John C Williams: A time for bold action Remarks (delivered via videoconference) by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Economic Club of New York, New York City, 16 April 2020. * * * As prepared for delivery  Introduction Thank you for the kind introduction. Hello, from my apartment in Manhattan. It’s a pleasure to be able to join you today, even under these extraordinary circumstances. I hope that wherever you are watching, you and your loved ones are safe and well. The outbreak of the coronavirus and the global pandemic have created an unprecedented situation. Today, I want to talk about what that means for the economy and financial markets, and how the Federal Reserve Bank of New York, and the Federal Reserve System as a whole, are responding to the challenges before us. My colleagues and I are dedicated to doing everything within our power to support the functioning of financial markets and help put the economy on a strong footing once this crisis is behind us. Before I continue, let me give the Fed disclaimer that the views I express are mine alone and do not necessarily reflect those of the Federal Open Market Committee or anyone else in the Federal Reserve System. The coronavirus pandemic has created circumstances we have never experienced before in our lifetimes. There’s hardly a community in the world that remains unaffected.
This may require you to take the higher ground, to set aside the temptation to promote such risky investment or insurance products that can earn you high commissions. While this may dampen your earnings prospects in the short term, you stand to gain the trust, confidence and loyalty of your clients over the long term. I have faith that all of you – who have taken the time to participate in this conference – will rise to this challenge and contribute to the building of a financial intermediation industry that is both profitable and ethical. I began with Shakespeare, now let me end with Confucius, the ancient Chinese philosopher. He once said: “I used to take on trust a man’s deeds, after having listened to his words. Now, having listened to a man’s words, I go on to observe his deeds”. To put this in context, it is not enough for financial institutions and practitioners to publish client charters that claim the customer is king and that their interests will always be prioritised. Given the pace and pervasiveness of social media platforms, if your actions do not match your words, you will soon be called out very publicly by your own dissatisfied customers. On the other hand, if you successfully build a reputation of high professionalism and integrity, this will ensure the longevity and growth of your business and consumer base. 1  The FEN is an inter-agency platform comprising of institutions and agencies committed to improving the financial literacy of Malaysians.