{"id":75220,"date":"2018-08-24T03:27:17","date_gmt":"2018-08-24T08:27:17","guid":{"rendered":"https:\/\/news.medill.northwestern.edu\/chicago\/?p=75220"},"modified":"2019-01-29T16:50:18","modified_gmt":"2019-01-29T22:50:18","slug":"despite-falling-under-regional-banks-purview-feds-beige-book-excludes-territories-commonwealths","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/despite-falling-under-regional-banks-purview-feds-beige-book-excludes-territories-commonwealths\/","title":{"rendered":"Despite falling under regional banks\u2019 purview, Fed\u2019s Beige Book excludes territories, commonwealths"},"content":{"rendered":"<p><strong>By Sarah Foster<\/strong><br \/>\n<em>Medill Reports<\/em><\/p>\n<p><em>This is the continuation of a multi-part series on the Federal Reserve System Beige Book. <a href=\"https:\/\/news.medill.northwestern.edu\/chicago\/feds-beige-book-draws-skepticism-from-economists-academics\">Read the previous article: &#8220;Fed\u2019s Beige Book draws skepticism from economists, academics&#8221;<\/a><\/em><\/p>\n<p class=\"dropcap\">Antonio Fernos, associate professor at the Interamerican University of Puerto Rico, has grappled with the same question for more than a decade: Why does the Federal Reserve Bank of New York not include Puerto Rico in its section of the Beige Book?<\/p>\n<p>Answering the question has been so important that Fernos has approached multiple members of the mainland reserve bank\u2019s research and statistics group over the years in an attempt to get an answer. The 12 reserve banks nationwide need to keep up-to-date information on the regions they manage, he said, to properly fulfill the Fed\u2019s dual mandate: stable prices and maximum employment.<\/p>\n<p>\u201cI\u2019m not putting the Fed on checkmate for saying this, but if you don\u2019t know what\u2019s going on here, how are you to explain that you\u2019re doing your job well?\u201d said Fernos, who teaches courses in finance and economic theory and previously served as a portfolio manager at Banco Santander Puerto Rico, one of the island\u2019s main banks. \u201cIf you can\u2019t measure it, you can\u2019t manage it.\u201d<\/p>\n<p><!--more-->The responsibility of gathering the anecdotal research for the report known as the Beige Book, which summarizes economic trends by industry across the U.S., belongs to the Fed\u2019s 12 reserve banks. These banks gather information from the 50 states and the five inhabited U.S. territories and commonwealths. The U.S. Virgin Islands and the Commonwealth of Puerto Rico fall under the New York Fed\u2019s purview, while Guam, American Samoa and the Commonwealth of the Northern Mariana Islands are under the realm of the San Francisco Fed.<\/p>\n<p>Although interest rates set by the Federal Reserve extend to these territories, their economic data aren\u2019t incorporated within the Beige Book, said Andrea Priest, vice president and head of public relations for the New York Fed.<\/p>\n<p>Fernos blamed the Fed\u2019s budget for the exclusions, while Antonio Rosado, a securities broker at financial firm RD Capital and former president of Santander Overseas Bank, a subsidiary of Banco Santander, pointed to lags in data collection.<\/p>\n<p>Officials at the San Francisco Fed and the New York Fed declined to comment.<\/p>\n<p>The five territories have plenty of their own economic issues. Puerto Rico, the largest of the territories with about 3.3 million residents, faces a crippling debt of more than $70 billion and unfunded pensions of $50 billion, forcing the island to file for the equivalency of bankruptcy protection in federal court in May 2017. Hurricane Maria, whose destruction caused damage in the billions in September, exacerbated the financial crisis from the loss of key infrastructure and businesses, as well as the mass exodus of residents moving to the mainland.<\/p>\n<p>Employment in the U.S. Virgin Islands declined about 15 percent between 2011 and 2014 after a major refinery on St. Croix shut down in 2012, according to a New York Fed blog post published in July.<\/p>\n<p>American Samoa\u2019s economy contracted 5.3 percent in 2017, according to the Bureau of Economic Analysis, a U.S. governmental research agency that publishes macroeconomic indicators.<\/p>\n<p>Guam\u2019s economy grew 0.4 percent in 2016, the most recent period for which information is available, according to the BEA. That same year, the Northern Mariana Islands posted significant economic growth \u2014 more than 28 percent \u2014 largely thanks to more tourists spending money at casinos, according to the BEA. The number of tourists, mostly from Korea and China, to the Northern Mariana Islands grew more than 10 percent in 2016.<\/p>\n<p>Tourism is the main industry for Guam, American Samoa and the Northern Mariana Islands, but it has been relatively flat for Guam in recent years, said Joe Bradley, chief economist and business continuity officer at the Bank of Guam. Given its proximity of 1,600 miles, Guam\u2019s economy is closely tied to Japan and most of its tourists come from Japan. The collapse of the Japanese economy in the 1990s left several hotels in Guam unfinished for years, and the number of Japanese visitors declined, he said. Though the empty hotels are now completed, the island still hasn\u2019t seen a lot of investments from other major countries in East Asia, Bradley said.<\/p>\n<p>Still, the economies of the five territories and commonwealths are significantly smaller than those of individual states, one of the reasons why the New York and San Francisco Fed banks don\u2019t include them in their Beige Book sections, Bradley said. California, Washington and Idaho, for example, all have larger economies than any of the Pacific territories, he said.<\/p>\n<p>\u201cThe Beige Book is a brief document, and it doesn\u2019t go into a lot of detail,\u201d Bradley said. \u201cThey really just look at the high points on their different regions.\u201d<\/p>\n<p>Statistics for the territories aren\u2019t updated as frequently as figures for the individual states, which makes it difficult to collect timely data from the territories, Rosado said. Puerto Rico\u2019s consumption spending reports, for example, aren\u2019t released every three months like they are for states, he said. In June, data was collected for the island\u2019s total value of goods and services, but the island won\u2019t learn what those figures are until January, he said.<\/p>\n<p>\u201cWe are doing blind economic policy,\u201d Rosado said.<\/p>\n<p>Six years ago, the New York Fed published an anecdotal report similar to the Beige Book for Puerto Rico. After visiting the island in March 2011, William Dudley, former president of the New York Fed, asked a team of research economists to speak with local, national and international experts about what Puerto Rico could do to promote productivity and competitiveness.<\/p>\n<p>It\u2019s not known when the New York Fed will update that report, said Melba Acosta, an attorney at the law firm McConnell Valdes LLC, and the former president of the Government Development Bank for Puerto Rico, which advises the Puerto Rican government.<\/p>\n<p>Even if the territories were reflected in the Beige Book, they wouldn\u2019t influence monetary policy in their favor, said Doug Holtz-Eakin, an economist and president of the nonprofit issue advocacy group American Action Forum. The Fed doesn\u2019t create multiple policies that are state or commonwealth specific, he said, adding that the territories will either benefit or suffer.<\/p>\n<p>\u201cInterest rates are what they are,\u201d Holtz-Eakin said. \u201cWhile the Fed does oversee the banking system, they\u2019re not saying, \u2018Geez, this economy is in bad shape. Maybe we have to take that into account.\u2019\u201d<\/p>\n<p>Still, the exclusion of the territories symbolizes the broader issue of how their residents are treated as a whole, Holtz-Eakin said. Many residents, especially in Puerto Rico, feel they are second-class citizens and do not receive the same benefits as those living in a state, he said.<\/p>\n<p>Over time, Fernos has grown accustomed to the insufficient data on Puerto Rico\u2019s economic performance, whether from the Fed, government agencies or private firms. He hopes that will change at some point, he said.<\/p>\n<p>\u201cThe loss is on us if the Fed doesn\u2019t have a clear view of what\u2019s going on and what\u2019s functioning well, what needs treatment and what\u2019s urgent,\u201d Fernos said. \u201cI hope someone is bringing this issue in order for us to raise our hand and be counted.\u201d<\/p>\n<p><em><a href=\"https:\/\/news.medill.northwestern.edu\/chicago\/beige-books-impact-extends-to-everyday-individuals-businesses\">Read the final article from this series: &#8220;Beige Book\u2019s impact extends to everyday individuals, businesses&#8221;<\/a><\/em><\/p>\n<div class=\"featurecaption\">Photo at top: Part of the cover page of the Beige Book, the colloquial name of a report published eight times a year by the Federal Reserve System. This cover page is from the July 18, 2018 edition.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Sarah Foster Medill Reports This is the continuation of a multi-part series on the Federal Reserve System Beige Book. Read the previous article: &#8220;Fed\u2019s Beige Book draws skepticism from economists, academics&#8221; Antonio Fernos, associate professor at the Interamerican University of Puerto Rico, has grappled with the same question for more than a decade: Why [&hellip;]<\/p>\n","protected":false},"author":438,"featured_media":75338,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[452,4390],"tags":[],"class_list":["post-75220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-beyond-chicago","category-summer-2018"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Despite falling under regional banks\u2019 purview, Fed\u2019s Beige Book excludes territories, commonwealths - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/despite-falling-under-regional-banks-purview-feds-beige-book-excludes-territories-commonwealths\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Despite falling under regional banks\u2019 purview, Fed\u2019s Beige Book excludes territories, commonwealths - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Sarah Foster Medill Reports This is the continuation of a multi-part series on the Federal Reserve System Beige Book. 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