Federal Reserve Bank of St. Louis

The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks (Kansas City also has a bank).[1] Located in downtown St. Louis, the St. Louis Fed is the headquarters of the Eighth Federal Reserve District, which includes the state of Arkansas and portions of Illinois, Indiana, Kentucky, Mississippi, the eastern half of Missouri and West Tennessee. It has branches in Little Rock, Louisville and Memphis. Its 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.

Federal Reserve Bank of St. Louis

Federal Reserve Seal
Headquarters
HeadquartersBroadway and Locust Street
St. Louis, Missouri, USA
EstablishedMay 18, 1914 (1914-05-18)
PresidentJames B. Bullard
Central bank of
Websitewww.stlouisfed.org
The Federal Reserve Bank of St. Louis is one of 12 regional banks that make up the Federal Reserve System

Board of Directors
Map of the Eighth District

The following people serve on the board of directors as of January 1, 2021.[2]

Name Title Term Expires
James M. McKelvey, Jr.

(Deputy Chair)

 Founder and CEO
Invisibly
St. Louis, Missouri		 2023
Carolyn Chism Hardy CEO
Chism Hardy Investments
Bartlett, Tennessee		 2022
Elizabeth G. McCoy CEO
Planters Bank
Hopkinsville, Kentucky		 2023
Alice K. Houston CEO
HJI Supply Chain Solutions
Louisville, Kentucky		 2021
Patricia L. Clarke President and CEO
First National Bank of Raymond
Raymond, Illinois		 2021
Penny Pennington Managing Partner
Edward Jones
St. Louis, Missouri		 2022
Suzanne Sitherwood

(Chair)

 President and CEO
Spire Inc
St. Louis, Missouri		 2021
R. Andrew Clyde President and CEO
Murphy USA Inc.
El Dorado, Arkansas 		2023
C. Mitchell Waycaster President and CEO
Renasant Bank
Tupelo, Mississippi		 2022

President James B. Bullard
Bank presidents (left to right) Theodore Roberts (1983–1984), James Bullard (2008–present), William Poole (1998–2008), and Thomas Melzer (1985–1998)
Main article: 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 (FOMC), the Federal Reserve's principal monetary policymaking body. Bullard is an accomplished economic theorist, whose fundamental contributions to monetary economics and policy analysis are highly regarded in the profession. 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.[3]

Responsibilities

Monetary policy
Main article: Federal Open Market Committee

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.

Supervisory functions
Main articles: Lender of last resort and Discount window

The St. Louis Fed supervises state-member banks and bank holding companies, and, since the passage of the Dodd-Frank Act, savings and loan holding companies. The Banking Supervision and Regulation division, led by senior vice president Carl White,[4][5] 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.[6] 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 St. Louis Fed processes bank applications for acquisitions and new activities.

Twelve senior executives of banks, thrift institutions and credit unions in the Eighth District serve on the St. Louis Fed's Community Depository Institutions Advisory Council (CDIAC),[7] which meets twice a year to advise the St. Louis Fed president on the credit, banking and economic conditions facing the members' institutions and communities. The chairman of the St. Louis Fed's CDIAC represents the Eighth District at the Board of Governors' CDIAC[8] meetings, held twice annually. Banking-related publications include quarterly banking performance data, tailored to bank executives in the Eighth District. The publication Central Banker[9] was discontinued in 2014.

Community development
Main article: Community Reinvestment Act

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. Executives from organizations throughout the district serve on the St. Louis Fed's Community Development Advisory Council,[10] which was created to keep the St. Louis Fed'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, local governments and foundations. Community Development holds many events throughout the year, covering such topics as the impact and possible solutions to foreclosures and vacancies, neighborhood revitalization, rebuilding household balance sheets, and reaching the unbanked and underbanked. Publications include Bridges,[11] a quarterly publication for community organizations and leaders.

Economic research
Main article: Federal Reserve Economic Data

The St. Louis Fed's research division, led by executive vice president 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. 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.

St. Louis Fed economists previously released the Burgundy Books,[12] patterned after the Federal Reserve System's Beige Book, as an economic snapshot of the four zones in the district (Little Rock, Louisville, Memphis and St. Louis). The Burgundy Books collected 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. Publication was discontinued after 2015.

Research publications include the Review,[13] a journal of national and international economic developments, particularly focusing on their monetary aspects; Economic Synopses,[14] short essays and reports on the economic issues of the day; and The Regional Economist,[15] a magazine with articles written largely by economists but for readers who, for the most part, aren't economists.

The St. Louis Fed's research division maintains FRED (Federal Reserve Economic Data), a database of over 500,000 economic time series from more than 80 national, international, private and public sources.[16][17] Data series include interest rates, gross domestic product and its components, GDP and gross national product together, employment and population, consumer price indexes, 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. Writing at Business Insider, Joe Weisenthal called FRED "The most amazing economics website in the world."[18] The bank also maintains the Research Papers in Economics (RePEc) database, a listing of economics authors and the Economics Departments, Institutes and Research Centers in the World (EDIRC) databases.

Former Palestinian Prime Minister Salam Fayyad once served on the staff of the Federal Reserve Bank of St. Louis, where he did early research on the American Divisia Monetary Aggregates.

Economic education

The St. Louis Fed's Econ Lowdown[19] provides a variety of free online tools for K-16 educators nationwide, including online courses, audio and video podcasts, apps, personal finance chats, and PDF and interactive whiteboard versions of lesson plans. The economics topics covered include basic concepts such as opportunity cost and supply and demand to more complex topics such as comparative advantage and monetary policy. In personal finance, the topics include earning income, taxes, budgeting, saving, banks and credit cards. Economic education staff provide in-service workshops for K-12 educators, as well as conferences and workshops at the bank and its branches for K-16 educators. Economic Education publishes a newsletter, Page One Economics.[20] Another newsletter, Inside the Vault,[21] was retired in 2015. Another publication, In Plain English,[22] is a multimedia online course on the structure and functions of the Federal Reserve System. Many materials, including personal finance online courses and personal finance chats, are available in Spanish as well as English.

U.S. Treasury support
Main article: United States Department of the Treasury

The St. Louis Fed supports the U.S. Treasury with a number of functions. Led by executive vice president Kathleen O. Paese, the Treasury 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 Fiscal Service and Office of Fiscal Assistant Secretary. The St. Louis Fed's Treasury Division supports the following U.S. Treasury programs: Debt Management Services, Fiscal Accounting Operations, Information and Security Services, Payment Management, Revenue Collections Management, and Treasury Security Services. It also 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.[23] On 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. As led by executive 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 to the United States Secret Service.

General outreach

The St. Louis Fed holds several events annually for educators, civic and business leaders, bankers and more throughout the district. These include the "Dialogue with the Fed"[24] events for the public, in which St. Louis Fed experts discuss economic matters such as the federal deficit, the financial crisis and unemployment; 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 topics such as the cost of higher education and recession demographics.

Office of Minority and Women Inclusion

As with all Federal Reserve banks, the St. Louis Fed established an Office of Minority and Women Inclusion (OMWI) in January 2011, as called for by the Dodd-Frank Act. The St. Louis OMWI is designed to increase participation of minority- and women-owned businesses in Bank procurement needs, further diversify the St. Louis Fed's workforce at all levels, and support financial literacy efforts at inner-city, girls' and majority-minority high schools. Anna Hart,[25] group vice president of human resources and diversity and inclusion, is the St. Louis Fed's OMWI director.

Past Leadership

When the Federal Reserve System was established in 1914, the chief executive officers of the regional banks were known as Governors. The position was renamed to President after the Banking Act of 1935.

# Photo CEO Life span Term start Term end Ref
Governors
1 Rolla Wells 1856–1944 October 28, 1914 February 5, 1919 [26]
2 David C. Biggs 1866–1931 February 5, 1919 December 31, 1928 [27]
3 William McChesney Martin Sr. 1874–1955 January 16, 1929 — —
Presidents
– William McChesney Martin Sr. 1874–1955 — February 28, 1941 [28]
4 Chester C. Davis 1887–1975 April 16, 1941 February 1, 1951 [29]
5 Delos C. Johns 1899—1981 February 1, 1951 February 28, 1962 [30]
6 Harry A. Shuford 1913-2007 October 1, 1962 January 16, 1966 [31]
7 Darryl R. Francis 1912–2002 January 17, 1966 February 29, 1976 [32]
8 Lawrence K. Roos 1918–2005 March 22, 1976 January 31, 1983 [33]
9 Theodore H. Roberts February 1, 1983 December 31, 1984 [34]
10 Thomas C. Melzer June 1, 1985 January 31, 1998 [35]
11 William Poole 1937– March 23, 1998 March 31, 2008 [36]
12 James B. Bullard April 1, 2008 Incumbent [37]

See also

References
  1. Wheelock, David C. (2015). "Economics and Politics in Selecting Federal Reserve Cities: Why Missouri Has Two Reserve Banks". Review, Federal Reserve Bank of St. Louis. 97 (4): 269–288.
  2. https://www.stlouisfed.org/about-us/leadership-governance/board-of-directors
  3. "James Bullard biography". Stlouisfed.org. Retrieved August 22, 2012.
  4. "Carl D. White II". Federal Reserve Bank of St. Louis. Federal Reserve Bank of St. Louis. Retrieved 17 December 2020.
  5. Bruce, Lori. "2020 Brings Changes To Federal Reserve Bank Of St. Louis". Missouri Bankers Association. Retrieved 17 December 2020.
  6. "St. Louis Fed". St. Louis Fed. Retrieved 2013-12-11.
  7. Community Depository Institutions Advisory Council Retrieved April 17, 2013.
  8. Community Depository Institutions Advisory Council of the Board of Governors Retrieved April 17, 2013.
  9. "Central Banker". St. Louis Fed. Retrieved 2018-04-06.
  10. "Community Development | About Us | Community Advisory Council". St. Louis Fed. Retrieved 2013-12-11.
  11. "Bridges". St. Louis Fed. Retrieved 2013-12-11.
  12. "Burgundy Books". St. Louis Fed. 2013-09-12. Retrieved 2018-04-06.
  13. "Review". St. Louis Fed. Retrieved 2014-01-23.
  14. "Economic Synopses". St. Louis Fed. Retrieved 2013-12-11.
  15. "The Regional Economist". St. Louis Fed. Retrieved 2013-12-11.
  16. "FRED All Series". Research.stlouisfed.org. Retrieved April 6, 2018.
  17. "FRED Economic Data Sources". Research.stlouisfed.org. Retrieved August 22, 2012.
  18. "The Most Amazing Economics Website in the World". Business Insider. March 23, 2012. Retrieved May 4, 2012.
  19. "Personal Finance Education Resources | Economic Education Resources". Stlouisfed.org. Retrieved 2013-12-11.
  20. "Page One Economics". St. Louis Fed. 2013-11-05. Retrieved 2013-12-11.
  21. "Inside the Vault". St. Louis Fed. Retrieved 2018-04-06.
  22. "In Plain English". St. Louis Fed. Retrieved 2013-12-11.
  23. "Three-Quarters of Noncash Payments Are Now Electronic" (PDF). Archived from the original (PDF) on 2011-07-08. Retrieved 2011-04-18.
  24. "Dialogue with the Fed". St. Louis Fed. Retrieved 2013-12-11.
  25. "Office of Minority and Women Inclusion" (PDF). Stlouisfed.org. Retrieved 2018-07-02.
  26. Federal Reserve Bank of St. Louis. "Rolla Wells | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  27. Federal Reserve Bank of St. Louis. "David C. Biggs | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  28. Federal Reserve Bank of St. Louis. "William McChesney Martin Sr. | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  29. Federal Reserve Bank of St. Louis. "Chester C. Davis | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  30. Federal Reserve Bank of St. Louis. "Delos C. Johns | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  31. Federal Reserve Bank of St. Louis. "Harry A. Shuford | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  32. Federal Reserve Bank of St. Louis. "Darryl R. Francis | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  33. Federal Reserve Bank of St. Louis. "Lawrence K. Roos | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  34. Federal Reserve Bank of St. Louis. "Theodore H. Roberts | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  35. Federal Reserve Bank of St. Louis. "Thomas C. Melzer | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  36. Federal Reserve Bank of St. Louis. "William Poole | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.
  37. Federal Reserve Bank of St. Louis. "James Bullard | Federal Reserve History". Federal Reserve History. Retrieved 6 July 2019.

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