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Annual Report


2007 Annual Report cover

Reviews the Bank's operations and includes the article entitled "Are We Saving Enough? Households and Retirement"

Message from the President

Jeff Lacker discusses the 2007 economy as well as the long-term challenges as many Americans prepare for retirement.

Feature Article: "Are We Saving Enough? Households and Retirement"

John Weinberg and Doug Campbell examine the extent to which Americans are financially prepared for retirement. Careful studies on American saving habits show that most families nearing retirement are saving both adequately and optimally — or the best they can given their lifetime expected incomes. However, estimates about savings adequacy depend on the assumption that entitlement program benefits will be forthcoming. Population aging and the retirement of baby boomers challenge that assumption and may portend a future in which some people will need to consume less than they would otherwise.

Message from Management

First Vice President Sally Green talks about the Bank's many important relationships throughout the District and introduces the Richmond Fed's new vision.

The Bank in the Community

A review of the Bank's community involvement and programs in this area throughout the year.

Fifth District Economic Report

A look back at 2007 economic conditions in the Fifth District, including analysis and data on employment, personal income and household financial conditions, business conditions, and housing.

Boards of Directors and Advisory Groups

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


Photo of the Management Committee and listing of Bank officers.

Financial Statements

Comparative financial statements and footnotes for 2007. Also includes Management Assertion and Reports of Independent Auditors.

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Lisa Davis (804) 697-8179