Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said on May 9 that US growth is likely to come from "entrepreneurship and individual initiative" rather than government programmes.

Plosser was speaking at the Reinventing Older Communities: Building Resilient Cities conference in Philadelphia. He said: "Government regulations on small and emerging companies can have a stifling effect on economic growth, and despite our best intentions, the law of unintended consequences can