Bankers Meet with Neel Kashkari in Pierre

Photo of Neel KashkariSouth Dakota bankers today in Pierre had the chance to share with Federal Reserve Bank of Minneapolis President Neel Kashkari what they are currently seeing in their local economies and how those conditions are impacting their banks and their clients. Kashkari met with bankers this morning prior to holding a Town Hall Forum open to the public at 8 a.m. at the Ramkota Hotel in Pierre. 

"The tax change was probably one of the biggest surprises of the year, and not in terms of the fact that they did it, but it seems like it has led to a lot of optimism and enthusiasm," Kashkari told bankers. "Now whether that enthusiasm then translates into more investment and more expansion, I am interested in hearing what you are all seeing."

Discussions at the meeting with bankers and the Town Hall Forum included workforce availability, attracting and retaining qualified workers especially in more rural areas of the state, the lack of new bank charters in the country since the recession, regulatory challenges for small banks and the current ag economy.

"I hear this a lot, almost everywhere I go around our district. I always ask people and they say, 'We can't find workers, we can't find skilled workers especially.' And I say, 'Well, first of all, are you raising wages?' Often times the answer is no. And then I say, 'Well you want more of something, well guess what, you are going to have to pay more for it. It is supply and demand in the market.'"

The two morning meetings which bankers attended were part of a broader itinerary that also included listening sessions with other local business leaders, elected officials (including Gov. Daugaard) and tribal leaders from across the state. All of this is to help familiarize Kashkari with local communities that make up the Ninth District and give him a better understanding of what drives each unique local and state economy.

The Minneapolis Fed is charged with understanding current business conditions in the Ninth District, which includes South Dakota as well as Montana, North Dakota, Minnesota and portions of Wisconsin and Michigan.

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