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Annual Report


2008 Annual Report cover

Reviews the Bank's operations and includes the article entitled "The Financial Crisis: Toward an Explanation and Policy Response"

Message from the President

Jeffrey M. Lacker discusses the economic conditions and challenges of 2008, the outlook for 2009, and the problems that can result from having an expansive federal financial safety net and treating some financial institutions as “too big to fail.”

Feature Article: "The Financial Crisis: Toward an Explanation and Policy Response"

This year’s article was co-authored by Aaron Steelman, director of publications, and John A. Weinberg, senior vice president and director of research. The authors discuss the key events of the financial crisis, examine which factors contributed to it, and consider how policymakers might most effectively respond. At the core of their discussion is the role that explicit and implicit government guarantees played in encouraging unwise risk-taking by financial institutions.

Message from Management

First Vice President Sally Green talks about the Bank's activities across a number of areas, including monetary policy discussions at the Federal Open Market Committee, the supervision of financial institutions in the Fifth District, efforts to modernize the payments system, and community development and economic education programs.

The Bank in the Community

A review of the Bank's outreach efforts throughout the year, with a focus on the Federal Reserve’s Homeownership and Mortgage Initiatives.

Fifth District Economic Report

A look back at 2008 economic conditions in the Fifth District, including analysis and data on employment, household financial conditions, business conditions, and the housing market.

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 for 2008. Also includes the Management Assertion and the Report of Independent Auditors.