Educating the Fed

Gregory Haile, 46, is the former president of Broward College. He was recently reappointed to the Federal Reserve Bank of Atlanta for a three-year term and is deputy chair of its board of directors. He spoke to Florida Trend recently about his role on the Fed board and his journey from growing up in Queens in New York City to achieving national prominence as a Fed board member and as a leader in higher education. He lives in Fort Lauderdale, is married with two children, is a graduate of Arizona State University and has a law degree from Columbia University.

Background: “One of the things the Fed pays great attention to is looking at the entirety of our nation, especially those individuals from low-income backgrounds who tend to face the greatest challenges when we have high inflation and high unemployment. I have the added perspective of having grown up in an incredibly challenged community in Queens, New York. What I bring to the table is having a fair understanding of what it is to not just rely on the data the Fed collects as it relates to those challenged communities, but what it’s like to actually have lived in those challenged communities.”

Fed Connection: “It was probably about 2018 that I got the first call about spending more time with the Fed and with the Atlanta Fed in particular. Since then, I have had a number of opportunities to speak at a wonderful engagement they started called ‘Fed Listens,’ in which Chair (Jerome) Powell and other members of the board of governors invite leaders from communities around the country to share what they’ve learned, what they are experiencing and what they are seeing in the communities they serve.”

Focus on Inflation: “Inflation is still the ball that requires the greatest level of focus and tenacity by the Fed. And in Florida, real estate pricing certainly continues to be significant. Housing prices in Florida have remained incredibly resilient in spite of the headwinds created by mortgage rates, which is interesting and surprising at the same time. You probably would have expected to see housing prices slow down at a greater rate in light of the significant growth of mortgage rates, and frankly that just hasn’t happened in Florida.

Florida banks appear to be well-capitalized and of course watching that the number of non-current loans and low level of delinquencies remain stable — those are the things the Fed looks at consistently. Obviously, the Atlanta Fed is interested in seeing the banks do very well. Monitoring the health of banks is of great interest and will continue to be focal points of the Fed in 2024.”

Influences: “The book Freakonomics by Stephen J. Dubner and Steven Levitt is a wonderful read. I recommend it for college students and executives. The reason why I love the book is because it speaks to how traditional thinking can and should be challenged in alternative ways. That’s an application you can use in business and in your personal and professional lives. One of the things that has helped me throughout my career is the capacity and willingness to think in nontraditional ways.”

Free Time: “I am an early riser, and so I usually run daily for three miles. It gives me a great way to think. I have been beekeeping for several years. It is a great alternative way to learn, and you’d be surprised how relaxing it is. And recently I have taken up taekwondo.”