Transcripts of the 2007 meetings of the Federal Open Market Committee were recently released. During a December 6, 2007 conference call, the Committee discussed a proposal to establish a Term Auction Facility. In his comments on the call, Richmond Fed President Jeffrey Lacker made reference to a letter that he had sent to Reserve Bank presidents and members of the Board of Governors concerning the economic rationale for the facility. His comments can be found on pages 28-29 of the transcript of the December 6th conference call.
The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.