The Board of Governors of the Federal Reserve System appointed the following Chairman and Deputy Chairman of the Board of Directors for the Federal Reserve Bank of Richmond, effective Jan. 1, 2009:

• Lemuel E. Lewis — President, LocalWeather.com Suffolk, Va. — was appointed chairman of the board of directors for 2009. Mr. Lewis has served as a Class C director since 2005.
• Margaret E. McDermid — Senior Vice President and Chief Information Officer, Dominion Resources Inc., Richmond, Va. — was appointed deputy chairman for 2009.  Ms. McDermid has served as a Class C director since 2007.

The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.

The Federal Reserve Board of Governors and the Federal Reserve Bank of Richmond Board of Directors appointed the following for three-year terms as directors for the Baltimore and Charlotte branches, effective Jan.1, 2009:

Baltimore Board of Directors

• Biana Arentz — President and CEO, Hemingway’s Inc., Stevensville, Md., was reappointed by the Richmond Board of Directors.
• Jenny G. Morgan — Principal, Sterling Partners, Baltimore, Md., was appointed by the Board of Governors.

Charlotte Board of Directors

• Linda L. Dolny — President, PML Associates, Inc., Greenwood, S.C., was reappointed by the Board of Governors.
• James H. Speed, Jr. — President and CEO, North Carolina Mutual Life Insurance Company, Durham, N.C., was reappointed by the Richmond Board of Directors.

The Federal Reserve Board of Governors and the Federal Reserve Bank of Richmond Board of Directors appointed the following for three-year terms as directors for the Baltimore and Charlotte branches, effective Jan.1, 2009:

Baltimore Board of Directors

• Biana Arentz — President and CEO, Hemingway’s Inc., Stevensville, Md., was reappointed by the Richmond Board of Directors.
• Jenny G. Morgan — Principal, Sterling Partners, Baltimore, Md., was appointed by the Board of Governors.

Charlotte Board of Directors

• Linda L. Dolny — President, PML Associates, Inc., Greenwood, S.C., was reappointed by the Board of Governors.
• James H. Speed, Jr. — President and CEO, North Carolina Mutual Life Insurance Company, Durham, N.C., was reappointed by the Richmond Board of Directors.

The Boards of Directors for the Federal Reserve Bank of Richmond’s Baltimore and Charlotte branches elected the following chairpersons for one-year terms effective Jan. 1, 2009.

The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

The U.S. government on Sunday entered into an agreement with Citigroup to provide a package of guarantees, liquidity access, and capital.

On November 10, 2008, the Federal Reserve will offer $150 billion in 17-day credit through its Term Auction Facility. This is a forward auction designed to provide term funding over year-end—awarded loans will settle on December 22, 2008.

The Federal Reserve Board and the U.S. Treasury on Monday announced the restructuring of the government's financial support to the American International Group (AIG) in order to keep the company strong and facilitate its ability to complete its restructuring process successfully.

The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 1 percent.

Federal Reserve announces the creation of the Money Market Investor Funding Facility (MMIFF)

Federal Reserve announces results of auction of $150 billion in 28-day credit held on October 20, 2008

The Board of Directors of the Federal Reserve Bank of Richmond has appointed the Fifth District representative to the Federal Advisory Council.

Kenneth D. Lewis — Chairman, Chief Executive Officer and President, Bank of America Corp., Charlotte, N.C., was re-appointed to a second term as the Fifth District’s representative on the Federal Advisory Council.

The "Beige Book" report is published eight times per year and consists of anecdotal information on current economic conditions from each Federal Reserve.

Federal Reserve and other central banks announce reductions in policy interest rates

Board announces creation of the Commercial Paper Funding Facility (CPFF) to help provide liquidity to term funding markets

Board announces that it will begin to pay interest on depository institutions required and excess reserve balances

The Federal Reserve Bank of Richmond appointed the following three members to its Small Business and Agriculture Advisory Council.