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Annual Report

2014

Annual Report 2014 Cover

Reviews the Bank's operations and includes the article "Living Wills: A Tool for Curbing 'Too Big to Fail'"

Message from the President

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

Feature Essay: "Living Wills: A Tool for Curbing 'Too Big to Fail'"

Economist Arantxa Jarque and senior editor David A. Price explore an innovation of the Dodd-Frank Act of 2010, which requires the largest and most complex financial institutions to create resolution plans to follow if the institutions fall into severe financial distress. In these plans, or "living wills," the institutions must give regulators a roadmap for resolving them via the bankruptcy process — without disrupting the financial system or resorting to public bailouts. Jarque and Price argue that living wills are a tool that regulators can use to curb the "too big to fail" problem by decreasing the odds that policymakers will feel compelled to rescue large, complex firms for fear that their failure would damage the economy.

Message from Management

First Vice President Mark Mullinix discusses the Federal Reserve's collaboration with the payments industry to improve the speed and security of the nation's payment system.

Fifth District Economic Report

A summary of economic conditions in the Fifth District during 2014.

Boards of Directors and Advisory Councils

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

Officers and Senior Professionals

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

Federal Reserve Information Technology (FRIT)

Photo of the FRIT Management Council and listing of officers and senior professionals.

Financial Statements

Includes comparative financial statements for 2014, management's report on internal control over financial reporting, and the independent auditors' report.

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