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Annual Report


2004 Annual Report cover

Reviews the Bank's operations and includes the article entitled "What's Driving Wage Inequality? The Effects of Technical Change on the Labor Market"

Message from the President

Jeff Lacker discusses the state of the economy in 2004 and reflects on the impact of technological change on labor markets.

Feature Article: "What's Driving Wage Inequality? The Effects of Technical Change on the Labor Market"

Wage inequality in the United States is large and has been growing during the past 30 years. What is the reason for the increase? In this article, Aaron Steelman and John Weinberg conclude that advancements in technology, particularly those related to information technology, have improved the productivity of skilled workers relative to unskilled workers and thus have fueled wage inequality. Still, the economic forces that are driving wage inequality are the same ones raising our general standard of living. To curb the effects of technology on wages, the authors suggest an increased emphasis on education — particularly on acquiring general, broadly applicable skills early in life.

Message from Management

First Vice President Walter Varvel highlights the Bank's many roles and 2004 initiatives. Also included in this section is a photo of the Management Committee.

Boards of Directors and Advisory Groups

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


A listing of the Bank's officers based in Richmond, Baltimore, and Charlotte.

Financial Statements

Comparative financial statements and footnotes for 2004. Also includes Management Assertion and Report of Independent Auditors.

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