THE
THE ATLANTA FED IS ONE OF THE 12 BANKS THAT MAKE UP THE U.S.
CENTRAL BANK.
CENTRAL BANK. THEY MAKE SURE THAT THE ECONOMY
STAYS ON SOUND FOOTING.
LEAVING, LEADING THIS IS
RAPHAEL BOSTIC.
RAPHAEL BOSTIC. HE IS FIRMLY FOCUSED ON THE
MACRO DEVIL BUT HE IS ALSO INTO
TO THE LOCAL FRONT.
TODAY'S EXECUTIVE PROFILE.
>> I GREW UP IN A SMALL TOWN, A
SUBURBAN TOWN IN PHILADELPHIA.
I WAS GOOD IN MATH AND SCIENCE.
I TOOK AP CLASSES.
WHEN I GRADUATED I WANTED TO BE
A CHEMICAL ENGINEER.
SO, WHEN I WENT TO HARVARD THE
FIRST SEMESTER I WAS IN AN
ADVANCED CHEMISTRY CLASS AND I
REALIZED THERE WAS SOME RINGS
THAT MADE IT CLEAR THAT
PROBABLY WASN'T THE RIGHT PATH
FOR ME.
FOR ME.
FOR ME. THEN I STARTED TO LOOK AT OTHER
THINGS.
THINGS.
THINGS. I
THINGS. I FOUND PSYCHOLOGY AND THOUGHT
IT WAS INTERESTING.
THEN I TOOK AN ECON CLASS I
JUNIOR YEAR AND FOUND THAT THAT
WAS INTERESTING, TO.
I PUT THEM TOGETHER.
THAT PUT ME ON A PATH TO
ECONOMICS.
ECONOMICS. THIS IS WHERE I AM TODAY.
>> SO, WHAT DID YOU DO AFTER
THAT
THAT
THAT >>
THAT >> I
THAT >> I WORK FOR A COMPUTER
CONSULTING PHONE, FIRM.
I DID NOTHING IN ECONOMICS.
I WAS A WRITER.
I WROTE TRAINING MATERIALS FOR
EMERGENCY PROCEDURES.
EMERGENCY PROCEDURES. WE WERE CONSULTING THE DEFENSE
DEPARTMENT.
DEPARTMENT. AND FEMA.
AND FEMA.
AND FEMA. AT THE END I WOUND UP BEING A
COST TRACKER FOR ONE OF THEIR
CONTRACTING PROJECTS.
CONTRACTING PROJECTS. THEN I DECIDED TO DO SOMETHING
ELSE.
ELSE.
ELSE. I
ELSE. I GOT AN ADVANCED DEGREE AND
APPLIED TO STANFORD AND WENT
BACK.
BACK.
BACK. >>
BACK. >> THAT TOOK YOU INTO THE WORLD
OF QUASI-GOVERNMENT? YOU WENT
TO THE FEDERAL RESERVE SYSTEM?
>> I DID.
>> I DID.
>> I DID. GRADUATE SCHOOL WAS DIFFICULT.
I ALMOST DIDN'T FINISH.
I HAD SOME GOOD MENTORS THAT
HELPED ME TO BE SELF-DETERMINED
IT IN TERMS OF HOW I DID THE
PROGRAM.
PROGRAM.
PROGRAM. I DISCOVERED RESEARCH ON
DISCRIMINATION LENDING AND THAT
TURNED ME INTO QUESTIONS OF HOW
CAPITOL GETS INTO NEIGHBORHOODS
AND COMMUNITIES.
AND COMMUNITIES. AT THE TIME THAT IS WHAT THEY
WERE LOOKING FOR.
SOMEONE WHO WAS INTERESTED IN
THAT.
THAT.
THAT. A
THAT. A YOUNG PERSON.
I NEVER THOUGHT ABOUT THE FED
AS A PLACE TO WORK.
THE STUFF I STUMBLED ONTO AS A
GRADUATE STUDENT ALIGNED WITH
WHAT THEY WERE LOOKING FOR AND
THAT'S HOW I GOT THERE.
>> THE BANK OF ATLANTA HAS A
FASCINATING HISTORY IN THE
FEDERAL RESERVE.
FEDERAL RESERVE. ABLE DON'T REALIZE IN MANY WAYS
YOU HAVE BEEN ON THE FOREFRONT
OF A LOT OF KEY MOVEMENTS IN
THE AMERICAN BANKING SYSTEM.
WHAT DO YOU KNOW ABOUT THE
FEDERAL RESERVE BANK?
WHAT HAVE YOU LEARNED?
>> THERE ARE A COUPLE OF THINGS
THAT STAND OUT.
HOW WE COLLECT INFORMATION.
WE HAVE A NETWORK OF PEOPLE
WHOSE JOB IT IS TO DRIVE AROUND
AND MEET WITH CEOS AND TALK TO
THEM FOR SOME TIME AND GET A
SENSE OF THEIR FEELINGS IN
TERMS OF OPPORTUNITIES IN THE
ECONOMY AND ALSO RISKS AND
CHALLENGES.
CHALLENGES. WE USE THIS TO SUPPLEMENT THE
NATIONAL DATA THAT YOU GET ON
GDP AND UNEMPLOYMENT.
THIS IS HELPFUL BECAUSE ONE
THING THAT IS TRUE IS THAT A
LOT OF THE TRENDS IN THE
ECONOMY HAVEN'T BEFORE THEY
SHOW UP IN THE AGGREGATE DATA.
SO, YOU CAN GET ADVANCE LOSE OF
THESE THINGS HAPPENING AND YOU
CAN PROACTIVELY WORK TO ATOMIZE
ANY POTENTIAL DAMAGE OR
DOWNSIDE THAT COULD HAPPEN IN
THE ECONOMY.
THE ECONOMY. ONE THING PEOPLE DON'T KNOW IS
THAT WE RUN A RETAIL OFFICE.
WHEN YOU THINK ABOUT ANYONE A
TRANSACTION AT TARGET OR
WALMART IT IS A COMMITMENT TO
SAY, I'M AUTHORIZING THE BANK OF
TARGET OR WALMART TO TAKE MONEY
FROM MY BANK.
IF THE BANKS ARE NOT THE SAME
THERE NEEDS TO BE SOME
RECONCILING AND WE PROVIDE THIS
BACKBONE FOR IT TO HAPPEN.
THE ATLANTA FED IS PRESENT IN
EVERYONE'S LIFE EVERY DAY.
>> YOU ARE THE FIRST AFRICAN-
AMERICAN RESIDENT OF A FEDERAL
RESERVE BANK. HOW DOES THAT
WAIT ON YOU?,
WAIT ON YOU?
DOES THAT PUT MORE PRESSURE ON
YOU?
YOU?
YOU? >>
YOU? >> I
YOU? >> I TRY TO IGNORE IT.
I TRY TO IGNORE IT AS MUCH AS
POSSIBLE.
POSSIBLE.
POSSIBLE. IT WILL ALWAYS BE TRUE
REGARDLESS OF WHAT I DO.
MY APPROACH HAS BEEN TO JUST BE
THE PRESIDENT AND DO THAT WELL.
IF I DO THAT WELL THE REST OF
HISTORY WILL TAKE CARE OF
ITSELF.
ITSELF.
ITSELF. >> WHAT WILL BE THE KEY THINGS
FOR ATLANTA TO DO TO BECOME A
THOUGHT LEADER IN THE WORLD IN
AFFORDABLE HOUSING?
AFFORDABLE HOUSING? ONE THING IS TO THINK HARD
ABOUT WHETHER WE CAN GET
AFFORDABLE HOUSING IN EVERY
NEIGHBORHOOD.
NEIGHBORHOOD. AND TO MAKE SURE THAT THERE ARE
NOT PARTS OF ATLANTA AT THAT
DON'T WORK FOR ANYBODY OR
EVERYONE.
EVERYONE.
EVERYONE. SECOND, TO THINK HARD ABOUT HOW
YOU LEVERAGE THE TRANSIT SYSTEM.
MARTEL.
MARTEL.
MARTEL. TRYING TO BUILD DENSITY IN
STRATEGIC WAYS.
STRATEGIC WAYS. ONE THING IS, THE DEMAND IS
OUTSTRIPPING SUPPLY IN MANY
REGARDS.
REGARDS.
REGARDS. WE NEED TO MAKE SURE THAT WE
ARE DOING ALL WE CAN ON THE
SUPPLY SIDE TO MAKE THINGS
WORK.
WORK.
WORK. THINGS ARE MOVING AND CHANGING.
EVEN OF THE TIME I'VE BEEN HERE
IT HAS GOTTEN CONSIDERABLY MORE
EXPENSIVE.
EXPENSIVE. LOOKING AROUND MIDTOWN,, AT THE
HIGH END OF THE PRICE POINTS YOU
CAN SEE THE TENSION STARTING TO
RISE FOR MANY FAMILIES.
>> LAST WEEK THE ATLANTA
REVISED ITS FORECAST FROM