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JOBS: MORE WORK TO BE DONE? Exploring what monetary policy can—and perhaps cannot—do about labor market slack. 2014 Annual Report CONTENTS 1 President’s Message 4 Beyond the Unemployment Rate: Measuring a Changing Labor Market 7 A Million Fewer Involuntary Part-Timers Was Still Too Many 13 New Work Arrangements: Fad or Fixture? Some of Both 19 Labor Market Slack Persisted, but Just How Much? 23 Wage Growth a Missing Piece of the Full Employment Puzzle 27 Boards of Directors/Management Committee 36 Other Officers 39 Advisory Councils 44 Milestones 51 Credits It’s our hope that this report’s analysis of labor market dynamics in 2014 will provide greater insight into the monetary policy decisions the Fed anticipates in 2015. 1 1 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT PRESIDENT’S MESSAGE In our 2014 annual report, the improved considerably in 2014. full employment we really are? Federal Reserve Bank of Atlanta Some of our District contacts told These are important questions highlights two tools we use to gain us they saw this improvement because, in 2015, the Federal Open insight into the health of the labor reflected in their business during Market Committee, the policymak- market: the statistical indicators, the year. On the other hand, broad ing group of the Federal Reserve, measures, and models that provide labor market measures indicated expects to begin raising interest us with objective data and the con- that, while more people were work- rates. The timing of “liftoff,” or the versations with business and other ing, productivity was lower than raising of the federal funds rate, contacts in our District that provide expected. hinges on the strength of the econ- us with personal experiences and expectations. omy, which the Federal Reserve This suggests the labor market assesses. and the broader economy still These two channels provide com- weren’t operating at full capacity. It’s our hope that this report’s plementary perspectives. In this Some of our District contacts analysis of labor market dynamics annual report, we discuss the role agree, telling us that the labor in 2014 will provide greater insight these channels play in the Fed’s market still has “slack.” into the monetary policy decisions formulation of the nation’s monetary policy. the Fed anticipates in 2015. But how much labor market slack remains? How much of that slack On the one hand, two measures of has been removed—or can be labor market health—job creation removed—by monetary policy? And and the unemployment rate— how can we know just how close to Dennis Lockhart President and CEO of the Federal Reserve Bank of Atlanta 2 THE TIMING OF “LIFTOFF,” OR THE RAISING OF THE FEDERAL FUNDS RATE, HINGES ON THE STRENGTH OF THE ECONOMY, WHICH THE FEDERAL RESERVE ASSESSES. 3 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT BEYOND THE UNEMPLOYMENT RATE: MEASURING A CHANGING LABOR MARKET How close to full percent at the beginning of 2014 high number of people working employment are we? to 5.6 percent in December. part-time who preferred full-time In 2014, the Federal Reserve Bank The unemployment rate is fast jobs. The ranks of these Americans of Atlanta continued to focus its approaching the 5.2 percent to working part-time for economic research on the labor market 5.5 percent range the Federal reasons more than doubled during and what had to happen before Open Market Committee (FOMC) the Great Recession. In total, the the economy could achieve full judges to be consistent with full share of part-time jobs in the labor employment. Price stability and employment. The FOMC is the market climbed to one in five during maximum employment are the Fed’s policy-setting body. the recession. The situation has two objectives of the Fed’s dual improved, but by the end of 2014, mandate from Congress. By the Without question, the labor market the number of involuntary part- end of the year, the U.S. economy made real progress last year. But time workers was still well above had made significant progress the official unemployment rate and the prerecession level. In fact, at toward full employment. Two monthly job creation numbers can the end of the year, five-and-a-half closely watched measures of tell only part of the story. Broader years into the recovery, the U.S. labor market health, job creation labor market measures continued jobs market counted about 2.2 and the unemployment rate, had to indicate that a significant body of million fewer full-time workers than improved considerably (see the available resources—people and their it did before the recession began in Total Nonfarm Employment and capacity to work productively—were 2007. the Unemployment Rate charts on not being used. This “slack” meant page 6). that the labor market, and thus the While the rise in part-time broader economy, was not operating employment is a concern, data at full capacity. suggest the United States does not Employers added an average of 260,000 jobs per month appear fated to become a “part- during 2014, ahead of the Number of part-time workers time economy.” Of the additional 194,000-a-month pace of the remained high 7.2 million people employed since previous two years. Meanwhile, Other important signs of labor October 2010—when payroll the jobless rate fell from 6.6 market slack included the still- job growth turned consistently 4 positive—7.0 million, or 96.8 of labor market resources gradually depend on data that the Federal percent, are employed full-time, diminished. But how much labor Reserve continues to gather and according to Atlanta Fed economist market slack remains? How much of assess. Julie Hotchkiss. that slack has been removed—and Finally, another signal of labor can be removed in the future—by The rest of this annual report will monetary policy? explore questions concerning labor market slack was the lack of market slack and additional facets upward wage pressure in 2014. The answers to these questions of the nation’s complex, fluid labor Wage pressure would have given are critical to the FOMC’s decision market. We hope the report will policymakers more confidence in about the timing of “liftoff,” or help to illuminate how much labor the falling unemployment rate. Such when to raise the federal funds rate market slack results from transitory pressure would have indicated that (see the Effective Federal Funds factors—which monetary policy can the gap between current conditions Rate chart on page 6). When the address—and how much might be and full employment was closing. FOMC decides to begin removing the result of more lasting changes— policy accommodation, it will take a which are generally not directly How much can balanced approach consistent with influenced by Fed policy. monetary policy do? its longer-run goals of maximum Through 2014, a range of indicators employment and inflation of 2 suggested that the underutilization percent. And that decision will Note: Numbers are seasonally adjusted. Source: U.S. Bureau of Labor Statistics 5 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT Nonfarm Employment After robust 2014 employment growth, the United States had added nearly 10 million jobs since the recession. Note: Shaded areas indicate recession. Sources: U.S. Bureau of Labor Statistics; Federal Reserve Economic Database, St. Louis Fed. Unemployment Rate The uneployment rated ended 2014 at it its lowest point in six-and-a-half years. Note: Shaded areas indicate recession. Sources: U.S. Bureau of Labor Statistics; Federal Reserve Economic Database, St. Louis Fed. Effective Federal Funds Rate The Fed’s main policy interest rate remained extraordinarily low by historic standards. Note: Shaded areas indicate recession. Source: Board of Governors of the Federal Reserve System 6 A MILLION FEWER INVOLUNTARY PART-TIMERS WAS STILL TOO MANY ”If you go all the way back to the recession, our average number of employees per restaurant may have dropped modestly. But that’s simply a function of lower sales volume.” DON FOX, CEO, Firehouse of America LLC, Jacksonville, Florida; 800+ restaurants staffed mostly by part-time workers 7 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT PTER trends vary by type of job nearly 3 percentage points above improved significantly in 2014, Although the number of people the prerecession level, despite but 6.8 million people who wanted working part-time involuntarily last year’s broader decline in the full-time jobs were still working remained elevated in 2014, there number of involuntary part-time part-time. The number of people in was progress. That number fell by workers. this category, which the U.S. Bureau about a million last year, compared of Labor Statistics defines as working to a decline of only 160,000 in A permanent or cyclical trend? “part-time for economic reasons,” or 2013. What’s more, the decline in A key question is whether PTER, remained unusually large even the number of PTER workers was monetary policy can address though most of the jobs created in widespread across industries and the elevated level and share of recent years have been full-time. occupational skill levels, which involuntary part-time work. In other is a change from previous years, words, are these conditions tied to Many economists, including those according to the Atlanta Fed’s ups and downs in the economy—or at the Atlanta Fed, have noted that analysis. In previous years, declines cyclical changes—or they are the the still-elevated level of part-time in the number of involuntary result of more lasting, secular—or employment indicates the labor part-time workers occured largely structural—changes? Research market still has underutilized in goods-producing industries. seems to indicate that there are resources, or slack. That is slack that However, in 2014, service-providing elements of both. the official unemployment rate does industries also had notable declines. U.S. labor market conditions not capture. In 2014, Atlanta Fed Employers in an August 2014 research explored trends in PTER This is significant because service- survey noted two main reasons employment to help clarify how providing industries account for increased reliance on part-time much remains to be done to achieve for nearly 85 percent of PTER employees within their own firms: full employment. Data that inform employment, much of it among low- a higher cost of employing full- researchers about the health of the and middle-skill occupations. The time workers relative to part-time economy will help the Federal Open PTER share of employment in these employees and weak business Market Committee decide when to types of jobs remained elevated at conditions. The first reason is begin raising the federal funds rate. 6.7 percent in the fourth quarter, more of a structural issue; it’s not 8 YET AS THE U.S. ECONOMY CONTINUES TO GAIN STRENGTH AND CREATE MORE FULL-TIME JOBS, THE NUMBER OF PEOPLE WORKING PART-TIME INVOLUNTARILY IS LIKELY TO DECLINE FURTHER. tied to a dip in the business cycle, As Fed Chair Janet Yellen noted in time jobs, the number of people for example, or a fall in demand. an August 2014 speech, “the sharp working part-time involuntarily is The second reason is cyclical. In run-up in involuntary part-time likely to decline further. the survey, the equal weighting employment suggests that cyclical respondents gave to both the factors are significant.” Yet as the cyclical and structural factors U.S. economy continues to gain suggests both elements are at play. strength and create more full- The number of involuntary part-time workers finally fell faster last year but remained high. Note: Shaded areas indicate recession. Sources: U.S. Bureau of Labor Statistics: Federal Reserve Economic Database, St. Louis Fed. 9 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT PTER RATE BY INDUSTRY MANUFACTURING: 2% After peaking at 4%, the PTER share of employment has declined faster for manufacturing jobs than for those in service-providing industries. LEISURE & HOSPITALITY: 9% Similar to many service-providing sectors, the PTER share of employment in leisure and hospitality has declined slowly since peaking at 11%. RETAIL & WHOLESALE TRADE: 7% After peaking at 4%, the PTER share of employment has declined faster for manufacturing jobs than for those in service-providing industries. 10 HOW WE USE THE CURRENT POPULATION SURVEY The Current Population Survey helps economists gauge the health of the labor market. Each month, the U.S. Census Bureau contacts about 60,000 households. If you were a survey participant, one of the first things the interviewer would ask you is, do you have a job? If you do, the interviewer asks about the occupation, who you work for, how much you earn, and how many hours you work per week. If you don’t have a job, the interviewer asks if you want a job and what you are doing to find one. If you don’t want a job, the interviewer asks, why not? The structure of the survey allows us to track participants over time and measure how freely people are moving around the labor market. For example, we can determine the rate at which people working part-time for economic reasons are able to find full-time jobs. The Bureau of Labor Statistics uses the data to produce headline statistics such as the labor force participation rate and the unemployment rate. Ellie Terry Economic policy analysis specialist Federal Reserve Bank of Atlanta 11 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT YET AS THE U.S. ECONOMY CONTINUES TO GAIN STRENGTH AND CREATE MORE FULL-TIME JOBS, THE NUMBER OF PEOPLE WORKING PART-TIME INVOLUNTARILY IS LIKELY TO DECLINE FURTHER. 12 NEW WORK ARRANGEMENTS: FAD OR FIXTURE? SOME OF BOTH ”Contract work has been growing significantly for a long time now. Ultimately, what that means is that for more companies, a larger part of their employment base is this contingent or flexible workforce.” HAROLD MILLS, CEO, ZeroChaos, Orlando, Florida; helps big companies find and manage contract workers in 42 countries 13 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT As 2014 ended, it seemed caused simply by overall weakness important for the increase in the certain that changes in employer- in economic demand and thus use of part-time employees. employee arrangements that demand for workers.. intensified during the Great Overall, Atlanta Fed economists Recession would persist. Trends in Costs of full-time hiring, believe employers will use fewer workforce management include the weak overall demand behind part-time personnel as the structuring of job positions as part- part-time surge economy strengthens further. At time and the use of temporary staff Limited data are available to clarify the same time, the proportion of and contractors as a permanent and how persistent nontraditional work part-time workers probably will not flexible workforce component. arrangements might be. When return to prerecession levels, Fed data paint an incomplete picture, research suggests. In other words, Pattern of restoring reduced the Atlanta Fed carefully fills gaps preference for part-time workers is hours different this time with anecdotal information from likely to persist.. Typically, after cutting workers’ business contacts. For example, hours in a recession—thus adding in a summer 2014 survey of 340 Income varies with work to the ranks of part-time workers— businesses in the Southeast, a schedules employers restore those hours quarter of the business owners said In addition to results in the during a recovery. However, during they had a higher share of part-time Atlanta Fed survey, the spread of the sluggish recovery from the Great workers than before the recession. nontraditional arrangements is Recession, this restoration of hours evident in a broader Fed study. has not been such a strong trend. Two reasons for the increase in In the Board of Governors’ Will the new work arrangements the use of part-time workers stood Report on the Economic Well- prove to be persistent? Evidence out: higher costs of employing Being of U.S. Households in 2013, falls on both sides of the question: full-time workers compared to published in July 2014, 21 percent some employers view new types of part-time employees and weak of respondents said that they work arrangements as a practice general business conditions. Those occasionally experience months they will use longer term; others two factors, the survey results with unusually high or low incomes, report that this phenomenon is suggested, have been about equally and 10 percent said that their 14 ATLANTA FED ECONOMISTS BELIEVE EMPLOYERS WILL USE FEWER PART-TIME PERSONNEL AS THE ECONOMY STRENGTHENS FURTHER. income varies quite a bit from categories of employee, Atlanta core question in this case: what month to month. Among those Fed analysis suggests. One tool that is underlying the growth in new whose income varies, 42 percent increases employers’ flexibility is work arrangements? Is it a product reported that it was because of an sophisticated software that allows of insufficient overall demand for irregular work schedule. management to schedule staff labor, which monetary policy can only when they are needed most, arguably affect? Or is it a change Some work schedules will likely perhaps contributing to the spread in the fundamental nature of remain erratic. Employers want of irregular working schedules work in the United States, which to stay nimble so they can adjust noted in the Fed report. is theoretically impervious to the quickly to a dip in business. They 15 effects of monetary policy? There increasingly seek the flexibility The dynamics of employer-worker is good evidence on both sides, afforded by a mix of employment relationships matter to the Fed and researchers are continuing to arrangements with varying because those dynamics affect the investigate degrees of commitment to conduct of monetary policy. The FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT HOW MANY COMPANIES HAD A HIGHER SHARE OF PART-TIME WORKERS THAN BEFORE THE RECESSION? Note:Shaded areas indicate recessions. Source: U.S Bureau of Labor Statistics Source: U.S Bureau of Labor Statistics 16 HOW ANECDOTES ENRICH DATA Patel: The Atlanta Fed relies on data to further our understanding of local, regional, national, and global economies. But the numbers don’t always tell the whole story. Graefe: When that happens, we fill the gaps with anecdotal information from business contacts throughout the Southeast. Patel: Through our Regional Economic Information Network, or REIN, we collect grassroots economic intelligence. We speak with hundreds of businesses in the region. Graefe: Atlanta Fed officials and REIN leaders meet extensively with the community groups and business leaders who are making decisions about hiring, investing, and other activities that fuel the economy. Laurel Graefe Regional Economic Information Network director Federal Reserve Bank fo Atlanta 20 17 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT Patel: Our contacts range from small, owneroperated companies with a local focus to large national and even international corporations. Graefe: So we not only get a sense of activity in the region, but we also learn about the national and local economy more broadly. Patel: The information we collect adds color and texture to our data. And through these conversations, the public’s voice makes an important contribution to the Federal Reserve’s formulation of sound monetary policy. Shalini Patel Regional Economic Information Network director Federal Reserve Bank of Atlanta 18 LABOR MARKET SLACK PERSISTED, BUT JUST HOW MUCH? ”We used to see a big glut of retirements for people around 60 years old, but with the challenged economic situation we found ourselves in, that 60 moved to about 62 years old. People have stayed longer.” TOM FANNING, CEO, Southern Company, Atlanta, Georgia; an energy company serving, through its subsidiaries, 4.4 million customers in a 120,000-square-mile territory in the Southeast 19 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT Shifting labor force participation upward pressure on labor force said Atlanta Fed President Dennis clouded unemployment picture participation. Lockhart in an early 2014 speech. Although the labor force “To get close to full employment… participation rate (LFPR) has That may be happening already. would involve substantial trended down since early 2000 The LFPR decreased only 0.1 absorption of this ‘shadow labor (when the LFPR was 67 percent), percentage point in 2014, the force,’” he said. the recession exacerbated the smallest 12-month decline in six decline (see the Labor Force years. Broader measures provide clues on full employment Participation Rate chart). At the end of 2014, roughly 62.7 percent of the Marginally attached workers a As policymakers look for signs working age population was either “shadow labor force” that the economy is nearing full employed or actively seeking work, About 2.2 million of those no longer employment, they have paid the lowest level since the 1970s. in the labor force were considered particular attention to a broader “marginally attached” in the fourth measure of unemployment, A key issue for Fed policymakers quarter of 2014, meaning they officially called the U-6, which is how much of the decline is tied wanted and were available to work counts marginally attached and to the weak economy—because but had not looked for a job in the involuntary part-time workers people have given up looking for most recent month. among the unemployed (see the work or have stayed longer in Components of U-6 and the U-3 school, for instance—and how much People in this category are not versus U-6 charts on page 22). At is due to longer-term structural counted among the unemployed, 11.6 percent in December, nearly trends. yet they are a “shadow labor force” double the official unemployment of sorts because they tend to rate (U-3), this broad measure Atlanta Fed research suggests that reenter the job market at relatively painted a picture of continued slack. about half of the decline since 2007 high rates. About 40 percent of A narrowing of the gap between is due to demographic changes, the marginally attached in any the two rates would indicate that especially the aging population. given month join the official labor the supply of labor resources is Weak employment prospects force in the subsequent month, tightening, moving the economy have also played a role. As a result, according to Atlanta Fed research. closer to full employment. improving labor market conditions Thus, there’s a strong argument may lure discouraged workers for including at least a share of the from the sidelines, in turn putting marginally attached as unemployed, 20 WHY U-3 AND U-6 ARE IMPORTANT In addition to the headline unemployment rate, also known as U-3, there’s a broader statistic called U-6. U-6 incorporates people who are working part-time but want a full-time job. Usually, U-3 and U-6 track each other, and so little is lost by focusing just on U-3. But the two statistics have diverged since the recession, as the number of people involuntarily working parttime has not declined as rapidly as the number of unemployed. As monetary policymakers, we’re currently watching for U-3 and U-6 to fall and converge. This would indicate the economy is absorbing labor market slack. When the supply of labor resources is tighter, we are moving closer to the Fed’s goal of full employment. John Robertson Vice president and senior economist Federal Reserve Bank of Atlanta 21 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT Labor Force Participation Rate The Percent of people working or seeking work continued a long-term decline. Note: Shaded areas indicate recession. Sources: U.S. Bureau of Labor Statistics; Federal Reserve Economic Database, St. Louis Fed. U-3 Versus U-6 The broader measure of unemployment indicated persistent labor market slack. Note: Shaded areas indicate recession. Sources: U.S. Bureau of Labor Statistics; Federal Reserve Economic Database, St. Louis Fed. Components of U-6 People working part-time for economic reasons made up a large share of the U-6 unemployment rate. Note: Shaded areas indicate recession. Sources: Board of Governors of the Federal Reserve System 22 WAGE GROWTH A MISSING PIECE OF THE FULL EMPLOYMENT PUZZLE ”We have increased hourly wages at least once since the recession.... What we have also done is maintain good individual health insurance 100 percent at our expense.” LARKIN MARTIN, owner, Martin Farms, Courtland, Alabama; employs 15 people, 12 full-time, on a 7,000-acre farm 23 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT During 2014, employment growth market. As the labor market opportunities. And within many turned in its best year since 2000. strengthened considerably, broad- jobs, the demand for more hours The official unemployment rate based wage growth was a missing has been greater than the supply fell to 5.6 percent, from its high ingredient that would bolster of hours offered by employers. of 10 percent five years earlier. policymakers’ confidence that full Atlanta Fed economist Patrick Nevertheless, that strength in the employment is at hand. Higgins found that, in addition to labor market did not translate to unemployment, the effect of the bigger paychecks for most workers, Economists were unable to identify elevated share of PTER workers and evidence on wages remained a single, underlying reason for helps explain weak wage growth mixed in 2014. sluggish wage growth. But Atlanta and some of the sluggish inflation Fed analysis suggested that among since the recession (see the Median Average private-sector wages many factors, two were especially Year-over-Year Wage Growth rose by just 1.7 percent during the significant. chart). according to the U.S. Bureau of Still-high numbers working PTER A secondary factor that could have Labor Statistics (BLS) Payroll Survey. weighed on wages slowed wage growth is related to A different measure of wage growth, Start with the simplest explanation the composition of employment. the Employment Cost Index, which economists often cite for weak For example, for full-time workers, adjusts for the changing composition wage growth: an imbalance in labor year-over-year median wage of jobs over time and measures labor supply and demand. A still relatively growth was just under 2 percent in costs beyond just wages, ticked large supply of unemployed and 2009; it steadily climbed to nearly slightly higher later in the year. underemployed workers—including 3 percent in the third quarter of Still, all measures of wage growth people working part-time who 2014. Part-timers found the going remained well below historical wanted full-time work (part-time much tougher. Their median wage norms through 2014. for economic reasons, or PTER)— growth was about half as much as could be restraining wage growth. that of full-time workers from 2011 Subdued wage increases are not That is, there is intense competition through 2013, according to Atlanta characteristic of a tight labor among job seekers for available job Fed researchers who analyzed year, barely outpacing inflation, 24 data from the U.S. Census Bureau Atlanta Fed analysis showed. The nadir of 2009, according to the Survey of Income and Program good news is that the number BLS. The combination of continued Participation. An elevated share of of people working part-time for strong growth in full-time employment in part-time jobs may economic reasons declined by employment and further reduction have depressed overall hourly wage almost a million during 2014, to in the PTER rolls would bode well growth to some extent. roughly 6.8 million, or 4.6 percent for a return to more normal wage of all workers, according to the BLS. growth trends going forward, More recent data from the That was four times the decrease in Atlanta Fed analysis suggested. U.S. Census Bureau’s Current 2013. Recession took big toll on wages Population Survey suggest that overall wage growth picked up PTER rolls shrank as many Low wage growth since the during 2014 and that the gap employers increased workers’ Great Recession is a product of between part-time and full-time hours, BLS data indicate. By the compound forces. What is clear wage growth began to close. These end of 2014, average weekly work is that the economic downturn are encouraging findings. But the hours for private-sector production battered Americans’ paychecks. wage growth of part-time workers and nonsupervisory employees had The recession displaced millions as a group continued to lag well returned to prerecession levels and of U.S. workers and left them with behind that of full-time workers, were up substantially from their the largest earnings reductions Pay raises for part-time workers continued to lag those of full-time employees. Note: Shaded areas indicate recession. Lines represent median year-over-year wage growth, quarterly average. Sources: Current Population Survey, authors’ calculations 25 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT Source: U.S. Bureau of Labor Statistics, May 2013 (most recent data available) since the BLS began the Displaced healthy wages are critical to the As Atlanta Fed President Dennis Worker Survey in 1984, according well-being of Americans. Lockhart pointed out in a July 2014 to the Cleveland Fed working speech, wage pressures would paper “Why Do Earnings Fall with Wage growth is a significant constitute important evidence that Displacement?” component of broader inflation. the nation is progressing toward So perhaps not surprisingly, given full employment and moving Wage growth is intertwined with lagging wages, most readings of closer to the Federal Open Market the Fed’s dual mandate inflation remained well below the Committee’s inflation target of 2 Wage growth matters to the Fed. Fed’s goal of 2 percent throughout percent. Wages and broader labor costs 2014. Fed policymakers seek signs are crucial to both components of of upward pressure on wages, and the central bank’s dual mandate: in turn wider inflation, to help them price stability and maximum decide when to begin raising the employment. And, of course, federal funds rate. 26 FEDERAL RESERVE BANK OF ATLANTA BOARDS OF DIRECTORS Federal Reserve Banks each have a board of nine directors. Directors provide economic information, have broad oversight responsibility for their bank’s operations, and, with the Board of Governors approval, appoint the bank’s president and first vice president. Six directors—three class A, representing the banking industry, and three class B—are elected by banks that are members of the Federal Reserve System. Three class C directors (including the chair and deputy chair) are appointed by the Board of Governors. Class B and C directors represent agriculture, commerce, industry, labor, and consumers in the district; they cannot be officers, directors, or employees of a bank; class C directors cannot be bank stockholders. Fed branch office boards have five or seven directors; the majority are appointed by head-office directors and the rest by the Board of Governors. 27 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT 28 ATLANTA BOARD OF DIRECTORS THOMAS I. BARKIN, CHAIR Director McKinsey & Company Atlanta, Georgia THOMAS A. FANNING, DEPUTY CHAIR Chairman, President and Chief Executive Officer Southern Company Atlanta, Georgia RENÉE LEWIS GLOVER Former President and Chief Executive Officer Atlanta Housing Authority Atlanta, Georgia GERARD R. HOST President and Chief Executive Officer Trustmark Corporation Jackson, Mississippi T. ANTHONY HUMPHRIES President and Chief Executive Officer NobleBank & Trust Anniston, Alabama MICHAEL J. JACKSON Chairman and Chief Executive Officer AutoNation Inc. Fort Lauderdale, Florida CLARENCE OTIS, JR. Former Chairman and Chief Executive Officer Darden Restaurants Inc. Orlando, Florida WILLIAM H. ROGERS JR. Chairman and Chief Executive Officer SunTrust Banks Inc. Atlanta, Georgia JOSÉ S. SUQUET Chairman, President and Chief Executive Officer Pan-American Life Insurance Group New Orleans, Louisiana 29 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT BIRMINGHAM BOARD OF DIRECTORS THOMAS R. STANTON, CHAIR Chairman and Chief Executive Officer ADTRAN Inc. Huntsville, Alabama BRANDON W. BISHOP Representative, Southern Region International Union of Operating Engineers Birmingham, Alabama ROBERT W. DUMAS President and Chief Executive Officer AuburnBank Auburn, Alabama JOHN A. LANGLOH President and Chief Executive Officer United Way of Central Alabama Birmingham, Alabama JAMES K. LYONS Director and Chief Executive Officer Alabama State Port Authority Mobile, Alabama MACKE B. MAULDIN President Bank Independent Sheffield, Alabama PAMELA B. HUDSON, M.D. Chief Executive Officer Crestwood Medical Center Huntsville, Alabama 30 JACKSONVILLE BOARD OF DIRECTORS LYNDA L. WEATHERMAN, CHAIR President and Chief Executive Officer Economic Development Commission of Florida’s Space Coast Rockledge, Florida OSCAR J. HORTON President and Chief Executive Officer Sun State International Trucks LLC Tampa, Florida 31 HUGH F. DAILEY President and Chief Executive Officer Community Bank & Trust of Florida Ocala, Florida D. KEVIN JONES President and Chief Executive Officer MIDFLORIDA Credit Union Lakeland, Florida CAROLYN M. FENNELL Director of Public Affairs Greater Orlando Aviation Authority Orlando International Airport Orlando, Florida MICHAEL J. GREBE Chairman and Chief Executive Officer Interline Brands Inc. Jacksonville, Florida HAROLD MILLS Chief Executive Officer ZeroChaos Orlando, Florida FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT MIAMI BOARD OF DIRECTORS THOMAS W. HURLEY, CHAIR Chairman and Chief Executive Officer Becker Holding Corporation Vero Beach, Florida FACUNDO L. BACARDI Chairman Bacardi Limited Coral Gables, Florida ALBERTO DOSAL Chairman and Chief Executive Officer Dosal Capital LLC Doral, Florida ROLANDO MONTOYA Provost Miami Dade College Miami, Florida GARY L. TICE Chairman and Chief Executive Officer First Florida Integrity Bank Naples, Florida MILLAR WILSON Vice Chairman and Chief Executive Officer Mercantil Commercebank Coral Gables, Florida CAROL C. LANG President HealthLink Enterprises Inc. Miami Beach, Florida 32 NASHVILLE BOARD OF DIRECTORS SCOTT MCWILLIAMS, CHAIR Executive Chairman and Chief Customer Officer OHL Brentwood, Tennessee WILLIAM Y. CARROLL JR. President and Chief Executive Officer SmartBank Pigeon Forge, Tennessee 33 KENT M. ADAMS President and Chief Executive Officer Caterpillar Financial Services Corporation Vice President, Caterpillar Inc. Nashville, Tennessee DAN W. HOGAN Chief Operating Officer CapStar Bank Nashville, Tennessee JENNIFER S. BANNER Chief Executive Officer Schaad Companies LLC Knoxville, Tennessee KATHLEEN CALLIGAN Chief Executive Officer Better Business Bureau Middle Tennessee Nashville, Tennessee WILLIAM J. KRUEGER Chairman JATCO Americas Franklin, Tennessee FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT NEW ORLEANS BOARD OF DIRECTORS TERRIE P. STERLING, CHAIR Executive Vice President and Chief Operating Officer Our Lady of the Lake Regional Medical Center Baton Rouge, Louisiana ELIZABETH A. ARDOIN Senior Executive Vice PresidentDirector of Communications IBERIABANK Lafayette, Louisiana CARL J. CHANEY President and Chief Executive Officer Hancock Holding Company New Orleans, Louisiana SUZANNE T. MESTAYER Managing Principal ThirtyNorth Investments LLC New Orleans, Louisiana KEVIN P. REILLY JR. President and Chairman Lamar Advertising Company Baton Rouge, Louisiana T. LEE ROBINSON JR. President OHC Inc. Mobile, Alabama PHILLIP R. MAY President and Chief Executive Officer Entergy Louisiana LLC and Entergy Gulf States Louisiana L.L.C. Jefferson, Louisiana 34 MANAGEMENT COMMITTEE 35 DENNIS P. LOCKHART President and Chief Executive Officer MARIE C. GOODING First Vice President and Chief Operating Officer DAVID E. ALTIG Executive Vice President and Director of Research ANDRÉ T. ANDERSON Senior Vice President and Corporate Engagement Officer W. BRIAN BOWLING Adviser, Senior Vice President, and General Auditor LEAH L. DAVENPORT Senior Vice President ANNE M. DEBEER Senior Vice President and Chief Information and Financial Officer MICHAEL E. JOHNSON Senior Vice President RICHARD A. JONES Adviser, Senior Vice President, and General Counsel JAMES M. MCKEE Senior Vice President (Retired) CHERYL L. VENABLE Senior Vice President and Retail Payments Product Manager FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT OTHER OFFICERS FEDERAL RESERVE BANK OF ATLANTA 36 SENIOR VICE PRESIDENTS BRIAN D. EGAN Senior Vice President SCOTT H. DAKE Senior Vice President VICE PRESIDENTS KELLY A. BERNARD Vice President MICHAEL F. BRYAN Vice President and Senior Economist JOAN H. BUCHANAN Vice President and Chief Diversity Officer ANNELLA D. CAMPBELL-DRAKE Vice President MICHAEL J. CHRISZT Vice President and Public Infomation Officer SUZANNA J. COSTELLO Vice President THOMAS J. CUNNINGHAM Vice President and Regional Executive, Atlanta W. JEFF DEVINE Vice President RICHARD M. FRAHER Vice President and Counsel to the Retail Payments Office 37 KAREN B. GILMORE Vice President and Regional Executive, Miami AMY S. GOODMAN Vice President, New Orleans CYNTHIA C. GOODWIN Vice President PAUL W. GRAHAM Vice President and Branch Manager, Miami TODD H. GREENE Vice President and Community Affairs Officer LEE C. JONES Vice President and Regional Executive, Nashville MARY M. KEPLER Vice President and Chief Risk Officer JOHN A. KOLB JR. Vice President JACQUELYN LEE (RETIRED) Vice President D. BLAKE LYONS Vice President LESLEY A. McCLURE Vice President and Regional Executive, Birmingham ADRIENNE L. SLACK Vice President and Regional Executive, New Orleans PAULA A. TKAC Vice President and Senior Economist CHARLES L. WEEMS Vice President BOBBIE McCRACKIN (RETIRED) Vice President and Public Affairs Officer JULIUS WEYMAN Vice President DAVID R. MCDERMITT Vice President and Chief Information Security Officer CHRISTINA M. WILSON Vice President and Branch Manager, Jacksonville CHRISTOPHER OAKLEY Vice President and Regional Executive, Jacksonville STEPHEN W. WISE Vice President CYNTHIA L. RASCHE Vice President JOHN C. ROBERTSON Vice President and Senior Economist JUAN C. SANCHEZ Vice President FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT ASSISTANT VICE PRESIDENTS CHRISTOPHER N. ALEXANDER Assistant Vice President JENNIFER L. GIBILTERRA Assistant Vice President M. DARLENE MARTIN Assistant Vice President MARIA SMITH Assistant Vice President DANIEL M. BAUM Assistant Vice President JAMES M. GIBSON Assistant Vice President and Assistant General Auditor DANIEL A. MASLANEY Assistant Vice President RICHARD H. SQUIRES Assistant Vice President and Branch Manager, New Orleans S. DWIGHT BLACKWOOD Assistant Vice President and Assistant General Counsel KIM BLYTHE Assistant Vice President ANITA F. BROWN Assistant Vice President KAREN W. CLAYTON Assistant Vice President, EEO Officer, and Deputy Diversity Officer CHAPELLE D. DAVIS Assistant Vice President S. PAIGE DENNARD Assistant Vice President ANGELA H. DIRR Assistant Vice President and Assistant General Counsel PATRICK E. DYER Assistant Vice President REBECCA L. GUNN Assistant Vice President and Corporate Secretary PAIGE B. HARRIS Assistant Vice President CAROLYN ANN HEALY Assistant Vice President LANTANYA N. MAURIELLO Assistant Vice President V. SRINIVAS NORI Assistant Vice President KERRI R. O’ROURKE-ROBINSON Assistant Vice President ANTHONY S. STALLINGS Assistant Vice President ALLEN D. STANLEY Assistant Vice President JEFFREY W. THOMAS Assistant Vice President J. ELAINE PHIFER Assistant Vice President and Compliance Officer WILLIAM R. WHEELER III Assistant Vice President DORIS QUIROS Assistant Vice President KENNETH WILCOX Assistant Vice President JASWANTH G. RAO Assistant Vice President MICHAEL R. WILLIAMS Assistant Vice President KARL LAMB Assistant Vice President ROBIN R. RATLIFF Assistant Vice President and Public Information Officer MOLLY T. WILLISON Assistant Vice President KAREN LEONE DE NIE Assistant Vice President PRINCETON G. ROSE Assistant Vice President STEPHEN A. LEVY Assistant Vice President JEFFREY F. SCHIELE Assistant Vice President KATHRYN G. HINTON Assistant Vice President EVETTE H. JONES Assistant Vice President TORION L. KENT Assistant Vice President G. EDWARD YOUNG Assistant Vice President GREGORY S. FULLER Assistant Vice President 38 FEDERAL RESERVE BANK OF ATLANTA ADVISORY COUNCILS 39 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT FEDERAL ADVISORY COUNCIL REPRESENTATIVE O. B. GRAYSON HALL JR. Chairman, President and Chief Executive Officer Regions Financial Corporation Birmingham, Alabama REGIONAL ECONOMIC INFORMATION NETWORK (REIN) ADVISORY COUNCILS AGRICULTURE DAVID BERTRAND Owner/Partner Bertrand Rice LLC Elton, LA MIKE GILES President Georgia Poultry Federation Gainesville, GA GAYLON LAWRENCE Partner The Lawrence Group Nashville, TN JILL STUCKEY Chief Relationship Officer J&J EcoCool Plains, GA LORRAINE BERTRAND Owner/Partner Bertrand Rice LLC Elton, LA GEORGE F. HAMNER JR. President Indian River Exchange Packers Inc. Vero Beach, FL LARKIN MARTIN Owner Martin Farms Courtland, AL ROBERT M. THOMAS President Two Rivers Ranch Inc. Thonotosassa, FL DONNA JO CURTIS Owner/Operator Curtis Farm Athens, AL DAVID KAHN President and Chief Executive Officer Pizza 120 LLC Birmingham AL JAMES H. SANFORD Chairman of the Board HOME Place Farm Prattville, AL JOHN D. WILLIAMS President and Chief Executive Officer Zen-Noh Grain Corporation Covington, LA JOHN E. ESTES JR. Vice President J. E. Estes Wood Company Inc. Monroeville, AL BART KRISLE Chief Executive Officer Tennessee Farmers Co-op LaVergne, TN W. GILBERT SELLERS President Sellers Inc. Troy, AL 40 ENERGY KENNETH BEER Executive Vice President and Chief Financial Officer Stone Energy Lafayette, LA W. PAUL BOWERS Chairman, President and Chief Financial Officer Georgia Power Company Atlanta, GA MARK MAISTO President, Commodities, Trading and Commercial Services Nextera Energy Juno Beach, FL DONALD BOLLINGER Chairman Bollinger Enterprises LLC Houma, LA CHARLES GOODSON Chairman, President and Chief Financial Officer PetroQuest Energy Lafayette, LA MICHAEL MANSFIELD Chief Executive Officer Mansfield Oil Company Gainesville, GA DELOY MILLER Executive Chairman Miller Energy Resources Huntsville, TN EARL SHIPP Vice President Dow Chemical Texas Operations Freeport, TX STEPHEN TOUPS Corporate Vice President Turner Industries Baton Rouge, LA TRADE AND TRANSPORTATION MARK BOSTICK President COMCAR Industries Auburndale, FL JOHN GILES Chief Executive Officer Central Maine and Quebec Railway Ponte Vedra Beach, FL CLARENCE GOODEN Executive Vice President CSX Corporation Jacksonville, FL 41 MYRON GRAY President, U.S. Operations United Parcel Service of America Inc. Atlanta, GA BILL JOHNSON Former Port Director Port of Miami Miami, FL GARY LAGRANGE President and Chief Executive Officer Port of New Orleans New Orleans, LA CHRIS MANGOS Director of Marketing Division Miami-Dade Aviation Department Miami, FL DEBORAH A. MCDOWELL Director of Customer Service and Business Development Seaonus Jacksonville, FL DAVID PARKER Chairman, President and Chief Executive Officer Covenant Transportation Chattanooga, TN ANDY POWELL Vice President and General Manager Grieg Star Atlanta, GA CLIFFORD K. OTTO President Saddle Creek Logistics Services Lakeland, FL FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT TRAVEL AND TOURISM ROBERT DEARDEN Chief Operating Officer The Florida Restaurant & Lodging Association Tallahassee, FL LOREEN CHANT President, North Miami Campus Johnson & Wales University Miami, FL SHELLY SMITH FANO Director of Hospitality Management Miami Dade College Miami, FL CYNTHIA FLOWERS Executive Manager Alabama Tourism Department Montgomery, AL NICKI GROSSMAN President and Chief Executive Officer Greater Ft. Lauderdale Convention and Visitors Bureau Fort Lauderdale, FL KEVIN LANSBERRY Senior Vice President and Chief Financial Officer Walt Disney Parks and Resorts U.S. Orlando, FL MARK ROMIG President and Chief Executive Officer New Orleans Tourism Marketing Corporation New Orleans, LA WILL SECCOMBE President and Chief Executive Officer VISIT FLORIDA Tallahassee, FL JACK WERT Executive Director Naples, Marco Island, Everglades Convention and Visitors Bureau Naples, FL WILLIAM D. TALBERT III President and Chief Executive Officer Greater Miami Convention and Visitors Bureau Miami, FL ANDREW WEXLER Chief Financial Officer Herschend Family Entertainment Corporation Peachtree Corners, GA MARK VAUGHAN Executive Vice President and Chief Sales & Marketing Officer Atlanta Convention and Visitors Bureau Atlanta, GA SUSAN H. WHITAKER Commissioner Tennessee Department of Tourist Development Nashville, TN OTHER ADVISORY COUNCILS CENTER FOR QUANTITATIVE ECONOMIC RESEARCH ADVISORY COUNCIL LARRY CHRISTIANO Department of Economics Northwestern University MARTIN EICHENBAUM Ethel and John Lindgren Professor of Economics Northwestern University SERGIO REBELO Department of Economics Kellogg School of Management Northwestern University RICHARD ROGERSON Department of Economics and Public Affairs Woodrow Wilson School of Public and International Affairs Princeton University TOM SARGENT Department of Economics New York University CHRIS SIMS Department of Economics Princeton University 42 COMMUNITY DEPOSITORY INSTITUTIONS ADVISORY COUNCIL AUSTIN H. ADKINS Chief Executive Officer First National Bank Hamilton, AL EARL O. BRADLEY III Chief Executive Officer First Advantage Bank Clarksville, TN THOMAS A. BROUGHTON III RESIGNED President and Chief Executive Officer ServisFirst Bank Birmingham, AL MILTON H. JONES JR. RESIGNED Executive Chairman CertusBank, N.A. and Certus Holdings, Inc. Atlanta, GA JOSEPH F. QUINLAN III President and Chief Executive Officer First National Bankers Bank Baton Rouge, LA AGUSTIN VELASCO President and Chief Executive Officer Interamerican Bank, FSB Miami, FL MIRIAM LOPEZ President and Chief Lending Officer Marquis Bank Coral Gables, FL MARK E. ROSA President and Chief Executive Officer Jefferson Financial Credit Union Metairie, LA TERRY WEST President and Chief Executive Officer VyStar Credit Union Jacksonville, FL FRED MILLER President and Chief Executive Officer Bank of Anguilla Anguilla, MS CLAIRE W. TUCKER President and Chief Executive Officer CapStar Bank Nashville, TN DOUGLAS L. WILLIAMS President and Chief Executive Officer Atlantic Capital Bank Atlanta, GA JOSEPH KILKENNY Assistant Vice President Railroad Education and Development CSX Transportation Jacksonville, FL ANOOP MISHRA Chief Executive Officer Employers Drug Program Management Inc. Birmingham, AL MARK STOUT Vice President, Human Resources Nissan North America Franklin, TN JAMES D. KING Vice Chancellor Tennessee Colleges of Applied Technology Nashville, TN STEPHEN NEWMAN Chief Operating Officer (retired) Tenet Healthcare Corporation Dallas, TX VICTORIA VILLALBA President Victoria & Associates Career Services Inc. Miami, FL CYNTHIA N. DAY Citizens Trust Bank ServisFirst Bank Atlanta, GA LABOR, EDUCATION AND HEALTH ADVISORY COUNCIL JAY BERKELHAMER Past President American Academy of Pediatrics Atlanta, GA RICHARD HOBBIE Visiting Scholar Heldrich Center for Workforce Development Rutgers University New Brunswick, NJ KEITH JACKSON Vice President, Human Resources AT&T Services Inc. Atlanta, GA ROB KIGHT Senior Vice President Global HR Services and Labor Relations Delta Air Lines Atlanta, GA 43 DENISE MCLEOD Vice President and Chief Operating Officer Landrum Staffing Services Pensacola, FL LES RANGE Regional Administrator U.S. Department of Labor Atlanta, GA KEN RICHARDS President Resource Mosaic Atlanta, GA FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT FEDERAL RESERVE BANK OF ATLANTA MILESTONES 44 JANUARY 7, 2014 CORPORATE CITIZENSHIP Forty employees served on the boards of directors of nonprofit agencies, most of them focused on education, workforce development, and community building. JANUARY 13, 2014 EDUCATION AND PUBLIC OUTREACH The economic education team conducted 175 workshops, which reached 5,177 teachers, who in turn reached an estimated 388,275 students. The team made an additional 114 presentations at teacher workdays and conferences, reaching more than 5,000 teachers. Roughly half of the Atlanta Fed’s financial literacy and financial education programming was consumed online during 2014. JANUARY 16, 2014 JANUARY 21, 2014 RESEARCH AND MONETARY POLICY Atlanta Fed economists published research on a diverse set of topics including family welfare and the Great Recession, the effect of large investors on asset quality, early publicly owned banks, and the effect of offshoring and low-skilled immigration on real wage growth. 45 Atlanta Fed President and CEO Dennis Lockhart EDUCATION AND PUBLIC OUTREACH Beginning in January, President Dennis Lockhart delivered nearly two dozen speeches across the Southeast. Major themes included his thinking on when to normalize the federal funds rate and the central role of data in formulating monetary policy . FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT FEBRUARY 27, 2014 SUPERVISION AND REGULATION The S&R Division’s annual Banking Outlook Conference brought together more than 100 bankers and regulators to discuss such topics as economic conditions and the policy environment, the outlook for commercial real estate, cybersecurity, and recruiting for the future. MARCH 1, 2014 SUPERVISION AND REGULATION The Bank’s Supervision and Regulation (S&R) Division contributed to Federal Reserve System work on the 2014 Comprehensive Capital Analysis and Review (CCAR), an annual assessment of the capital adequacy of large, complex U.S. bank holding companies. MARCH 12, 2014 APRIL 1, 2014 In the first forum of the year, on March 12, behavioral economist Glenn Harrison discussed public policy with Atlanta Fed economist Paula Tkac. EDUCATION AND PUBLIC OUTREACH Six Atlanta Fed forums featured renowned speakers on topics including sustainable economic development, Bitcoin, aging and economic decision making, the Fed’s role as lender of last resort, and the economics of sports. CORPORATE CITIZENSHIP The Bank headquarters’ workforce development partnership with Inman Middle School was named the best of its kind in Atlanta by the Atlanta Partners for Education, a venture of the Metro Atlanta Chamber and the Atlanta Public Schools. 46 APRIL 16, 2014 RESEARCH AND MONETARY POLICY The Atlanta Fed hosted half a dozen major research and policy conferences on topics that included the Affordable Care Act, employment and social insurance, nonbank financial firms and financial stability, and transforming workforce development policies. APRIL 22, 2014 Supplier diversity CORPORATE CITIZENSHIP The Atlanta Fed was named ninth on DiversityInc’s 14th annual Top 10 Regional Companies. The portion of the Bank’s annual procurement spending that went to minority- and woman-owned firms reached roughly 11 percent in 2014, more than double what it was three years earlier, when the district launched a dedicated supplier diversity program. JUNE 2, 2014 MAY 1, 2014 EDUCATION AND PUBLIC OUTREACH For the second consecutive year, the travel website TripAdvisor awarded its Certificate of Excellence to the Atlanta Fed Monetary Museum in Atlanta. The museum attracted nearly 12,000 walk-in visitors in 2014, while more than 10,000 people took guided tours. The Museum of Trade, Finance and the Fed at the New Orleans Branch, which opened in 2013, attracted more than 1,200 visitors. 47 RETAIL PAYMENTS OFFICE/PAYMENTS The Fed’s Atlanta-based Retail Payments Office (RPO) held town hall discussions on improving the U.S. payments system. The public forums featured leaders from numerous Federal Reserve Banks facilitating conversations about gaps and opportunities in the payments system, including issues related to speed, security, settlement and international payments. FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT JULY 9, 2014 Banker Outreach Forum EDUCATION AND PUBLIC OUTREACH About 40 community bankers from Louisiana and Mississippi joined Federal Reserve Bank of Atlanta leaders at the Atlanta Fed’s New Orleans Branch in July to discuss regulation, consolidation, and other financial industry issues. In September, nearly 70 bankers and Fed officials discussed banking conditions and regulatory activities at the Atlanta Fed’s Southeast Bankers Outreach Forum. JULY 24, 2014 RETAIL PAYMENTS OFFICE/PAYMENTS The RPO released the 2013 Federal Reserve Payments Study Detailed Report. The study contained updated results on debit and credit card use, fraud, and discussion of emerging and alternative forms of payments, among other information. JULY 29, 2014 SEPTEMBER 2, 2014 RESEARCH AND MONETARY POLICY The Atlanta Fed’s Research division launched GDPNow, a forecasting model that regularly provides a “nowcast” of gross domestic product and its subcomponents. RETAIL PAYMENTS OFFICE/PAYMENTS The RPO published a “technology roadmap” detailing a vision of the future of the Fed’s payments technology. 48 OCTOBER 1, 2014 RESEARCH AND MONETARY POLICY The Center for Human Capital Studies introduced the Labor Force Participation Dynamics page, which allows visitors to interact with charts and download chart data. The web page also guides readers through some of the major factors that have contributed to the decline in the labor force participation rate from 2007 to mid-2014. OCTOBER 7, 2014 SUPERVISION AND REGULATION The S&R Division launched “ViewPoint Live,” a twice-yearly webcast for community bankers that focuses on District bank performance and supervisory issues. NOVEMBER 3, 2014 NOVEMBER 12, 2014 RETAIL PAYMENTS OFFICE/PAYMENTS The Atlanta Fed’s Retail Payments Risk Forum cohosted conferences on the security of remote payments and risk management issues related to the role of third-party payments processors. 49 CORPORATE CITIZENSHIP The Human Rights Campaign Foundation named the Atlanta Fed a Best Place to Work for LGBT (lesbian, gay, bisexual, and transgender equality). FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT DECEMBER 1, 2014 DECEMBER 9, 2014 SUPERVISION AND REGULATION Sixth District bank performance continued to improve in 2014. Ninety percent of commercial banks were profitable at the end of 2014, compared to 81 percent a year before. CORPORATE CITIZENSHIP The Atlanta Fed’s headquarters was recognized by the Atlanta Better Buildings Challenge as a top performer for reducing energy and water consumption. The Atlanta Fed has reduced annual energy use by 32 percent and water use by 22 percent since 2009. DECEMBER 17, 2014 RESEARCH AND MONETARY POLICY The Community and Economic Development group helped launch the Metro Atlanta eXchange for Workforce Solutions, or MAX, a consortium focused on better coordinating the region’s workforce development system. 50 ABOUT THE ATLANTA FED The Federal Reserve Bank of Atlanta is one of 12 regional Reserve Banks in the United States that, with the Board of Governors in Washington, DC, make up the Federal Reserve System—the nation’s central bank. Since its establishment by an act of Congress in 1913, the Federal Reserve System’s primary role has been to foster a sound financial system and a healthy economy. To advance this goal, the Atlanta Fed helps formulate monetary policy, supervises banks and bank and financial holding companies, and provides payment services to depository institutions and the federal government. Through its six offices in Atlanta, Birmingham, Jacksonville, Miami, Nashville, and New Orleans, the Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which comprises Alabama, Florida, and Georgia, and parts of Louisiana, Mississippi, and Tennessee. CREDITS MIKE CHRISZT Vice President and Public Affairs Officer ROBIN RATLIFF Assistant Vice President and Public Information Officer NANCY CONDON Project Manager and Editor CAROLE STARKEY Web Communications Director CHARLES DAVIDSON LELA SOMOZA Writers PETER HAMILTON DARRYL KENNEDY ODIE SWANEGAN Interactive Designers KENDRICK DISCH Photographer HOWARD FORE MOMOLU SANCEA LESLIE WILLIAMS MICHAEL ZAVARELLO Web Developers KRYSTAL MONTGOMERY JEAN TATE Marketing and Social Media MARK MCELROY Creative Services Director JEANNE ZIMMERMANN Web Editor KENDRICK DISCH GRAHAM JUSTICE JASON PALMER Video and Cinemagraph Producers DON FOX LARKIN MARTIN HAROLD MILLS REIN Business Contacts DENNIS LOCKHART DAVE ALTIG MIKE BRYAN LAUREL GRAEFE SHALINI PATEL JOHN ROBERTSON ELLIE TERRY Advisers and Contributors TOM FANNING Deputy Chair, Atlanta Fed Board of Directors BRANCHES & OFFICES 51 ATLANTA OFFICE 1000 Peachtree Street N.E. Atlanta, Georgia 30309-4470 JACKSONVILLE BRANCH 800 Water Street Jacksonville, Florida 32204 BIRMINGHAM BRANCH 524 Liberty Parkway Birmingham, Alabama 35242-7531 MIAMI BRANCH 9100 N.W. 36th Street Doral, Florida 33178-2425 NASHVILLE BRANCH 333 Commerce Street Suite 1000 Nashville, Tennessee 37201 NEW ORLEANS BRANCH 525 St. Charles Avenue New Orleans, Louisiana 70130-3480 FEDERAL RESERVE BANK OF ATLANTA 2014 ANNUAL REPORT GET CONNECTED Subscribe to our social media channels To view the 2014 Annual Report, visit frbatlanta.org/pubs/annualreport/14ar/
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