EVENTS: Business Leaders Forum
Keynote Speech: A Policymaker’s Perspective on the Economy
B
efore an audience of 200, Charles Plosser kicked off the forum
with a critical evaluation of the Federal Open Market Committee’s (FOMC) most recent decision to engage in Operation Twist. He believed this action may be counter-productive by pushing forward
Kevin D. Clark, PhD, Charles I. Plosser, PhD, Neil Irwin, James V. O’Donnell ’63 VSB, Lynn L. Elsenhans, and Terence M. O’Toole ’80 VSB spoke at the second annual Business Leaders Forum.
VSB’s Business Leaders Forum Unites Key Stakeholders
T
he Villanova University Business Leaders Forum—sponsored by the Villanova School of Business—is an annual event that brings together
with monetary easing that will do little to boost growth. “The actions taken in August and September tend to undermine the Fed’s credibility by giving the impression that we think such policies can have a major impact on the speed of the recovery. It is my assessment that they will not.” Plosser’s remarks at the Business Leaders Forum were his first since
business leaders from across the world for networking and dialogue on important
dissenting from a Fed decision for a
industry topics.
second straight month. The regional
Members of VSB’s eight advisory councils, business professionals, key
Fed bank president posed the most
stakeholders, and Villanova University leaders gathered at the Villanova University
opposition within FOMC in almost
Conference Center to participate in the second annual Business Leaders Forum
19 years.
this past fall. Dr. Charles I. Plosser, President and Chief Executive Officer of the
Operation Twist is likely to reduce
Federal Reserve Bank of Philadelphia, served as the keynote speaker and provided
long-term rates by “less than 20
his perspective on the economy. Following his address, attendees heard from an
basis points” and “the pass-through
industry panel of CEOs featuring Lynn L. Elsenhans, Chairman and CEO, Sunoco,
to the rates at which consumers and
Inc.; Terence M. O’Toole ’80 VSB, Co-Managing Partner, Tinicum Capital Partners
businesses actually borrow is likely
II, LP; and James V. O’Donnell ’63 VSB, CEO, American Eagle Outfitters, Inc. The
to be much less,” Plosser said. “I am
panel, titled “A Policymaker’s Perspective on the Economy,” was moderated by Neil
skeptical that this will do much to
Irwin, National Economy Correspondent for The Washington Post.
spur businesses to hire or consumers to spend.” On the economy, the Philly Fed president downgraded his forecasts for economic growth relative to earlier in the year. He anticipated the GDP in 2011 to come in below two percent and to be about three percent in 2012. He did not predict a second recession. However, he did anticipate only modest improvement
summer 2012 | villanova business
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