Reviews the Bank's operations and includes the article "Should the Fed Have a Financial Stability Mandate? Lessons from the Fed's first 100 Years"
Jeffrey M. Lacker discusses financial stability, the topic of this year's feature essay.
President Jeffrey Lacker and Research Publications Content Manager Renee Haltom explore the Fed's role in financial stability. Following the global financial crisis of 2007-08, the Fed has been given enhanced regulatory responsibilities to prevent future crises. However, most of the Fed's actions in pursuit of financial stability have historically come through emergency lending once crises are underway. The authors conclude that arguments in favor of emergency lending are based on erroneous readings of history. Instead, emergency lending may undermine financial stability, as well as the Fed's core mission of providing monetary stability.
First Vice President Mark L. Mullinix discusses how the Richmond Fed's regional and national roles enhance the Bank's contributions to the Fifth District and the Federal Reserve System.
The Richmond Fed is making a more concerted effort to connect its workforce development initiatives.
A summary of economic conditions in the Fifth District during 2013.
Photos and listings of the Bank's boards of directors and advisory councils.
Photo of the Bank's Management Committee and listing of officers and senior professionals.
Comparative financial statements for 2013, management's report on internal control over financial reporting, and the independent auditors' report.