Beruflich Dokumente
Kultur Dokumente
PRESENTED BY
GUEST SPEAKERS
DALEEP SINGH
KEVIN LAW
Executive Vice President,
President & CEO Head of Markets Group
The Long Island Association
Federal Reserve Bank of New York
KEVIN LAW
President & CEO of the Long Island Association
FEDERAL GOVERNMENT UPDATE
ECONOMIC RECOVERY
On Sunday, Governor Andrew Cuomo joined with
governors from New Jersey, Connecticut, Pennsylvania,
Delaware, Rhode Island and Massachusetts to announce
their appointees to the multi-state council to restore the
economy and get people back to work.
NEW YORK STATE UPDATE
ECONOMIC RECOVERY
At his briefing on Monday, Governor Cuomo
discussed creating a Reimagine NY Task Force
that will primarily focus on downstate New York
and be led by local leaders.
NEW YORK STATE UPDATE
ECONOMIC RECOVERY
Governor Cuomo announced the state will take a
regional approach to reopening and will make
decisions on which counties and regions to open
and when to open them based on the facts and
data specific to that area.
NEW YORK STATE UPDATE
ESSENTIAL BUSINESSES
The New York State Department of Labor
announced the launch of a new application for
New Yorkers to apply for traditional
Unemployment Insurance or the new COVID-19
Pandemic Unemployment Assistance.
NEW YORK STATE UPDATE
ESSENTIAL BUSINESSES
This will streamline the process for
unemployment benefits and provide one form
to fill out to get benefits and not require calling
the Department of Labor.
NEW YORK STATE UPDATE
ESSENTIAL BUSINESSES
The Empire State Development Essential
Business Guidance has been updated with
changes to golf courses and marinas.
NEW YORK STATE UPDATE
ESSENTIAL BUSINESSES
Golf courses are still considered non-essential
but can now be played under strict COVID-19
and social distancing rules.
NEW YORK STATE UPDATE
ESSENTIAL BUSINESSES
Use of marinas, boatyards, and recreational
marine manufacturers is permissible where
such facilities adhere to social distancing rules
and sanitization protocols.
NEW YORK STATE UPDATE
ESSENTIAL BUSINESSES
Use of such sites for the purposes of
personal use or operation of boats or other
watercraft is permissible.
NEW YORK STATE UPDATE
ESSENTIAL BUSINESSES
FOR MORE DETAILS, SEE
https://esd.ny.gov/guidance-executive-order-2026
THE FEDERAL RESERVE’S
RESPONSE TO COVID-19
WITH
DALEEP SINGH
Executive Vice President, Head of Markets Group
Federal Reserve Bank of New York
The views expressed here are those of the presenter and do not necessarily represent
those of the Federal Reserve Bank of New York or the Federal Reserve System.
WHY DID THE FED NEED
TO RESPOND?
PANDEMIC Extreme
Uncertainty
Market
Volatility
OUTBREAK
Credit System-Wide
Crunch Deleveraging
Market
Dysfunction
WHAT HAS THE FED DONE
IN RESPONSE?
FOMC RATE POLICY
Lowered target rate by 50 bps to 1.0% – 1.25% on March 3
*Facilities implemented by the New York Fed (in some cases, alongside other Federal Reserve Banks)
GUIDING PRINCIPLES
TRANSPARENCY
Disclosure of vendor selection criteria and
competitive bidding (post exigency)
Posting of fees paid and key terms
Clear guidelines on eligibility of borrowers and collateral
Reporting on facility usage (participants, size, price)
GUIDING PRINCIPLES
GOVERNANCE
Proactive management on conflicts of interest
Refined personal investment guidelines
Clear rules on gathering of market intelligence
and information handling
Balancing loss protection with financial stability goals
GUIDING PRINCIPLES
ACCOUNTABILITY
Responsible for process and outcomes
RESOURCES
FEDERAL RESERVE BOARD
Webpage on COVID-19 Related Actions
https://www.federalreserve.gov/covid-19.htm
Feedback Form
https://www.federalreserve.gov/apps/contactus/feedback.aspx
WHERE CAN I LEARN MORE?
RESOURCES
NEW YORK FED
New York Fed Actions Related to COVID-19
https://www.newyorkfed.org/markets/new-york-
fed-actions-related-to-covid-19
Community Resources on the Coronavirus
https://www.newyorkfed.org/outreach-and-
education/coronavirus-resource-center