Economic

APEC 2023: Conversations Lead by Global CEOs, Presidents and Prime Ministers from Across the Asia-Pacific

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The APEC CEO Summit 2023 will welcome 1,000+ attendees and feature 30+ speakers including world leaders, global business executives, and thought leaders to discuss challenges and opportunities facing the world today. The Summit, which will take place November 14-16, 2023 at the Moscone Center West in San Francisco, will prioritize Creating Economic Opportunity for the people of the Asia-Pacific region.

This year marks 30 years since the inaugural APEC Leaders meeting in 1993, hosted by then U.S. President Bill Clinton in Seattle. The annual APEC CEO Summit was created shortly after to further prioritize public-private dialogue between APEC business and government leaders. 

The APEC CEO Summit 2023 will address issues that affect all communities in the region ranging from climate change and equitable growth, to global health, supply chains and the emergence of new groundbreaking technologies.

The APEC CEO Summit is the premier business forum for CEOs and senior executives of global/regional companies, and entrepreneurs of the Asia-Pacific region to discuss the issues facing the region and to build their networks and participate in influential meetings with the leaders of member economies. It is held in the APEC host economy just prior to the annual APEC Leaders’ Meeting. The APEC CEO Summit 2023 will take place in November 2023.

Asia-Pacific Economic Cooperation (APEC) is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC’s 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating economic integration in the region.

Federal Reserve Board releases results of annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession

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WASHINGTON D.C., June 28 – The Federal Reserve Board on Wednesday released the results of its annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession.

“Today’s results confirm that the banking system remains strong and resilient,” Vice Chair for Supervision Michael S. Barr said. “At the same time, this stress test is only one way to measure that strength. We should remain humble about how risks can arise and continue our work to ensure that banks are resilient to a range of economic scenarios, market shocks, and other stresses.”

The Board’s stress test is one tool to help ensure that large banks can support the economy during economic downturns. The test evaluates the resilience of large banks by estimating their capital levels, losses, revenue and expenses under a single hypothetical recession and financial market shock, using banks’ data as of the end of last year.

All 23 banks tested remained above their minimum capital requirements during the hypothetical recession, despite total projected losses of $541 billion. Under stress, the aggregate common equity risk-based capital ratio—which provides a cushion against losses—is projected to decline by 2.3 percentage points to a minimum of 10.1 percent.

This year’s stress test includes a severe global recession with a 40 percent decline in commercial real estate prices, a substantial increase in office vacancies, and a 38 percent decline in house prices. The unemployment rate rises by 6.4 percentage points to a peak of 10 percent and economic output declines commensurately.

The test’s focus on commercial real estate shows that while large banks would experience heavy losses in the hypothetical scenario, they would still be able to continue lending. The banks in this year’s test hold roughly 20 percent of the office and downtown commercial real estate loans held by banks. The large projected decline in commercial real estate prices, combined with the substantial increase in office vacancies, contributes to projected loss rates on office properties that are roughly triple the levels reached during the 2008 financial crisis.

The $541 billion in total projected losses includes over $100 billion in losses from commercial real estate and residential mortgages, and $120 billion in credit card losses, both higher than the losses projected in last year’s test. The aggregate 2.3 percentage point decline in capital is slightly less than the 2.7 percentage point decline from last year’s test but is comparable to declines projected from the stress test in recent years. The disclosure document includes additional information about losses, including firm-specific results and figures.

For the first time, the Board conducted an exploratory market shock on the trading books of the largest banks, testing them against greater inflationary pressures and rising interest rates. This exploratory market shock will not contribute to banks’ capital requirements but was used to further understand the risks with their trading activities and to assess the potential for testing banks against multiple scenarios in the future. The results showed that the largest banks’ trading books were resilient to the rising rate environment tested.

The individual results from the stress test factor directly into a bank’s capital requirements, mandating each bank to hold enough capital to survive a severe recession and financial market shock. If a bank does not stay above its capital requirements, it is subject to automatic restrictions on capital distributions and discretionary bonus payments.

APEC CEO Summit USA 2023 To Convene World Leaders and Business Executives to Discuss Creating Economic Opportunity

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The APEC CEO Summit USA 2023 will feature 30+ speakers from the public and private sectors, representing various industries, emerging voices, entrepreneurs, philanthropists, and world leaders from large and small economies. Speakers include senior executives from General Motors, Organon, Visa, Amazon, Boeing, Citi, Google, ExxonMobil, FedEx, Johnson & Johnson, Mastercard, Merck, Meta, Microsoft, Moody’s, Qualcomm, Uber, and UPS.

The United States will host the Asia-Pacific Economic Cooperation (APEC) CEO Summit convening more than 1,000 business executives and welcoming key world leaders from across the Asia-Pacific at the Moscone Center in San Francisco from November 15-16, 2023.

“As hosts of this year’s APEC CEO Summit, the U.S. will shape the agenda to prioritize the region’s most critical issues and work toward solutions to create a more inclusive and resilient Asia-Pacific,” said Monica Hardy Whaley, President of the National Center for APEC (NCAPEC), which is organizing the APEC CEO Summit USA 2023. “The world faces many challenges, and the business community is part of the solution. We have the leadership, ideas, and resources to help address key issues ranging from climate change and equitable growth, technology and digitization, to global health and supply chains.”

Under the theme “Creating Economic Opportunity” the APEC CEO Summit USA 2023 will focus on four driving topic areas:

  • Sustainability: Actionable climate-conscious solutions, and circular economy, biodiversity and resource efficiency
  • Inclusion: Stronger voices for small businesses, workers, and underrepresented communities
  • Resilience: Disaster readiness, strengthening supply chains, and preparing APEC economies for future challenges
  • Innovation: Technology, global healthcare, new ideas, and digital transformation across the region

Further details on the event and program agenda, including additional speakers, will be announced in the coming months.

Alongside APEC Leaders’ Week meetings and the Sustainable Future Forum taking place on the week of November 12-18, the APEC CEO Summit will reaffirm the importance of public-private dialogue in promoting global economic development.

APEC is the premier forum for public and private sector engagement on trade and economic opportunity in the fastest growing region in the world. The forum brings together 21 members, and offers a pathway to participation for large and small economies. This structure enables the APEC CEO Summit to meet the moment and create equitable opportunity for the wide range of workers, businesses, communities, and families throughout the region.

Martin J. Gruenberg Sworn in as 22nd FDIC Chairman

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WASHINGTON – Martin J. Gruenberg was sworn in today as the 22nd Chairman of the Federal Deposit Insurance Corporation (FDIC). Travis Hill, who will serve as Vice Chairman, and Jonathan McKernan, who will serve as Director, were also sworn in as members of the FDIC’s Board of Directors (the Board).

“I am honored to serve again as Chairman of the FDIC,” said Chairman Gruenberg. “I look forward to working closely with my fellow Board members to carry out the FDIC’s critically important mission of safety and soundness, consumer protection, and financial stability.”

Vice Chairman Hill said, “It is a tremendous honor to have been appointed to serve as an FDIC Board member. I look forward to engaging with my fellow Board members, the FDIC staff, and counterparts at other agencies regarding the many important issues facing the FDIC.”

Director McKernan added, “The FDIC’s mission resonates deeply with me, as the stability and public confidence in the nation’s financial system is critical to a strong and growing American economy. I am eager to work with my colleagues on the Board and the FDIC staff to do my part to fulfill the agency’s vital mission.”

Chairman Gruenberg is the longest serving member of the Board, first joining as Vice Chairman in August of 2005. He previously served as FDIC Chairman from November 2012 to June 2018. Learn more about the Chairmen of the FDIC.

Prior to his appointment, Vice Chairman Hill served as Senior Advisor to the FDIC Chairman and Deputy to the FDIC Chairman for Policy from July 2018 until February 2022, and, prior to that, as Senior Counsel at the Senate Committee on Banking, Housing, and Urban Affairs.

Director McKernan previously served as Senior Counsel at the Federal Housing Finance Agency, on detail as Counsel on the staff of the Senate Committee on Banking, Housing, and Urban Affairs, and as Senior Policy Advisor at the U.S. Treasury Department and to Senator Bob Corker. Prior to his government service, from 2007 to 2017, Director McKernan was an attorney in private practice focused on banking and consumer financial law.

President Biden appointed Chairman Gruenberg for a term of five years as Chairman and a six-year term as a Director on the Board; Vice Chairman Hill for a term of six years; and Director McKernan to serve for an expiring term until May 31, 2024. The Board will now have a full complement of members for the first time since June 4, 2015.

The Board is comprised of five members who are appointed by the President of the United States and confirmed by the Senate. The chairman, vice chairman and inside director are appointed to six-year terms on the Board. The remaining two Board members are the Comptroller of the Currency and the Director of the Consumer Financial Protection Bureau. No more than three members of the Board can be from the same political party.

U.S. Economic Development Administration Issues Statement On Fiscal Year 2023 Appropriation

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WASHINGTON — U.S. Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo issued the following statement on the Fiscal Year 2023 appropriations for the U.S. Department of Commerce’s Economic Development Administration:

“I am thrilled that President Biden has signed the Consolidated Appropriations Act, 2023 into law, appropriating $1.6 billion* to the U.S. Economic Development Administration (EDA) for Fiscal Year 2023 programming.

“This vital funding enables EDA to significantly expand its targeted and transformational economic development investments that stimulate private funding, create jobs, support our innovators and entrepreneurs, and help those impacted by natural disasters build back stronger.

“Implementation of this funding will strengthen our collective economic and national security, and improve our individual prosperity and wellbeing, enabling the United States to be the global leader in the industries of the future and increasing economic equity among regions across the country.

“EDA will target investments in innovation and competitiveness with a regional and place-based focus, building on the examples set by EDA’s Build to Scale, Build Back Better Regional Challenge, and Good Jobs Challenge programs. Specifically, the law provides:

  • $752.5 million* for grants authorized by Sections 27-30 of the Stevenson-Wydler Technology Innovation Act of 1980 (15 U.S.C. 3722, 3722a, 3722b, and 3723), as amended, across four programs:
    • $500 million for Regional Technology and Innovation Hubs (Section 28),
    • $200 million for the Recompete Pilot Program (Section 29),
    • $50 million for the Build to Scale program (Section 27), and
    • $2.5 million for the STEM Apprenticeships Talent Challenge (Section 30);
  • $500 million* for infrastructure and other long-term economic recovery efforts for areas impacted by natural disasters in 2021 and 2022; and
  • $363.5* million to fund EDA’s other Economic Development Assistance (EDAP) programs.

“We are grateful to Congress for continuing to place their confidence in EDA as we work to best serve our grantees and their constituents across the country. We are excited to continue to build on EDA’s proud and impactful legacy of spurring equitable, placed-based economic development. Working closely with an expanded network of stakeholders, we look forward to developing the most beneficial programs and making the targeted and transformational investments that build needed capacity and that enable exponential, long-term growth.

“We are excited that we can develop a plan and launch the Regional Technology and Innovation Hubs and Recompete Pilot programs that were authorized under the CHIPS and Science Act. These new programs will stimulate economic growth in communities that may not have had the opportunity to compete before — including communities of color and rural communities — delivering the impactful, place-based programing needed to widely stoke our innovation economy.

“EDA will continue to lead the federal government—and the nation—by designing and executing innovative and effective economic development programs. We will remain committed to promote innovation, cultivate entrepreneurship, help build a well-qualified workforce, and position our economic development partners to be more resilient, agile, and competitive in the global marketplace.”

*includes funding for administration and oversight

U.S. Secretary of Commerce Gina M. Raimondo Reestablishes the NACIE

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WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced the appointment of 32 leaders and experts to the National Advisory Council on Innovation & Entrepreneurship (NACIE). NACIE will be charged with developing a National Entrepreneurship Strategy that strengthens America’s ability to compete and win as the world’s leading startup nation and as the world’s leading innovator in critical emerging technologies.

“We must invest further in our entrepreneurs and innovators so that America continues to lead the world in discovering and commercializing critical technologies. At the same time, we must better ensure that more communities throughout the country are included in the ecosystems that will generate these critical innovations. The Biden Administration looks forward to tapping the expertise of the new NACIE members to build a better America and further strengthen our competitiveness on the global stage,” said Secretary of Commerce Gina M. Raimondo. “I applaud these individuals – leaders in their respective fields of industry, workforce development, academia, technology and innovation – for their commitment to serve.”

“The new NACIE members are an impressive group of individuals from diverse backgrounds, regions and industries,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo, who will serve as one of NACIE’s two federal ex-officio co-chairs. “We have plenty of challenges and opportunities to tackle. I’m eager to get to work to ensure our tech and innovation economy prospers equitably for everyone across the nation.”

“The technological, societal and economic challenges that we face as a Nation today require even stronger bridges between discovery, innovation, and commercialization,” said National Science Foundation Director Sethuraman Panchanathan, who will serve as a federal ex-officio co-chair. “I’m excited to work with the NACIE to help advance the highly integrated research and innovation ecosystem, with a particular focus on expanding the geography of innovation by engaging with diverse communities all across the country.”

NACIE is charged with identifying and recommending solutions to drive the innovation economy, including growing a skilled STEM workforce and removing barriers for entrepreneurs ushering innovative technologies into the market. The council also facilitates federal dialogue with the innovation, entrepreneurship, and workforce development communities.

NACIE is a federal advisory committee managed by the U.S. Economic Development Administration’s Office of Innovation and Entrepreneurship. More than 260 nominees were received. Members will serve two-year terms.

The newly appointed NACIE members are:

Non-Voting Federal Ex-Officio Co-Chairs

  • Alejandra Y. Castillo, Assistant Secretary of Commerce for Economic Development, U.S. Department of Commerce, Economic Development Administration
  • Sethuraman Panchanathan, Director, National Science Foundation

Voting Non-Federal Co-Chairs

  • Steve Case, Chairman/CEO, Revolution; Co-Founder, AOL
  • Kristina M. Johnson, President, The Ohio State University

Voting Members

  • Byron G. Auguste, Co-Founder/CEO, Opportunity@Work
  • Patricia Beckmann, Founder/Managing Director, BioStrategy
  • Melissa Bradley, Founder/Managing Partner/General Partner, 1863 Ventures
  • Allie Burns, CEO, Village Capital
  • Christopher Chung, CEO, Economic Development Partnership of North Carolina
  • Sherrese Clarke Soares, Founder/Managing Partner, HarbourView
  • Michael Crow, President, Arizona State University
  • Lisa Feria, Managing Partner/CEO, Stray Dog Capital
  • Annette Finsterbusch, President/CEO, EnPower, Inc.
  • Brit Fitzpatrick, Chief of Staff, Stark
  • Aziz Gilani, General Partner/Managing Director, Mercury Fund
  • Orin Herskowitz, Executive Director, Senior VP of Intellectual Property & Technology Transfer, Columbia Technology Ventures
  • Neil Kane, Director, Curriculum and Capstone Advising, ESTEEM (Engineering, Science, and Technology Entrepreneurship Excellence Master’s) Graduate Program, University of Notre Dame
  • David Kenney, President/Executive Director, VertueLab
  • Wendy Lea, Co-Founder/CEO, Energize Colorado
  • Ian McClure, Associate VP for Research, Innovation & Economic Impact, University of Kentucky
  • Senofer Mendoza, Founder/General Partner, Mendoza Ventures
  • Rachel Meyers, Chief Science Officer, Faze Medicines
  • Nate Mook, CEO, World Central Kitchen
  • Bill Provine, CEO Delaware Innovation Space
  • Ryan Ramkhelawan, Co-Founder/Managing Partner, Lasting Machine Ventures
  • Aimée Rose, Executive Managing Director, Activate Boston
  • Laura Sachar, Co-Founder/Managing Partner, StarVest Partners
  • Peter Scher, Vice Chairman, JPMorgan Chase & Co.
  • Liz Shuler, President, American Federation of Labor and Congress of Industrial Organizations
  • Grace Simrall, Chief of Civic Innovation & Technology, Louisville Metro Government
  • Dug Song, Chief Strategy Officer, Cisco Security
  • Tamara Steffens, Managing Director, Thomson Reuters Venture Fund

American Economy Added 199,000 Jobs in the Month of December 2021

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U.S. Secretary of Labor Marty Walsh issued the following statement on the December 2021 Employment Situation Report:

“Today, the Bureau of Labor Statistics reported that the American economy added 199,000 jobs in the month of December, and the unemployment rate was 3.9 percent, down from 4.2 percent in November. This marks the first time unemployment has been under four percent since the pandemic began, and the largest ever one-year drop in the unemployment rate on record. With strong, steady job growth every month of the Biden-Harris Administration, we added 6.4 million jobs in 2021, reaching 84 percent of the jobs lost at the start of the pandemic recovered, and empowering workers to secure higher wages, especially for low wage workers. 

“In the Department of Labor, we are focused on building an inclusive recovery that lifts up all workers and communities, and that means identifying and addressing persistent inequities as reflected in an increase in Black unemployment in December. We are investing in equity and diversity in job training programs and career services, strengthening health and safety, wage and anti-discrimination protections for the most vulnerable workers, and making sure the President’s Bipartisan Infrastructure Law creates good jobs for every community. We are devoted to empowering all workers morning, noon and night.

“This work is especially important as the Omicron variant of COVID-19 impacts communities across the country this month, including many workers and workplaces. We have the tools to keep people safe, including mask guidance, increased testing capacity, and vaccines that work to prevent severe illness. I urge anyone who is eligible and has not received a vaccine or a booster yet to visit vaccines.gov and find a vaccination site near you. And I urge all employers to provide the flexibility and support necessary to help workers get vaccinated, protect their health, and continue our historic, worker-centered recovery.”

Labor Secretary Walsh reacts to brand new jobs report, Economy added 210,000 jobs in the month of November

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WASHINGTON .D.C., Dec 3rd – U.S. Secretary of Labor Marty Walsh issued the following statement on the November 2021 Employment Situation Report:

“Today, the Bureau of Labor Statistics reported that the American economy added 210,000 jobs in the month of November, and the unemployment rate was 4.2 percent, down from 4.6 percent in October. With more people entering the job market and an unemployment rate approaching pre-pandemic levels three years ahead of projections, the Biden-Harris Administration continues to deliver a historic, worker-centered recovery. We are committed to an inclusive recovery and among the highlights of this report were major reductions in the unemployment rates for Black workers, Hispanic workers, and workers with less than a high school diploma. ”

“The President’s Bipartisan Infrastructure Law will drive more job growth in the months and years ahead, and at the Department of Labor we are focused on making sure those new jobs are good jobs with access for all through proven pathways like Registered Apprenticeship. Moving forward, the President’s Build Back Better plan is the key to both reducing the biggest costs working families face and increasing equity in our labor market by investing in the care needs that keep so many women, especially Black women, from fully participating in our economy. We are committed to supporting all workers and their families morning, noon and night. ”

“As the holiday season begins, to stay safe and keep our economy moving forward I urge everyone to remain vigilant about COVID transmission and committed to getting yourself and your family vaccinated and boosted as soon as you are eligible.”

Gina Raimondo Meeting with Japan’s Minister of Economy, Trade and Industry Hagiuda Koichi

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Today, Secretary of Commerce Gina Raimondo and Japan’s Minister of Economy, Trade and Industry Hagiuda Koichi held an introductory meeting via teleconference.

The Secretary congratulated the Minister on his recent reappointment by the Prime Minister. The Secretary and Minister discussed opportunities to grow the U.S.-Japan commercial relationship. They also discussed collaborative efforts to improve supply chain resilience and cooperation on digital technology. The Secretary also thanked the Minister for his efforts to encourage continued Japanese investment in the United States and for the strong participation from Japanese investors at the SelectUSA Investment Summit.

Manufacturing Continues to be Among Top Five Largest Employment Sectors

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It’s no secret the manufacturing sector has a major impact on the U.S. economy, and every year Manufacturing Week offers an opportunity to recognize this sector’s significant impact on the nation. Manufacturing Week is designed to coincide with Manufacturing Day, which has been held the first Friday in October since 2011.

U.S. Census Bureau’s 10th-anniversary celebration of Manufacturing Week.

Manufacturing Week expands upon the traditional Manufacturing Day launched by the Manufacturing Institute in 2011. The Census Bureau is celebrating the 10th anniversary by providing a worth of rich content & statistics that inform businesses and policymakers.