Tuesday, May 16, 2023
Qiana Charles & Chi Elder, Federal Reserve Bank of San Francisco (District 12)
Meeting In-Person and via ZOOM
Present: Deborah Barmack, Carole Beswick, Bill Blankenship, Greg Bradbard, Mike Burrows, Qiana Chares, Mark Cloud, Ken Coate, Kevin Dyerly, Chi Elder, Dr. Sam Gibbs, Louis Goodwin, Otis Greer, Fran Inman, Mark Kaenel, Lowell King, Bill Lemann, Michael Lewin, Darcy McNaboe, Miguel Mendoza, Vikki Ostermann, Bansree Parikh, Catherine Pritchett, Thomas Rice, Dan Roberts, Kristine Scott, Patty Senecal, Paul Shimoff, John Tang, Eric Ustation, Pete Van Helden, Reggie Webb, Michael Wells, Ray Wolfe and Frank Zabaleta.
Guests: Arnold San Miguel.
Announcements: 1) Southern California Association of Governments (SCAG) is asking for public input through their virtual workshops. To take their survey and/or attend their workshop please go to www.connectsocal.org 2) The annual bipartisan Congressional Baseball Game will be held on Wednesday, June 14, 2023, beginning at 4:00 p.m. PDT. Players will include Congressman Pete Aguilar (CA-31) and Congressmen Raul Ruiz (CA-25). The game will be televised, and Inland Action representatives and their guests are invited to watch at The 909 sports bar at Yaamava Resort and Casino. Attendees are responsible for their beverages, but Inland Action will supply pizza. Gratitude was expressed to Kristine Scott for suggesting the event and Eric Ustation for arranging the venue. 3) The Inland Empire Community Foundation will hold their Third Annual Policy & Engagement Forum on August 9-10, 2023, at the Riverside Convention Center. Please go to https://www.eventbrite.com/e/iecf-2023-policy-engagement-forum-tickets-629491635427
for more information and tickets.
Kevin Dyerly, Chair presiding
Miguel Mendoza, Chair, Legislative Committee summarized SB 556 (Gonzalez) Oil & Gas Pollution Accountability Act. The bill would, after January 1, 2024, presume that every case of cancer, pre-term birth, high-risk pregnancy, or respiratory ailment within 3,200 feet of a wellhead in California was caused by that wellhead, and make an operator, or owner of an oil or gas production facility or well, jointly, and severally liable for the condition. SB 556 sets a disturbing precedent for the business community that businesses can be liable for health conditions that have no connection to business activities and be required to prove said business was not the cause. Questions and discussion ensued.
Motion from the Legislative Committee/Second/Passed: Inland Action will oppose and sign on to the CalChamber letter of opposition to SB 556 (Gonzalez).
Motion by L. King/Second/Passed: Minutes from May 9, 2023
Louis Goodwin introduced Qiana Charles, Vice President and Regional Executive and Chi Elder, Regional Engagement Officer, Federal Reserve Bank of San Francisco who joined us in person.
The Federal Reserve System is the central bank of the United States. It is a nonprofit public service institution that supports the economy through research, banking supervision, community development, and education. They perform five general functions to promote the effective operation of the U.S. economy and the public interest. The Federal Reserve:
- Conducts the nation’s monetary policy to promote maximum employment and stable prices in the U.S. economy.
- Promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad.
- Promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole.
- Fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S. dollar transactions and payments.
- Promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.
They are responsible for executing the central bank’s monetary policy by monitoring economic growth and inflation, which is the pace of rising prices. Their goal for the consumer price index is no more than 2% but due to many factors including recent bank failures the rate as of April 2023 was 4.9%.
The three key system entities of the Board of Governors, the Federal Reserve Banks, and the Federal Open Market Committee work together to promote the health of the U.S. economy and the stability of the U.S. financial system. The Board of Governors, located in Washington, D.C., is the governing body of the Federal Reserve System. It is run by seven members, or “governors,” who are nominated by the U.S. President confirmed by the Senate. The Board of Governors guides the operation of the Federal Reserve System to promote the goals and fulfill the responsibilities given to the Federal Reserve by the Federal Reserve Act.
The U.S. has 12 federal reserve bank districts. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington. The 12th District covers nearly 20% of the U.S. economy and is the nation’s largest by area and population operating out of 6 locations. Key industries in the Inland Empire are trade, transportation and utilities in addition to healthcare and social services.
The Federal Reserve Bank of San Francisco wants to engage to better understand core industries by listening and learning to help the Federal Reserve Bank shape monetary policy. Interviews and interaction help them balance analytic data with experience. The following are utilized:
- Participating in listening sessions
- Meeting with business and community leaders
- Hosting roundtables
- Participating in forums
- Informing monetary policy
- Painting an accurate picture of economic conditions
- Balancing quantitative and qualitative data and information
A Q & A period followed
Meeting adjourned 8:30 a.m.