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The Federal Reserve Bank of Richmond has added a new section on its website to share its views on a range of policy issues that affect the national economy.

"Our Perspective" informs policymakers and the public on key economic issues being examined by the Richmond Fed, explaining the academic research and theoretical foundations that support the Bank's viewpoints. Each issue will be discussed in an essay that reflects the latest analysis by the Bank's research economists. There will also be links to related research available online, as well as speeches, testimony and commentary by Richmond Fed President Jeffrey Lacker.

Initially, "Our Perspective" will focus on two issues:

• Too Big to Fail – The federal financial safety net is intended to protect large financial institutions and their creditors from failure and to reduce the possibility of "systemic risk" to the financial system. However, federal guarantees can encourage imprudent risk taking, which ultimately may lead to instability in the very system that the safety net is designed to protect.
  
• Central Bank Independence – An independent Federal Reserve that is insulated from short-term political pressures but accountable to public concerns is more likely to pursue policies that align with its congressional mandate to promote stable prices, full employment, and moderate long-term interest rates.

In the coming months, topics will include housing finance policy, price stability and monetary policy, and labor market conditions and policy.

"Our Perspective" is available at http://www.richmondfed.org/research/our_perspective/

The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.

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