Atlanta Fed Grassroots Transcript

Dr. Eduardo J. Padrón
Former Chair
Board of Directors
Miami Branch of the Federal Reserve Bank of Atlanta

Dr. Eduardo J. Padrón (voiceover): I'm Eduardo Padrón, president of Miami Dade College. I'm also the former chair of the board of directors with the Atlanta Fed's Miami Branch.

Miami Dade College is a great institution. It is the largest and most diverse institution of higher learning in America, with over two million alumni—and the greatest equalizer we have in our community.

I became a member of the board of directors of the Miami Branch in 2009, and it has been one of the best experiences in my whole life because I learned a way in which our democracy can work the best. When you get citizens involved in something as important as the formulation of monetary policy for the nation, it doesn't get any better than that.

The outreach program of the Fed I think is unique. The way the process works, it allows those of us who are, for example, directors on the board to be able to consult with leaders in the community, business owners, about the economy, getting all kinds of positive—and negative feedback, sometimes—and to be able to discuss that with the economists from the Fed.

So having access, and having the opportunity to have substantial dialogs about these issues, is something that a lot of people value in this community. And I would say that there's no more transparent process than the one that the Fed is using to be able to interact with the community that it serves.