The outlook for the American economy continues to be bright and improving in the near term, according to Roger Ferguson of financial services giant, TIAA. The consensus view among economists is for sustained growth globally, although at a slower rate than recent expansions, Ferguson reported.
Asked by moderator John Lipsky to comment on the most pressing economic challenges for the new US administration, Ferguson said these issues include boosting growth, managing tax cuts and reforms, infrastructure building, and controlling inflation. Regarding the effectiveness of post-2008 financial sector reforms, including Dodd-Frank regulations, Ferguson acknowledged that capital in the banking sector has increased and that a drive has emerged toward stronger management culture. However, he added that the slow progress of rebuilding public trust in financial markets is still troublesome.
On the challenge of ensuring financial security in retirement, Ferguson said the major roadblocks include the issues of poor enrollment rates in retirement programs, low savings among Americans, and the changing expectations for retirement age. Ferguson concluded by offering lessons learned through his leadership in boardroom diversity efforts, tying the event into the school's celebration of Black History Month 2017.
Roger W. Ferguson, Jr, President and CEO of TIAA Moderated by John Lipsky, Senior Fellow, Foreign Policy Institute and Peter G. Peterson Distinguished Scholar, Henry A. Kissinger Center for Global Affairs