BOAR D OF GOVERNOR S OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551

The ongoing problems in the U.S. housing market continue to impede the economic recovery. House prices have fallen an average of about 33 percent from their 2006 peak, resulting in about $7 trillion in household wealth losses and an associated ratcheting down of aggregate consumption. At the same time, an unprecedented number of households have lost, or are on the verge of losing, their homes. The extraordinary problems plaguing the housing market reflect in part the effect of weak demand due to high unemployment and heightened uncertainty. But the problems also reflect three key forces originating from within the housing market itself: a persistent excess supply of vacant homes on the market, many of which stem from foreclosures; a marked and potentially long-term downshift in the supply of mortgage credit; and the costs that an often unwieldy and inefficient foreclosure process imposes on homeowners, lenders, and communities.

Spotlight

Tanger Med Zones

From its inception back in 1999 and over the last decade, Tanger Med Zones - TMZ, the industrial platform of Tanger Med, has evolved to become a major business hub on the Mediterranean, succeeding in its integration into global trade flows while concurrently developing an outstanding regional platform for competitiveness focused on industrial, logistics and services sectors.

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Addressing Zero Trust for Government: The Role of Identity Security

whitePaper | February 10, 2023

Governments around the world are enacting stronger cybersecurity mandates in which Zero Trust features as a central theme. Eighty-eight percent of security leaders agree that adopting a Zero Trust approach is very important.1 But while desire and regulatory momentum is there, overall implementation is lagging.

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Restoring trust in audit and corporate governance

whitePaper | June 1, 2022

These are challenging times for the UK, but the economy is recovering well, with record job vacancies and unemployment back at pre-crisis levels. A diverse range of companies and entrepreneurs continue to identify the UK as a great place to start and grow a business. The UK continues to be Europe’s most attractive location for international investment in financial services and is well positioned for continued growth1. To help people cope with rises in the cost of living, we want to see businesses thrive across the whole of the UK, sustaining employment and the economic health of communities.

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Four ways governments can get the most out of their infrastructure projects

whitePaper | January 7, 2020

Infrastructure—for example, transportation, power, water, and telecom systems—underpins economic activity and catalyzes growth and development. The world spends more than $2.5 trillion a year on infrastructure, but $3.7 trillion a year will be needed through 2035 just to keep pace with projected GDP growth.1 National, state, and local governments are devoting increased amounts of capital to meet these needs, and for good reason. The McKinsey Global Institute estimates that infrastructure has a socioeconomic rate of return around 20 percent.2 In other words, $1 of infrastructure investment can raise GDP by 20 cents in the long run.

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Cybersecurity Modernization - Transform Government While Controlling Business Risk

whitePaper | December 17, 2019

Moving systems to the cloud, introducing mobile devices into the workforce, investing in smart city projects and undergoing other modernization efforts can introduce risk if agencies can't sufficiently protect their data. According to a recent survey, 92 percent of government respondents will use sensitive data in an advanced technology within the year, yet 96 percent consider themselves "vulnerable."

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The Power of the Engaged Customer: Personalized, Multichannel, Government Experiences

whitePaper | May 1, 2022

Customer experience (CX) in government is about more than any single web form, survey, portal, or online claims submission. CX also considers the perceptions, preferences, and sentiments for an individual, business, or organization as they interact across the various channels of an agency’s program or service.

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The Impact of the Trump Labor Market on Historically Disadvantaged Americans

whitePaper | December 19, 2019

The U.S. labor market is the strongest it has been in the last half century, as shown by economic data across various metrics. This is partly attributable to President Trump’s progrowth economic policies, the results of which are disproportionately benefiting Americans who were previously left behind. The Administration’s policies are boosting labor demand and lowering structural barriers to entering the labor market. This report provides evidence that this labor market has contributed to reduced inequality through an economic boom that is greatly benefiting historically disadvantaged groups. These groups are becoming more and more self-reliant through their economic activity, rather than remaining inactive in the labor market to qualify for means-tested government programs.

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Spotlight

Tanger Med Zones

From its inception back in 1999 and over the last decade, Tanger Med Zones - TMZ, the industrial platform of Tanger Med, has evolved to become a major business hub on the Mediterranean, succeeding in its integration into global trade flows while concurrently developing an outstanding regional platform for competitiveness focused on industrial, logistics and services sectors.

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