Juan del Busto of Miami Federal Reserve goes to grass-roots to gain more thorough picture of South Florida's economy
With some of the nation's most established financial institutions failing, the Federal Reserve Bank has been thrust into the spotlight and its role is becoming increasingly important. In Miami, branch staffers and volunteer directors are working 'round the clock to get a clear, detailed picture of the local economy, Regional Executive Juan del Busto says — and doing so is more critical now than ever.
"We're trying to go out there and get more grassroots information than we ever did in the past," he said. Under a mandated "blackout" period, he was unable to provide specific economic analysis or forecasts, but stressed that the bank's beefed-up efforts to analyze the local climate should make for well-thought-out and effective policy.
Mr. del Busto, who has been with the Reserve Bank 35 years, says that, despite economic bumps, the public should remain confident in the institution.
"I think the integrity of the Federal Reserve speaks for itself. There are going to be blips in our economy," he says. "It's up to us as a country to react to them and learn from them and go forward. I think we have done a very good job in that area and continue to work diligently to improve in the future."
Mr. del Busto was interviewed in the local Federal Reserve Bank branch by Miami Today staff writer Risa Polansky.
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