John C Williams: Opening remarks – “Racism and the Economy: Focus on Health” Remarks (via prerecorded video) by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at “Racism and the Economy: Focus on Health”,9 September 2021. * * * As prepared for delivery Good afternoon, and welcome everyone. I’m John Williams, president and CEO of the Federal Reserve Bank of New York. I’m here to kick off what is now the eighth installment of a landmark series on the topic of Racism and the Economy sponsored by the 12 Federal Reserve Banks. These events examine structural racism’s toll on the economy and identify potential actions that can improve economic outcomes for all segments of society. There is no facet of our society immune to racism, health included. So, this afternoon, we will be looking at key issues around race and the economy through the lens of health—a focus never more urgent and critical. Before we move on with the program, I’d like to share more broadly why this is so important for the Federal Reserve, what we’re learning, and what we’re doing. And with that, I must give the standard Fed disclaimer that the views I express are my own and do not necessarily reflect those of the Federal Open Market Committee or anyone else in the Federal Reserve System. Having poor health is a challenge on many levels. We’re keenly aware that health can be a huge driver of economic inequality.
For example, a team of New York Fed economists published a series earlier this year aimed at understanding the gap in COVID-19 intensity by race and by income.3 And last month, they shared their findings around racial differences in ICU stress during the third wave of COVID-19.4 1/2  BIS central bankers' speeches  There’s no single or simple solution that can fully address these problems. But, as a nation we can build a stronger foundation so that everyone can fulfill their economic potential, thus better enabling the Federal Reserve to fulfill its mandate. That’s why at the New York Fed—and across the Federal Reserve System—a key area of focus is to better understand economic drivers of health and wellbeing, and to champion promising solutions. We are able to do this in large part through our Community Development efforts to better understand the needs and issues of low- and moderate-income communities throughout our District. Our Community Development team recently adopted a new strategy to concentrate on three key areas: health, household income, and climate.5 Our aim is to connect people, programs, and proposals—especially those focused on fostering racial equity—with the funding needed to promote equitable growth and tackle economic inequality. We are already doing important work in this space and there is so much planned for the future.