March 27, 2020 • 13 mins
In these turbulent economic times, Commissioner Sharon Bowen gives us her perspective on what’s happening, what we can learn from the past and the attitude to have in this moment.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:17):
Hi. This is Malayan Vervier and this is Kim Azarelli.
We are co authors of the book Fast Forward, How
Women Can Achieve Power and Purpose. And you're listening to
Seneca Women Conversations on Power and Purpose, brought to you
by the Seneca Women Podcast Network and I Heart Radio.
Welcome to this special edition. During these difficult times, we
(00:38):
will bring you conversations with experts who can help us
gain perspective on the impact of coronavirus, as well as
share tips, resources and some much needed inspiration. Today I'm
joined by Commissioner Sharon Bowen. Our current situation is not
only a health crisis, but a financial crisis, and Sharon
knows the implications of this well. She serves on the
(00:58):
board of the New York Stock ex Change and sat
on two major US government financial commissions dedicating to protecting
consumers and investors in the aftermath of two thousand eight
as well as in the aftermath of nine eleven, including
serving as a Commissioner of the CFTC. Sharon, thanks for
talking with us today. Thanks so much for having me. Kim.
So you've been through nine eleven in New York City, UH,
(01:22):
and the Great Recession of two thousand eight, What did
we learn through those difficult events and can you give
us a perspective on what's happening to the markets right now. Yes,
each of those spirits presented an extraordinary period of uncertainty
in our country and that's definitely the case today as well,
but the causes of really different. The second thing I
(01:44):
would say that they have in common is that we
needed practice uh government intervention. We needed action by both
the public and private sectors to respond to solutions. And
the third thing I would say, in terms of what
they will have in common, is said that the future
will look really different, will be stronger in many areas,
(02:06):
but at the same time it will highlight many weaknesses.
So the two thousand eight financial prices, you know, we
had okay markets where we didn't know where many of
the risks were. Um, so we had great intervention of
our government with the enactment of dog Frank Um And
(02:27):
as you know that, as a Commissioner of the cftc UM,
I had the privilege of implementing many of those rules
and because of that, our financial markets are much more resilient.
None eleven Again with an outside threat that was not
a financial market crisis. UM. But likewise, we had government
(02:50):
intervention with travel restrictions UM, and we had the involvement
with the individual communities. Number of my need of the
you know, the slogan if you see something, say something,
which was a really great way to empower individuals to
help us address UM those threats and as you mentioned
(03:14):
at the very beginning, COVID nineteen project really invisible threat
for us. It's a public health crisis, but it's definitely
going to have a significant effect on our economy, which
is why you're seeing the volatility in the market at
(03:35):
right now. I think our federal government, particularly with respect
to monitor policy, it's doing a really great job of
pumping liquidity in the market, and I really applied UM
those you know, those actions. UM. Likewise, I do a
p the state government, who are really stepping up to
(04:00):
the plate and for market pictures for cheaping our markets
open and transparent, because it's really important for every investor
to have access to fund So have we settled that.
I think what we've learned from this is that we
need a partnership with the public sector, with government in
(04:26):
our local community. At the same time, I think that's
what's gonna help us UM overcome this kne challenge. Now,
in your role as the first African American Commissioner of
the CFTC and also in your role at spec UH,
you had had an important role to play in making
sure some of the most vulnerable UH we're being UM
(04:51):
thought about in this recovery period and also some of
the regulations that you implemented UM in this moment, we
know that women are particularly vulnerable. How are women going
to be affected by this downturn? The chemis you know,
women make up thirty nine percent of the twenty eight
(05:11):
million small businesses in the US and contribute about one
point six twillion dollars in national revenue and employed nearly
nine million people. So women are will drivers of our economy.
We also, as women control over help help half of
the wealth in the US, and we're projected control two
(05:34):
thirds of it by twenty twins. So women clearly need
to be involved and have a seat at the table.
I'm mindful of the fact that the high unemployment. Yeah,
it's going to be reflected in some of the jobs
what waitresses, UM, educators, hotel workers, UM service providers who
(05:59):
are women and who are already under employed and paid
less than months of the dollar. So I think it's
even more urgent that small businesses UM, and particularly women
owned businesses have access to capital as quickly as possible
so we can continue to be drivers of our economy.
(06:21):
I mean a lot of government actions are being taken
right now. UM, for example, the FED pledging to buy
an unlimited amount of bonds. How do these actions help individuals?
I mean, it's going to help to move out some
of the short term pain, but I think we're going
to need a longer term solution. UM. I mean, I
(06:44):
think some of the actions taken, for example, you can't
be foreclosed, your mortgages landwards can't affect you. UM. Those
are nice money days fixes, but we have to figure
out a way to get income in the hands of individuals. UM.
We do reach the projected unemployment UH prediction, that's going
(07:10):
to have really dark consequences for our economy. UM. So
I think we're gonna need to to think longer term
and terms in terms of how we can get our
economy back in order. But as you know, the uncertainty
right now also it's driven by the fact that this
(07:30):
is a health crisis, and so the sooner we can
give some predictability and certainty and leadership in terms of
what tomorrow will look like. I think then we can
have a path to the new next normal. We'll be
(07:51):
back after this break. It's very clear that there is
a lot of um and and well founded stress and
anxiety and fear UM in terms of individual's health, individuals,
families health. And there's also a lot of fear about
(08:14):
the financial markets, about job security. I mean, given all
your experience and everything you've seen, what is the best attitude,
UM that an individual can take and and sort of
what what techniques do you recommend? Well, I would say
don't panic um the that you were going to see
increase volatility UM. But there are financial markets are doing
(08:37):
what they are really you know, set up to do.
And frankly, with technology that we have today, we're able
to have our markets function electronically. That's something we didn't
really have back in two thousand eight. Um. We also
know that we have the ability for people who work
(09:00):
from home well, which really I think it's going to
reshape our economy going forward. And obviously with that we
we have a much smaller carbon footprint and and a
solution to our global pollutions UM issue. But I would
(09:21):
just encourage people to continue to support each other, to
follow the directions and instructions from our doctors and from
our world leaders and from our local government officials. UM.
The market will take care of itself, but it's most
(09:42):
important that we first and foremost take care of ourselves
for our local business. I've heard great stories, for example,
of people ordering pizza take out to be delivered for
people who need the food. That keeps that pizza places
in business, and it solves the problem of feeding people
(10:05):
who otherwise don't have the access to get two food.
That's the kind of you know, resiliency that communities UM
show in times of stress, and so I just encouraged
people to continue to do that, to continue to stake
connected with your friends, your families, your neighbors and communities,
(10:27):
and that's how we can really continue to have trust
and faith in our system and to grow our economy
in the future. So obviously, UM, this is a very
dark time for many and it's a very difficult period
for really all of us. What makes you optimistic in
this moment, what makes the really optimistic, Kim, is the
(10:49):
things I see now in terms of people making the
sacrifices UM, which are really important that we continue to
do so UM by volunteering to stay home and not
spread as far as that is not in it, but
so sort of giving. So I'm just very impressed with
(11:12):
bad and I hope people will will still continue to
do so. The other wayson I'm really optimistic is that
we found some solutions to some of the cracks that
we that we saw kids now have to learn by computer,
and we discovered that many of our kids and public
(11:33):
schools didn't have computers, and so the private sector reached
out and donated computers to these kids who didn't have it.
You know, likewise food UM was not available to kids
when when schools closed, so people came up the solution
of having you know, pilate places wh kids can come
(11:57):
and grab and go with their mills. So it's highlighted
the needs cracts in our system. But it also gives
me a positive optimism that you know, we've come up
with solutions when we need to. Well, it's I'm wonderful
to talk to you about this, and I think we'll
(12:17):
be checking back in with you. UM. We will all
try to maintain the good and sort of calming attitude
that you have about staying calm and not panicking. And
it's good to hear that you think that we as
a society and then our financial markets are resilient. So
thanks so much Aaron for joining us. Now, thanks thank
you for having me chim and and also yes, thank
you to the healthcare providers and those are out there
(12:40):
in the front lines supporting us every day. Yes, we
really have to be grateful for these health care providers.
What they're doing is just so incredible. Thanks so much,
Aaron for joining us. Bye bye. You're listening to Seneca
Women Conversations on Power and per This brought to you
(13:01):
by the Seneca Women podcast Network and I Heart Radio
with support from founding partner p And Listen to Seneca
Women Conversations on Power and Purpose on the I Heart
Radio app, Apple Podcasts, or wherever you get your podcasts,
and please support this podcast by telling your friends, subscribing
and rating us. For more information on Seneca Women, follow
(13:23):
us on social media, visit our website Seneca Women dot com,
and check out the Seneca Women app free in the
app Store. Have a great day.
Hi. This is Malayan Vervier and this is Kim Azarelli.
We are co authors of the book Fast Forward, How
Women Can Achieve Power and Purpose. And you're listening to
Seneca Women Conversations on Power and Purpose, brought to you
by the Seneca Women Podcast Network and I Heart Radio.
Welcome to this special edition. During these difficult times, we
(00:38):
will bring you conversations with experts who can help us
gain perspective on the impact of coronavirus, as well as
share tips, resources and some much needed inspiration. Today I'm
joined by Commissioner Sharon Bowen. Our current situation is not
only a health crisis, but a financial crisis, and Sharon
knows the implications of this well. She serves on the
(00:58):
board of the New York Stock ex Change and sat
on two major US government financial commissions dedicating to protecting
consumers and investors in the aftermath of two thousand eight
as well as in the aftermath of nine eleven, including
serving as a Commissioner of the CFTC. Sharon, thanks for
talking with us today. Thanks so much for having me. Kim.
So you've been through nine eleven in New York City, UH,
(01:22):
and the Great Recession of two thousand eight, What did
we learn through those difficult events and can you give
us a perspective on what's happening to the markets right now. Yes,
each of those spirits presented an extraordinary period of uncertainty
in our country and that's definitely the case today as well,
but the causes of really different. The second thing I
(01:44):
would say that they have in common is that we
needed practice uh government intervention. We needed action by both
the public and private sectors to respond to solutions. And
the third thing I would say, in terms of what
they will have in common, is said that the future
will look really different, will be stronger in many areas,
(02:06):
but at the same time it will highlight many weaknesses.
So the two thousand eight financial prices, you know, we
had okay markets where we didn't know where many of
the risks were. Um, so we had great intervention of
our government with the enactment of dog Frank Um And
(02:27):
as you know that, as a Commissioner of the cftc UM,
I had the privilege of implementing many of those rules
and because of that, our financial markets are much more resilient.
None eleven Again with an outside threat that was not
a financial market crisis. UM. But likewise, we had government
(02:50):
intervention with travel restrictions UM, and we had the involvement
with the individual communities. Number of my need of the
you know, the slogan if you see something, say something,
which was a really great way to empower individuals to
help us address UM those threats and as you mentioned
(03:14):
at the very beginning, COVID nineteen project really invisible threat
for us. It's a public health crisis, but it's definitely
going to have a significant effect on our economy, which
is why you're seeing the volatility in the market at
(03:35):
right now. I think our federal government, particularly with respect
to monitor policy, it's doing a really great job of
pumping liquidity in the market, and I really applied UM
those you know, those actions. UM. Likewise, I do a
p the state government, who are really stepping up to
(04:00):
the plate and for market pictures for cheaping our markets
open and transparent, because it's really important for every investor
to have access to fund So have we settled that.
I think what we've learned from this is that we
need a partnership with the public sector, with government in
(04:26):
our local community. At the same time, I think that's
what's gonna help us UM overcome this kne challenge. Now,
in your role as the first African American Commissioner of
the CFTC and also in your role at spec UH,
you had had an important role to play in making
sure some of the most vulnerable UH we're being UM
(04:51):
thought about in this recovery period and also some of
the regulations that you implemented UM in this moment, we
know that women are particularly vulnerable. How are women going
to be affected by this downturn? The chemis you know,
women make up thirty nine percent of the twenty eight
(05:11):
million small businesses in the US and contribute about one
point six twillion dollars in national revenue and employed nearly
nine million people. So women are will drivers of our economy.
We also, as women control over help help half of
the wealth in the US, and we're projected control two
(05:34):
thirds of it by twenty twins. So women clearly need
to be involved and have a seat at the table.
I'm mindful of the fact that the high unemployment. Yeah,
it's going to be reflected in some of the jobs
what waitresses, UM, educators, hotel workers, UM service providers who
(05:59):
are women and who are already under employed and paid
less than months of the dollar. So I think it's
even more urgent that small businesses UM, and particularly women
owned businesses have access to capital as quickly as possible
so we can continue to be drivers of our economy.
(06:21):
I mean a lot of government actions are being taken
right now. UM, for example, the FED pledging to buy
an unlimited amount of bonds. How do these actions help individuals?
I mean, it's going to help to move out some
of the short term pain, but I think we're going
to need a longer term solution. UM. I mean, I
(06:44):
think some of the actions taken, for example, you can't
be foreclosed, your mortgages landwards can't affect you. UM. Those
are nice money days fixes, but we have to figure
out a way to get income in the hands of individuals. UM.
We do reach the projected unemployment UH prediction, that's going
(07:10):
to have really dark consequences for our economy. UM. So
I think we're gonna need to to think longer term
and terms in terms of how we can get our
economy back in order. But as you know, the uncertainty
right now also it's driven by the fact that this
(07:30):
is a health crisis, and so the sooner we can
give some predictability and certainty and leadership in terms of
what tomorrow will look like. I think then we can
have a path to the new next normal. We'll be
(07:51):
back after this break. It's very clear that there is
a lot of um and and well founded stress and
anxiety and fear UM in terms of individual's health, individuals,
families health. And there's also a lot of fear about
(08:14):
the financial markets, about job security. I mean, given all
your experience and everything you've seen, what is the best attitude,
UM that an individual can take and and sort of
what what techniques do you recommend? Well, I would say
don't panic um the that you were going to see
increase volatility UM. But there are financial markets are doing
(08:37):
what they are really you know, set up to do.
And frankly, with technology that we have today, we're able
to have our markets function electronically. That's something we didn't
really have back in two thousand eight. Um. We also
know that we have the ability for people who work
(09:00):
from home well, which really I think it's going to
reshape our economy going forward. And obviously with that we
we have a much smaller carbon footprint and and a
solution to our global pollutions UM issue. But I would
(09:21):
just encourage people to continue to support each other, to
follow the directions and instructions from our doctors and from
our world leaders and from our local government officials. UM.
The market will take care of itself, but it's most
(09:42):
important that we first and foremost take care of ourselves
for our local business. I've heard great stories, for example,
of people ordering pizza take out to be delivered for
people who need the food. That keeps that pizza places
in business, and it solves the problem of feeding people
(10:05):
who otherwise don't have the access to get two food.
That's the kind of you know, resiliency that communities UM
show in times of stress, and so I just encouraged
people to continue to do that, to continue to stake
connected with your friends, your families, your neighbors and communities,
(10:27):
and that's how we can really continue to have trust
and faith in our system and to grow our economy
in the future. So obviously, UM, this is a very
dark time for many and it's a very difficult period
for really all of us. What makes you optimistic in
this moment, what makes the really optimistic, Kim, is the
(10:49):
things I see now in terms of people making the
sacrifices UM, which are really important that we continue to
do so UM by volunteering to stay home and not
spread as far as that is not in it, but
so sort of giving. So I'm just very impressed with
(11:12):
bad and I hope people will will still continue to
do so. The other wayson I'm really optimistic is that
we found some solutions to some of the cracks that
we that we saw kids now have to learn by computer,
and we discovered that many of our kids and public
(11:33):
schools didn't have computers, and so the private sector reached
out and donated computers to these kids who didn't have it.
You know, likewise food UM was not available to kids
when when schools closed, so people came up the solution
of having you know, pilate places wh kids can come
(11:57):
and grab and go with their mills. So it's highlighted
the needs cracts in our system. But it also gives
me a positive optimism that you know, we've come up
with solutions when we need to. Well, it's I'm wonderful
to talk to you about this, and I think we'll
(12:17):
be checking back in with you. UM. We will all
try to maintain the good and sort of calming attitude
that you have about staying calm and not panicking. And
it's good to hear that you think that we as
a society and then our financial markets are resilient. So
thanks so much Aaron for joining us. Now, thanks thank
you for having me chim and and also yes, thank
you to the healthcare providers and those are out there
(12:40):
in the front lines supporting us every day. Yes, we
really have to be grateful for these health care providers.
What they're doing is just so incredible. Thanks so much,
Aaron for joining us. Bye bye. You're listening to Seneca
Women Conversations on Power and per This brought to you
(13:01):
by the Seneca Women podcast Network and I Heart Radio
with support from founding partner p And Listen to Seneca
Women Conversations on Power and Purpose on the I Heart
Radio app, Apple Podcasts, or wherever you get your podcasts,
and please support this podcast by telling your friends, subscribing
and rating us. For more information on Seneca Women, follow
(13:23):
us on social media, visit our website Seneca Women dot com,
and check out the Seneca Women app free in the
app Store. Have a great day.
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