Federal Reserve Update Jeff Schmid, President of the Federal Reserve Bank of Kansas City, addressed the audience on Thursday afternoon, sharing his insights on current economic conditions and reflecting on his first year in the position after serving more than 40 years in the banking industry, both as an examiner and later as Chairman and CEO of Mutual of Omaha Bank in Nebraska. Schmid discussed the rebalancing of supply and demand, the continued strength of the labor market bolstering aggregate demand, and the persistent challenge of elevated inflation, with housing services playing a significant role. While inflation has eased somewhat over the past year, Schmid noted the uncertainty surrounding future policy rate adjustments needed to achieve the 2% inflation target. President Schmid will become a voting member of the Federal Open Market Committee starting in 2025. Kansas City Federal Reserve’s President & CEO Jeff Schmid and FHLBank Topeka’s President & CEO Jeff Kuzbel KBA’s Prestigious Flint Factor Award During his address to CEO Summit attendees, former FDIC Vice Chairman Tom Hoenig highlighted runaway federal spending that has led to federal U.S. debt now exceeding $35 billion. Hoenig indicated federal spending trends, coupled with higher interest rates, could lead to the federal debt ballooning to somewhere between $50 and $60 billion by 2030. While Hoenig is still bullish on the American economy, he said the time for Congress to implement spending restraints and strategies for enhancing federal revenues is upon us. Following Hoenig’s address, KBA Past Chairman Mark Schifferdecker presented Hoenig with the Flint Factor Award, KBA’s highest award, in recognition of Tom’s leadership and dedication over a 38-year career with the Kansas City Federal Reserve Bank and for his efforts to tailor bank regulation and oversight of community banks during his tenure as FDIC Vice Chairman. Hoenig is currently serving as a Distinguished Senior Fellow at the Mercatus Center at George Mason University. Congratulations, Tom! KBA President & CEO Doug Wareham, Former FDIC Vice Chairman/Former Kansas City Federal Reserve President Tom Hoenig, and KBA Past Chairman Mark Schifferdecker Courageous Leadership — Living a Life of Influence Dan Meers, also known as KC Wolf, the mascot for the Kansas City Chiefs for the past 30 years, shared his inspirational story of a tragic accident while performing a stunt at Arrowhead Stadium that nearly took his life. Dan spoke about how that accident changed his outlook and how he now lives with passion and purpose, using his platform to help others. He works closely with numerous organizations and ministries that provide aid to orphans and the poor around the world, believing that we are all called to be difference-makers. Dan also discussed his two books, “Wolves Can’t Fly” (2014) and “Mascot on a Mission” (2019), and handed out signed copies to the attendees. Dan Meers, KC Wolf 11
RkJQdWJsaXNoZXIy ODQxMjUw