Federal Reserve Bank of St Louis - AbsoluteAstronomy.com

The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks

Federal Reserve System

The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...

that, along with the Board of Governors in Washington, D.C., make up the nation's central bank

Central bank

A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...

. Missouri is the only state to have two Federal Reserve Banks (Kansas City

Kansas City, Missouri

Kansas City, Missouri is the largest city in the U.S. state of Missouri and is the anchor city of the Kansas City Metropolitan Area, the second largest metropolitan area in Missouri. It encompasses in parts of Jackson, Clay, Cass, and Platte counties...

also has a bank

Federal Reserve Bank of Kansas City

The Federal Reserve Bank of Kansas City covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexico. The Bank has branches in Denver, Oklahoma City, and Omaha. The current president is...

). The St. Louis Fed is the headquarters of the Eighth Federal Reserve District, which includes the state of Arkansas

Arkansas

Arkansas is a state located in the southern region of the United States. Its name is an Algonquian name of the Quapaw Indians. Arkansas shares borders with six states , and its eastern border is largely defined by the Mississippi River...

and portions of Illinois

Illinois

Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...

, Indiana

Indiana

Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...

, Kentucky

Kentucky

The Commonwealth of Kentucky is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth...

, Mississippi

Mississippi

Mississippi is a U.S. state located in the Southern United States. Jackson is the state capital and largest city. The name of the state derives from the Mississippi River, which flows along its western boundary, whose name comes from the Ojibwe word misi-ziibi...

, the eastern half of Missouri

Missouri

Missouri is a US state located in the Midwestern United States, bordered by Iowa, Illinois, Kentucky, Tennessee, Arkansas, Oklahoma, Kansas and Nebraska. With a 2010 population of 5,988,927, Missouri is the 18th most populous state in the nation and the fifth most populous in the Midwest. It...

and West Tennessee

West Tennessee

West Tennessee is one of the three Grand Divisions of the State of Tennessee. Of the three, it is the one that is most sharply defined geographically. Its boundaries are the Mississippi River on the west and the Tennessee River on the east...

. It has branches in Little Rock, Louisville

Louisville, Kentucky

Louisville is the largest city in the U.S. state of Kentucky, and the county seat of Jefferson County. Since 2003, the city's borders have been coterminous with those of the county because of a city-county merger. The city's population at the 2010 census was 741,096...

and Memphis

Memphis, Tennessee

Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....

. The recently renovated building, at 411 Locust Street, was designed by St. Louis firm Mauran, Russell & Crowell in 1924. The Eighth District serves as a center for local, national and global economic research, and provides the following services: supervisory and regulatory services to state-member banks and bank holding companies; cash and coin-handling for the District and beyond; economic education; and community development resources.

Current Board of Directors

The following people serve on the board of directors as of 2011: All terms expire December 31.

Class A

Class A
Name	Title	Term Expires
J. Thomas May	Chairman and Chief Executive Officer Simmons First National Corporation Pine Bluff, Arkansas Pine Bluff, Arkansas Pine Bluff is the largest city and county seat of Jefferson County, Arkansas, United States. It is also the principal city of the Pine Bluff Metropolitan Statistical Area and part of the Little Rock-North Little Rock-Pine Bluff, Arkansas Combined Statistical Area...	2011
William E. Chappel	President and Chief Executive Officer The First National Bank Vandalia, Illinois Vandalia, Illinois Vandalia is a city in Fayette County, Illinois, United States, northeast of St. Louis, on the Kaskaskia River. From 1819 to 1839 it served as the state capital of Illinois. Vandalia was the western terminus of the National Road. Today it is the county seat of Fayette County and the home of the...	2012
Robert G. Jones	President and Chief Executive Officer Old National Bancorp Evansville, Indiana Evansville, Indiana Evansville is the third-largest city in the U.S. state of Indiana and the largest city in Southern Indiana. As of the 2010 census, the city had a total population of 117,429. It is the county seat of Vanderburgh County and the regional hub for both Southwestern Indiana and the...	2013

Class B

Class B
Name	Title	Term Expires
Gregory M. Duckett	Senior Vice President and Corporate Counsel Baptist Memorial Health Care Corporation Memphis, Tennessee Memphis, Tennessee Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....	2011
Sonja Yates Hubbard	Chief Executive Officer E-Z Mart Stores, Inc. Texarkana, Texas Texarkana, Texas Texarkana is a city in Bowie County, Texas, United States. It effectively functions as one half of a city which crosses a state line — the other half, the city of Texarkana, Arkansas, lies on the other side of State Line Avenue...	2012
Cal McCastlain	Partner Dover Dixon Home PLLC Little Rock, Arkansas Little Rock, Arkansas Little Rock is the capital and the largest city of the U.S. state of Arkansas. The Metropolitan Statistical Area had a population of 699,757 people in the 2010 census...	2013

Class C

Class C
Name	Title	Term Expires
Ward M. Klein (Deputy Chair)	Chief Executive Officer Energizer Holdings, Inc. St. Louis, Missouri St. Louis, Missouri St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...	2011
Steven H. Lipstein (Chair)	President and Chief Executive Officer BJC HealthCare BJC HealthCare BJC HealthCare is a non-profit health care organization based in St. Louis, Missouri. It is the St. Louis area's—and one of Missouri's—biggest employers. BJC includes two nationally recognized academic hospitals - Barnes-Jewish Hospital and St... St. Louis, Missouri St. Louis, Missouri St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...	2012
Sharon D. Fiehler	Executive Vice President and Chief Administrative Officer Peabody Energy Peabody Energy Peabody Energy Corporation , previously Peabody Coal Company, is the largest private-sector coal company in the world. The company is headquartered in Downtown St. Louis, Missouri.... St. Louis, Missouri St. Louis, Missouri St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...	2013

President James B. Bullard

James Bullard took office as president and chief executive officer of the Federal Reserve Bank of St. Louis in April 2008. He directs the activities of the Bank’s head office in St. Louis as well as its three branches in Little Rock, Louisville and Memphis. In addition, he participates in the Federal Open Market Committee

Federal Open Market Committee

The Federal Open Market Committee , a committee within the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations . It is the Federal Reserve committee that makes key decisions about interest rates and the growth of the United States money...

(FOMC), the Federal Reserve’s principal monetary policymaking body. Dr. Bullard is an accomplished economic theorist, whose fundamental contributions to monetary economics and policy analysis are highly regarded in the profession. Dr. Bullard joined the Research Division of the Federal Reserve Bank of St. Louis in 1990 and attained positions of increasing responsibility. Prior to being appointed president, he was deputy director of research for monetary analysis.

Monetary policy

Congress gave the Federal Reserve responsibility for setting monetary policy under the Federal Reserve Act of 1913 so that actions taken by the central bank would be free from political concerns. Along with the other 11 regional Feds, the St. Louis Fed helps guide the nation’s economy by participating on the Federal Open Market Committee. Advised by the Research division staff, President James Bullard contributes informed opinions about national and District conditions, and participates in FOMC decisions concerning monetary policy, including setting the federal funds rate

Federal funds rate

In the United States, the federal funds rate is the interest rate at which depository institutions actively trade balances held at the Federal Reserve, called federal funds, with each other, usually overnight, on an uncollateralized basis. Institutions with surplus balances in their accounts lend...

Supervisory functions

The St. Louis Fed supervises state-member banks and bank holding companies. The Bank Supervision and Regulation division, led by Julie Stackhouse, is tasked with assessing the safety and soundness of financial institutions’ assets and operations, the effectiveness of their risk management practices, and their compliance with laws and regulations governing activities and consumer protection. Examiners collect and verify data from financial institutions to ensure an accurate accounting of financial institutions’ conditions, as well as data on the money and reserves in the banking system. The Federal Reserve is considered the "lender of last resort" for financial institutions, and the St. Louis Fed is tasked with ensuring adequate liquidity in financial markets by making loans to depository institutions through the "discount window" and allowing the prudent use of intraday credit. The Bank processes bank applications for acquisitions and new activities. Banking-related publications include Central Banker, a quarterly and online publication featuring Fed news and banking and economic opinions, tailored to bank executives in the Eighth District.

Community development

As part of Banking Supervision and Regulation, the St. Louis Fed’s Community Development department provides financial institutions and others with information on the Community Reinvestment Act (CRA), community and economic development, and issues related to credit access. The department also facilitates partnerships between lenders and their communities and seeks to generate economic development and affordable housing throughout the Eighth District. The Community Development Advisory Council was created to keep the Bank's president and Community Development staff informed about development issues and to suggest ways the Bank might support local development efforts. The executives are all experts in community and economic development and represent nonprofit organizations, financial institutions, universities, government, and foundations. Community Development holds many events throughout the year, including, Exploring Innovation, a semi-annual conference on community development innovation and special presentations on selected topics, such as the impact and possible solutions to foreclosures and vacancies. Publications include Bridges, a print and online quarterly for community organizations and leaders.

Economic research

The St. Louis Fed’s Economic Research division, led by senior vice president Dr. Christopher J. Waller, produces economic research for a wide range of national and international audiences. In the 1960s, the St. Louis Fed garnered a reputation as a maverick in the Federal Reserve System because of its espousal of monetarism

Monetarism

Monetarism is a tendency in economic thought that emphasizes the role of governments in controlling the amount of money in circulation. It is the view within monetary economics that variation in the money supply has major influences on national output in the short run and the price level over...

. Spurred by bank president Darryl Francis and research director Homer Jones, the bank’s economists published research showing a direct relationship between the growth of money and inflation. Monetarist theories have since been adopted widely.

Four times a year, St. Louis Fed economists release the Burgundy Books, patterned after the Federal Reserve System’s Beige Book
Beige Book
The Beige Book, more formally called the Summary of Commentary on Current Economic Conditions, is a report published by the United States Federal Reserve Board eight times a year. The report is published in advance of meetings of the Federal Open Market Committee...

, as an economic snapshot of the four major zones in the District (Little Rock, Louisville, Memphis and St. Louis). The Burgundy Books collect data and anecdotal feedback from numerous sources to help track the District’s consumer spending, commercial and residential real estate, manufacturing and industrial activities, banking data and more. Research publications include the Review, a journal of national and international economic developments, particularly focusing on their monetary aspects; Regional Economic Development, an occasional journal of local and regional economic development, with particular focus on the Eighth District; Economic Synopses, short essays and reports on the economic issues of the day; and The Regional Economist, a magazine whose articles are written largely by economists but for readers who, for the most part, aren’t economists.

Today, the St. Louis Fed's database of over 39,000 economic time series

Time series

In statistics, signal processing, econometrics and mathematical finance, a time series is a sequence of data points, measured typically at successive times spaced at uniform time intervals. Examples of time series are the daily closing value of the Dow Jones index or the annual flow volume of the...

, FRED (Federal Reserve Economic Data), is one of the nation's largest. Data series include interest rates, gross domestic product (GDP) and its components, GDP and gross national product (GNP) together, employment and population, consumer price indexes (CPI), monetary aggregates and Treasury constant maturity. FRED and the other free online data services—ALFRED, GeoFRED, CASSIDI and FRASER—are collectively, with other Research sites, accessed several million times a year. The current Palestinian Prime Minister, economist Salam Fayyad

Salam Fayyad

Salam Fayyad is a Palestinian politician and Prime Minister of the Palestinian National Authority of the Palestinian National Authority. His first appointment, on 15 June 2007, which was justified by President Mahmoud Abbas on the basis of "national emergency", has not been confirmed by the...

, once served on the staff of the Federal Reserve Bank of St. Louis, where he did early research on the American Divisia Monetary Aggregates

Divisia Monetary Aggregates

In econometrics and official statistics, and particularly in banking, the Divisia monetary aggregates index is an index of money supply. It is a particular application of a Divisia index to monetary aggregates.-Background:...

Economic education

The St. Louis Fed’s economic education group provides lesson plans, workshops and other materials for primary, secondary and high school teachers, as well as some classroom college professors. Topics, which include money and banking, economics, personal finance, history, the Federal Reserve, and economics and geography, are designed to help educators teach and help students understand economics and personal finance. Among the free economic education offerings are the Great Depression Project, and various curriculum units, such as GDP and Pizza, Cards, Cars and Currency and It’s Your Paycheck! Regular publications include Inside the Vault, which offers free lesson plans for primary, secondary and high school educators, and Liber8 Newsletter, published nine times a year and written for librarians, students and the general public on current economic topics. Other publications include Kids & Money (Spanish version: Los Niños y el Dinero), a booklet designed to help parents teach their school-age children about managing money. In Plain English is a print, CD and web-based guide to the structure and functions of the Federal Reserve System and includes classroom activities, quizzes and more.

U.S. Treasury support

The St. Louis Fed supports the U.S. Treasury with a number of functions. Led by senior vice president Kathleen O. Paese, the Treasury Services division includes the Treasury Relations and Support Office (TRSO), which manages the Federal Reserve System’s overall relationships with the U.S. Department of the Treasury’s Bureau of the Public Debt, Financial Management Service and Office of Fiscal Assistant Secretary. The St. Louis Fed’s Treasury Relations and Systems Support (TRASS) office provides tax collection, cash management and reporting services to the U.S. Treasury, and serves as the offering administrator for the Fed’s Term Deposit Facility.

Payments support

Beginning in the mid-2000s, the Federal Reserve consolidated its check-handling services as the number of paper checks fell rapidly in favor of check cards, debit cards and electronic bill payments. The most recently completed payments study (released in late 2010) revealed that more than three-quarters of noncash payments in America were done electronically. As of March 3, 2010, the Federal Reserve Bank of Cleveland became the Fed’s single paper check processing and adjustments site and the Federal Reserve Bank of Atlanta became the Fed’s single electronic check processing site. However, the St. Louis Fed still serves as the nation’s central processing site for Treasury checks and postal money orders. As led by senior vice president Karl W. Ashman, the St. Louis Fed provides currency and coin handling services for the Eighth District and beyond, which includes helping to ensure that depository institutions have enough currency and coin to meet public demand through currency ordering and depositing services. The St. Louis Fed also checks currency for fit status (money that can still be circulated), destroys notes that can no longer be circulated and reports counterfeit money

Counterfeit money

Counterfeit money is currency that is produced without the legal sanction of the state or government to resemble some official form of currency closely enough that it may be confused for genuine currency. Producing or using counterfeit money is a form of fraud or forgery. Counterfeiting is probably...

to the United States Secret Service

United States Secret Service

The United States Secret Service is a United States federal law enforcement agency that is part of the United States Department of Homeland Security. The sworn members are divided among the Special Agents and the Uniformed Division. Until March 1, 2003, the Service was part of the United States...

General outreach

The St. Louis Fed holds several events annually for educators, civic and business leaders, bankers and more throughout the District. These include "Dialogues with the Fed," where St. Louis Fed President James Bullard discusses economic matters, and "Economic Briefings," where a Fed economist or other expert discusses the current local and national economy. The St. Louis Fed also features research symposiums, educator workshops, and special presentations on such topics as the cost of higher education and recession demographics.

External links

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