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Annual Report


1997 Annual Report cover

Reviews the Bank's operations and includes the article entitled "Can the Fed be a Payment System Innovator?"

Message from the President and First Vice President

Al Broaddus and Walter Varvel outline the Richmond Fed's activities in 1997.

Feature Article: "Can the Fed be a Payment System Innovator?"

Drawing on the experience of the telecommunications and postal services industries, Jeff Lacker and John Weinberg define the market conditions under which the Federal Reserve's provision of check services will most likely lead to service innovations that enhance public welfare.

Year In Review

Highlights of the Richmond Fed's accomplishments regarding monetary policy, public affairs, payment services, and other aspects of its operations.

Boards of Directors and Advisory Groups

Photos and listings of the Bank's directors and members of its advisory groups.


Administrative changes and a listing of Bank officers.

Financial Statements

Comparative financial information for 1997.

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Lisa Davis (804) 697-8179