ST. THOMAS — Representatives of the Federal Reserve Bank of New York, including its president, William C. Dudley and members of his staff and board of directors, met with USVI nonprofit leaders at the St. Thomas office of the Community Foundation of the Virgin Islands (CFVI) to discuss current economic conditions within the territory.
“The New York Fed has been closely monitoring developments in the U.S. Virgin Islands since the hurricanes and today’s meeting convened by the Community Foundation of the Virgin Islands provided critical insight into current economic conditions. We will continue to look for ways to be helpful as the islands recover and rebuild,” Mr. Dudley said.
In opening remarks at the meeting, CFVI President Dee Baecher-Brown expressed the foundation’s appreciation to Mr. Dudley and his team for the visit, and for their commitment to working with the territory as is rebuilds from the two devastating 2017 storms, Hurricanes Irma and Maria.
“We have come so far from the devastation of September 2017, and have so far to go. I know I speak for all my community partners when I say thank you for being here for us in the long and difficult recovery process ahead,” Baecher-Brown said.
The meeting with the nonprofit leaders was followed by an island tour of St. Thomas to locations such as the the Roy Lester Schneider Medical Center and the Tutu High Rise area, which was destroyed by Hurricane Irma.
Organizations represented at the meeting included the St. John Community Foundation, St. Croix Foundation for Community Development, Lutheran Social Services of the Virgin Islands, Catholic Charities of the Virgin Islands, University of the Virgin Islands, My Brother’s Workshop, Women’s Coalition of St. Croix, Family Resource Center, and CFVI.
Community leaders provided insight on gaps in services in the Virgin Islands and shared their thoughts on the increased challenges in the territory since the storms. Information that was gathered from this meeting will enable the New York Fed team to better identify ways they can support the USVI, which is under jurisdiction of the Second District of the Federal Reserve.
Mr. Dudley will tour the Caño Martin Peña neighborhood to learn firsthand about recovery efforts underway. He will then give a presentation with New York Fed economists at an event hosted by the Puerto Rico Chamber of Commerce. The presentation will focus on unfolding economic situation in Puerto Rico and they will take questions from the audience afterwards. After this, President Dudley will discuss the Island’s housing crisis with foreclosure prevention and legal service providers. The trip will conclude with a lunch discussion with the members of the Puerto Rico Bankers Association focused on developments in the banking sector.