President Kashkari and Dr. Heather Wilson discuss their roles in the historic 2008 bailout.
President Kashkari and Dr. Heather Wilson discuss their roles in the historic 2008 bailout.
SD Dashboard photo
Oct 6, 2016

Minneapolis Fed President Discusses Economic Issues During Visit to Rapid City

On September 29, Minneapolis Federal Reserve Bank President Neel Kashkari participated in several listening sessions with community leaders and a town hall luncheon on the School of Mines & Technology Campus. Listening session topics included new developments in the Rapid City Collective Impact initiative, highlights of the Rapid City Downtown Master Plan, an economic impact analysis of Main Street Square, and the outlook for wages and employment in Rapid City.  

During the town hall luncheon, Kashkari and former Congresswoman Heather Wilson (now president of the South Dakota School of Mines & Technology) shared dramatic stories of their roles in the historic 2008 bailout, when Kashkari led the Troubled Asset Relief Program at the U.S. Department of the Treasury. Kashkari also provided an overview of the Minneapolis Fed's initiative to end Too Big To Fail (TBTF) banks

When asked about the survival of community banks facing regulatory compliance issues, Kashkari emphasized the importance of ending TBTF banks first. “If we don’t change anything, more consolidation is coming. Unless somebody does something, that trend is going to continue. My hope is that if we as a country can do something about the biggest banks, and have confidence that we’ve done that, then there will be the opportunity to then relax some of the regulations that are smothering the community banks.”

The Minneapolis Fed has also established the Center for Indian Country Development. The center’s work focuses on outreach and collaboration with tribal communities on efforts including increasing access to credit, business development, housing and homeownership, and education.

If you missed the town hall luncheon, which was hosted by the Black Hills Knowledge Network, the Rapid City Economic Development Partnership and the Rapid City Chamber of Commerce, a recording of the event is available on the Minneapolis Fed's YouTube channel

Related items

  • South Dakota Ranks Last for GDP Growth in Third Quarter 2017

    South Dakota’s Gross Domestic Product (GDP) grew by just 0.5% in the third quarter of 2017, according to a recent release from the Bureau of…
  • South Dakota GDP Declines in Second Quarter of 2017

    Gross domestic product (GDP) fell by 0.3 percent in South Dakota during the second quarter of 2017, according to the Bureau of Economic Analysis. South…
  • Personal Income Growth Remains Stagnant in Second Quarter of 2017

    Personal income grew by just 0.4 percent in South Dakota during the second quarter of 2017, according to a recent release from the Bureau of…
  • South Dakota’s Metro Areas See Slight Economic Growth in 2016

    Both Rapid City and Sioux Falls made modest gains in economic growth in 2016, according to recently released figures from the Bureau of Economic Analysis.…
  • Civic Engagement Data Now Online

    The South Dakota Dashboard Now offers interactive charts that feature both registered voter turnout as well as estimates of voting-age population turnout. The registered voter…

525 University Loop, Suite 202
Rapid City, SD 57701
(605) 716-0058   [email protected]