In the News

In a room of bankers and business people, U.S. Rep. Jodey Arrington asked how many people felt national debt is a top concern for our country. Dozens raised their hands. Debt was one of many topics touched on during the Dialogue with the Dallas Fed event on Thursday, featuring Federal Reserve Bank of Dallas President and CEO Robert Kaplan. Jeff Mercer, senior associate dean for the Texas Tech School of Finance, moderated the discussion, followed by audience questions. The event was hosted by the Lubbock Chamber of Commerce at the Overton Hotel and Conference Center. Arrington’s opening remarks highlighted the West Texas economy. Arrington talked about the impact the energy industry has, and also mentioned Dyess Air Force Base, an often forgotten area economic driver near Abilene. Agriculture was also a focus of his introductory speech. “Ag is life and life is ag in West Texas,” said Arrington, R-Lubbock. “We got a lot of bankers out here, but we’d have a lot fewer bankers if it wasn’t for the farmers and ranchers, and vice versa.” Agriculture may still dominate, but Kaplan said the state’s economy is more diversified than ever. Industries are looking to relocate to Texas because of things like taxes, affordable housing and infrastructure. Kaplan said he talks to a different company almost every week about the appeal of the state. “I grew up in Kansas, I lived on the East Coast. I’ve lived in different places,” Kaplan said. “I can say that a state that I’d like to play this hand in for the next 20 years, Texas would be right at the top of the list.” In fact, from 2003 through 2015, more domestic migrants moved to Texas than any other state, according to the Office of the State Demographer. Kaplan said this is why Texas is not having some of the financial problems seen in other states. “The big economic drivers in this country are aging population and slowing work force. So I’m very concerned about the nation,” Kaplan said. “Texas is bucking that trend, because people are coming here.” A broad range of topics were discussed at the luncheon, including unemployment, immigration and trade. During his Lubbock visit, Kaplan also visited the annual Texas Tech School of Banking event to talk about similar issues and share insight into the banking industry. Kaplan is the thirteenth president and CEO of the Federal Reserve Bank of Dallas and has been in his position since 2015. He has previously been a professor and administrator at Harvard Business School and served on numerous government, nonprofit and business boards. http://www.lubbockonline.com/business/news/2017-08-17/federal-reserve-bank-dallas-ceo-lubbock-says-texas-bucking-trend