Fed Live 1

President’s discussion

Live: Monday 21 June 14:30 (London), 09:30 (Eastern), 06:30 (Pacific)

Following a year of unparalleled disruption, loosening of monetary and fiscal policy has become the new normal and many long-term economic and societal changes remain uncertain. As vaccination programmes pick up pace amid talk of policy normalisation, OMFIF and the Federal Reserve Bank of Philadelphia are hosting a series of seminars to discuss the Federal Reserve’s priorities. Over five days, Fed Week will cover topics from the economics of artificial intelligence, a green recovery, central bank digital currency, financial stability, macroeconomic developments and how all of this is feeding into the decisions the Fed is making.

All participants will have the chance to participate in the interactive Q&A session, by submitting your questions via the Q&A function.

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Forthcoming meetings in the Fed Week series:

Day two 22 June: The economics of artificial intelligence and machine learning

Register here.

In session two of the series, the panel will cover:

• The increasingly important role artificial intelligence and machine learning are playing in everyday life and across different economic activities.
• Role in day-to-day operations and the real economy, financial services and economic stability
• Regulatory challenges and the factors regulators, policy-makers and economic actors must consider to adjust to a changing economy
• Macroeconomic developments and the transformation of financial systems
• The economics of artificial intelligence technology


Register here.

Day three 23 June: The impact of digital currency on the financial system

Register here.

In session three of the series, the panel will cover:

• The wider impact and potential benefits of distributed ledger technology on the financial system
• DLT design choices, the use of smart contracts or ‘programmable money’ to enable interoperability across blockchain networks within and across borders
• The ideal technological infrastructure to operate central bank digital currencies
• The initiative at the Federal Reserve Bank of Boston to determine design requirements for a US-based CBDC
• The extent that scalability, the balance between privacy and decentralisation, and interoperability are holding back adoption of DLT
• How DLT can interact with existing technologies or vendors
• Underlying policy and political preferences concerning privacy, data administration, market power, cybersecurity and the division of labour between the public and private sectors


Register here.

Day four 24 June: Rebuilding sustainably and equitably

Register here.

In session four of the series, the panel will cover:

• How three crises – health, economic and social – are converging into one difficult moment in American history
• What our current economic challenges are and what bold action could look like
• Managing the physical risk climate change poses to the US financial infrastructure and the role of policy and regulation
• Protecting the economically vulnerable communities that are least equipped to cope
• How longer-term shifts in temperature and other climate hazards are impacting productivity and performance across the economy and the role of US financial regulators in managing the risks
• How can we build a society that delivers on the promise of equal opportunity and inclusive success and the Federal Reserve’s ability to change this landscape
• Focusing on investments that leverage the talent of everyone and contribute to the economy’s long-term growth prospects
• ‘Opportunity infrastructure’ and the building blocks that help individuals maximise their potential



Register here.

Day five 25 June: Financial stability

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In session five of the series, the discussion will cover:

• The current state of the US economy
• Keeping the wheels turning through the rest of the Covid-19 crisis
• The threat of mounting business debt and bankruptcies
• Banks and capitalisation
• Measures to strengthen the recovery once the health crisis passes
• Volatility in asset prices
• Funding risks and leverage in the financial sector


Register here.

John Orchard, Chief Executive Officer, OMFIF

John Orchard is Chief Executive Officer of OMFIF, taking over on 1 January 2020. He chairs OMFIF’s executive committee and is a member of the OMFIF board. Up to November 2019 John was a member of Euromoney’s management board, having started with the London stock market-quoted global information business in 1994. John oversaw all aspects of Euromoney’s £65m turnover finance and banking division, comprising Euromoney, the publishing and events business, GlobalCapital, the primary capital markets news, data and events service, and IMN, the New York-based securitisation and real estate events business. He presided over events and publications to mark Euromoney’s 50th anniversary, including the organisation’s celebratory dinner on 10 July 2019 at the London Hilton with 500 senior bankers and their teams.

Patrick Harker
Patrick Harker, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia

Patrick Harker is president and chief executive officer of the Federal Reserve Bank of Philadelphia. Before taking office at the Philadelphia Fed, Harker was the 26th president of the University of Delaware. He was also a professor of business administration at the university’s Alfred Lerner college of business and economics and a professor of civil and environmental engineering at the college of engineering. Before joining the University of Delaware in 2007, Harker was dean and Reliance professor of management and private enterprise at the Wharton school of the University of Pennsylvania. Prior to being appointed dean in 2000, Harker was the Wharton school’s interim dean and deputy dean as well as the chair of its operations and information management department.

James Bullard
James Bullard, President and Chief Executive Officer, Federal Reserve Bank of St Louis

James Bullard is president and chief executive officer of the Federal Reserve Bank of St Louis. He is a participant on the Federal Reserve’s Federal Open Market Committee, which sets the direction of US monetary policy. He also oversees the Federal Reserve’s Eighth District. He serves on the board of directors of Concordance Academy of Leadership. Bullard is co-editor of the Journal of Economic Dynamics and Control, a member of the editorial advisory board of the National Institute Economic Review and a member of the Central Bank Research Association’s senior council. He is an honorary professor of economics at Washington University in St Louis, where he also sits on the advisory council of the economics department and the advisory board of the Center for Dynamic Economics.

Robert Kaplan
Robert Kaplan, President, Federal Reserve Bank of Dallas

Robert Kaplan is president and chief executive officer of the Federal Reserve Bank of Dallas. He represents the Eleventh Federal Reserve District on the Federal Open Market Committee. Kaplan was previously Martin Marshall professor of management practice and senior associate dean at Harvard Business School. Prior to joining Harvard in 2006, Kaplan was vice-chairman of Goldman Sachs. He became a partner in 1990 and served as co-chairman of the firm’s partnership committee. He was also a member of the management committee. Following his 23-year career at Goldman Sachs, Kaplan became a senior director of the firm.

Moderated by Mark Sobel, US Chairman, OMFIF

Mark Sobel is US chairman of OMFIF. Sobel is a veteran US Treasury official, who was at the forefront of international financial diplomacy for two decades. Mark, who represented the US on the International Monetary Fund executive board up to April 2018, has had a 40-year Treasury career with extensive around-the-world engagement. He works with OMFIF in dealings with private and public sector organisations, speak regularly on international and US policy, and provide OMFIF members with insight and analysis. Sobel was deputy assistant secretary for international monetary and financial policy at the Treasury between 2000-15. He helped lead Treasury preparations for G7 and G20 finance minister and central bank governor meetings, formulated US positions at the IMF, and coordinated Treasury and regulatory agencies’ work in the Financial Stability Board.

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