The Federal Reserve: Roadmap To Partnership

Introduction The American government is not the only important contributor to emergency management. This is because the American government is not the only influence on its citizens. Throughout or history private citizens and organizations have been a driving force in preparing for, and responding to emergencies of every type. There have been many examples of private-public partnerships, but the Federal Reserve and the War Industries Board are worth examining.

The Federal Reserve: Roadmap to Partnership One of the most important aspects of the establishment of the Federal Reserve is the admission that there is a role for private sector leadership in all levels of emergency management. The financial panic of 1907 highlighted the need

Weather its from an unknown event or a failed program, changes tend to happen as a result of an event. The WIB was a result of the United States entry into WWII, and the Federal Reserve was a result of the financial panic of 1907. Despite this, the comparison really lies with long-term/ short-term benefits. Although the WIB was a successful responsive partnership, the program ended immediately after WWII (Abou-bakr, 2013, p. 137). This resulted in the need for the establishment of a whole new organization, the War Resources board (WRB), in preparation for WWII, just twenty years later (The American Presidency Project, n.d.). In contrast the establishment of the Federal Reserve was a long-term strategic partnership that was able to provide continuing support. This includes the financial crisis of 2007-2008, where the Federal Reserve was “only official body that could act quickly and powerfully enough to make a difference” (Cecchetti, 2008, p. 21). This type of long-term planning allows PPPs to assist emergency management at every phase of

Climate change, rising sea levels, and increasingly intensifying storms are just a few. Because of this, it is important to develop strong public-private partnerships. Federal, state, and local governments do not necessarily have the knowledge and resources to handle these issues. An example of this is the H1N1 pandemic in 2009, where the World Health Organization recognized the need for public-private partnerships in order to meet the need for increased production of vaccines and antivirals (World Health Organization WHO, 2009, p. 12). Additionally, private organizations can benefit just as much. Private businesses are affected by the economy at every level, and reduce the potential loss that might be sustained by not only the initial disaster, but the potential economic fall out as well (Abou-bakr, 2013, p. 7). It is because of this mutual benefit that PPPs have the potential to significantly aid communities in dealing with future