William C Dudley: Housing and the economic recovery Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey, 6 January 2012. *  *  *  Housing and the economic recovery It is a pleasure to join you today for the annual meeting of the New Jersey Bankers Association. In a recent speech1 I talked about a number of the challenges facing the economy as we seek to secure the recovery and build for the future. Today I will focus on one of these: the problems in the U.S. housing market. In focusing today on housing, I would emphasize that this is only one factor behind the frustratingly slow economic recovery. Nevertheless, it is an important one that deserves our attention. As always, what I have to say today reflects my own views and not necessarily those of the Federal Open Market Committee (FOMC) or the Federal Reserve System. The New York Fed is deeply committed to contributing to efforts to resolve the housing crisis that still afflicts our nation. Our economists monitor the housing market and analyze its impact on the national economy. My outreach staff work with community groups and housing practitioners to support local programs that aid distressed homeowners.
And I am convinced that today’s conference will play an important role in sharing developments in the frontier economies – the next wave of emerging economies which will contribute to the regional and global growth and prosperity. 17. Last but not least, I would like to express my sincere gratitude to our cohosts, the International Monetary Fund (IMF) and the Japan International Cooperation Agency (JICA), who make the conference possible. I wish you all a successful conference and look forward to your discussions. 18. Thank you. BIS central bankers’ speeches  3