NEW YORK—Today, Federal Reserve Bank of New York president William C. Dudley began a two-day visit to several locations in New Jersey, including Newark, Jersey City, Lyndhurst, Paterson and East Hanover. The visit is part of the New York Fed's efforts to gather useful insights on the regional economy and strengthen ties more broadly with the Second Federal Reserve District. Ted Smith, executive vice president and head of the New York Fed’s audit group, is likely to attend.
While in New Jersey, President Dudley and Mr. Smith are expected to meet with local community and business leaders to learn about the most pressing issues facing the local economy. President Dudley is scheduled to deliver remarks on U.S. and regional economic conditions before the Newark Regional Partnership and the Meadowlands Chamber of Commerce.
President Dudley and Mr. Smith are also expected to tour communities that were heavily affected by foreclosures and visit Newark Now, a non-profit organization that works with low and moderate income families to help them access the resources needed for self-sufficiency. Separately, they will attend a waterfront development presentation and make a site visit in Jersey City to observe the area’s revitalization firsthand.
Additionally, President Dudley and Mr. Smith will tour Accurate Box, a Paterson-based third generation family-owned firm and one of the largest independent box manufacturers of litho-laminated packaging in the United States. They will also participate in roundtable discussions with representatives from New Jersey community banks and credit unions as well as have an informal dialogue with pharmaceutical industry employees.
The New York Fed's regional mission is to promote sustained economic vitality by leveraging the Bank's strengths to benefit the citizens of the District. President Dudley's trip to New Jersey furthers the New York Fed's active role in maintaining connections with the people and key communities in the District that help to inform Bank policy decisions and ultimately build support for sound monetary and regulatory policy.About the Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of 12 regional Reserve Banks, which together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve is an independent governmental entity created by Congress in 1913 to serve as the central bank of the United States. The New York Fed oversees the Second Federal Reserve District, which includes New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands.