CFVI Hosts Community Meeting with William C. Dudley, President of the Federal Reserve Bank of New York

U.S. Virgin Islands— On March 6, 2018, the Community Foundation of the Virgin Islands (CFVI) hosted a meeting with representatives of the Federal Reserve Bank of New York. William C. Dudley, President of the Federal Reserve Bank of New York, and members of his staff and Board of Directors met with USVI non-profit leaders at CFVI’s office on St. Thomas to discuss current economic conditions within the Territory. “The New York Fed has been closely monitoring developments in the U.S. Virgin Islands since the hurricanes and today’s meeting convened by the Community Foundation of the Virgin Islands provided critical insight into current economic conditions. We will continue to look for ways to be helpful as the islands recover and rebuild,” said Dudley.

Community-serving organizations that were represented included St. John Community Foundation, St. Croix Foundation for Community Development, Lutheran Social Services of the Virgin Islands, Catholic Charities of the Virgin Islands, University of the Virgin Islands, My Brother’s Workshop, Women’s Coalition of St. Croix, Family Resource Center, and CFVI. Community leaders provided insight on gaps in services in the Virgin Islands and shared their thoughts on the increased challenges in the Territory since the storms. Information that was gathered from this meeting will enable the New York Fed team to better identify ways they can support the USVI, which is under jurisdiction of the Second District of the Federal Reserve.

In opening remarks at the meeting CFVI President, Dee Baecher-Brown, expressed the Foundation’s appreciation to President Dudley and the team from the New York Federal Reserve Bank for the effort put forth in making a visit to the US Virgin Islands, and for their commitment to working with us as the Territory builds forward. “Today marks the sixth month anniversary of the first storm to hit the Virgin Islands. We have come so far from the devastation of September 2017, and have so far to go. I know I speak for all my community partners when I say thank you for being here for us in the long and difficult recovery process ahead.”

The USVI Non-Profit Leaders meeting was followed by an island tour of St. Thomas, including the Roy Lester Schneider Medical Center and the Tutu neighborhood. President Dudley and members of the New York Fed had the opportunity to visit several sites that were affected by Hurricanes Irma and Maria.