3-14-2013 meeting of the Rotary Club of Chickasha
Posted by Jerry Pittman
on Mar 20, 2013
Megan Williams, an economist with the Oklahoma City Branch of the Federal Reserve Bank of Kansas City, was guest speaker at the 3-14-2013 meeting of the Rotary Club of Chickasha.
The March 14, 2013 meeting of the Rotary Club of Chickasha opened with a prayer, pledge and song.
Guests included Pam Campbell.
Prayer concerns included Bill and Janice McVey.
President Cody read a thank you note from the Friends of the Library expressing gratitude for the club's contribution to the organizations Valentine Chocolate Celebrate. The event raised about $3,400 to buy a computer for the children's library. The event was a huge success and will be held again next year.
Rotarian of the Day was Frank Farmer, who introduced Megan Williams, an economist with the Oklahoma City Branch of the Federal Reserve Bank of Kansas City, as our guest speaker.
Megan provided members on overview of "The Fed" and talked about the U.S., Oklahoma and Grady County economies.
She said "The Fed" is compromised with three main entities: a board of governors appointed by the U.S. President; 12 Federal Reserve Banks; and the 19-member Federal Open Market Committee.
The Fed's primary responsibilities include being the lender of last resort by providing liquidity in times of crisis, setting monetary policy by promoting full employment and low inflation, bank regulation and financial services as the bank for banks and the federal government.
Megan said the OKC branch has a staff of 40 and does economic research, examinations and inspections of Oklahoma banks, provides economic and financial outreach to the public and does community development outreach to low and moderate income areas.
She discussed the following insights into the nation's economy:
-- U.S. employment continues to rise but unlike Oklahoma remains below the pre-recession levels.
-- High end-tax rates rose with the fiscal cliff deal but overall are similar to rates in the early 2000s.
-- Nearly everyone's after-tax 2013 income will be affected, but high incomes the most. The deal hits the Northeast and California much more than the rest of the Country.
-- Interest rates are expected to change little until 2015.
On the state and local economy:
-- Unemployment is below national levels in Grady County and nearly all of Oklahoma.
-- Energy employment is highly concentrated in Grady County but also construction, manufacturing and local government.
-- Budget cuts in Washington leaves Oklahoma more exposed than the rest of the nation.
-- Home construction in the state has increased, driven by high sales and lower inventories.
-- Problem loans are nearly back to normal in Oklahoma, unlike the nation.
Williams summarized here presentation by saying the U.S. economy remains moderate after the fiscal cliff deal, but long-term debt issues remain unresolved.
She said the state's economy activity remains stronger but has slowed due largely to energy and fiscal policy could have a negative impact.
The meeting adjourned after recitation of the Rotary 4-Way Test.
Guests included Pam Campbell.
Prayer concerns included Bill and Janice McVey.
President Cody read a thank you note from the Friends of the Library expressing gratitude for the club's contribution to the organizations Valentine Chocolate Celebrate. The event raised about $3,400 to buy a computer for the children's library. The event was a huge success and will be held again next year.
Rotarian of the Day was Frank Farmer, who introduced Megan Williams, an economist with the Oklahoma City Branch of the Federal Reserve Bank of Kansas City, as our guest speaker.
Megan provided members on overview of "The Fed" and talked about the U.S., Oklahoma and Grady County economies.
She said "The Fed" is compromised with three main entities: a board of governors appointed by the U.S. President; 12 Federal Reserve Banks; and the 19-member Federal Open Market Committee.
The Fed's primary responsibilities include being the lender of last resort by providing liquidity in times of crisis, setting monetary policy by promoting full employment and low inflation, bank regulation and financial services as the bank for banks and the federal government.
Megan said the OKC branch has a staff of 40 and does economic research, examinations and inspections of Oklahoma banks, provides economic and financial outreach to the public and does community development outreach to low and moderate income areas.
She discussed the following insights into the nation's economy:
-- U.S. employment continues to rise but unlike Oklahoma remains below the pre-recession levels.
-- High end-tax rates rose with the fiscal cliff deal but overall are similar to rates in the early 2000s.
-- Nearly everyone's after-tax 2013 income will be affected, but high incomes the most. The deal hits the Northeast and California much more than the rest of the Country.
-- Interest rates are expected to change little until 2015.
On the state and local economy:
-- Unemployment is below national levels in Grady County and nearly all of Oklahoma.
-- Energy employment is highly concentrated in Grady County but also construction, manufacturing and local government.
-- Budget cuts in Washington leaves Oklahoma more exposed than the rest of the nation.
-- Home construction in the state has increased, driven by high sales and lower inventories.
-- Problem loans are nearly back to normal in Oklahoma, unlike the nation.
Williams summarized here presentation by saying the U.S. economy remains moderate after the fiscal cliff deal, but long-term debt issues remain unresolved.
She said the state's economy activity remains stronger but has slowed due largely to energy and fiscal policy could have a negative impact.
The meeting adjourned after recitation of the Rotary 4-Way Test.