Cook, Welcome Remarks — Tale-analyse

Welcome remarks by Governor Cook at the State of Small Business Symposium hosted by the Federal Reserve Bank of Cleveland - Federal Reserve Board Skip to main content An official website of the United States Government Here's how you know Official websites use .gov A .gov website belongs to an official government organization in the United States. Secure .gov websites use HTTPS A lock ( Lock Locked padlock icon ) or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites. Back to Home Board of Governors of the Federal Reserve System Stay Connected Federal Reserve Facebook Page Federal Reserve Instagram Page Federal Reserve YouTube Page Federal Reserve Flickr Page Federal Reserve LinkedIn Page Federal Reserve Threads Page Federal Reserve X Page Federal Reserve Bluesky Page Subscribe to RSS Subscribe to Email Recent Postings Calendar Publications Site Map A-Z index Careers FAQs Videos Contact Search Submit Search Button Advanced Toggle Dropdown Menu Board of Governors of the Federal Reserve System The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. Main Menu Toggle Button Sections Search Toggle Button Search Search Submit Button Submit About the Fed Structure of the Federal Reserve System The Fed Explained Board Members Advisory Councils Federal Reserve Banks Federal Reserve Bank and Branch Directors Federal Reserve Act Currency Board Meetings Board Votes Careers Do Business with the Board Holidays Observed - K.8 Ethics & Values Contact Requesting Information (FOIA) FAQs Economic Education Fed Financial Statements Financial Innovation News & Events Press Releases Speeches & Testimony Calendar Videos Photo Gallery Conferences Monetary Policy Federal Open Market Committee About the FOMC Meeting calendars and information Transcripts and other historical materials FAQs Monetary Policy Principles and Practice Notes Policy Implementation Policy Normalization Policy Tools Reports Monetary Policy Report Beige Book Federal Reserve Balance Sheet Developments Review of Monetary Policy Strategy, Tools, and Communications Overview Supervision & Regulation Supervision Community Banks Regional Banks and Foreign Banks with U.S. Assets Large Banks and Large Foreign Banks Global Systemically Important Banks Financial Market Utilities Consumer Compliance Resources for Supervised Institutions Reports Federal Reserve Supervision and Regulation Report Reporting Forms Recent Reporting Form Updates Information Collections Under Review Financial Statements Securities Exchange Act of 1934 Applications/Structure Change FFIEC Municipal and Government Securities Activities Monitoring Micro Data Reference Manual Legal Developments Enforcement Actions and Legal Developments Mergers, Acquisitions, and Other Applications Process Filing Information Board and Reserve Bank Actions Supervision and Regulation Letters By Year By Topic Regulatory and Policy Resources Federal Reserve Act Bank Holding Company Act Regulations Supervision Manuals Federal Reserve Regulatory Service Disaster Preparedness and Recovery Resources Banking and Data Structure Beneficial Ownership Reports U.S. Domestically Chartered Commercial Banks Minority Depository Institutions U.S. Offices of Foreign Entities Financial Holding Companies Interstate Branching Securities Underwriting and Dealing Subsidiaries State Member Banks Supervised by the Federal Reserve Financial Stability Financial Stability Assessments About Financial Stability Types of Financial System Vulnerabilities & Risks Monitoring Risk Across the Financial System Proactive Monitoring of Markets & Institutions Financial Stability & Stress Testing Financial Stability Coordination & Actions Responding to Financial System Emergencies Cooperation on Financial Stability Reports Financial Stability Report Payment Systems Regulations & Statutes Regulation CC (Availability of Funds and Collection of Checks) Regulation II (Debit Card Interchange Fees and Routing) Regulation HH (Financial Market Utilities) Other Regulations and Statutes Payment Policies Federal Reserve's Key Policies for the Provision of Financial Services Guidelines for Evaluating Joint Account Requests Overnight Overdrafts Payment System Risk Sponsorship for Priority Telecommunication Services Reserve Bank Payment Services & Data Automated Clearinghouse Services Check Services Currency and Coin Services Daylight Overdrafts and Fees FedNow ® Service Fedwire Funds Services Fedwire Securities Services Fiscal Agency Services Master Account and Services Database National Settlement Service Financial Market Utilities & Infrastructures Supervision & Oversight of Financial Market Infrastructures Designated Financial Market Utilities International Standards for Financial Market Infrastructures Research, Reports, & Committees Federal Reserve Payments Study (FRPS) Payments Research Reports Payments System Policy Advisory Committee Economic Research Meet the Researchers Working Papers and Notes Finance and Economics Discussion Series (FEDS) FEDS Notes International Finance Discussion Papers (IFDP) Data, Models and Tools Economic Research Data FRB/US Model Estimated Dynamic Optimization (EDO) Model Survey of Consumer Finances (SCF) Data Data Download Program Bank Assets and Liabilities Aggregate Reserves of Depository Institutions and the Monetary Base - H.3 Assets and Liabilities of Commercial Banks in the U.S. - H.8 Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Senior Financial Officer Survey Senior Loan Officer Opinion Survey on Bank Lending Practices Bank Structure Data U.S. Domestically Chartered Commercial Banks Minority Depository Institutions Structure and Share Data for the U.S. Offices of Foreign Banks Business Finance Commercial Paper Finance Companies - G.20 New Security Issues, State and Local Governments New Security Issues, U.S. Corporations Dealer Financing Terms Senior Credit Officer Opinion Survey on Dealer Financing Terms Exchange Rates and International Data Foreign Exchange Rates - H.10/G.5 International Summary Statistics Securities Holdings and Transactions Statistics Reported by Banks and Other Financial Firms in the United States Structure and Share Data for U.S. Offices of Foreign Banks Financial Accounts Financial Accounts of the United States - Z.1 Household Finance Consumer Credit - G.19 Household Debt Service Ratios Mortgage Debt Outstanding Survey of Consumer Finances (SCF) Survey of Household Economics and Decisionmaking Industrial Activity Industrial Production and Capacity Utilization - G.17 Interest Rates Selected Interest Rates - H.15 Micro Data Reference Manual (MDRM) Micro and Macro Data Collections Money Stock and Reserve Balances Factors Affecting Reserve Balances - H.4.1 Money Stock Measures - H.6 Other Yield Curve Models and Data Consumers & Communities Regulations Community Reinvestment Act (CRA) All Regulations Supervision & Enforcement CA Letters Enforcement Actions Independent Foreclosure Review Community Development Housing and Neighborhood Revitalization Small Business and Entrepreneurship Employment and Workforce Development Community Development Finance Rural Community and Economic Development Conferences Research & Analysis Survey of Household Economics and Decisionmaking Research Publications & Data Analysis Community Advisory Council Resources for Consumers Frauds and Scams Mortgage and Foreclosure Resources Federal Reserve Community Development Resources Home News & Events Speeches Speech PDF June 24, 2026 Welcome Remarks Governor Lisa D. Cook At the State of Small Business Symposium hosted by the Federal Reserve Bank of Cleveland (via pre-recorded video) Share Accessible Keys for Video [Space Bar] toggles play/pause; [Right/Left Arrows] seeks the video forwards and back (5 sec ); [Up/Down Arrows] increase/decrease volume; [M] toggles mute on/off; [F] toggles fullscreen on/off (Except IE 11); The [Tab] key may be used in combination with the [Enter/Return] key to navigate and activate control buttons, such as caption on/off. Welcome to the State of Small Business Symposium. Thank you to the Federal Reserve Bank of Cleveland for hosting this event. 1 And thanks to each of you for your interest in small businesses and the vital role they play in creating jobs, expanding economic opportunities, and building vibrant communities. Along with innovation, small and new businesses and entrepreneurship were major, longstanding focal points of my research before I arrived at the Fed. Understanding small and new businesses is critical to understanding the U.S. economy. What happens in these storefronts, offices, shop floors, and even basements and garages shapes households, neighborhoods, and, ultimately, the aggregate outcome for the U.S. economy. 2 Consider this: 99.9 percent of businesses in the U.S. have fewer than 500 employees, and since 1995 those businesses have accounted for 61 percent of net new job creation. 3 Monetary policymakers' actions matter deeply to owners and employees of small firms. Achieving our dual mandate of maximum employment and stable prices will create the conditions where small businesses and all Americans can thrive. Due to the prevalence of small businesses in the U.S., policymakers and researchers must have high-quality data about this important part of the economy. The Federal Reserve's Small Business Credit Survey (SBCS) is an essential source for such data. 4 As a national sample of businesses with fewer than 500 employees, the SBCS provides insights into firms' financing requirements, debt needs, and experiences, generally. I am grateful to all the Federal Reserve System staff who worked to make the survey and the collection and analysis of data from it possible. As an economist who starting surveying firms as early as the dissertation process and throughout many countries, I appreciate the ongoing effort it takes to consistently produce such a survey. These researchers are not only consistently producing the survey, but they have also increased its size and scope over the last decade. This year marks 10 years since the survey went national—going from a four-Bank regional effort to a Systemwide collaboration. The questions have expanded, too, and the survey now captures near-real-time small business credit conditions, financing frictions, and emerging operational challenges that are often not directly observable in other economic statistics or administrative datasets. The full 2025 survey will be presented later today, but I want to call attention to one notable finding: the use of artificial intelligence (AI) by small businesses. The survey found that nearly half of small employer firms reported using AI in some capacity, and 71 percent of these firms reported increased productivity as a result. These data suggest that many small businesses are resourceful, adaptable, and eager to find innovative tools that help them manage and grow their operations. This finding is the diametric opposite of the conventional wisdom that large firms have an advantage in deploying AI. But as someone who spent her career studying innovation, I am not at all surprised to see small, and especially new, businesses experimenting with and deploying AI. Some of the most significant breakthroughs this country has ever witnessed came from startups using frontier technologies in new and innovative ways. 5 This finding on AI usage is just one example of the timely and relevant insights into small business decision-making the SBCS captures. If you are a researcher (or future researcher—graduate or undergraduate student), practitioner, or policymaker who wants to better understand the financial experience of small firms, I encourage you to explore the survey's data in depth. They provide insights related to which firms access credit, how they seek it, why they are being turned down, and what they plan to do next. From both my own research and from my visits to communities around the country, I know that access to credit plays a key role in small firms' ability to get established, grow, create jobs, spur innovation, and strengthen their communities. Thank you for attending this year's symposium and for your interest in small businesses and the SBCS. The organizers have created an exciting program for you today and tomorrow. This is an important time for us to understand the challenges and opportunities facing small businesses and the solutions supporting them. Thank you again for being part of this symposium. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text 2. Lisa D. Cook, " Entrepreneurs, Innovation, and Participation ," speech delivered at the 2024 Women for Women Summit, Charleston, SC, October 10, 2024. Return to text 3. U.S. Small Business Administration Office of Advocacy, 2025 Small Business Profile (PDF) (Small Business Administration, June 2024). Return to text 4. Federal Reserve Banks, 2026 Report on Employer Firms from the 2025 Small Business Credit Survey (Federal Reserve Banks, March 2025). Return to text 5. Lisa D. Cook, " Artificial Intelligence, Big Data, and the Path Ahead for Productivity ," speech delivered at the Technology-Enabled Disruption Conference: Implications of AI, Big Data, and Remote Work, Atlanta, GA October 01, 2024. Return to text Last Update: June 24, 2026 Back to Top Board of Governors of the Federal Reserve System About the Fed News & Events Monetary Policy Supervision & Regulation Financial Stability Payment Systems Economic Research Data Consumers & Communities Connect with the Board Tools and Information Contact Publications Freedom of Information (FOIA) Office of Inspector General Budget & Performance | Audit No FEAR Act Español Website Policies | Privacy Program Accessibility Stay Connected Federal Reserve Facebook Page Federal Reserve Instagram Page Federal Reserve YouTube Page Federal Reserve Flickr Page Federal Reserve LinkedIn Page Federal Reserve Threads Page Link to Federal Reserve X Page Link to Federal Reserve Bluesky Page Subscribe to RSS Subscribe to Email Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W., Washington, DC 20551

Fuld tekst.