Fed's Fisher: Focus on education to boost economy

BILOXI, Mississippi (Reuters) - Federal Reserve Bank of Dallas President Bank Richard Fisher said on Saturday that education is key to keeping the United States competitive in a globalized economy.

"Oil wells eventually run dry. An educated mind never does," Fisher said in remarks prepared for a panel discussion on the regional economy at the Southern Governors' Association annual meeting.

Fisher did not discuss the U.S. economic or monetary policy outlook. A copy of his remarks was made available in advance.

Fisher traced the evolution of the South's economy from agriculture through manufacturing to services and cataloged recent strong jobs growth.

He called on lawmakers to show "extraordinary political leadership" in resisting calls for protectionist or retaliatory responses in industries hit by a cheaper overseas competition.

"Rather than labor fruitlessly to protect your constituents from foreign competition, you and your legislatures must prepare them for it," Fisher said.

Fisher will be a voting member of the policy-setting Federal Open Market Committee in 2008.