Annual Report

2011

 

2011

Annual Report 2011 Cover

Reviews the Bank's operations and includes the article "Unsustainable Fiscal Policy: Implications for Monetary Policy"

Message from the President

Jeffrey M. Lacker discusses the challenges that monetary policymakers face in the coming decades as federal debt levels threaten to rise to unsustainable levels.

Feature Essay: "Unsustainable Fiscal Policy: Implications for Monetary Policy"

Federal government debt held by the public reached 67.7 percent of gross domestic product in 2011, and trends point to large budget deficits for many years to come. In this essay, economics writer Renee Haltom and research director John Weinberg explore the implications for monetary policy if the United States ever approached its "fiscal limit." In that scenario, the Federal Reserve might face pressure to produce inflation revenue. The authors conclude that the United States must avoid this scenario by placing fiscal policy on a more sustainable path.

Message from Management

Sarah G. Green, first vice president and chief operating officer, reviews the lessons the Federal Reserve has learned from its history. She also notes the important roles that the Fed plays today in monetary policy, bank supervision and regulation, payments, and community outreach.

Bank in the Community

As one of 12 regional Reserve Banks, the Richmond Fed provides a variety of resources that strengthen communities throughout the Fifth District.

Fifth District Economic Report

A summary of economic conditions in the Fifth District during 2011.

Boards of Directors and Advisory Councils

Photos and listings of the Bank's boards of directors and advisory councils.

Officers

Photo of the Bank's Management Committee and listing of officers.

Financial Statements

Comparative financial statements for 2011, management's report on internal control over financial reporting, and the independent auditors' report.

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Karl Rhodes
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