Critical Conversations with Scott T. Hamilton featuring Tom Barkin, President and Chief Executive Officer of the Federal Reserve Bank of Richmond | Eastern North Carolina Now

News Release:

    Recently, Golden LEAF President, Chief Executive Officer Scott T. Hamilton sat down with Tom Barkin, President and Chief Executive Officer of the Federal Reserve Bank of Richmond, via Zoom and filmed the ninth episode in a video series called Critical Conversations. In this series, Scott talks with professionals about economic development issues affecting the state.

    Barkin provided his perspective on the economy of 2021 and his thoughts on the economic outlook of 2022.

    As part of the nation's central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Federal Reserve's Board of Governors in Washington, D.C., to support a healthy economy. The Richmond Fed is based in Richmond, Virginia, with branch offices in Baltimore, Maryland, and Charlotte, North Carolina. The Richmond Fed fosters economic stability and strength by promoting stable prices, employment, and moderate interest rates. The Richmond Fed connects with the District's communities and business leaders to better understand local economic conditions across the District.

    Barkin became the president and chief executive officer of the Richmond Fed in 2018. Barkin explained that the Federal Reserve oversees the 175 banks in the region he serves, oversees monetary policy and interest rates, and oversees bank payments.

    Barkin visits small towns and large cities to understand the different economies and how to help them thrive within the national economy. The Federal Reserve has worked with community colleges and broadband issues as a part of the solutions to economic challenges.

    While looking back at 2020 and 2021, Barkin stated that the pandemic has had the fastest economic recovery in history. He also stated that while the demand is there, the economy has not normalized because there aren't enough workers or materials to keep the supply chain moving. He does not see another mass shutdown occurring over the pandemic, but he is seeing shutdowns due to the inability to acquire needed parts for manufacturing plants.

    Barkin hypothesizes that the labor shortage will take longer to recover. While the worker shortages were a problem before the pandemic, Barkin said the economy is still down about 4 million workers. He said a solution to this issue could be industry committing to hiring skilled workers after they go through training programs. He also indicated that marketing industry opportunities as long-term, quality careers will help the next generation of workers choose jobs that require skilled labor. He also indicated that removing barriers to training such as providing community colleges with needed equipment and hiring more instructors to train students will help put more students to work.

    Barkin addressed the "great resignation." Barkin said 35%-40% of those leaving the workforce are older workers who are at retirement age. He also said working class parents with small children are dealing with unstable school or childcare situations. Barkin also said a smaller portion of the changes in the workforce include changes from one industry to another.

    Barkin mentioned Golden LEAF funds programs that support workforce shortage solutions such as providing training for the growing pharmaceutical industry. The Eastern Region Pharma Center at East Carolina University is a public-private partnership, supported by Golden LEAF, that enables students entering various careers in pharmaceutical manufacturing to earn four-year degrees from ECU without leaving their home communities and provides professional development for existing workers. The state's pharmaceutical companies can also use the lab equipment to develop and test new manufacturing processes. This unique program is working with surrounding community colleges and industry partners in the bio-pharma crescent of Edgecombe, Johnston, Nash, Pitt, and Wilson counties to provide training and degrees for more than 400 positions in the pharmaceutical manufacturing industry.

    Critical Conversations is a feature in the Golden LEAF newsletter every month. The next edition will be in our February 10th edition of LEAF Lines.
Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Golden LEAF launches Flood Mitigation Program, hosts informational webinar February 1st News and Information, The Region Golden LEAF Scholarship Alumni Spotlight: Ryquaisa Humphrey


HbAD0

Latest The Region

Recently, Golden LEAF President, Chief Executive Officer Scott T. Hamilton sat down with Don Flow, Immediate Past Chair of the Golden LEAF Foundation Board of Directors via Zoom and filmed an episode of Critical Conversations.
At the December Board meeting, the Golden LEAF Board of Directors awarded $5,540,432 in funding for 50 projects through the Food Distribution Assistance Program.
At the December Board meeting, the Golden LEAF Board of Directors awarded $650,000 to support two projects through the Open Grants Program and $3,080,000 to support five projects through the SITE Program.
Members of the North Carolina Rural Health Association (NCRHA) visited Washington, D.C., on Feb. 14, 2024, to meet with elected officials and advocate for policies to improve access to care in rural areas.
Today, the Golden LEAF Board of Directors awarded $650,000 to support two projects through the Open Grants Program and $3,080,000 to support five projects through the SITE Program.
WASHINGTON, N.C. –– The Cherry Run Solid Waste Collection Site, located at 2860 Cherry Run Road, Washington, NC 27889, will temporarily close for repairs on Monday, Nov. 20
The state Supreme Court has agreed to take up a case involving a property-rights dispute over a sewer line in Apex. The town requested a review from the high court in June 2021.
Beaufort County Department of Social Services is making final preparations for the launch of North Carolina’s Medicaid Expansion on Friday, Dec. 1, 2023.

HbAD1

Triangle Business Journal (TBJ) has named State Employees’ Credit Union (SECU) Foundation a recipient of its 2023 Corporate Philanthropy Award.
Guilford County is considering an additional 1% Prepared Food and Beverage Tax, with the support of Greensboro Mayor Nancy Vaughan.
Recently, Golden LEAF President, Chief Executive Officer Scott T. Hamilton sat down with Dr. Garey Fox, Dean of the College of Agriculture and Life Sciences at NC State University via Zoom and filmed an episode of Critical Conversations.
There were numerous local professional and educational opportunities showcased on Wednesday at the Beaufort County Job and Resource Fair.
The Chocowinity Solid Waste Collection Site, located at 164 Gray Road, Chocowinity, N.C. 27817, will temporarily close for repairs on Monday, Oct. 30. The site will remain closed for approximately four weeks.
The US Supreme Court will not take the case of Virginia-based owners of a Dare County beach home who challenged the county's COVID-related shutdown in 2020.
The North Carolina State Fair is set for the Raleigh state fairgrounds from October 12-22, 2023
Discover the real cost of living in North Carolina for renters. Explore housing expenses, utilities, and budgeting tips.
The Beaufort County Department of Social Services Board is pleased to announce that Deputy Director Lori Leggett has been chosen as the next Beaufort County DSS Director effective Jan. 1, 2024.

HbAD2

 
Back to Top