Shelby McCarthy

Shelby McCarthy

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Shelby McCarthy Free Articles

Using Market Indicators to Understand Economic Growth

The Manager of the System Open Market Account reported on recent developments in foreign exchange markets. He indicated that the swap line drawing by the Bank of Mexico had been repaid in full on January 29, 1996. The Committee ratified that transaction by unanimous vote.

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Improving Social Conditions with New Access to Capital

One of the objectives of economic policy must be to bring the free market system to bear on the problems of poverty both here and abroad. This is in the self-interest of all Americans.

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Rewarding Innovation with Financial and Technical Assistance

The Presidential Awards will recognize outstanding and innovative programs that provide access to credit, technical assistance, and training to micro-entrepreneurs. Four categories of awards to micro-enterprise development organizations will highlight excellence in program innovation, access to credit, development of entrepreneurial skills, and poverty alleviation. A fifth category will reward private sector, foundation, and governmental support for these micro-development organizations.

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Reducing Poverty by Improving Access to Credit

The basis for any long-term solution to poverty rests in a community's ability to help those living in poverty raise their own incomes. Low-income Americans are capable and hard-working. What they lack is not initiative, but opportunity and access to credit. As one woman working to establish her small business in Colorado said to me, "Too many great ideas die in the parking lots of banks."

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What to Expect From Financial Innovation in the Future

Today we face rapid changes in financial services. Several key forces lie behind this transformation, including technological and financial innovation, consolidation, globalization, and customer demand. Each has important implications for the future. I'd like to share with you some thoughts about just one of these changes -- technological innovation -- because I think it will have such far-reaching effects.

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Understanding Credit Union Ideals and Their Implications

Few would dispute that service is crucial for any business enterprise, certainly including conventional, for-profit businesses. Over the past decade, we've seen companies around the country give new emphasis to customer service. They recognize that without satisfied customers, you can't stay in business -- people will take their money and go elsewhere.

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Have We Acted Like a Credit Union Today?

There's a striking example of this ideal in the World Council of Credit Unions' call for self-audit and renewal. It says: "Credit union management and staff should regularly ask the question, `How have we acted like (or unlike) a credit union today?'"

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New Asset Management and Corporate Finance Progress in Japan

The U.S. Treasury and the Japanese Ministry of Finance met in Tokyo today to review progress under the U.S.-Japan financial services agreement announced in Washington last January by President Clinton and then-Prime Minister Murayama.

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Ideas to Improve the National Savings Rate

Helping the economy and raising incomes requires increasing productivity, and the saving rate is central to that objective. The initiative we are announcing today has the potential of raising our national saving rate as well as reducing the cost of capital to the federal government.

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What New Foreign Tax Conventions Mean for US Business Owners

The Treasury Department today announced that President Clinton observed the signing of an income tax convention by U.S. Ambassador to Thailand William Itoh and Thai Foreign Minister Amnuay Viravan in Bangkok.

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Predicting Economic Outcomes and Growth Rates

Most members endorsed a proposal to adopt the relatively low ranges for growth of M2 and M3 that the Committee had set on a tentative basis in July. These members favored retention of the tentative ranges because they could be viewed as benchmarks for money growth that would be associated with price stability, assuming behavior of velocity in line with historical experience, and a reaffirmation of those ranges would underscore the Committee's commitment to a policy of achieving price stability over the longer term.

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What is Influencing Economic Growth and Federal Spending?

Negative factors cited by the members included ongoing concerns about job security that were being sustained by a continuing stream of workforce reduction announcements by major business concerns, increased consumer debt burdens that were showing up in rising delinquency rates on some types of loans, and the apparent satisfaction of much of the earlier pent-up demand for consumer durables.

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Can The Federal Reserve Help Promote Sustainable Growth?

At the conclusion of the meeting, the Federal Reserve Bank of New York was authorized and directed, until instructed otherwise by the Committee, to execute transactions in the System Account in accordance with the following domestic policy directive.

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