The Center for Financial Policy at the University of Maryland’s Robert H. Smith School of Business opened a discussion on the bleak U.S. economic outlook and jobs market with a speech from Federal Reserve Board Governor Sarah Bloom Raskin, Sept. 26, 2011 at the Ronald Reagan Building and International Trade Center in Washington, D.C. The event was part of the center’s distinguished speaker series and drew government and business leaders, along with students and members of media to explore the timely topic. It came just days after the Federal Reserve announced controversial plans to reconfigure its securities holdings to reduce long-term interest rates.
|(l to r) Lemma Sembet, William E. Mayer Chair Professor of Finance and director of the Center for Financial Policy; Federal Reserve Board Governor Sarah Bloom Raskin; and Hugh Courtney, vice dean of the Robert H. Smith School of Business, University of Maryland.|
Gov. Raskin discussed the impact of monetary policy on unemployment in the United States. She addressed the current condition of the economy and recapitulated the actions that the Fed has taken in the past three years to improve employment prospects for the nation’s job seekers, including the marginally employed, underemployed and discouraged. In her remarks, she took time to address factors that attenuate the effectiveness of monetary policy, including, the excess supply of housing and impaired credit to households and small businesses.
Eschewing the dichotomy of “hawks” or “doves” Raskin encouraged the role of the “owl” that is willing to consider deploying tools as broadly as possible to fulfill their legal mandates.
Raskin also answered questions about foreclosure law, and expectations for the implementation of Dodd-Frank in a Q&A session moderated by Dr. Lemma Sembet, William E. Mayer Chair Professor of Finance and director of the Center for Financial Policy.
About Sarah Bloom Raskin
Prior to her appointment to the Board in Oct. 4, 2010, Raskin served as Commissioner of Financial Regulation for the State of Maryland. Prior to serving as commissioner, she was managing director at the Promontory Financial Group. She also served as the Banking Counsel for the U.S. Senate Committee on Banking, Housing, and Urban Affairs. She received her B.A. in economics (magna cum laude) from Amherst College and her J.D. from Harvard Law School.
About The Center for Financial Policy, Robert H. Smith School of Business, University of Maryland
The Center for Financial Policy leverages the Smith School’s world renowned faculty to lead research in a collaborative exchange of ideas and solutions on critical policy issues between business, government, and academia, while working to enhance and broaden the exposure of the next generation of business and government leaders to leading academics and practitioners in financial policy. For more on the center, please visit the CFP website.
Stephen Huie, Smith MBA Candidate 2012, Smith Media Group
Related Media Results:
C-SPAN (Full Event Coverage): http://www.c-spanvideo.org/program/301758-1
Wall Street Journal: http://blogs.wsj.com/economics/2011/09/26/feds-raskin-defends-forceful-policy-moves/