Thank you for the kind introduction, Jennet. Let me start by saying my thoughts are with all the people in Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia who have felt the force of Helene's and Milton's impact. I am saddened by the tragic loss of life and widespread disruption in this region. The Federal Reserve Board and other federal and state financial regulatory agencies are working with banks and credit unions in the affected area. As we normally do in these unfortunate situations, we are encouraging institutions operating in the affected areas to meet the needs of their communities.
It is an honor to stand before you and speak to this group of audacious, innovative women. I am also very happy to be back in Charleston. I grew up in Milledgeville, Georgia, just about 250 miles down the road. Some of my fondest childhood memories of traveling in the South, especially as a Girl Scout, include South Carolina.
Today I would like to talk with you about the important role startups, new businesses, and entrepreneurship play in our economy from the perspective of a Federal Reserve policymaker. I also want to share a bit of my story. Just like many of you-including those who have started a business or those who dream of doing that someday-I have faced and overcome hurdles along a winding path.
My Story
I was born and raised in Milledgeville, where my mother, Professor Mary Murray Cook, was a faculty member in the Nursing Department of Georgia College and State University. She was the first tenured African American faculty member at that university. My father, Rev. Payton B. Cook, was a chaplain and then in senior leadership at the hospital there. My family lived through the events that brought Milledgeville out of a deeply segregated South. My sisters and I were among the first African American students to desegregate the schools we attended. I drew strength from the example set by my family, others in the Civil Rights Movement, and the village that raised me and from their conviction in the hope and promise of a world that could and would continually improve.