Article by: Manu Shah
Photography by: Bijay Dixit of Unique Photo Images
IACCGH Advisor Dr Renu Khator gave an illuminating talk to a packed room on “Chairing the Federal Reserve Bank of Dallas” at the IACCGH Distinguished Lecture. The Event was hosted on February 10th at the Federal Reserve Bank building on Allen Parkway.
Executive Director Jagdip Ahluwalia welcomed the gathering and acknowledged the presence and contribution of Founding President and UH Regent Dr. Durga Agrawal.
Describing India as the fastest growing major economy, Head of the Houston Branch, Daron Peschel stated that the “Houston Fed deeply valued its relationship with the international community.” He also lauded Dr. Khator for taking the University of Houston to a new level in research, brain power and developing Houston’s workforce and revealed that of the employees at the Bank, “every sixth person was a UH graduate or a student.”
Board Member Narayan Bhargava gave a brief presentation of the IACCGH Student Internship Program which will be launched this summer. The program will partner with corporations to allow local business graduates intern in Houston and India to “gain a unique international internship experience of how the (business) system works.”
Describing Dr. Khator as “inspirational” President Joya Shukla emphasized Dr. Khator’s tremendous contribution in not only making the University of Houston excellent in academics, sports and the arts but also impacting the city of Houston in a very positive manner.
Past President Ashok Garg was presented a plaque for “moving mountains and making miracles happen” during his tenure as President in 2015 which culminated in executing the most successful Gala in the history of the Chamber.
Dr. Khator has been a Board member of the Federal Reserve Bank of Dallas since 2011 and assumed the position of Chair in 2015.
In her address, Dr. Khator set out by describing her initial reservations about joining the Bank due to the less than flattering charges against the Bank, namely, the Fed is under the control of Congress, it is not transparent, works for Wall Street and not Main Street and is a government agency supported by tax dollars.
Dr. Khator through her association first as a Board member and then as Chair stated that she gained a “different appreciation for the bank and the work it does.” According to Dr. Khator, the charges were mythical as the Bank was audited by an independent agency, its balance sheet is published every week, it is a semi government entity that is not supported by tax dollars and it works to balance employment and inflation to maintain the financial stability of the system.
She also outlined the history and structure of the Federal Reserve Bank and the crucial role it plays in formulating monetary policies, supervision of banks and being the “banker of the banks” which in turn maintains the economic stability of the market and nation.
The Federal Reserve Bank of Dallas which covers Texas, and parts of Louisiana and New Mexico is very engaged and carries its “Texas size voice” at the Central and State levels. Dr. Khator also pointed out that research by economists at the Federal Bank of Dallas carried a lot of weight and is highly valued throughout the country.
Debra Stewart from Shell presented a plaque to Dr. Khator and stated that Shell was a proud sponsor of inspiring events such as this. The event concluded with a tour of the facility.
The Chamber’s next event to be held on February 28th at India House is a free tax seminar by the city’s renowned CPA’s and tax consultants. The seminar will cover IRS regulations with regard to overseas/foreign assets, retirement planning, contract labor issues and nonprofit organization compliance. To register, please visit www.iaccgh.com