Patrick Dierberger With The Federal Reserve Bank of Atlanta

Intro: [00:00:04] Broadcasting live from the Business RadioX Studios in Atlanta, Georgia, it’s time for GWBC Radio’s Open For Business. Now, here’s your host.

Lee Kantor: [00:00:18] Lee Kantor here, another episode of GWBC Open For Business. I’m so excited to be talking with today’s guest, Patrick Dierberger with the Federal Reserve Bank of Atlanta. Welcome, Patrick.

Patrick Dierberger: [00:00:33] Thank you, Lee. I’m glad to be here.

Lee Kantor: [00:00:36] Well, the Federal Reserve Bank of Atlanta, that is an awesome place. Do you mind explaining for folks a little bit about what the Federal Reserve Bank of Atlanta does and how it fits into, you know, kind of the United States economy and business world because you hear about it a lot, but people probably haven’t talked to anybody with them before.

Patrick Dierberger: [00:00:58] Absolutely, Lee. So, thank you for the opportunity, first of all, and great to be here. The Federal Reserve Bank of Atlanta is the reserve bank for the Southeast section of the United States. We are responsible for the monetary policy, economic well-being of the Southeast economy. Part of our job is to ensure that we are monitoring what’s going on in the economy throughout the region, which is a large region. Our footprint is all of Georgia, all of Alabama, Florida, parts of Tennessee, Mississippi, and Louisiana.

Patrick Dierberger: [00:01:34] So, we’re just the Sixth District part of the Federal Reserve System. So, we’re one of 12 reserve banks across the system, but our job is to monitor the economy for the Southeast. My job specifically is I’m the senior procurement officer for the Sixth District, so my job, my responsibility for our strategic sourcing function as well as our supplier diversity program.

Lee Kantor: [00:01:57] So, people hear about the Fed is raising rates or lowering rates, you’re part of that kind of world, right? You’re giving your input about what’s happening in your region so that the Fed as a whole can kind of make an assessment of where the economy of America is going. Is that part of what’s happening?

Patrick Dierberger: [00:02:16] That’s part of our responsibility, yes. And, again, I preface this by saying all my comments are just my personal views. They don’t necessarily represent the Federal Reserve Bank of Atlanta or the Federal Reserve System. But you’re correct in that President Bostic, who is our president, his job is to ensure that he is getting the economic intelligence throughout the region. That’s one of the great things about the Federal Reserve System is that we are a regional presence, so we’re able to make the connections with the community, the business community, just the communities that we all live in, and make sure we understand what is going on in those communities.

Patrick Dierberger: [00:02:52] And you can imagine, the Sixth District of the Southeastern United States has a very varied community of economies. A lot of different things going on in the Southeast, whether it’s tourism, agriculture, business, banking, so there’s a lot of business intelligence to be gathered. Our job is to make sure that we are providing that information to President Bostic when he goes and votes as part of the FOMC, the Federal Open Market Committee. That’s the body of the Federal Reserve System that decides the direction of interest rates.

Lee Kantor: [00:03:25] Now, in your kind of view, let’s talk specifically of Georgia, why do you think that Georgia has such a robust economy and has kind of weathered a lot of storms? Is it because of kind of the diversity of the different industries that are here? Does that play a role? Or is it like the port system and the airport and then the university system, like what are the kind of drivers in your mind?

Patrick Dierberger: [00:03:52] So, it’s not necessarily my area of expertise, Lee, but we have a lot of people in the bank, in the Federal Reserve Bank of Atlanta that really focus on that type of information. On my personal opinion, I will say that I think you’re absolutely right, the fact that we have a very robust and inclusive and diverse economy in the Southeast, there’s a lot of different industry sectors that are part of our economy. I think that’s part of it in terms of being able to react to changes in the economy and be able to withstand some of the things that are going on in the larger global economy or the United States economy. We have a lot of different businesses and industries that are part of our Southeast Region.

Lee Kantor: [00:04:43] Now, in your career, have you always been active in joining boards of different organizations?

Patrick Dierberger: [00:04:52] Yes. So, part of our mission in the Federal Reserve Bank of Atlanta is being part of our communities, community outreach. We realize the importance of being engaged and being part of the communities that we live in. One of our programs here at the bank is ensuring that there are a lot of really talented nonprofit organizations throughout the Southeast and there’s a lot of talent within the Federal Reserve Bank of Atlanta, so one of our programs is matching up individuals within our organization who express a desire to be part of that program of serving on nonprofit boards, winning just again, our talent and our time to help further the mission of some really deserving institutions that we’re able to partner with.

Lee Kantor: [00:05:45] Now, specifically to yourself, could you share some advice on choosing the right organizations to get involved with? Because like you said, there’s a lot, so how do you kind of decide where you’re going to put your energy and your talent?

Patrick Dierberger: [00:06:00] So, really, Lee, that depends on what you’re passionate about. I think that’s one of the main things you need to first take a look at is really think about what are some of the fields of interest or things that, again, really interest you personally in terms of service, what are the things that you’re passionate about. Because there are a lot of nonprofits out there that offer all types of services to the community. And I’m confident that if you find something that you’re passionate about in the nonprofit sector, there is a nonprofit board out there that is looking for assistance, always looking for time and talent to help advance that nonprofit’s mission.

Patrick Dierberger: [00:06:40] So, first thing is look for, again, what are you passionate about. And then, also, take a look at what do you feel would be aligned with what you’re trying to achieve, possibly professionally. So, I’ve learned so much from serving on nonprofit boards in terms of just leadership and just learning from others who serve on the board. There’s so much talent on these boards that it’s just an opportunity to learn. So, also think about what are some of the things that you want to get out of nonprofit service because, without a doubt, there’s lots of opportunities to develop your own skills.

Lee Kantor: [00:07:17] Now, can we talk a little bit about GWBC? Why did you initially get involved with them? And as your new position as board chair, kind of what’s your vision?

Patrick Dierberger: [00:07:29] Certainly. So, the Federal Reserve Bank of Atlanta has always had a strong supplier diversity program. And, again, as the senior procurement officer, one of my responsibilities is ensuring that through all our procurement practices that, again, we’re being inclusive in our sourcing practices. We want to make sure that we’re looking throughout the community for vendors that are able to provide the goods and services, that, again, helps achieve our mission on a daily basis.

Patrick Dierberger: [00:07:56] And there are a lot of great businesses out there. So, we’ve always had a supplier diversity program within our organization. So, it was just a natural extension of some of the councils within the region that it’s a great partnership both from a business standpoint of ensuring that we’re able to leverage our collective resources to advance both of our missions, either GWBC or the Federal Reserve Bank of Atlanta. So, there was an opportunity to serve on the board and it’s a logical extension of just some of my responsibilities.

Patrick Dierberger: [00:08:30] And, again, we’ve been members of GWBC long before I joined the board. And, again, just really valued that partnership and just the opportunity to contribute to that organization. They do such good work for the women-owned business community. It is amazing the programs, the opportunities for women-owned businesses to engage each other, engage corporates such as ourselves to really ensure that we are maximizing the opportunities for corporations and for women business enterprises.

Patrick Dierberger: [00:09:06] One of the things as a Federal Reserve Bank of Atlanta, as we’re looking for diverse business enterprises, the certification process that GWBC offers really is a value to our organization. We don’t have the resources to self-certify, so we leverage the certifications of the supplier diversity council that we work with on a regular basis. And organizations such as WBENC and GWBC, they are the gold standard for women business enterprises. So, we see the certification from GWBC and from WBENC, we know we have the confidence that that’s the certification that we can leverage ourselves as we’re engaging these vendors.

Patrick Dierberger: [00:09:49] So, to be able to, again, work with GWBC to ensure that we are creating value for the women business enterprise community, our constituents, I think it’s going to be one of the things that we really continue to focus on. It’s always been a focus for GWBC, but we’re seeing some really interesting times right now, Lee, in terms of just changes in the DE&I space, some of the court rulings that have come down recently and just how that is going to impact organizations such as WBENC and GWBC, I think is yet to be seen.

Patrick Dierberger: [00:10:28] But I think without a doubt that collectively we’ll be able to navigate those considerations and make sure that we continue to provide that value as things continue to change, that we are working closely with the leadership of GWBC, Roz and her staff, which do just an outstanding job leading the organization. As well as the board of directors, who, again, just the talent that we have on the board is amazing. And, again, the constituency of GWBC, the women business enterprises that, again, are the customers, so to speak, but, again, making sure that they see the value of that certification on an ongoing basis.

Lee Kantor: [00:11:11] Now, where do you see the opportunity maybe for enterprise level organizations to leverage a relationship with GWBC? You mentioned that the Federal Reserve here in Atlanta has been part of the group for a while. What would you say to a leader at another enterprise level organization if you were trying to pitch them of, “Hey, this is a group you should really get involved with. This is really going to pay dividends.”

Patrick Dierberger: [00:11:40] The first thing I would consider is, again, what is the mission of that organization, what are some of the strategic objectives of that organization that will align with their partnership or just working with GWBC. So, I think that’s important to make sure we understand exactly what would that organization be looking in terms of what value are they seeking that would align with GWBC. And there’s a lot of value to be had. Again, there’s data out there that highlights the value of a diverse and inclusive strategic sourcing procurement process. We see that every day in terms of the value that it brings to us in our competitive bid processes. So, that’s the first question I would ask an organization is, What are you looking for in that partnership?

Patrick Dierberger: [00:12:35] The second thing I would say is, again, looking for that value proposition. GWBC offers an excellent value proposition to a corporation. I think just ensuring that we articulate that, clearly make the case for using the data. I think data is really important. There was lots of data that, again, points to just how a partnership with GWBC really contributes to the overall health of a procurement program.

Lee Kantor: [00:13:13] Now, let’s kind of look on the other side of the table. How would you pitch a woman-owned business out there that hasn’t been certified yet on the merits of going through a certification?

Patrick Dierberger: [00:13:26] So, first thing I would, again, focus on is the value that the certification offer. And there are various certification organizations out there. There are governments that self-certify. Here in the Federal Reserve Bank of Atlanta, as we look at our spend, the procurement spend that we have on a regular basis, we do capture our diverse spend. That’s something that we want to ensure the integrity of that spend. So, that certification process is kind of the first step, if you will, of ensuring that we see a WBENC certification, again, that being the kind of the gold standard of one of the certifying bodies out there, we know with confidence that we can capture that spend as one business spend. That goes a long way.

Patrick Dierberger: [00:14:15] That goes a long way because we are, again, always wanting to make sure that we have a diverse and inclusive competitive bid process. And those certifications is the first step to help us identify those businesses out there that we know can bring a lot of value to our organization. As a women-owned business being able to leverage that certification, being able to leverage the network that WBENC, both the national level and GWBC as a regional partner organization, the network of relationships that you build being a part of those organizations, you can’t put a price tag on that.

Patrick Dierberger: [00:14:55] I just think of some of the programs that I’ve been involved in, such as the Mentor/Protégé program that GWBC offers, and just some of the connections that we’re able to build through some of those programs, the programing and, again, through the certification process, and just the the constituency of GWBC. As we all know, business is about relationships and being able to identify those opportunities to join organizations where you have a ready-made network of like-minded, organizations, whether they’re corporations or whether they’re women business enterprises, that are able to, again, support each other as businesses or as organizations looking to be successful. It’s hard to put a price tag on that, Lee, because there’s so many opportunities, some that I hadn’t even thought of, that will be out there. And being able to tap into that collective passion, talent, and expertise is extremely valuable.

Lee Kantor: [00:16:08] Yeah. I think it’s like in any organization that you get involved with, the more active you are and the more you lean into it and you volunteer and you have a presence, the more you’re going to get out of it. You’re going to get an ROI if you put in the work and really invest in it as a tool. It’s not like an ATM machine where you put a card in and money comes out, right? You have to do the work and you have to get involved if you want really to benefit.

Patrick Dierberger: [00:16:38] That’s a great point, Lee. And, again, you get out what you put in. And the great thing about GWBC is that there’s so many opportunities to get engaged with the women business enterprise community. Again, I just think of the one example I’m part of which is the Mentor/Protégé program, that’s just a small example of the programs, the events, the ongoing information that is provided by GWBC to its constituency that really helps raise awareness with the WBEs and the corporations.

Patrick Dierberger: [00:17:15] It raises the awareness, but also provides additional information, value added information for, again, processes and programs that we all have in our businesses, whether it’s access to capital, how to manage risk, changes that are going on in the economy, trends going on in the economy. All that information is provided on a regular basis, either through WBENC or the GWBC. And really being able to tap into those programs, but also as leaders of our organizations, being able to contribute to those programs in a meaningful way really just makes us all that much stronger.

Lee Kantor: [00:17:55] Now, is there a story that you can share since being on the board that may be memorable, a favorite, or rewarding moment? You don’t have to name the name of the organization, but maybe just kind of the backstory and what happened.

Patrick Dierberger: [00:18:13] So, it’s interesting, I’ll give you some background. When I was growing up, my mom, my mother always had a business. We had a grocery store for a while, we had a restaurant, and she was someone that always understood the value of relationships. And so, I learned a lot about, again, the value of relationships from my mother and I saw her build those relationships. And I always say she was the consummate salesperson. As I used to say when I grew up in Alabama, I’d say, she could sell ashes to the devil. So, she was the consummate salesperson and it really brought home to me the opportunity that building relationships provides, again, in ways that you may not even imagine.

Patrick Dierberger: [00:19:13] And so, I’ve been part of programs of GWBC. The example I think of right now is the Mentor/Protégé program. So, over the years of working with various WBEs and just having a meeting with the individual in my organization, just to see if there’s an opportunity possibly to raise awareness of this woman business enterprise, the services that she provides through her company. And maybe there’s an opportunity to do business with the bank, possibly. There’s never a guarantee, of course.

Patrick Dierberger: [00:19:46] But just through that meeting, suddenly there are other relationships, other individuals, or other people that either the WBE knows or the person that we’re meeting with knows. And being able to set up, again, new relationships, establish new relationships that are far more valuable than just the lunch meeting I had with that person and what I thought we’d be able to get out of that meeting. And that happens on a regular basis.

Patrick Dierberger: [00:20:16] I can think of one that we had just very recently to where that someone in the bank, but we didn’t realize that there was greater connections through other people outside of the people sitting around that table that have yielded far greater benefit to the WBE long term than I could ever imagine. And, again, just kind of points out the value of relationships, the value of connection, and the opportunities and the possibilities that are out there through those connections.

Lee Kantor: [00:20:51] Yeah. The impact is real. I mean, that’s going to have ripple effects beyond anything you can even imagine. And the impact you’re going to have on that individual, their family, the community, it’s really important.

Lee Kantor: [00:21:07] Is there anything you can share, maybe, that you’re looking forward to in the coming year with the GWBC as part of your role as a board chair?

Patrick Dierberger: [00:21:19] Yeah. So, I really appreciate the opportunity to serve in this capacity. Again, it is a great board that we have. My predecessors have big shoes to fill. Lissa Miller done an outstanding job. So, a lot of good work that we’re going to be able to build on as a board. And, again, in partnership with Roz and her outstanding leadership team as well.

Patrick Dierberger: [00:21:47] I think one thing we want to look at again is just the amount of change that’s going on within our community, diverse business enterprises, it’s fast-paced change and it’s a lot of change all at once. That’s impacting us as corporations that serve on the board and we’re able to learn from each other about how are we navigating all this change, how are we adapting to this change.

Patrick Dierberger: [00:22:17] And able to provide, again, that service or that leadership to Roz and her staff and, again, subsequently, through the programs and the events and just, again, ongoing value that we want to provide to the constituency, that’s going to be big. It’s going to be big, I think, this year. It’s just really understanding our role and, again, some of the tangible outcomes that we want to achieve as a board to help navigate the change that we’re all going through right now, that will be big.

Lee Kantor: [00:22:53] Well, thank you so much for sharing your story today. You’re doing such important work and we appreciate you.

Patrick Dierberger: [00:22:59] Thank you for the opportunity, Lee. I really appreciate the time.

Lee Kantor: [00:23:02] And then, for the folks who want to learn more about GWBC, the Greater Women’s Business Council, whether you’re an entrepreneur that has their own woman-owned business or if you’re a corporate that wants to get involved, this is a great organization, and you can find more information at gwbc.org. This is Lee Kantor for Patrick Dieberger. We’ll see you all next time on GWBC Open for Business.