Press Room

Press Releases

 
Date Title Category
January 27, 2012 Richmond Fed President Lacker Comments on FOMC Dissent

Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting January 25, 2012

About Us
January 25, 2012 FOMC Action

At today's FOMC meeting, President Jeff Lacker cast the lone dissent in opposition of the time period for keeping low the federal funds rate.

About Us
January 20, 2012 Anderson University Wins Richmond Fed Video Contest

Students from Anderson University won the Federal Reserve Bank of Richmond’s second annual Share the Wealth financial literacy video contest.

Education
January 18, 2012 Fifth Federal Reserve District Charlotte Director Appointed

The Federal Reserve Board of Governors appointed the following director for the Charlotte office, effective Jan. 18, 2012.

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January 13, 2012 Fifth Federal Reserve Bank Directors Elect Chairpersons

The Boards of Directors for the Federal Reserve Bank of Richmond’s Baltimore and Charlotte offices elected chairpersons.

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January 13, 2012 Fifth Federal Reserve District Office Directors Appointed

The Federal Reserve Board of Governors and the Federal Reserve Bank of Richmond Board of Directors appointed Directors for the Baltimore and Charlotte offices.

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January 11, 2012 Beige Book

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

About Us
January 11, 2012 Richmond Fed Directors Reappoint Federal Advisory Council Member

Directors of the Federal Reserve Bank of Richmond have reappointed Richard D. Fairbank, Chairman and Chief Executive Officer of Capital One Financial Corp. of McLean, Va., to serve as the Fifth District's representative on the Federal Advisory Council.

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Date Title Category
December 13, 2011 FOMC statement

No Change in Federal Funds Rate

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December 12, 2011 Richmond Fed Names Chair, New Members for Community Investment Council

The Federal Reserve Bank of Richmond has named the chair of its Community Investment Council for 2012 and announced two new members.

About Us
December 5, 2011 Chair, Deputy Chair Appointed For Richmond Fed Board

The Board of Governors of the Federal Reserve System has appointed the chair and deputy chair of the Board of Directors for the Federal Reserve Bank of Richmond for 2012.

About Us
December 1, 2011 Federal Reserve Holds Conference on Strategic Investment in Distressed Communities

The Richmond Fed is sponsoring a conference with the Federal Reserve Board of Governors focusing on identifying innovative ways to use data to spur more strategic investment in older communities.

Community Development
November 30, 2011 Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting November 28, 2011

Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond Statement on Dissenting Vote at FOMC Meeting November 28, 2011

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November 30, 2011 Fifth Federal Reserve District Directors Elected

The Fifth Federal Reserve District member banks elected the following directors of the Federal Reserve Bank of Richmond for three-year terms effective Jan. 1, 2012:

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November 18, 2011 Richmond Fed Publication Looks at What Policymakers Can -- and Cannot -- Do to Create Jobs

With unemployment above 9 percent for more than two years, policymakers are grappling with how to create jobs. But many proposals, such as more fiscal stimulus, temporary tax breaks, and subsidies for private hiring, may not have the punch that their supporters hope. The cover story in the latest issue of Region Focus magazine looks at these and other job-creation concepts.

Publications
November 18, 2011 Richmond Fed Appoints Michael Stough as General Auditor

The Federal Reserve Bank of Richmond announces the appointment of Michael D. Stough as senior vice president and general auditor.

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November 16, 2011 University of North Carolina Wins College Fed Challenge

The University of North Carolina won the Federal Reserve Bank of Richmond's annual College Fed Challenge. The UNC team won the Fifth District title in competition with finalists Old Dominion University of Norfolk, Va., and Loyola University of Baltimore

Education
November 8, 2011 Old Dominion University Wins College Fed Challenge Round

Old Dominion University of Norfolk, Va., won a preliminary round of the College Fed Challenge competition, held Nov. 4, at the Federal Reserve Bank of Richmond.

Education
November 8, 2011 Loyola University Wins College Fed Challenge Round

Loyola University of Baltimore won the preliminary round of the College Fed Challenge Competition held Nov. 2 at the Federal Reserve Bank of Richmond's Baltimore branch.

Education
November 2, 2011 University of North Carolina Wins College Fed Challenge Round

The University of North Carolina won the preliminary round of the College Fed Challenge competition held Nov. 1 at the Federal Reserve Bank of Richmond’s Charlotte branch office.

Education
November 2, 2011 FOMC statement

The FOMC decided today to continue its program to extend the average maturity of its holdings of securities as announced in September.

About Us
October 19, 2011 Beige Book

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

About Us
October 12, 2011 Richmond Fed's Economic Quarterly Analyzes the Effects of a Higher Inflation Rate Target

Bennett T. McCallum of Carnegie Mellon University and the National Bureau of Economic Research and a visiting scholar at the Richmond Fed discusses whether central banks should set higher inflation targets, such as 4 percent rather than 2 percent. Some economists have argued that because providing monetary stimulus when interest rates are at the zero lower bound is more difficult, central banks should consider increasing their inflation rate targets. McCallum notes that the benefits of providing additional monetary stimulus at the zero lower bound must be weighed against the costs of maintaining higher inflation outside of that scenario. To make that comparison, he explores pertinent research and theory, including Milton Friedman’s “optimal quantity of money” result, New Keynesian literature on resource misallocation caused by price stickiness that affects only some sellers, and the contention that the zero lower bound does not necessarily constitute a limit to monetary stimulus.

Publications
September 21, 2011 FOMC statement

FOMC leaves target funds rate unchanged.

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August 17, 2011 Richmond Fed Publication Looks at Housing Finance Abroad

In the wake of the crisis in U.S. housing markets, policymakers are considering how to reform mortgage finance. Many other developed nations intervene in housing finance to a lesser degree than the United States does—can their experiences provide some insight? The cover story in the latest issue of Region Focus magazine puts U.S. housing finance in an international context.

Publications
August 9, 2011 FOMC statement

FOMC leaves target funds rate unchanged.

About Us
July 22, 2011 Fed Experience Reaches Thousands in First Year

Tourists, students, teachers, community and business groups, and Richmond-area residents are among the 11,000 people who have visited The Fed Experience since it opened last summer at the Federal Reserve Bank of Richmond.

Education
July 7, 2011 Richmond Fed's Economic Quarterly Focuses on Housing

In this housing-themed issue of Economic Quarterly, Sonya Ravindranath Waddell, Anne Davlin, and Edward Simpson Prescott of the Richmond Fed explore the role of house prices and labor market conditions in mortgage default. The authors focus their research on default rates in the Fifth District, looking in particular at Prince William County, Va., and Charlotte, N.C. Using a simple model of MSA fixed effects to examine variation in foreclosure rates, they find that declining house prices are a key factor in escalating subprime and prime foreclosure rates. The analysis explores how default rates vary among localities, revealing that the decision to default depends not only on national and statewide factors, but also on local conditions.

Publications
June 22, 2011 FOMC statement

The Federal Open Market Committee decided today to keep the target range for the federal funds rate at zero to one-quarter percent.

About Us
June 16, 2011 Richmond Fed Holding Community Development Week Events in Baltimore

The Federal Reserve Bank of Richmond, in collaboration with national, regional, and local partners, is holding several events from June 20-25. The events focus on housing and community financing and are being held at the Bank's Baltimore Branch, located at 502 S. Sharp St.

Community Development
June 14, 2011 Anti-Money Laundering Conference Planned at Richmond Fed

The story of how a Brooklyn ice cream shop was used as a front for an unlicensed and unregistered money-remittance operation will be told at the BSA Coalition's 2011 Anti-Money Laundering Conference. The conference is being held June 28 at the Federal Reserve Bank of Richmond, starting at 8:30 a.m.

 
June 13, 2011 Richmond Fed Holding Workshop on Nonprofit Leadership

The Federal Reserve Bank of Richmond will hold a workshop for nonprofit organizations seeking to recruit business and financial professionals to their boards.

Community Development
May 31, 2011 Broadband Access Focus of New 5th District Footprint

The Federal Reserve Bank of Richmond has published its latest 5th District Footprint, which maps the presence of broadband infrastructure across the Fifth District.

Community Development
May 31, 2011 Long-Term Unemployment Focus of Richmond Fed's Annual Report

The Federal Reserve Bank of Richmond today released its 2010 Annual Report, which features the essay "The Rise in Long-Term Unemployment: Potential Causes and Implications."

Publications
May 27, 2011 Richmond Fed Sponsors Small Business Workshop in Fayetteville, N.C.

The Federal Reserve Bank of Richmond, in partnership with the North Carolina Institute of Minority Economic Development and Fayetteville State University's Small Business Technology Development Center, is holding a forum for small business owners at Fayetteville State University on June 7.

Community Development
May 19, 2011 Richmond Fed's Economic Quarterly Explores Taylor Rules and Multiple Equilibria

Since late 2008, both inflation and nominal interest rates have been extremely low in the United States. These facts have focused attention on ideas motivated by the theory discussed in several articles by economists Jess Benhabib, Stephanie Schmitt-Grohé, and Martín Uribe—in particular, that an active Taylor rule, together with a moderate inflation target, could have the unintended consequence of leading the economy to undesirably low inflation with a near-zero nominal interest rate.

Publications
May 17, 2011 Richmond Fed Announces Officer Appointments

The Federal Reserve Bank of Richmond announces the following officer appointments:

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May 4, 2011 Richmond Fed Honored with Awards for Diversity Excellence and Best Recruitment, Engagement and Retention Practices

The Federal Reserve Bank of Richmond has received the Diversity Excellence Award and the Best Recruitment, Engagement and Retention Practices for large-sized businesses in the annual Employer All Star Awards.

About Us
May 2, 2011 Richmond Fed Adds Economic "Perspective" to Website

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.

About Us
April 27, 2011 FOMC statement

The Federal Open Market Committee will continue to expand its holdings of securities as announced in November and will maintain the target range for the federal funds rate.

About Us
April 21, 2011 Richmond Fed Publication Looks at What Drives Economic Thought

The recent financial crisis caught many economists by surprise. Were they studying the wrong things? If so, how did it come to be that way — and will the financial crisis bring about a fundamental change in economic research? The cover story in the latest issue of Region Focus puts these questions into historical context.

Publications
April 13, 2011 Beige Book

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

About Us
April 7, 2011 Richmond Fed Introduces New Online Map Publication

The Federal Reserve Bank of Richmond's latest online publication, "5th District Footprint," provides a spatial analysis of various types of issues affecting communities in the region. The publication will be available online six times a year.

Community Development
April 6, 2011 Richmond Fed Announces Appointment of Director

The Federal Reserve Bank of Richmond announces director appointment.

About Us
April 4, 2011 Richmond Fed Announces Officer Appointments

The Federal Reserve Bank of Richmond announces officer appointments.

About Us
March 22, 2011 Federal Reserve System Financial Statements

The Federal Reserve System on Tuesday released the 2010 combined annual comparative financial statements for the Federal Reserve Banks, as well as for the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created to respond to strains in financial markets, and the Board of Governors. These financial statements are audited annually by an independent auditing firm.

About Us
March 15, 2011 FOMC to Continue Expanding Securities Holdings

To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Federal Open Market Committee voted to continue expanding its holdings of securities as announced in November. The committee also voted to maintain the target federal funds rate.

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March 15, 2011 Richmond Fed Forms Community Investment Council

The Federal Reserve Bank of Richmond announced the formation of a Community Investment Council and the appointment of members.

About Us
March 8, 2011 Richmond Fed Holding Neighborhood Stabilization Event in Winston-Salem

The Federal Reserve Bank of Richmond is holding a forum on community land trusts on March 17, 2011, in Winston-Salem, N.C. Community Land Trusts: A Model for Neighborhood Stabilization and Revitalization will feature consultants from Burlington Associates, a leading provider of technical assistance to community land trusts in the United States, discussing how to effectively use land trusts to support neighborhood stabilization efforts and preserve long-term affordable housing.

Community Development
March 7, 2011 Richmond Fed Announces Officer Appointment

The Federal Reserve Bank of Richmond announces the following officer appointment.

About Us
March 2, 2011 Beige Book

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

About Us
February 25, 2011 Richmond Fed Forms Community Depository Institutions Advisory Council

Richmond Fed Forms Community Depository Institutions Advisory Council

About Us
February 15, 2011 Richmond Fed Publication Examines Causes of Economic Recoveries

Economists have declared that the latest recession stretched from December 2007 to June 2009 -- making it the longest downturn since the Great Depression. Moreover, while the recovery is under way, weaknesses still persist, especially in the labor market. The cover story of the latest issue of Region Focus looks at the causes of recoveries and examines what policymakers can do to hasten them and which factors are often beyond their control.

Publications
January 26, 2011 FOMC Maintains Securities Purchases Plan, Target Federal Funds Rate

The Federal Open Market Committee voted to continue its purchase of Treasury securities to promote a stronger pace of economic recovery and to help ensure that inflation, over time, is consistent with the Federal Reserve's mandate. The committee also maintained the target federal funds rate.

About Us
January 14, 2011 Richmond Fed Hires Deputy Director for Diversity and Inclusion

The Federal Reserve Bank of Richmond has hired William S. Cooper, Jr., as vice president and deputy director for diversity and inclusion.

About Us
January 12, 2011 Beige Book

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

About Us
January 11, 2011 UPDATE - Richmond Fed Holding Forum for Minority- and Women-Owned Small Businesses

The Federal Reserve Bank of Richmond is holding a forum to help provide knowledge and resources for minority and women small business owners.

Community Development
Date Title Category
December 22, 2010 Directors Appointed for Richmond Fed Branch Offices

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 branch offices, effective Jan. 1, 2011.

About Us
December 22, 2010 Board Chairmen Selected for Richmond Fed Branch Offices

The boards of directors of the Federal Reserve Bank of Richmond's Baltimore and Charlotte branch offices elected the following to serve one-year terms as chairmen, effective Jan. 1, 2011.

About Us
December 21, 2010 Richmond Fed's Economic Quarterly Examines the Effects of the Earned Income Tax Credit on Lower Income Families

In the new issue of Economic Quarterly, Kartik B. Athreya and Devin Reilly of the Richmond Fed and Nicole B. Simpson of Colgate University consider several relatively overlooked aspects of the Earned Income Tax Credit (EITC), the largest federal cash-assistance program for lower income families.

Publications
December 15, 2010 Federal Reserve's Baltimore Branch Executive among Noted Leaders

David E. Beck, a senior vice president and regional executive for the Federal Reserve Bank of Richmond's Baltimore Branch, has completed Leadership Maryland's eight-month leadership development program.

About Us
December 14, 2010 FOMC Maintains Bond Purchase Plan

The FOMC voted to maintain its plans to buy $600 billion in Treasury bonds over the next several months.

About Us
December 13, 2010 Richmond Fed Announces Officer Appointment

The Federal Reserve Bank of Richmond announces the following officer appointments.

About Us
December 10, 2010 Richmond Fed Holds Awards Event For Student Video Contest

The Federal Reserve Bank of Richmond is hosting a movie premiere for its Share the Wealth: A Financial Literacy Video contest to present awards to the winning financial education videos.

Community Development
December 2, 2010 Richmond Fed Publication Examines the Health of Public Pensions

Millions of Americans receive -- or plan to receive -- retirement benefits from public pension plans. But the financial viability of many of those plans has come under scrutiny recently. Some observers worry that already precarious funding levels are likely to worsen, while others believe they will gradually improve as the economy recovers. The cover story of the latest issue of Region Focus examines this looming issue and considers options for putting public pensions on track toward better financial health.

Publications
December 2, 2010 Beige Book

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

About Us
November 22, 2010 Richmond Fed Announces Officer Appointment

The Federal Reserve Bank of Richmond announces a new officer appointment.

About Us
November 19, 2010 Virginia Commonwealth University Wins Richmond Fed Challenge

Virginia Commonwealth University of Richmond, Va., won the district title in the Federal Reserve Bank of Richmond's annual College Fed Challenge.

Education
November 10, 2010 Virginia Commonwealth University Wins College Fed Challenge Preliminary

Virginia Commonwealth University of Richmond, Va., won a preliminary round of the College Fed Challenge competition, held Nov. 9, at the Federal Reserve Bank of Richmond.

Education
November 9, 2010 Richmond Fed Sponsors South Carolina Forum on Small Business Finances

The Federal Reserve Bank of Richmond, along with several South Carolina partners, is holding a forum on small business credit issues on Nov. 16, 2010, at Midlands Technical College's Northeast Campus at the Center of Excellence for Technology in Columbia, S.C.

Community Development
November 5, 2010 Mount St. Mary's University Wins Regional Fed Challenge Competition

Mount St. Mary's University of Emmitsburg, Md., won the preliminary round of the College Fed Challenge competition, held Nov. 2, at the Federal Reserve Bank of Richmond's Baltimore branch.

Education
November 3, 2010 FOMC Votes for Treasury Purchases

The Federal Open Market Committee today voted to purchase $600 billion in longer-term Treasury securities by the end of the second quarter of 2011, at a pace of about $75 billion per month. The move is intended to support the economic recovery and the movement of inflation toward rates that the committee views as consistent with its mandate. The FOMC also voted to maintain the target federal funds rate of zero to ¼ percent.

About Us
November 2, 2010 UNC-Chapel Hill Wins Local College Fed Challenge Competition

The University of North Carolina at Chapel Hill, Chapel Hill, N.C. won the preliminary round of the College Fed Challenge Competition held November 2 at the Charlotte Branch, Federal Reserve Bank of Richmond.

Education
October 26, 2010 Forum Focuses on Economic Benefits of Car Ownership

The Federal Reserve Bank of Richmond and the National Consumer Law Center, with the support of the Annie E. Casey Foundation, are hosting a national forum on cars and working families on October 29, 2010, at the Federal Reserve Board of Governors in Washington, D.C.

Community Development
October 25, 2010 Richmond Fed Holds Forum on Community Land Trusts

The Federal Reserve Bank of Richmond's Community Affairs department is holding a forum on community land trusts on October 26, 2010. Community Land Trust: A Shared Equity Model will feature consultants from Burlington Associates, discussing how to effectively use the land trusts to preserve long-term affordable homeownership and stabilize neighborhoods impacted by foreclosure.

Community Development
October 20, 2010 Fifth Federal Reserve District Directors Elected

The Fifth Federal Reserve District member banks elected the following directors of the Federal Reserve Bank of Richmond for three-year terms effective Jan. 1, 2011.

About Us
October 20, 2010 Beige Book

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

About Us
October 12, 2010 Richmond Fed Directors Reappoint Federal Advisory Council Member

Directors of the Federal Reserve Bank of Richmond have reappointed Richard D. Fairbank, chairman and chief executive officer of Capital One Financial Corp. of McLean, Va., to a second term as the Fifth Federal Reserve District's representative on the Federal Advisory Council. The new term begins Jan. 1, 2011.

About Us
October 8, 2010 Richmond Fed Puts Map Resources Online

The Federal Reserve Bank of Richmond's Community Affairs Department has released an online compilation of maps using public data compiled for the Fifth Federal Reserve District – Virginia, Maryland, North Carolina, South Carolina, the District of Columbia and most of West Virginia.

Community Development
September 24, 2010 Board Streams Video of Home Mortgage Disclosure Act Hearing

The Board of Governors offers live streaming video of the final in a series of four hearings on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act. Hearing is scheduled Sept. 24 from 9 a.m. until 4 p.m.

About Us
September 21, 2010 FOMC Statement

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.

About Us
September 20, 2010 Richmond Fed Announces Officer Appointments

The Federal Reserve Bank of Richmond announces the following officer appointments.

About Us
September 9, 2010 Richmond Fed Takes High School Mentoring Program Online

As students return to classes for another year of academic achievements and challenges, employees of the Federal Reserve Bank of Richmond are expanding the mentoring assistance they provide to students at a Richmond high school through an innovative online program.

Education
September 8, 2010 Beige Book

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

About Us
August 27, 2010 Richmond Fed Publication Examines the Effects of Budget Deficits

Economists have long debated how important deficit spending is to macroeconomic outcomes. Most economists now agree that deficits are not inherently inflationary, but they differ on the effects of fiscal imbalances on interest rates and other economic variables.

Publications
August 19, 2010 Richmond Fed's Economic Quarterly Examines Monetary Policy During Greenspan Era

In the new issue of Economic Quarterly Yash Mehra and Bansi Sawhney examine whether monetary policy actions during the Greenspan era, in particular between 2002 and 2006.

Publications
August 10, 2010 FOMC Statement

The Federal Open Market Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

About Us
July 28, 2010 Beige Book

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

About Us
July 19, 2010 Chairman, Deputy Chairman Appointed For Richmond Fed Board

The Board of Governors of the Federal Reserve System has appointed the chairman and deputy chairman of the Board of Directors for the Federal Reserve Bank of Richmond for 2011.

About Us
July 15, 2010 Richmond Fed and Opportunity Finance Network Hold CDFI Meeting

The Federal Reserve Bank of Richmond and the Opportunity Finance Network will host the 2010 Opportunity Finance Network Southeast Regional Meeting on July 19 and 20 in Richmond.

Community Development
July 13, 2010 Richmond Fed Launches Online Community Data Repository

The Community Affairs Department of the Richmond Fed is launching an online data repository designed to streamline local community development data from the U.S. Census Bureau's American Community Survey.

Community Development
July 12, 2010 Richmond Fed Opens New Interactive Exhibit: The Fed Experience

The Federal Reserve Bank of Richmond today unveiled The Fed Experience, an interactive, multimedia exhibit designed to bring the economy to life. Featuring real-life stories from Federal Reserve employees, their families and people in communities the Richmond Fed serves, the exhibit helps visitors understand how stable prices over time affect living standards.

Education
June 23, 2010 FOMC Statement

The Federal Open Market Committee voted to maintain the target range for the federal funds rate at 0 to 1/4 percent, with information received since the last meeting in April suggesting that the economic recovery is proceeding and that the labor market is improving gradually.

About Us
June 11, 2010 Richmond Fed Small Business Roundtable Set in Baltimore

As part of the Federal Reserve System’s ongoing series Addressing the Financing Needs of Small Business, the Federal Reserve Bank of Richmond is hosting a small business roundtable on June 14, 2010, from 8:30 a.m. to 10:30 a.m. at its Baltimore branch. This roundtable is one in a series of forums on small business access to credit and support services being held across the country.

Community Development
June 11, 2010 Special Issue of the Richmond Fed's Economic Quarterly Surveys the Diamond-Dybvig Model of Bank Fragility and its Implications for Current Banking and Monetary Policy

This special issue of Economic Quarterly is devoted to Douglas Diamond and Philip Dybvig's seminal 1983 article on bank fragility and banking regulation, which continues to provide insights for today's policymakers and researchers.

Publications
June 9, 2010 Beige Book

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

About Us
May 21, 2010 Richmond Fed's Annual Report Features Essay on Systemic Risk

The Federal Reserve Bank of Richmond today released its 2009 Annual Report, which features the essay, "Systemic Risk and the Pursuit of Efficiency."

Publications
May 7, 2010 Federal Reserve Bank of Richmond Honored with Diversity Excellence Award

The Federal Reserve Bank of Richmond has received the Diversity Excellence Award for large-sized businesses in the annual Employer All Star Awards. The awards are presented by the Richmond chapter of the Society for Human Resource Management, the Greater Richmond Chamber and the Richmond Times-Dispatch.

About Us
May 5, 2010 Richmond Fed Publication Examines the Unemployment Situation

The cover story in this issue of Region Focus considers whether there is a new -- and higher -- "natural" rate of unemployment that will help to define the labor market over the long run.

Publications
May 3, 2010 Richmond Fed, Fannie Mae, Capital Area Foreclosure Network Hold Training

The Federal Reserve Bank of Richmond, the Capital Area Foreclosure Network and Fannie Mae are hosting the Washington Metro Area Tenants Conference to help educate mortgage servicers, realtors, local government representatives, housing counselors and attorneys on new federal and state laws for tenants facing foreclosure.

Community Development
April 30, 2010 Richmond Fed Sponsors Legal Training on Mortgage Issues

The Federal Reserve Bank of Richmond is teaming with Civil Justice Inc., a Maryland nonprofit public interest law firm, to host the second free basic training for attorneys on how to review home purchase contracts and mortgage loan documents.

Community Development
April 15, 2010 Federal Reserve Presenting Small Businesses Credit Forum in Chapel Hill

The Federal Reserve Bank of Richmond is holding a forum on small business credit issues on April 20 from 8:30 a.m. until 1 p.m. in the William and Ida Friday Center for Continuing Education at the University of North Carolina in Chapel Hill, N.C.

Community Development
April 28, 2010 Chantilly to Represent Richmond Fed in National Competition

Students from Chantilly High School in Chantilly, Va., won the Fifth District championship round of the 2010 Fed Challenge competition held at the Federal Reserve Bank of Richmond.

Education
April 28, 2010 FOMC Statement

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

About Us
April 21, 2010 Federal Reserve Bank of Richmond co-sponsors foreclosure prevention event

The Federal Reserve Bank of Richmond joins Housing Opportunities Made Equal and the city of Richmond to help co-sponsor a home preservation clinic to help Virginia homeowners who may be at risk of foreclosure. Free foreclosure counseling sessions and fraud prevention counseling will be offered on April 24 from 9 a.m. to 4 p.m. at the Blackwell Community Center at 300 E. 15th Street in Richmond.

Community Development
April 21, 2010 Federal Reserve System Financial Statements

The Federal Reserve System on Wednesday published the annual financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks and several limited liability companies (LLCs) that have been consolidated with the Federal Reserve Bank of New York.

About Us
April 19, 2010 Collegiate School Wins Regional Fed Challenge Preliminary Round

Collegiate School students won the preliminary round of the Federal Reserve's 2010 High School Fed Challenge competition held in Richmond on April 19.

Education
April 14, 2010 Beige Book

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

About Us
April 14, 2010 Chantilly High School won the preliminary round of the regional Fed Challenge Competition

Chantilly High School students from Chantilly, Virginia, won the preliminary round of the Federal Reserve’s 2010 High School Fed Challenge competition held at the Baltimore Branch on April 12th, 2010.

Education
March 31, 2010 Richmond Fed Promotes Jennifer Burns to Senior Vice President

The Federal Reserve Bank of Richmond has promoted Jennifer J. Burns to the role of senior vice president with responsibility for the Bank's Supervision, Regulation and Credit function as of April 1, 2010.

 
March 23, 2010 Pro Bono Attorney Training Assists Maryland Homeowners Avoid Mortgage Scams

The Federal Reserve Bank of Richmond and Civil Justice Inc., a Maryland nonprofit public interest law firm, will sponsor pro bono attorney training as part of the Maryland Mortgage Fraud Prevention Project.

Community Development
March 16, 2010 FOMC Statement

The FOMC voted to maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

About Us
February 24, 2010 Richmond Fed Names New Officers

The Federal Reserve Bank of Richmond announces the following officer appointments effective March 1, 2010 and March 15, 2010.

About Us
February 17, 2010 Richmond Fed Publication Examines the "Efficient Market Hypothesis"

The featured article in this issue of Region Focus surveys the debate over the efficient market hypothesis in the wake of the financial crisis.

Publications
January 27, 2010 FOMC Statement

The FOMC voted to maintain the target federal funds rate at zero to 1/4 percent, stating that although economic activity continues to strengthen and deterioration in the labor market is easing, subdued inflation trends and stable inflation expectations are likely to warrant exceptionally low levels of the rate for an extended period.

About Us
January 13, 2010 Beige Book

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

About Us
January 8, 2010 Richmond Fed's Economic Quarterly Examines Sectoral Employment and the Business Cycle

At the aggregate level, employment can be well explained by a relatively small number of factors. But when individual sectors are examined, things are quite different, according to findings by Richmond Fed economist Pierre-Daniel Sarte and research assistant Nadezhda Malysheva. Their results suggest that across all goods and services, common shocks explain on average only 31 percent of the variation in sectoral employment. "In other words, employment at the sectoral level is driven mostly by idiosyncratic shocks, rather than common shocks, to the different sectors," the authors write.

Publications
Date Title Category
December 16, 2009 FOMC Statement

The Federal Open Market Committee voted today to maintain the target range for the federal funds rate at zero to 1/4 percent, stating that economic activity has continued to pick up, deterioration in the labor market is abating and inflation is expected to remain subdued for some time.

About Us
December 15, 2009 Maryland Renters and Foreclosure Conference Press Release

The Federal Reserve Bank of Richmond will host the Maryland Renters and Foreclosure Conference on Thurs., Dec. 17, which will explore the impact on state renters of the new federal Protecting Tenants at Foreclosure Act (PTFA).

Community Development
December 4, 2009 Lafayette College Wins National College Fed Challenge

Lafayette College, of Easton, Pa., won the College Fed Challenge national competition, held at the Federal Reserve Board in Washington, D.C..

Education
December 2, 2009 Beige Book

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

About Us
November 23, 2009 Richmond Fed Directors Appoint Federal Advisory Council Member

Richard D. Fairbank was appointed to a one-year term as the Fifth Federal Reserve District's representative on the Federal Advisory Council, starting on January 1, 2010.

About Us
November 23, 2009 Fifth Federal Reserve District Directors Elected

The Fifth Federal Reserve District member banks elected Wilbur E. Johnson as director of the Federal Reserve Bank of Richmond for three-year terms effective Jan. 1, 2010.

About Us
November 23, 2009 Fifth Federal Reserve Bank Directors Elect Chairpersons

The Boards of Directors for the Federal Reserve Bank of Richmond's Baltimore and Charlotte Offices re-elected chairpersons for one-year terms effective Jan. 1, 2010.

About Us
November 23, 2009 Fifth Federal Reserve District Branch Directors Appointed

The Federal Reserve Board of Governors and the Federal Reserve Bank of Richmond Board of Directors appointed directors for the Baltimore and Charlotte branches, effective Jan.1, 2010.

About Us
November 20, 2009 Richmond Fed Names New Officers

The Federal Reserve Bank of Richmond announces the following officer appointments effective Jan. 1, 2010.

About Us
November 18, 2009 Richmond Fed Publication Examines Quality of Life

The cover story of this issue of Region Focus looks at how recent economic research can help us better understand quality of life.

Publications
November 16, 2009 Lafayette Wins Richmond Fed Challenge

Lafayette College, of Easton, Pa., won the district title in the Federal Reserve Bank of Richmond's annual College Fed Challenge.

Education
November 10, 2009 Fed Employee Honored for Contributions in Baltimore

Ellen Janes, regional manager for community development in Baltimore for the Federal Reserve Bank of Richmond, has been named the winner of the 2009 Frances Morton Froelicher Civic Statesman Award, given by the Citizens Planning and Housing Association.

Community Development
November 6, 2009 Lafayette College Wins College Fed Challenge Preliminary

Lafayette College, Easton, Pa., won the preliminary round of the College Fed Challenge Competition held Nov. 2–4 at the Federal Reserve Bank of Richmond's Baltimore branch.

Education
November 5, 2009 University of North Carolina Wins College Fed Challenge Preliminary

A team representing the University of North Carolina, Chapel Hill, N.C., won the preliminary round of the College Fed Challenge Competition held Nov. 4 at the Charlotte branch of the Federal Reserve Bank of Richmond.

Education
November 4, 2009 FOMC Statement

The FOMC stated that economic activity has continued to pick up. The committee voted to maintain the federal funds rate target range, adding that economic conditions, including subdued inflation trends and stable inflation expectations, are likely to warrant exceptionally low levels of the rate for an extended period.

About Us
October 27, 2009 James Madison University Wins College Fed Challenge Preliminary

James Madison University, of Harrisonburg, Va., won the preliminary round of the College Fed Challenge Competition held Oct. 26 at the Federal Reserve Bank of Richmond.

Education
October 21, 2009 Beige Book

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

About Us
October 21, 2009 Beige Book

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

About Us
October 19, 2009 Richmond Fed Presenting Research on Possible Community Development Financing Gaps

The Federal Reserve Bank of Richmond will present research that identifies and analyzes possible gaps in service areas for community development financial institutions in the Southeast at a conference Oct. 27.

Community Development
October 1, 2009 Richmond Fed Names New Officers

The Federal Reserve Bank of Richmond announces the following officer appointments effective Sept. 28, 2009 and Oct. 1, 2009.

About Us
October 1, 2009 Richmond Fed's Economic Quarterly Reviews the Economic Theory of Redistributive Taxation

General equilibrium theory — a starting point for much economic analysis — suggests that market allocations are efficient and that the societally preferred level of income redistribution can in principle be achieved by non-distortionary lump-sum taxes and transfers. But when governments do not possess sufficiently fine information about people’s preferences, this finding does not hold. Richmond Fed economist Borys Grochulski studies the use of distortionary taxes — taxes that alter people’s incentives – to achieve a given level of redistribution.

Publications
September 23, 2009 FOMC Statement

The Federal Open Market Committee said today that information suggests economic activity has picked up, with financial market conditions improving and housing sector activity increasing. The FOMC voted to maintain the target federal funds rate range at zero to 1/4 percent. President Lacker voted for today's actions.

About Us
September 14, 2009 Fed Governors Appoint Richmond Chair, Deputy Chair

The Board of Governors of the Federal Reserve System has reappointed the chair and deputy chair of the Board of Directors for the Federal Reserve Bank of Richmond, effective Jan. 1, 2010.

About Us
September 4, 2009 The Richmond Fed and UNC Charlotte present "Moving Forward in the New Economy"

The Federal Reserve Bank of Richmond and The Belk College of Business at UNC Charlotte will host a panel discussion, "Moving Forward in the New Economy." The program will take place Tuesday, Sept. 22 from 5:00 to 8:00 p.m. at UNC Charlotte's Harris Alumni Center.

Community Development
September 2, 2009 Richmond Fed Publication Examines Credit Rating Agencies

The cover story of this issue of Region Focus considers what role credit rating agencies played in contributing to the financial crisis and examines proposals to reform those agencies.

Publications
September 2, 2009 Richmond Fed Publication Examines Credit Rating Agencies

The cover story of this issue of Region Focus considers what role credit rating agencies played in contributing to the financial crisis and examines proposals to reform those agencies.

Publications
August 24, 2009 Richmond Fed Working with HOPE NOW, NeighborWorks America to Help Homeowners

As more homeowners find themselves at risk of foreclosure, knowing where to turn for guidance becomes increasingly important. The Federal Reserve Bank of Richmond is joining HOPE NOW, Making Home Affordable, the Maryland Department of Housing and Community Development and NeighborWorks America to sponsor two free, public events for borrowers in greater Washington, D.C., who are facing foreclosure.

Community Development
August 21, 2009 Richmond Fed's Foreclosure Report Shows Mixed Conditions in West Virginia

A report by the Federal Reserve Bank of Richmond shows that, on the whole, housing and labor market conditions in West Virginia have remained stronger than those in the rest of the nation.

Research
August 12, 2009 FOMC Statement

The Federal Open Market Committee voted unanimously today to maintain the target for the federal funds rate at 0 to 1/4 percent. The FOMC says information since its June meeting suggests economic activity is leveling out. President Jeff Lacker votes this year on FOMC actions.

About Us
July 31, 2009 Richmond Fed Names New Officers

The Federal Reserve Bank of Richmond announces the following officer promotions effective Aug. 1, 2009

About Us
July 29, 2009 Beige Book

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

About Us
July 28, 2009 Chairman Bernanke's Town Hall Airs

Federal Reserve Chairman Ben Bernanke appears again tonight with Jim Lehrer, PBS news anchor and executive director of The NewsHour with Jim Lehrer. This is the second segment of the three-night special that started July 27. The Chairman fields citizens' questions on the nation's economy.

About Us
July 23, 2009 Richmond Fed Hires VP for Corporate Support Services

The Federal Reserve Bank of Richmond has hired Bruce Grinnell as vice president of corporate support services.

About Us
July 22, 2009 Richmond Fed Hires Chief Legal Officer

The Federal Reserve Bank of Richmond has hired Michelle Gluck as senior vice president and general counsel. Gluck will join the organization's senior leadership team as of July 31, and will lead the legal team in providing counsel for the Bank's critical business activities. Gluck succeeds James McAfee, who retired in May.

About Us
July 17, 2009 Mortgage Markets in North Carolina Under Pressure, But Perform Better than Fifth District and National Average

A report by the Federal Reserve Bank of Richmond found that mortgage performance in North Carolina weakened in the first quarter of 2009, but not to the same degree as in other parts of the Fifth District and the nation as a whole.

Research
July 8, 2009 Unemployment a Significant Factor in South Carolina Mortgage Performance

A report by the Federal Reserve Bank of Richmond shows that rising unemployment, not house price decline is the most significant factor underlying mortgage foreclosures in South Carolina.

Research
July 2, 2009 Richmond Fed's Economic Quarterly Examines Consolidating Financial Regulation

The Consolidation of Financial Regulation: Pros, Cons, and Implications for the United States by Sabrina R. Pellerin, John R. Walter, and Patricia E. Wescott

Publications
June 24, 2009

Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.

About Us
June 10, 2009 Beige Book

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

About Us
June 2, 2009 Maryland and the District of Columbia Mortgage Markets Fare Relatively Well Despite Continuing Housing Challenges

A report by the Federal Reserve Bank of Richmond shows that mortgages in Maryland and the District of Columbia generally have performed better than the national average, despite volatility in house prices and a rising rate of delinquencies and foreclosures.

Research
May 26, 2009 Richmond Fed's Annual Report Features Essay on the Financial Crisis

The Federal Reserve Bank of Richmond today released its 2008 Annual Report, which features the essay "The Financial Crisis: Toward an Explanation and Policy Response."

Publications
May 7, 2009 Virginia Mortgage Performance Not Great but Better than National Average

A report by the Federal Reserve Bank of Richmond shows that despite pockets of foreclosures and delinquencies, Virginia mortgages overall are performing better than the national average.

Research
January 13, 2009 Fifth Federal Reserve Appoints Charlotte Board Director

The Fifth Federal Reserve Bank of Richmond's Board of Directors appointed John S. Kreighbaum as director to fill the Charlotte board's term ending Dec. 31, 2009

About Us
April 29, 2009 FOMC Statement

Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower.

About Us
April 28, 2009 Richmond Fed Promotes Officer to Top Law Enforcement Position

The Federal Reserve Bank of Richmond has promoted Dennis McDonald as vice president of the regional law enforcement division, which is based in Richmond.

About Us
April 27, 2009 Richmond Fed's Economic Quarterly Explores the Housing Market

Many people presume that financial innovations over the last 30 years that have made it easier for households to borrow against the collateral value of their homes have increased the demand for housing and, as a result, house prices.

Publications
April 23, 2009 Federal Reserve System Financial Statements

The Federal Reserve System on Thursday published the annual financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created in 2008 to respond to strains in financial markets, and the Board of Governors for the years ended December 31, 2008 and 2007.

About Us
March 4, 2009 Beige Book

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

About Us
April 14, 2009 Collegiate School to Represent Fifth Federal Reserve District in National Fed Challenge Competition

Students from Collegiate School in Richmond, Va., won the Fifth District championship round of the 2009 Fed Challenge competition held today at the Federal Reserve Bank of Richmond. This year's winning team included Margaret Barton, Randall Drumheller, Mason Rayner, Harrison Roday, Morgan Tarrant and alternate, Alex Daniel. The team was coached by Robert Wedge.

Education
April 3, 2009 Chantilly High School won the preliminary round of the regional Fed Challenge Competition

Chantilly High School students won the preliminary round of the Federal Reserve's 2009 High School Fed Challenge competition held at the Baltimore Branch on April 1st, and 2nd, 2009.

Education
April 2, 2009 Richmond Fed Partners with HOPE NOW and NeighborWorks America to Help Homeowners

Growing numbers of homeowners in the region are at risk of foreclosure and may be unsure of where to turn for guidance.

Community Development
March 23, 2009 The Role of the Federal Reserve in Preserving Financial and Monetary Stability

This joint statement reflects the common views of the Treasury and the Federal Reserve on the appropriate roles of the Federal Reserve and the Treasury during the current financial crisis and in the future and on the steps necessary to ensure that both financial and monetary stability will be achieved.

About Us
March 20, 2009 Collegiate School Wins the Preliminary Round of the Regional Fed Challenge Competition

Collegiate School students won the preliminary round of the Federal Reserve's 2009 High School Fed Challenge competition held March 20, at the headquarters office in Richmond. This year's winning team included Margaret Barton, Alex Daniel, Randall Drumheller, Harrison Roday, Morgan Tarrant and alternate, Shannon O'Donnell. The team was coached by Robert Wedge.

Education
March 18, 2009 FOMC Statement

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

About Us
March 17, 2009 Special Issue of the Richmond Fed's Economic Quarterly Surveys the Phillips Curve

Discussions of the Phillips curve — the relationship between inflation and unemployment — have been at the core of monetary policymaking since the 1960s. The four articles in this Special Issue of Economic Quarterly explore the history of the Phillips curve, the structural estimation of the New Keynesian Phillips curve, and the policy implications of the nominal rigidities underlying the New Keynesian Phillips curve.

Publications
March 16, 2009 Mortgage Foreclosure Forum Features Richmond Fed Panelists

"The Widespread Impacts of Mortgage Foreclosures: From Credit Markets to Local Communities," is a forum sponsored by the Federal Reserve Bank of Richmond and Loyola College in Maryland to foster a greater understanding of the foreclosure impact on neighborhoods and communities.

Community Development
March 4, 2009 Beige Book - March 4, 2009

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

About Us
March 2, 2009 Fed's Charlotte Branch Announces Winners of Creative Expressions Contest

The Federal Reserve Bank of Richmond's Charlotte Branch recently honored student winners of the Bank's second annual economic-themed creative expressions contest.

Education
March 2, 2009 Treasury and Federal Reserve announce participation in AIG restructuring plan

The U.S. Treasury Department and the Federal Reserve Board today announced a restructuring of the government's assistance to AIG in order to stabilize this systemically important company in a manner that best protects the U.S. taxpayer. Specifically, the government's restructuring is designed to enhance the company's capital and liquidity in order to facilitate the orderly completion of the company's global divestiture program.

About Us
February 27, 2009 Richmond Fed Hires Assistant Vice President of Community Affairs

The Federal Reserve Bank of Richmond has hired Kim Zeuli as assistant vice president of Community Affairs for the Fifth District, effective March 2, 2009. Zeuli will lead a professional staff engaged in economic research and analysis, as well as program and policy development for community development initiatives. She also will counsel Bank leadership on emerging issues in this field.

About Us
February 24, 2009 Fed's Baltimore Branch Announces Winners of Creative Expression Contest

The Federal Reserve Bank of Richmond's Baltimore Branch today honored student winners of the Bank's second annual economic-themed creative expression contest.

Education
February 23, 2009 Board launches new website section on credit and liquidity programs and the balance sheet

The Federal Reserve Board on Monday launched a new section of its website expanding the information provided about the policy tools the Federal Reserve has employed to address the financial crisis and simplifying access to that information.

About Us
February 23, 2009 Joint Statement by the Treasury, FDIC, OCC, OTS, and the Federal Reserve on the Capital Assistance Program

A strong, resilient financial system is necessary to facilitate a broad and sustainable economic recovery. The U.S. government stands firmly behind the banking system during this period of financial strain to ensure it will be able to perform its key function of providing credit to households and businesses. The government will ensure that banks have the capital and liquidity they need to provide the credit necessary to restore economic growth. Moreover, we reiterate our determination to preserve the viability of systemically important financial institutions so that they are able to meet their commitments. 

About Us
February 10, 2009 Richmond Fed Hires Vice President of Research

The Federal Reserve Bank of Richmond has hired Ann Battle Macheras as vice president of the regional division of the Research Department, which is based in Richmond.

About Us
February 10, 2009 Federal Reserve is prepared to expand the Term Asset-Backed Securities Loan Facility (TALF)

The Federal Reserve Board on Tuesday announced that it is prepared to undertake a substantial expansion of the Term Asset-Backed Securities Loan Facility (TALF).

About Us
February 9, 2009 St. Catherine's School Sweeps Richmond Fed's Short Story Contest

The Federal Reserve Bank of Richmond today presented awards to several students who submitted economics-themed entries in the Bank's second annual creative expression contest.

Education
February 5, 2009 Fed Economist to Lead Fifth District's Charlotte Branch

The Federal Reserve Bank of Richmond has promoted Regional Economist Matthew Martin to the role of Senior Vice President and Charlotte Regional Executive.

About Us
January 30, 2009 Board announces policy to help avoid preventable foreclosures on certain residential mortgage assets held, owned, or controlled by a Federal Reserve Bank

The Federal Reserve Board on Friday published a policy that was adopted to help avoid preventable foreclosures on certain residential mortgage assets held, owned, or controlled by a Federal Reserve Bank.

About Us
January 30, 2009 Richmond Fed HR Officer Promoted to Senior Vice President

The Federal Reserve Bank of Richmond has promoted Tammy H. Cummings to the role of Senior Vice President and Chief Human Resources Officer. She is responsible for Bank's regional human resources operations, policies and initiatives as of Feb.1, 2009.

About Us
January 28, 2009 FOMC Statement

The Federal Open Market Committee decided today to keep its target range for the federal funds rate at 0 to 1/4 percent. The Committee continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time.

About Us
January 27, 2009 New York Fed Names William C. Dudley President

William C. Dudley was named today to serve as President and Chief Executive Officer of the Federal Reserve Bank of New York.

About Us
January 14, 2009 Beige Book Report

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

About Us
January 13, 2009 Fifth Federal Reserve Announces District Directors

The Fifth Federal Reserve District member banks have elected directors of the Federal Reserve Bank of Richmond for three-year terms beginning January 2009

About Us
January 8, 2009 Richmond Fed Publication Examines the Economics of Housing

The cover story of this issue of Region Focus considers what could be done to help the functioning of the housing market.

Publications
Date Title Category
December 29, 2008 Fed Governors Appoint Richmond Chairman and Deputy Chairman

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.
About Us
December 19, 2008 Economic Quarterly Explores New Keynesian Economics

In the latest issue of the Federal Reserve Bank of Richmond’s Economic Quarterly, Stephen Williamson of Washington University and a visiting scholar at the Bank evaluates the overall success of the New Keynesian project.

Publications
December 16, 2008 FOMC Statement

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

About Us
December 8, 2008 Fifth Federal Reserve District Branch Directors Appointed

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.
About Us
December 8, 2008 Fifth Federal Reserve Directors Elect Chairpersons

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.

About Us
December 8, 2008 Fifth Federal Reserve District Branch Directors Appointed

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.
About Us
December 3, 2008 Beige Book Report

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

About Us
November 24, 2008 Joint statement by Treasury, Federal Reserve, and the FDIC on Citigroup

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

About Us
November 18, 2008 VCU Wins College Fed Challenge

Virginia Commonwealth University, Richmond, Va., today won the district title in the Fifth Federal Reserve Bank’s annual College Fed Challenge Competition. The winning team included students Ian Bennett, Timothy Fox, Naren Nimmagadda, Justin Epstein and Elizabeth Marshall, and was coached by Professor Carol Lehr.

Education
November 12, 2008 Richmond Fed and Hampton University Host Foreclosure Conference

The mortgage foreclosure picture in Virginia is a mixed bag. Overall, the Commonwealth fairs better than most states in its mortgage delinquency and foreclosure rates. Still, there are some problem areas. As the uncertainty of the nation’s financial system persist, leaders are challenged to develop strategies that minimize the impact on their communities.

Community Development
November 12, 2008 Workshops Ready Teachers to Talk Real Life Economics

The Powell Center for Economic Literacy, the Maryland Council for Economic Education and the Baltimore Branch of the Federal Reserve Bank of Richmond will co-sponsor Midsize Economics and Kidsize Economics workshops. The purpose of the day-long programs is to provide elementary and middle school teachers in Maryland with economics lessons that enhance classroom curriculum and emphasize state content standards.

Education
November 10, 2008 Federal Reserve will offer $150 billion in 17-day credit through its Term Auction Facility today

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.

About Us
November 10, 2008 Federal Reserve Board and Treasury Department announce restructuring of financial support to AIG

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.

About Us
November 7, 2008 UNC-Chapel Hill Wins Local College Fed Challenge Competition

The University of North Carolina at Chapel Hill, N.C., won the preliminary round of the College Fed Challenge Competition held Nov. 5 and 6 at the Federal Reserve Bank of Richmond’s Charlotte Branch.

Education
November 7, 2008 University of Delaware Wins local College Fed Challenge Competition

University of Delaware, Newark, Del., won the preliminary round of the College Fed Challenge Competition held Nov. 5-6 at the Federal Reserve Bank of Richmond’s Baltimore Branch. The team included students William Dowd, Alex Eiermann, Claudia Flores, Scott W. Ohlmacher, Darren Weaver, and was coached by Professor Vera Brusentsev. The team will advance to the Fifth District championship in Richmond on Nov. 18 and compete against the winners from the Richmond and Charlotte branches.

Education
November 4, 2008 Richmond Fed and George Mason University Host Foreclosure Conference

The Federal Reserve Bank of Richmond and George Mason University will present “Widespread Impacts of Mortgage Foreclosures: From Credit Markets to Local Communities.”

Community Development
October 30, 2008 VCU Wins local College Fed Challenge Competition

Virginia Commonwealth University, Richmond, Va., won the preliminary round of the College Fed Challenge Competition held Oct. 30 at the Federal Reserve Bank of Richmond.

Education
October 29, 2008 FOMC Statement

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

About Us
October 24, 2008 Fed's Concentrated Poverty Report Includes Fifth District Communities

Two communities, one in North Carolina and one in West Virginia, were among those studied for the Federal Reserve's report on concentrated poverty. Recently released, The Enduring Challenge of Concentrated Poverty: Case Studies from Communities Across the U.S., looks at the factors that give rise to high-poverty neighborhoods and the challenges they face. The report was the result of a joint project between the Community Affairs functions of the Federal Reserve System and the Brookings Metropolitan Policy program.

Community Development
October 24, 2008 The Powell Center and Richmond Fed Partner on Economic Literacy

The Powell Center for Economic Literacy and the Federal Reserve Bank of Richmond will co-sponsor the 7th biennial Advanced Placement Economics Teachers Conference.

Education
October 21, 2008 East Carolina University Foreclosure Forum Features Richmond Fed Panelists

Richmond Fed officials discuss the credit market and the impact of mortgage foreclosures.

Community Development
October 21, 2008 Fed Actions

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

About Us
October 21, 2008 Federal Reserve Actions

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

About Us
October 15, 2008 Richmond Fed Directors Appoint Fed Advisory Council Member

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.

About Us
October 15, 2008 Beige Book Report

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

About Us
October 14, 2008 Region Focus

Richmond Fed publication explores the state of modern economics.

Publications
October 8, 2008 Federal Reserve Actions

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

About Us
October 7, 2008 Federal Reserve Actions

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

About Us
October 6, 2008 Federal Reserve Actions

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

About Us
September 30, 2008 Richmond Fed Announces Online Foreclosure Resource Center

The Federal Reserve Bank of Richmond has launched an online Foreclosure Resource Center providing information for homeowners, community groups and local governments to help prevent foreclosures and lessen their negative influence on neighborhoods.

Community Development
September 29, 2008 Richmond Fed Ready to Provide Liquidity in Wachovia Transition

The banking operations of Wachovia Corp., which is headquartered in Charlotte, N.C., are being acquired by Citigroup Inc.

 
September 15, 2008 Richmond Fed Names New Council Members

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

About Us
September 12, 2008 Longwood University Mortgage Foreclosure Forum Features Richmond Fed

The meltdown of the subprime mortgage industry and the subsequent credit crunch has dominated news about the health of the nation’s financial system, with reports routinely centered on market activities. But what about the homeowners, neighborhoods and communities where mortgage foreclosures are dramatically changing lives and landscapes?

Community Development
May 1, 2008 Severn School to Represent Fifth Federal Reserve District in National Fed Challenge CompetitionSevern School, located in Severna Park, Md., won the Fifth District championship round of the 2008 Fed Challenge competition. Education
August 19, 2008 Richmond Fed's Economic Quarterly Examines the Evolution of U.S. Income Inequality

Income inequality in the United States has received considerable attention in recent policy debates. Richmond Fed economists Kevin A. Bryan and Leonardo Martinez find that income inequality has risen since the 1960s, and that this is explained mainly by increases in inequality at the top of the income distribution. In addition, they document periods characterized by a decline in real income for lower income groups. Bryan and Martinez also explain that welfare inequality may have increased less than income inequality and, in fact, may actually have decreased, due to changing trends in leisure consumption.

Publications
May 30, 2008 Richmond Fed Publication Explores the Private Equity Industry

The role of private equity firms—organizations that buy companies in order to reshape them and sell them later at a profit — is often misunderstood. Some buyouts and firms make splashy headlines, and credit market turmoil is prompting questions about whether this is the end of an era for private equity. The cover story of the latest Region Focus de-mystifies this industry and explores its importance in keeping the economy competitive.

Publications
May 14, 2008 Richmond Fed's Economic Quarterly Examines Whether Bank Supervisors Should Disclose Information About Their Banks

Bank supervisors gather important information on banks' balance sheet, operations, and management. This is information that is potentially valuable to investors, but neither the supervisors nor the banks are allowed to share it. Should such information be made public? Richmond Fed economist Edward S. Prescott examines whether public dissemination of this knowledge can actually have a negative effect on the ability of supervisors to collect it and therefore limit the effectiveness of supervision.

Publications
May 12, 2008 Richmond Fed's 2007 Annual Report Features Essay on Savings and Retirement

The Federal Reserve Bank of Richmond today released its 2007 Annual Report, which features the essay "Are We Saving Enough? Households and Retirement."

Publications
May 1, 2008 Severn School to Represent Fifth Federal Reserve District in National Fed Challenge Competition

Severn School, located in Severna Park, Md., won the Fifth District championship round of the 2008 Fed Challenge competition held today at the Federal Reserve Bank of Richmond. This year's winning team included Kathy Little, Matt Quinn, Logan McNamara, Emily Viohl, Will Smith and Richard Welch and was coached by John Bodley.

Education
April 18, 2008 Millbrook High School Wins Charlotte Office's Fed Challenge 2008

Millbrook High School of Raleigh, N.C., won the Charlotte Office's preliminary round of the Fifth District's annual high school Fed Challenge competition held on April 16. The winning team included students Bill Armstrong, James Cronin, Andrew Owens, Ellet Shaner, Mark Skvara, and Megan Vice, and was coached by Gene Kikolski. The team will travel to the Federal Reserve Bank of Richmond's headquarters in Richmond, Va., to compete against teams from the Richmond and Baltimore offices on May 1.

Education
April 17, 2008 Severn School Wins Baltimore's High School Fed Challenge 2008

The Severn School has won the annual high school Fed Challenge competition sponsored by the Baltimore Office of the Federal Reserve Bank of Richmond. Five high schools were represented in this year's competition, which was held April 15. The winning team included students Kathy Little, Matt Quinn, Logan McNamara, Emily Viohl, Will Smith and Richard Welch. Under the direction of faculty advisor John Bodley, the team will travel to Richmond, Va., to compete May 1 against teams representing the Richmond and Charlotte offices.

Education
April 3, 2008 Trinity Episcopal School to Represent Virginia in Regional Fed Challenge Competition

Trinity Episcopal School students won the preliminary round of the Federal Reserve's 2008 Fed Challenge competition held at the Richmond Office on April 3. This year's winning team included Alex Eschenroeder, Paige Harland, William Hurd, Victoria Marchetti, Robert Warneford-Thomson, and Logan Mintz as alternate. The team was coached by Robert Patterson and Joseph Marchetti, III.

Education
March 3, 2008 Richmond Fed's Baltimore Branch Announces Creative Expression Contest Winners

The Federal Reserve Bank of Richmond's Baltimore Branch has named the winners of its first creative expression contest.

Education
February 20, 2008 The Richmond Fed's Charlotte Office Announces Creative Expression Contest Winners

The Federal Reserve Bank of Richmond's Charlotte Office presented awards to the winners of its first creative expression contest.

Education
February 1, 2008 Richmond Fed Publication Explores the Reinvention of Downtowns

There was a time when downtowns were the center of economic life in nearly every American city. Those days are gone, but some downtowns are making a comeback. In the cover story of the latest Region Focus, a visit to the bustling, rejuvenated downtown in Greenville, S.C., reveals how city centers are reinventing themselves. The most successful have transformed into niche markets, catering to young professionals and empty nesters.

Publications
January 17, 2008 Richmond Fed Announces Creative Expression Contest Winners

The Federal Reserve Bank of Richmond today presented awards to the winners of its first creative expression contest.

Education
January 3, 2008 Richmond Fed's Economic Quarterly Evaluates How Well a Phillips Curve Accounts for the Changing Nature of Inflation in the United States

The Phillips curve has long been used to represent the tradeoff between inflation and economic activity. However, since the mid-1960s, many theorists have agreed that during periods of persistently high inflation, this model does not hold true. Has the U.S. economy become too complex for this economic model? Richmond Fed economist Andreas Hornstein examines a more contemporary model to determine if it can better reflect the changing nature of inflation in the United States.

Publications
Date Title Category
December 21, 2006 Richmond Fed Names New Officers

The Federal Reserve Bank of Richmond announces the following officer promotions effective Jan. 1, 2007.

About Us
December 20, 2007 Board Chairmen Elected for Fifth District Fed Offices

The boards of directors of the Bank's Baltimore and Charlotte offices elected the following chairmen for 2008.

About Us
December 7, 2007 Prince George's Community College Shines in the Fed's 2007 Community College Fed Challenge

Prince George's Community College, representing the Baltimore region, placed second in the Federal Reserve's second annual Community College Fed Challenge Competition held earlier today. North Shore Community College of Danvers, Mass., won this year's competition.

Education
November 30, 2007 Prince George's Community College Wins Baltimore Fed's Community College Fed Challenge Competition

Prince George's Community College won the regional Community College Fed Challenge Competition held Nov. 20 at the Baltimore Office of the Federal Reserve Bank of Richmond.

Education
November 27, 2007 Richmond Fed Announces Board Directors for 2008

The Federal Reserve Bank of Richmond's member banks have elected the following to three-year terms beginning January 1, 2008.

About Us
November 27, 2007 Fifth Federal Reserve District Directors Appointed

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 offices, effective January 1, 2008.

About Us
November 21, 2007 Richmond Fed Directors Appoint Federal Advisory Council Member

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

About Us
November 16, 2007 Christopher Newport University Wins Fifth District College Fed Challenge Competition

Christopher Newport University, Newport News, Va., won the Fifth District title in the Federal Reserve Bank of Richmond’s 2007 College Fed Challenge Competition held earlier today. The winning team included students Mark Bock, Cynthia Gasch, Amber Kazlauskas, Jeff Pfeiffer and Josh Smith, and was coached by Professor Robert Winder. Christopher Newport will compete against winners from the Boston, New York, and Chicago Feds in the national competition, which will be held on Nov. 26 at the Federal Reserve's Board of Governors in Washington, D.C.

Education
November 14, 2007 Newport News Students Win Local College Fed Challenge Competition

Christopher Newport University (CNU), Newport News, Va., won the preliminary round of the College Fed Challenge Competition held Nov. 13 at the Federal Reserve Bank of Richmond. The team included students Mark Bock, Cynthia Gasch, Amber Kazlauskas, Jeff Pfeiffer and Josh Smith, and was coached by Professor Robert Winder. CNU will advance to the Fifth District championships in Richmond on Nov. 16, and compete against the winners from the Baltimore and Charlotte offices.

Education
November 9, 2007 Tar Heels Win College Fed Challenge Competition in Charlotte

The University of North Carolina at Chapel Hill, Chapel Hill, N.C., won the Federal Reserve Bank of Richmond Charlotte Office’s preliminary round of the Fifth District competition held Nov. 7.

Education
November 9, 2007 Mount St. Mary's University Wins Baltimore Office's College Fed Challenge

Mount St. Mary’s University, Emmitsburg, Md., won the Federal Reserve Bank of Richmond Baltimore Office’s preliminary round of the Fifth District College Fed Challenge competition held Nov. 1-2.

Education
November 8, 2007 Fed Names Richmond Board of Directors Chairman and Deputy Chairman

The Board of Governors of the Federal Reserve System has named the Chairman and Deputy Chairman of the Board of Directors for the Federal Reserve Bank of Richmond, effective January 1, 2008.

About Us
October 19, 2007 Richmond Fed Professionals Certified in Business Specialties

The Federal Reserve Bank of Richmond recognizes several employees who recently earned certification in business continuity and project management, business specialties critical to Fifth District Information Technology operations.

About Us
October 4, 2007 Richmond Fed Publication Looks at the Economics of Politics

Why do pluralities commonly support policies that run contrary to the advice of economists? For several decades, public choice theory has provided the leading explanation: Voters are rationally ignorant, with special interests largely controlling the democratic process. But now, an economist at George Mason University has turned that model on its head. Voters are getting precisely what they want, says Bryan Caplan, because they are irrational. Caplan's new book has sparked considerable debate over the validity of the traditional public choice model, developed by James Buchanan, Gordon Tullock, and other members of the "Virginia school of political economy."

Publications
September 28, 2007 Richmond Fed's Economic Quarterly Examines the Relationship between Inflation and Unemployment

A slowing economy and rising inflation are typically understood to require opposite policy responses: lowering the short-term interest rate to counter slower real growth while raising the rate to tame inflation. What, then, is the relationship between growth and inflation and how is it related to monetary policy? Jeff Lacker, Richmond Fed President, and John Weinberg, Research Director and Senior Vice President, explore this question by looking at the history of the Phillips curve – the statistical relationship between inflation and unemployment.

Publications
August 10, 2007 Fifth District Officers and Managers

As part of the reorganization of the Banking Supervision and Regulation Department, we are pleased to announce that the Richmond Board of Directors has approved the following officer appointments effective September 1, 2007.

About Us
August 8, 2007 Fifth Federal Reserve Bank Director Appointed

The Federal Reserve Board of Governors made the following appointment to the Federal Reserve Bank of Richmond’s Board of Directors, effective immediately.

About Us
July 20, 2007 Richmond Fed Publication Examines Academic Alternatives

Proponents of school choice argue that it would help poor-performing schools and the students who must attend them. With vouchers, parents can shop for the best schools, creating competition and improving educational outcomes. Until recently, however, there was little data to test the theory. In the cover story of the latest issue of Region Focus, Doug Campbell looks at a pioneering program in Milwaukee and concludes that while the evidence is mixed, school choice has benefited many of that city's schools and students. Soon, conversations about vouchers may be based on facts instead of opinion.

Publications
July 9, 2007 Richmond Fed's Economic Quarterly Examines Interest Payment on Banks' Reserves as an Alternative to Daylight Credit

Congress passed a law last year that allows the Federal Reserve to pay interest on balances held by depository institutions at the central bank. The implications for the demand for reserves, and by extension, monetary policy, may be significant. At present, banks face opportunity costs for holding reserves overnight at the Fed, since their funds might be able to earn interest if deployed elsewhere. During the daytime, banks weigh the tradeoff of holding as few reserves as possible with the costs of obtaining intraday credit from the Fed to meet their payment obligations. By 2011, when the new law takes effect, the incentives for these choices will be different. Since effective monetary policy may depend on predictable demand for reserves, understanding how these new incentives alter banks' decisions about reserve holdings may be useful. Richmond Fed economists Huberto Ennis and John Weinberg build a model of the demand for reserves by banks and study the potential consequences of paying interest on reserves.

Publications
July 3, 2007 Official Staff Changes

We are pleased to announce that the Richmond Board of Directors has approved the following officer appointments.

About Us
June 22, 2007 Federal Reserve Bank of Richmond's 2006 Annual Report Features "Inflation and Unemployment: A Layperson's Guide to the Phillips Curve"

Today the Federal Reserve Bank of Richmond released its 2006 Annual Report, which features an examination of the relationship between economic growth and inflation, as illustrated by the history of the Phillips curve.

Publications
May 21, 2007 Richmond Fed Names New Officer

The Richmond Board of Directors has appointed the following officer effective May 14, 2007.

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May 16, 2007 Federal Reserve Appoints Charlotte Director

The Federal Reserve Board of Governors made the following appointment to the Charlotte Board of Directors, effective immediately.

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April 24, 2007 Severn School to Represent Fifth Federal Reserve District in National Fed Challenge Competition

The Severn School, located in Severna Park, Md., won the Fifth District championship round of the 2007 Fed Challenge competition held at the Federal Reserve Bank of Richmond on April 24. This year's winning team included Alex Fu, Dylan McNamara, Kathy Little, Matt Quinn, Emily Viohl, Brady Hill (alternate), and was coached by John Bodley.

Education
April 19, 2007 Richmond Fed Promotes Officer

The Federal Reserve Bank of Richmond announces the following officer promotion effective April 16, 2007.

About Us
April 3, 2007 Millbrook High School Wins Charlotte Office's Fed Challenge 2007

Millbrook High School of Raleigh, N.C., won the Charlotte Office's preliminary round of the Fifth District's annual high school Fed Challenge competition held March 29.

Education
April 3, 2007 Trinity Episcopal Students to Represent Virginia in Regional Fed Challenge Competition

Trinity Episcopal School students won the preliminary round of the Federal Reserve's 2007 Fed Challenge competition held at the Richmond Office on April 3. This year's winning team included Robert Warneford-Thomson, Victoria Marchetti, Thomas Eschenroeder, William Hurd, Paige Harland and Logan Mintz as alternate. The team was coached by Robert Patterson.

Education
March 30, 2007 Richmond Fed's Economic Quarterly Reviews Milton Friedman's Legacy

Milton Friedman was arguably the most influential economist of the 20th century. He made groundbreaking scientific contributions that changed the way economists approached some of the most important questions in monetary economics and macroeconomics. He also was an ingenious policy analyst, proposing such measures as school choice and the end of the military draft in favor of a volunteer army. Finally, he had a unique ability to make economics accessible to a general audience, through his Newsweek column and countless television appearances. Richmond Fed economist Robert Hetzel, a former student of Friedman, recounts and analyzes his teacher’s numerous contributions and puts them in historical perspective.

Publications
March 26, 2007 Federal Reserve Bank of Richmond Announces Council Appointments

The Federal Reserve Bank of Richmond announces the recent appointment of the following four members to its Small Business and Agriculture Advisory Council.

About Us
March 13, 2007 Richmond Federal Reserve Awards 2007 Essay Contest Winners

The Federal Reserve Bank of Richmond today awarded the winners of its sixth annual essay contest during a luncheon held at the Bank.

Education
March 8, 2007 Severn School Wins Baltimore's High School Fed Challenge 2007

Severn School of Severna Park, Md., once again has won the Federal Reserve Bank of Richmond's annual high school Fed Challenge competition. This year's competition, which included eight high schools, was held in Baltimore March 5-6. The winning team included students Kathy Little, Alex Fu, Dylan McNamara, Matt Quinn, Emily Viohl and Brady Hill (alternate).

Education
February 28, 2007 Options on the Outs

Stock options can align employee and shareholder interests. But they aren't free to issue, despite the way firms have been allowed to report them — until now. In the cover story of the Winter 2007 issue of Region Focus, Doug Campbell explains how economic and accounting principles are finally merging with the adoption of a new financial reporting rule.

Publications
February 14, 2007 Fifth District Fed's Charlotte Branch Names Essay Winners

The Charlotte Branch of the Federal Reserve Bank of Richmond recognized high school winners of the sixth annual essay contest during an awards luncheon held February 9.

Education
February 12, 2007 Federal Reserve Bank of Richmond, Baltimore Office Announces 2006-2007 Essay Contest Winners

The Federal Reserve Bank of Richmond's Baltimore Branch will honor this year's essay contest winners at an awards luncheon on Feb. 9, 2007. The contest drew 103 entries from students in schools throughout the region, who submitted essays describing their financial goals for the next five years.

Education
January 30, 2007 Fed Appoints Board Deputy Chairman

The Federal Reserve's Board of Governors has appointed Lemuel E. Lewis as deputy chairman of the board of directors for the Federal Reserve Bank of Richmond, effective immediately. Lewis, director of Landmark Communications, Inc., Norfolk, Va., also was recently reappointed as a Class C director and has served on the Richmond board since 2005. (Only Class C directors are eligible to serve as board chairman and deputy chairman.)

About Us
January 23, 2007 Fifth Federal Reserve Bank Director Reappointed

The Federal Reserve Board of Governors made the following reappointment to the Federal Reserve Bank of Richmond's Board of Directors.

About Us
January 18, 2007 Fifth Federal Reserve District Office Directors Appointed

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 Offices, effective Jan.1, 2007.

About Us
January 18, 2007 Fifth Federal Reserve Bank Directors Elect Chairpersons

The Boards of Directors for the Federal Reserve Bank of Richmond’s Baltimore and Charlotte Offices elected the following chairpersons for one-year terms effective Jan. 1, 2007.

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Contact Us

Richmond

Laura Fortunato
(804) 697-8196
(804) 698-0927 (mobile)

Jim Strader
(804) 697-8956
(804) 332-0207 (mobile)