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Earlier, Williams said in a speech that "it's better to take preventative measures than to wait for disaster to unfold."The Fedread more
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Oil prices have fallen about 50 percent over the past year and gasoline is down 36 percent, but this drop has not translated into a surge in consumer spending.
Michael Farr, president of Farr, Miller & Washington, believes a breakout in spending may be on the horizon.
"It usually takes about nine months to take effect. We should start to see it soon," Farr told CNBC's "Power Lunch" on Thursday.
He says consumers will have a lot more cash on hand, expecting the average U.S. household to see savings of between $750 and $1,500 due to the lower gas and energy prices.