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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 A central bank, reserve bank, or monetary authority is an institution that manages the currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" in the most specific sense is money ...

central bank
. Missouri is the only state to have two main Federal Reserve Banks (
Kansas City The Kansas City metropolitan area is a bi-state metropolitan area A metropolitan area or metro is a region consisting of a densely populated urban core Urban means "related to a city". In that sense, the term may refer to: * Urban area ...
also has a bank). Located in downtown
St. Louis St. Louis () is the second-largest city in Missouri Missouri is a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State ( ...

St. Louis
, the St. Louis Fed is the headquarters of the Eighth Federal Reserve District, which includes the state of
Arkansas Arkansas () is a U.S. state, state in the South Central United States, South Central region of the United States, home to more than three million people as of 2018. Its name is from the Osage language, a Dhegihan languages, Dhegiha Siouan la ...

Arkansas
and portions of
Illinois Illinois ( ) is a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspaper), a daily newspape ...

Illinois
,
Indiana Indiana () is a U.S. state in the Midwestern United States, Midwestern United States. It is the List of U.S. states and territories by area, 38th-largest by area and the List of U.S. states and territories by population, 17th-most populous o ...

Indiana
,
Kentucky Kentucky ( , ), officially the Commonwealth of Kentucky, is a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ...
,
Mississippi Mississippi () is a U.S. state, state in the Southeastern United States, Southeastern region of the United States, bordered to the north by Tennessee; to the east by Alabama; to the south by the Gulf of Mexico; to the southwest by Louisiana; a ...
, the eastern half of
Missouri Missouri is a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspaper), a daily newspaper in ...

Missouri
and
West Tennessee West Tennessee is one of the three Grand Divisions The Grand Divisions are three geographic regions in the U.S. state of Tennessee, each constituting roughly one-third of the state's land area, that are geographically, culturally, legally, and ...
. It has branches in
Little Rock (The "Little Rock") , government_type = Council-manager , leader_title = Mayor In many countries, a mayor is the highest-ranking official An official is someone who holds an office (function or mandat ...

Little Rock
,
Louisville Louisville (, , ) is the largest city A city is a large human settlement In geography, statistics and archaeology, a settlement, locality or populated place is a community in which people live. The complexity of a settlement can ra ...
and
Memphis Memphis is the name of: *Memphis, Egypt , alternate_name = , image = , alt = , caption = Ruins of the pillared hall of Ramesses IIat Mit Rahina , map_type = Egypt , map_alt = , map_size = , reli ...
. Its building, at 411 Locust Street, was designed by St. Louis firm
Mauran, Russell & Crowell, 1913 John Lawrence Mauran, FAIA (1866, Providence, Rhode Island – 1933) was an American architect responsible for many downtown landmarks in St. Louis, Missouri. He was also active in Wisconsin and Texas. Life Mauran studied at the Massachus ...
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.


Board of Directors

The following people serve on the board of directors .


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 The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central bank A central bank, reserve bank, or monetary a ...
(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.


Responsibilities


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.


Supervisory functions

The St. Louis Fed supervises state-member banks and
bank holding companies A bank holding company is a Holding company, company that controls one or more banks, but does not necessarily engage in banking itself. The Compound (linguistics), compound bancorp (''banc''/''bank'' + ''corporation, corp
ration Rationing is the controlled distribution of scarce resources, goods, services, or an artificial restriction of demand. Rationing controls the size of the ration, which is one's allowed portion of the resources being distributed on a particular ...
') is often u ...
, 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, 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 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), 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 meetings, held twice annually. Banking-related publications include quarterly banking performance data, tailored to bank executives in the Eighth District. The publication ''Central Banker'' was discontinued in 2014.


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. Executives from organizations throughout the district serve on the St. Louis Fed's Community Development Advisory Council, 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 The unbanked are adults who do not have their own bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transaction A financial transaction is an Contract, agreement, or ...
and
underbanked The underbanked is a characteristic describing people or organizations who do not (or volunteer to not) have sufficient access to mainstream financial services Financial services are the economic services provided by the finance Finance is ...
. Publications include ''Bridges'', a quarterly publication for community organizations and leaders.


Economic research

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 Monetarism is a school of thought A school of thought, or intellectual tradition, is the perspective of a group of people who share common characteristics of opinion or outlook of a philosophy Philosophy (from , ) is the study of ge ...
. 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'', patterned after the Federal Reserve System's ''
Beige Book The Beige Book, more formally called the Summary of Commentary on Current Economic Conditions, is a report A report is a document that presents information in an organized format for a specific audience and purpose. Although summaries of report ...
'', 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'', a journal of national and international economic developments, particularly focusing on their monetary aspects; ''Economic Synopses'', short essays and reports on the economic issues of the day; and ''The Regional Economist'', 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) Federal Reserve Economic Data (FRED) is a database maintained by the Research division of the Federal Reserve Bank of St. Louis that has more than 816,000 economic time series In mathematics Mathematics (from Greek: ) includes the study ...
, a database of over 500,000 economic
time series In mathematics Mathematics (from Greek: ) includes the study of such topics as numbers ( and ), formulas and related structures (), shapes and spaces in which they are contained (), and quantities and their changes ( and ). There is no gen ...

time series
from more than 80 national, international, private and public sources. 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 ''Business Insider'' (''BI'' is an American financial and business news website founded in 2007. Since 2015, a majority stake in ''Business Insider''s parent company Insider Inc. has been owned by the German publishing house Axel Springer Axe ...
'', Joe Weisenthal called FRED "The most amazing economics website in the world." The bank also maintains the
Research Papers in Economics Research Papers in Economics (RePEc) is a collaborative effort of hundreds of volunteers in many countries to enhance the dissemination of research in economics Economics () is the social science that studies how people interact with val ...
(RePEc) database, a listing of economics authors and the Economics Departments, Institutes and Research Centers in the World (EDIRC) databases. Former
Palestinian The Palestinian people ( ar, الشعب الفلسطيني, ''ash-sha‘b al-Filasṭīnī''), also referred to as Palestinians ( ar, الفلسطينيون, links=no, ''al-Filasṭīniyyūn''; he, פָלַסְטִינִים) or Palestinian A ...

Palestinian
Prime Minister
Salam Fayyad Salam Fayyad ( ar, سلام فياض, ; born 2 April 1951) is a Jordanian-Palestinian The Palestinian people ( ar, الشعب الفلسطيني, ''ash-sha‘b al-Filasṭīnī''), also referred to as Palestinians ( ar, الفلسطيني ...
once served on the staff of the Federal Reserve Bank of St. Louis, where he did early research on the American
Divisia Monetary AggregatesIn econometrics and official statistics, and particularly in banking, the Divisia monetary aggregates index is an Index (economics), index of money supply. It uses Divisia index methods. Background The money supply, monetary aggregates used by most ...
.


Economic education

The St. Louis Fed's Econ Lowdown 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 Portable Document Format (PDF), standardized as ISO 32000, is a file format A file format is a standard Standard may refer to: Flags * Colours, standards and guidons * Standard (flag), a type of flag used for personal identification ...
and
interactive whiteboard 2007 Image:Digibord klokkijken.jpg, A student uses the interactive whiteboard An interactive whiteboard (IWB), also known as interactive board or smart board, is a large interactive display board in the Form factor (design), form factor of a whit ...
versions of lesson plans. The economics topics covered include basic concepts such as
opportunity cost In microeconomic theory Microeconomics (from Greek prefix ''mikro-'' meaning "small" + ''economics'') is a branch of economics Economics () is the social science that studies how people interact with value; in particular, the Produ ...
and
supply and demand In microeconomics Microeconomics is a branch of that studies the behavior of individuals and in making decisions regarding the allocation of and the interactions among these individuals and firms. Microeconomics focuses on the study ...

supply and demand
to more complex topics such as
comparative advantage In an economic model In economics Economics () is the social science that studies how people interact with value; in particular, the Production (economics), production, distribution (economics), distribution, and Consumption (economics) ...

comparative advantage
and
monetary policy Monetary policy is the policy adopted by the monetary authority In finance and economics, a monetary authority is the entity that manages a country’s currency and money supply, often with the objective of controlling inflation targeting, infla ...

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''. Another newsletter, ''Inside the Vault,'' was retired in 2015. Another publication, ''In Plain English,'' 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

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 The Bureau of the Fiscal Service (Fiscal Service) is a bureau of the United States Department of the Treasury, U.S. Department of the Treasury. The Fiscal Service replaced the Bureau of the Public Debt and the Financial Management Service effective ...
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. 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 The Federal Reserve Bank of Atlanta, (informally referred to as the Atlanta Fed and the Bank), is the sixth district of the 12 Federal Reserve Banks of the United States and is headquartered in midtown Atlanta, Georgia Atlanta () is th ...

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 Counterfeit money is currency produced without the legal sanction of the State or government, usually in a deliberate attempt to imitate that currency and so as to deceive its recipient. Producing or using counterfeit To counterfeit means to ...
to the
United States Secret Service The United States Secret Service (USSS or Secret Service) is a Federal law enforcement in the United States, federal law enforcement agency under the United States Department of Homeland Security, Department of Homeland Security charged with con ...
.


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" 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, 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 officer A chief executive officer (CEO), chief administrator officer, or just chief executive (CE), is one of a number of corporate executives A corporation is an organization—usually a group of people or a company A company, abbreviated as c ...
s of the regional banks were known as Governors. The position was renamed to President after the
Banking Act of 1935 The ''Banking Act of 1935'' passed on August 19, 1935 and was signed into law by the president, Franklin D. Roosevelt Franklin Delano Roosevelt (, ; January 30, 1882April 12, 1945), often referred to by his initials FDR, was an American ...
.


See also

*
Federal Reserve Act The Federal Reserve Act was passed by the 63rd United States Congress The 63rd United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate The United State ...
*
Federal Reserve Bank A Federal Reserve Bank is a regional bank of the Federal Reserve System The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central bank A central bank, reserve bank, or monetary authority is an ...
* Federal Reserve Bank of St. Louis Little Rock Branch * Federal Reserve Bank of St. Louis Louisville Branch * Federal Reserve Bank of St. Louis Memphis Branch * List of Federal Reserve branches *
Structure of the Federal Reserve System The Structure of the Federal Reserve System is unique among all the assets within central banks A central bank, reserve bank, or monetary authority is an institution that manages the currency A currency, "in circulation", from la, ...


References


External links

*
FRED home pageMap of the District''In Plain English''Dodd-Frank Regulatory Reform Rules roadmapReforming the Nation's Financial SystemTracking the Global EconomyThe Financial Crisis TimelineFOMC SpeakHistorical resources by and about the St. Louis Fed
including annual reports back to 1915.
Statements and Speeches of Presidents of the Federal Reserve Bank of St. LouisFederal Reserve Bank of St. Louis Centennial Web Site
{{DEFAULTSORT:Federal Reserve Bank Of St Louis
St. Louis St. Louis () is the second-largest city in Missouri Missouri is a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State ( ...
Buildings and structures in St. Louis Downtown St. Louis 1914 establishments in Missouri