SPEECH  This Is the Way May 09, 2023 John C. Williams, President and Chief Executive Officer Remarks at the Economic Club of New York, New York City As prepared for delivery  Thank you for that kind introduction. As chair of the Economic Club of New York, I often have the honor of introducing speakers to our forums. It's a special privilege for me to speak to the Club today. I'm also pleased to be here during my favorite month of the year. The weather is warmer… Baseball season is well underway… And it's the month when people around the world celebrate "Star Wars," one of the all-time great franchises. I am often asked whether I am fan of "Star Trek" or "Star Wars," and my definitive answer is, "yes." Now, I promise I won't spend my time talking about the weather or baseball. What I do want to talk about is inflation. Inflation remains too high, and high inflation is hardest on those who can least afford to pay higher prices for food, shelter, and transportation. The Federal Reserve is committed to bringing inflation down. As the Mandalorian would say, "Price stability. "This is the way." Before I continue, I need to give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System.
The rapid changes that are taking place in our environment thus demands new skills and ability to manage new challenges and capitalise on the new opportunities. Indeed, the role of leadership has changed. Leaders not only must able to see the new emerging opportunities, but also to be able to deal with the high level of unpredictability. The industry leaders need to  BIS Review 37/2008  3  be visionary and comprehend future trends, chart strategic directions and adapt to change. Effective leaders in this era, will be those who are continuous learners, who are on the cutting edge of excellence, and who have the humility to recognise the need to reinvent themselves and inspire their organization to adapt to the new environment. The investment in human capital development is thus important for future survival. Human capital development has become of strategic importance and is integral to the success of an organisation. This needs to occur at all levels of the organisation. Senior executives need to take the lead and devote a considerable amount of their time to this initiative. Human resource development functions is integral to the talent management process and in supporting the human capital management strategy. Let me conclude my remarks. The inclusion of women into mainstream economic activity is no longer an option, but a prerequisite for sustained economic development. The strive therefore has to be to provide the enabling environment and to set the standards so that the new multi-polar world will be a more inclusive one.