Skip to Main Content

Annual Report


Annual Report 2012 Cover

Reviews the Bank's operations and includes the article "Land of Opportunity? Economic Mobility in the United States"

Message from the President

Jeffrey M. Lacker discusses economic mobility, the topic of the feature essay in this year's Annual Report.

Feature Essay: "Land of Opportunity? Economic Mobility in the United States"

Economics writer Jessie Romero and group vice president Kartik Athreya interpret data that suggest economic mobility has decreased in recent years. Many factors contribute to mobility, but for most people advancement depends on opportunities to obtain human capital — opportunities that are not as good for children in poor families. Initiatives that focus on early childhood education seem to yield high returns on investment. Their feasibility on a large scale is unknown, but they may have the potential to help the United States achieve a more inclusive prosperity.

Message from Management

First Vice President Sarah G. Green discusses how the Richmond Fed's operations contribute to the stability, integrity, and efficiency of the nation's monetary, financial, and payments systems.

Fed Spotlight

This article describes how the Richmond Fed gathers and analyzes regional economic information that contributes to monetary policy deliberations.

Fifth District Economic Report

A summary of economic conditions in the Fifth District during 2012.

Boards of Directors and Advisory Councils

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


Photo of the Bank's Management Committee and listing of officers.

Financial Statements

Comparative financial statements for 2012, management's report on internal control over financial reporting, and the independent auditors' report.

Phone Icon Contact Us

Lisa Davis (804) 697-8179