of New York. The event was part of the New York Fed’s ongoing effort to meet with key stakeholders in Brooklyn and assess economic conditions in the Federal Reserve’s Second District. Williams discussed a wide range of topics, including the role of cryptocurrency in the modern economy and how to stave off the next financial crisis.
Interim Dean Maryellen Fullerton, who moderated the Q&A-style discussion, began by asking Williams about immigration, noting that 40 percent of Brooklyn’s population is foreign-born, and 50 percent of the borough’s entrepreneurs are immigrants.
“Be it here, in D.C., in the Bay area, or elsewhere, immigration is a key part of our economic success,” said Williams, who previously headed the Fed in San Francisco. He also credited New York City’s “leading educational institutions” for contributing to the area’s economic growth, as “scholars around the world come here for education and innovative culture.”
Williams advocated for continued investment in education and a long-term view of economic development. “Bringing together the best thinking and leveraging resources is what helps communities be as strong and vibrant as possible,” he said.