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AC R O S S T H E E I G H T H F E D E R A L R E S E R V E D I S T R I C T ANNUAL REPORT 2019 Table of Contents President’s Message 2 Connecting Communities Essays Promoting Economic Resilience and Mobility in the Eighth District 4 Shaping Economic Progress, Connection by Connection 7 Investment Connection: Opening the Door for Community Reinvestment 10 Reaching Out to Delta Communities 12 Examining the “Bank On” Affordable Banking Movement 14 Our Leaders. Our Advisers. 18 Chair’s Message 20 Boards of Directors, Advisory Councils, Bank Officers 22 Our People. Our Work. 34 PUBLISHED APRIL 14, 2020 Our financial statements are available online. To read them, go to the website for the annual report, stlouisfed.org/annual-report/2019, and click on Financial Statements in the navigation bar. P R E S I D E N T ’ S M E S SAG E Connecting with the Communities We Serve T he regional structure of the Federal Reserve System is designed, in part, so that the nation’s 12 Federal Reserve banks and their geographically dispersed branches are attuned to and engage with many different constituents across their respective districts. Here in the Eighth Federal Reserve District, the St. Louis Fed connects with those we serve in a variety of ways. Every day vital conversations about the economy occur, and the St. Louis Fed is listening. Members of our boards of directors provide regular, timely information and perspectives on economic and credit conditions across the District. Another way we connect Outreach is part of the fabric of the differences among the population is through our six advisory councils, Fed’s regional structure. The timely and across regions. For example, whose members represent agribusiness, anecdotal information gathered by macroeconomic models for a long time community development, depository Reserve banks supplements data on included a representative household— institutions, health care, real estate the overall economy that the Federal that is, one household that stood for and transportation. Together, they are Open Market Committee considers everyone in the economy. More modern a geographically and industry-diverse when deliberating on monetary policy. approaches consider many households group of more than 70 volunteers who Such insights are also valuable because that experience the economy—and hail from communities all across our macroeconomic data for the U.S. as shocks to the economy—differently. seven-state District. Listening to their a whole do not necessarily reflect viewpoints helps keep us informed conditions in particular segments of work with St. Louis Fed economist about the economic issues they’re the economy. Riccardo DiCecio.1 We include in our facing. We also meet regularly with In recent decades, macroeconomic I have used such a model in recent model people of different ages and business, education, community and research has become more granular levels of consumption, income and labor leaders, as well as the general in terms of both theory and data. This wealth. In other words, our model public, to get a direct sense of how they has allowed economists to develop factors in various types of inequality. experience the economy. models that more accurately reflect Yet, we are still able to discuss 2 | ANNUA L REPO RT 2 01 9 James Bullard is the president and CEO of the Federal Reserve Bank of St. Louis. important aspects of the macroeconomy, such as optimal monetary policy and how much people would consume, save and work under it. Economists at the St. Louis Fed also conduct research using regional data. This allows for analyses of living standards across metropolitan statistical areas, business ENDNOTES 1 See Bullard, James; and DiCecio, Riccardo. “Optimal Monetary Policy for the Masses.” Working Paper 2019009C, Federal Reserve Bank of St. Louis, April 2019. 2 See Powell, Jerome H. “Encouraging Economic Development in High-Poverty Rural Communities.” Speech given at “Rural Places, Rural Spaces: Closing Financial Services Gaps in Persistent Poverty America,” a policy forum sponsored by Hope Enterprise Corp., Mississippi Valley State University, Itta Bena, Miss., Feb. 12, 2019. cycles at the state level, household financial distress by ZIP code, and more. Our Community Development staff see varied economic outcomes firsthand in their interactions across the District, particularly in low- and moderate-income and underserved communities. One area of focus is the Arkansas and Mississippi Delta region. In 2019, Bank staff and I had the opportunity to accompany Fed Chair Jerome Powell when he visited Itta Bena, Miss., and spoke about economic development in high-poverty rural areas.2 Our 2019 annual report focuses on the St. Louis Fed’s community development efforts, including the Delta Communities initiative and Investment Connection program. This work is helping to shape economic progress in the District. I am hopeful that the insights gleaned by connecting with our communities also find their way into macroeconomic models and, in turn, lead to better tailoring of policies and solutions aimed at promoting better economic outcomes. James Bullard President and CEO Federal Reserve Bank of St. Louis ST LO UI S F ED.O R G | 3 C O N N E C T I N G C O M M U N I T I E S E S S AY S Promoting Economic Resilience and Mobility in the Eighth District By Julie Stackhouse March 1, 2020 A s I bring my career to a close at the Federal Reserve, I feel fortunate to have been part of a mission-based organization that is true to its values. Growing up in a working-class family in a small town in Minnesota, it was not clear what career opportunities would be available to me. Neither of my parents went to college—in fact, my father left school after eighth grade—and my parents lived paycheck to paycheck while doing their best to provide stability for our family. In part due to my background, I have taken a special interest in our community development activities at the Federal Reserve Bank of St. Louis. And I am pleased that this year’s annual report is directed at those efforts. A good part of what we do in the community development function is grounded in the Julie Stackhouse retired from the Federal Reserve Bank of St. Louis in early 2020 after a nearly 35-year career with the Federal Reserve. She served as executive vice president and managing officer of Supervision, Credit, Community Development and Learning Innovation for the St. Louis Fed. Previously, she held officer roles at the Kansas City Fed and the Minneapolis Fed. philosophy of the Community Reinvestment Act (CRA). Enacted in 1977, the CRA affirmed the obligation of federally insured depository institutions to help meet the credit needs of communities in which they have branches, consistent with safe and sound banking practices and in return for the privilege of deposit insurance protection and access to the Fed’s discount window.1 DID YO U K NOW? The CRA was only one of a series of laws passed during the 1970s intended to expand access to credit. In addition to being a focal point of the CRA, discrimination in lending was addressed through the Equal Credit Opportunity Act of 1974 and the expansion of the Fair Housing Act of 1968 to include discrimination based on sex. Additionally, the Home Mortgage Disclosure Act was enacted in 1975 to increase transparency in mortgage lending. Later, in 1989, the Financial Institutions Reform, Recovery, and Enforcement Act required public disclosure of institutions’ CRA ratings and performance evaluations. 4 | A NNUA L REPO RT 2 01 9 Actions taken by banks under the CRA—combined with community leadership, financial partnerships between public and private sector participants, and a shared vision for change—have had positive, lasting effects for communities. However, challenges persist. While the official poverty rate has fallen over the last four years, approximately 30% of American households are cost burdened, with low-income households disproportionately affected.2,3 Also, data show that employment among prime-age and younger workers has declined over time.4 Some evidence shows that factors for this decline include increases in disability benefits, incarceration rates, child care costs and opioid addiction rates.5 These issues and others pose deep challenges for some communities. The Role of the Federal Reserve Following passage of the CRA, Fed banks responded in support of its enactment by creating a community development function at each bank. The Fed is not permitted to contribute funds to banks or communities. However, Reserve banks are permitted to staff functions to support banks in their implementation of the CRA. Much as the landscape of issues facing low- and moderateincome (LMI) communities has changed, so have the community development functions at Reserve banks. Functions today focus on implementation of the CRA and on communities’ efforts to promote community development. Community Development at the St. Louis Fed Understanding the vast needs of regional communities requires staying in touch and providing resources that help communities focus on high-value initiatives. The Community Development team at the St. Louis Fed provides this support by: • Conducting research, performing analysis and contributing data on trends that present specific challenges and opportunities for communities in the Eighth Federal Reserve District, which is the St. Louis Fed’s district • Fostering partnerships among financial institutions, “The Community Reinvestment Act – Separating Truth from Myths” Julie Stackhouse discussed the history of the CRA, what it addresses and what it does not, and recent efforts by regulators to update the regulation to reflect today’s banking practices in a recent lecture hosted by the St. Louis Fed. She was joined by St. Louis Fed Supervision and Community Development panelists Robert Hopkins, Caleb Bobo and Doug Kerr, pictured above. Watch Stackhouse’s presentation, and find out about upcoming Dialogue with the Fed events at stlouisfed.org/dialogue-with-the-fed. About the Lecture Series Open to the public, Dialogue with the Fed is a popular evening lecture series on key economic issues of the day. Events are held at the St. Louis Fed and its branches in Little Rock, Ark., Louisville, Ky., and Memphis, Tenn., with discussions in St. Louis available via livestream. nonprofits, government agencies, public officials, researchers and practitioners • Increasing the capacity and effectiveness of those working to create a more inclusive economy by sharing evidence and encouraging ideas that could lead to positive, sustainable change ST LO UI S F ED.O R G | 5 To ensure the Bank’s community development programs and practices are rooted in evidence, staff round out their research and analysis with industry outreach. An example is our regular interaction with the Bank’s Community Development Advisory Council (CDAC), which comprises leaders from nonprofit organizations, financial institutions, universities, government entities and foundations across the District. These leaders’ Main Street perspectives help inform St. Louis Fed President James Bullard and Bank staff of emerging trends, market conditions and relevant issues, while suggesting ways to support local development efforts. To expand upon the insights shared by CDAC members, staff also conduct the Community Development Outlook Survey. Findings from this survey help inform community development practitioners about the economic factors impacting LMI and underserved communities across the District. The African proverb “It takes a village” is true not only in raising children, but also in efforts to support our LMI communities. I am proud of the role played by the Fed in promoting economic resilience and mobility and of the many successful outcomes that have resulted thus far. Members of the St. Louis Fed’s Community Development Advisory Council joined the Bank’s five other advisory councils Sept. 4, 2019, for The Bank’s Community Development Advisory Council comes together regularly to keep the St. Louis Fed informed about relevant issues in the District and to suggest ways the Bank might support local development efforts. the St. Louis Fed’s Fed Listens event. Part of the Federal Reserve’s yearlong effort to assess its monetary policy strategy, tools and communication practices, the event gathered input from council members on several topics: ENDNOTES 1 See Bernanke, Ben S. “The Community Reinvestment Act: Its Evolution and New Challenges,” Federal Reserve Community Affairs Research Conference, Washington, D.C., March 30, 2007. 2 U.S. Census Bureau. Income and Poverty in the United States: 2018. Retrieved from census.gov/library/ publications/2019/demo/p60-266.html. 3 The U.S. Department of Housing and Urban Development defines “cost burdened” as families who pay more than 30% of their income for housing, as they may have difficulty affording other necessities such as food, clothing, transportation and medical care. 4 See Kearney, Melissa S. “The Decline in Prime Age Employment,” Federal Reserve Community Development Research Conference, Washington, D.C., May 9, 2019. 5 See Abraham, Katharine G.; and Kearney, Melissa S. “Explaining the Decline in the U.S. Employmentto-Population Ratio: a Review of the Evidence.” Working Paper No. 24333, National Bureau of Economic Research, revised August 2019. the economy, the job market, inflation, interest rates and Fed communications, as well as insights specific to their industries. Watch the proceedings, and read the report submitted to the Federal Reserve Board of Governors at stlouisfed.org/ about-us/fed-listens. 6 | A NNUA L REPO RT 2 01 9 C O N N E C T I N G C O M M U N I T I E S E S S AY S Shaping Economic Progress, Connection by Connection By Carl White O ur Community Development team at the St. Louis Fed is known for pinpointing issues facing our District’s constituents and identifying promising solutions to improve the economic well-being of neighborhoods across our seven-state footprint. I value the leadership Julie Stackhouse provided in building a strong community development program and am energized by our mission to promote economic mobility across the Fed’s Eighth District. Understanding the places we serve has been and will continue to be the foundation of our work. Findings from our most recent Community Development Outlook Survey— representing community institutions across the Eighth District—reveal that generational Carl White is senior vice president of Supervision, Credit, Community Development and Learning Innovation. Prior to his current role, which includes serving as a member of the Bank’s Management Committee, he focused for 32 years on bank safety and soundness supervision. poverty, a lack of affordable housing and a lack of job skills are exerting the greatest negative effects on our low- and moderate-income (LMI) communities and households. Our Community Development team uses insights such as these to set priorities in responding to the District’s needs. This may entail expanding our work across specific areas (such as the Arkansas and Mississippi Delta region) or deepening our knowledge of specific topics (such as workforce investment opportunities or ways to expand affordable housing). We are also strengthening our role as a convener by assembling stakeholders to explore critical questions emerging in our communities. Recently, we brought together community leaders to examine: • How best to support entrepreneurship among African American women • Policies for promoting neighborhood revitalization in distressed areas • The challenges and opportunities facing the white working class This year we will host a virtual symposium on the influence of community development financial institutions and social impact investing over the past quarter century. And the Center for Household Financial Stability will invite researchers to consider whether homeownership’s role in building wealth has been oversold. Our community development program builds on a strong tradition of research and analysis. We have explored how wealth outcomes vary by race, age and education level, and we will delve into how wealth outcomes differ by gender later this year. We are working to understand how the flow of government, private and philanthropic capital is impacting some of the nation’s most distressed communities. Our team also is examining the market for and use of low-cost transaction accounts at financial institutions for previously unbanked and underbanked individuals as part of the Bank On National Data Hub. ST LO UI S F ED.O R G | 7 Fostering partnerships between community-based organizations and funders interested in investing in LMI and underserved communities has been a hallmark of our community COMM OU SURTLOO VEY K 201 development program. We have laid the groundwork for financial UN ITY DEVE LOPM ENT 9 institutions to connect with Community Reinvestment Act (CRA)eligible projects prescreened by the St. Louis Fed through our Investment Connection program. We also continue to assist our Consumer Affairs examination staff by sharing our knowledge of communities across the Eighth District to assist in their evaluations of District banks’ CRA performance. Looking ahead, our Community Development team will continue to identify and broker what works to help move our communities forward, serving as a bridge for a vast and diverse array of stakeholders. I look forward to leading and supporting these efforts and am eager to see how our next chapter of impacting communities across the Eighth District unfolds. CO MMU NIT Y DE VE LO PME NT O U T LO O K S U RVE Y DE RA L R E SE RV E B A NK of ST . L O UI S The St. Louis Fed conducts this annual survey to help monitor economic factors affecting LMI communities across the Eighth Federal Reserve District. To read the 2019 survey findings, start at stlouisfed.org/communitydevelopment, and see Publications and Reports. The St. Louis Fed’s Center for Household Financial Stability regularly holds events discussing research on family wealth and how to strengthen it. 8 | ANNUA L REPO RT 2 01 9 FE The Center for Household Financial Stability was launched by the Federal Reserve Bank of St. Louis in May 2013. The mission of the Center, which is part of the Community Development department, is to research and strengthen family wealth—what a family saves, owns and owes. The Center’s work, which has been featured in top national The Demographics of Wealth The D 2018 Series emog of W raphi TeFall: The Bigger They Are, The Harder They haelth cs The Decline of the White Working 2018 Class Serie D How s em Educ o Shap ation, R ac f W og e Fin anci e and B irth al Out Yeare co 2 m Ho alt raph 0es w 18 Ed h ics Se Sh uca rie ap tio e n Essay No. 3: Race, Ethnicity, and Education | September 2018 Essay No. 2: A Lost of th Gene e Gr eat Re ration cessi ? on on Long-L astin Youn g We g Fa alth milie Ess s | Ma Impacts Exec ay No Fin , Ry 2018 utGiv ene . 1: an ace eraSuTh cia a tio mem ns: Finar l O nd y La anc ut Bir ia rg e b l Re co th ut tu m Un rns es Year eq fro ua l | mC o Fe bru llege ary ac 20 ross 18 s news outlets, has especially focused on the bottom 50% of U.S. families who, collectively, own about 1% of the nation’s wealth. The pioneering “Demographics of Wealth” research series by the Center has found that one’s age or birth year, race and ethnicity, and level of education are strong indicators of who is building wealth, and who is not. In general, younger, less educated and black or Hispanic families in the U.S. are, from a wealth-building perspective, “struggling,” while older, better educated and white families are generally “thriving.” The Center has also documented the economic and population decline of the white working class, or whites without four-year college degrees. The Center’s novel research on postsecondary education found that: 1. College is not the great equalizer but actually widens CO MING U P • New research on the Hispanic wealth gap in an updated “Demographics of Wealth” report • First-time Center research on the relationship among family structure, gender and wealth; and on balance sheet liquidity and diversification • A research symposium on the hopes and hazards of homeownership racial wealth gaps. 2. College income premiums (the additional income generated from having a four-year college degree compared with Stay connected to the Center’s research, events and that generated by someone without a degree) are holding media coverage by subscribing to our email updates steady across generations. at stlouisfed.org/household-financial-stability. 3. But wealth premiums are generally diminishing, especially among nonwhite and younger Americans. The Center also forged a symposia series on when household debt “tips” from being constructive and wealthbuilding to destructive and wealth-depleting. ST LO UI S F E D.O R G | 9 C O N N E C T I N G C O M M U N I T I E S E S S AY S Investment Connection: Opening the Door for Community Reinvestment T he St. Louis Fed’s Investment Connection program brings together bankers, nonprofit organizations, foundations, and public and private funders to explore local community development initiatives—particularly those serving low- and moderate-income (LMI), distressed and underserved communities. How It Works Making Connections Investment Connection provides a platform for community and economic development organizations to exchange ideas and pitch Community Reinvestment Act (CRA)-eligible projects to financial institutions and other funders. Interested organizations submit their proposals to the St. Louis Fed to determine CRA eligibility. Those with projects Since the program’s inception in 2017: • The St. Louis Fed has hosted 11 proposal rounds and events across its District. • 130 organizations have submitted proposals, with 72 presenting at live events. that meet the program’s guidelines—related to staffing and • 336 bankers and other funders have attended the live events. operational capacity—may have an opportunity to present • The majority of proposals have focused on community their proposals to potential funders during live events. While facilities and services. Others have addressed neighborhood securing funding is a critical aim, participants also get the revitalization and stabilization, affordable housing, and small- chance to connect with other organizations that have missions business, economic and workforce development. supporting LMI communities. • Participating organizations have made 572 documented connections and committed nearly $2.6 million in grants, About Investment Connection See how nonprofit and banking organizations are coming together to make investments in their communities. Watch the video at stlouisfed.org/ic. loans and investments to community and economic development projects. All numbers are as of Jan. 31, 2020. Opportunities for Funders Community development financial institutions, banks, private foundations, government funding agencies and corporate funders are introduced through Investment Connection to high-impact community development proposals that are prescreened for CRA credit by St. Louis Fed consumer compliance examiners. All would-be funding partners have the capacity to invest, lend or provide services in support of CRA activities. 10 | ANNUA L REPO RT 2 01 9 “Not one bank can do everything, not one organization can do everything. The synergy and interconnectedness of all the organizations add to what we can do together and builds capacity.” Suzanne Hough, community development officer, Carrollton Bank “If you want your whole community to prosper, we need a little bit more help when it comes to providing credit services and investments in low- and moderate-income areas. That’s why these types of meetings are so important.” Virgil Miller, CRA director, Arvest Bank “We’re meeting lots of new and different people in the financial community that we would have not met on our own, and we’re learning from them what they’re looking for, also.” Nancy Cope, former executive director, Habitat for Humanity of St. Charles County What Activities Qualify for CRA Credit? An important part of the Investment Connection program is ensuring that the projects seeking funding meet CRA requirements. Regulations define four categories for CRAeligible purposes: • Affordable housing • Community facilities and services, including financial education, financial counseling, charter schools, community centers and day care facilities • Activities that promote economic development by financing small businesses and farms, including workforce development and small-business technical assistance • Neighborhood revitalization or stabilization in LMI geographies, distressed or underserved nonmetropolitan Investment Connection events bring together funders and practitioners of local community development initiatives. This particular event featured proposals covering affordable housing, financial access, capability and empowerment, and neighborhood revitalization and stabilization. middle-income areas, or designated disaster areas Through Investment Connection, participants get to learn more about the CRA and what funders look for in potential projects and partners. How to Get Involved The St. Louis Fed’s Community Development team provides outreach, training and networking opportunities to NOTE: The Federal Reserve Bank of St. Louis is not a grant-making organization. The purpose of its presenting the Investment Connection program is to facilitate education, information sharing and potential opportunities related to the CRA. The St. Louis Fed does not endorse or make any representations as to the propriety or suitability of the participating organizations, investments or programs. Organizations should perform their own due diligence before engaging in any transactions with these entities to ensure that any such transactions meet the organization’s objectives. help organizations, bankers and other funders collaborate effectively. For more information on how to get involved, go to stlouisfed.org/ic. ST LO UI S F ED.O R G | 11 C O N N E C T I N G C O M M U N I T I E S E S S AY S Reaching Out to Delta Communities T he Arkansas and Mississippi Delta region—an area flanking the Mississippi River—has faced decades of intergenerational poverty and a lack of resources to address this situation. The St. Louis Fed’s Community Development team launched the Delta Communities initiative in 2016 in recognition of these circumstances and in response to the Bank’s Community Development Outlook Survey findings. Under the initiative, the team has held regional forums to build awareness of potential tools and strategies for community and economic development. The forums feature presentations from St. Louis Fed RE G IO NAL FO RU MS FO CU S O N TO PICS S U CH AS : • Understanding the credit environment for small-business development • The role of housing as an economic development driver • Finding financial resources for community and economic development staff as well as regional and national representatives with experience in building and sustaining community and economic development efforts. D ELTA CO MMU NI T I E S I NI T I AT I V E — BY T HE N U MB E R S 4 years since launch 32 regional forums held 750 Delta leaders engaged Other programs complement the success of the regional forums, including the Delta Philanthropy Forum and the Delta Capital Project. PRO G RAMS Delta Communities Initiative Conducting regional meetings on tools and strategies Delta Philanthropy Forum Bringing together philanthropists who make grants in the region Delta Capital Project Studying federal and philanthropic capital flows into 38 Delta counties 12 | ANNUA L REPO RT 2 01 9 St. Louis Fed President Bullard Hears from Delta Main Street St. Louis Fed President James Bullard visits the Arkansas and St. Louis Fed Advisers Bring a Delta Perspective Tim Lampkin and J. Brice Fletcher have brought a Delta viewpoint to the St. Louis Fed. Hear from them and other Mississippi Delta region as part of his regular tours around the St. Louis Fed advisers and board members in the Voices of District. Meeting with groups and local businesses throughout the Fed video series at stlouisfed.org/about-us/leadership- the District allows him to deepen his understanding of Main governance/voices-of-the-fed. Street issues and the state of the regional economy. Tim Lampkin grew up in Clarksdale, Miss., in the Delta region and now leads the nonprofit Higher Purpose Co. As CEO, he works with black residents across Mississippi to build community wealth. Lampkin—a member of the Bank’s Community Development Advisory Council (CDAC)—said he didn’t realize his family was living in poverty because all of his needs were met. It wasn’t until he was in college that he started to understand the history of the Delta, particularly from an economic perspective. In April 2019, Bullard (third from the right) watched a Staplcotn employee demonstrate how to check the staple length of cotton at the cotton marketing cooperative’s headquarters in Greenwood, Miss. “And a lot hasn’t necessarily changed,” Lampkin said. “Poverty levels here in Clarksdale and across the Delta are still very high.” He said that serving on the CDAC offers a “huge perspective” on what’s happening in his region and solutions for tackling some of its biggest challenges. J. Brice Fletcher served on the St. Louis Fed’s Memphis Branch board of directors from 2014 until January 2020. His entire professional career has been at First National Bank of Eastern Arkansas in Forrest City, Ark. He is currently In March 2017, Bullard (third from the right) and Douglas Scarboro, senior vice president and regional executive (second from the right), met with civic leaders from eastern Arkansas at Wilson Cafe in Wilson, a small Delta town in Arkansas undergoing a revival. chairman of the bank. As head of a small community bank, he brought to the St. Louis Fed the perspective of small, rural America— especially in the Delta, he said. “There’s so many rural communities … all through the country, and I think they need a voice,” Fletcher said during his term on the Memphis board. “It’s rewarding to be able to take their stories to the Fed.” ST LO UI S F ED.O R G | 13 C O N N E C T I N G C O M M U N I T I E S E S S AY S Examining the “Bank On” Affordable Banking Movement H aving access to full banking services makes it easier to spend less on financial services, build up a credit history and take advantage of conveniences such as automatic paycheck deposits. This is why Bank On movement leaders are trying to bring low-fee bank accounts to the 1 in 4 households that either don’t have a bank account or have one but also rely on firms such as check cashers and payday loan centers The St. Louis Fed’s Meredith Covington (center) spoke about local Bank On efforts at a November event for bankers at the St. Louis Fed. for banking services. Accounts must meet national Bank On standards, which include offering mainstream services and having deposits federally insured. Bank On efforts are laudable, but are they effective? The St. Louis Fed’s Community Development department is helping to answer that question. The St. Louis Fed is in its second year of analyzing data on Bank On account activity. After a pilot study with four national banks, the St. Louis Fed officially launched the Bank On National Data Hub. Ten banks—the four from the pilot study and six community banks— submitted 2018 data in 2019. 14 | A NNUA L REPO RT 2 01 9 F OR MO RE INFO RMAT IO N, CH E CK O U T: • Bank On 2019 report and Bank On interactive data tool: Start at stlouisfed.org/community-development, and see Publications and Reports. • On the Economy blog post covering Bank On: Start at stlouisfed.org/on-the-economy, and view the March 21, 2019, post. ST LO UI S F ED.O R G | 15 Staying Connected with Our Resources Learn more about the economic conditions in communities across the Fed’s Eighth District by using the St. Louis Fed’s data resources and tools. All tools featured here are free and interactive. Community Investment Explorer Find out where the money is going. Easily customize and compare data from 500,000+ community development investment and loan transactions made through various programs. Opportunity Zones Explorer Visualize investment level and displacement risk. This interactive map illustrates the location, investment score and displacement risk for all federal opportunity zones as designated by 2017 legislation. 16 | A NNUA L REPO RT 2 01 9 State Small Business Credit Initiative Tool Get a snapshot of small-business investments made through this federal pilot program from over 21,000 transactions throughout the country. Economic Resilience and Inclusion Navigator Get insights on socioeconomic trends taking place at the county level for every county in the U.S.—powered by FRED®. Explore our Community Development interactive data tools at stlouisfed.org/community-development/data-tools. ST LO UI S F ED.O R G | 17 The Eighth Federal Reserve District 8H The Eighth Federal Reserve District is composed of four zones, each of which is centered around one of the four cities where our offices are located: St. Louis (headquarters), Little Rock, Louisville and Memphis. Nearly 15 million people live in the Fed’s Eighth DIstrict. ST LO UI S F E D.O R G | 19 C H A I R ’ S M E S SAG E Committed to Our Communities I n 1913, our nation’s central bank, the Federal Reserve, was created. And in what I consider to be a brilliant move, this centralized system was designed to be intentionally decentralized, with 12 Federal Reserve banks spread throughout the country. Suzanne Sitherwood is the president and CEO of Spire Inc. 20 | A NNUA L REP ORT 2 01 9 That decision, made more than a century ago, ensured Reserve banks stayed closely connected with their communities—and it’s why I serve as the chairperson of the Federal Reserve Bank of St. Louis today. Here, in the Federal Reserve’s Eighth District, we describe this relationship as staying in touch with Main Street. This means we’re in constant dialogue with bankers, community and business leaders, and the people throughout those communities. And while the St. Louis Fed is known around the globe for its economic research and data services, the work of our Community Development team truly happens on Main Street. Through our community development work, we connect lenders and entrepreneurial organizations that are creating change in low- and moderate-income communities across our seven-state District. Our staff also supports the economic growth objectives of the Federal Reserve System by promoting community and economic development, as well as fair and impartial access to credit in underserved markets. And beyond the Bank’s headquarters in St. Louis, our branch offices in Little Rock, Ark., Louisville, Ky., and Memphis, Tenn., are dedicated to promoting economic development, community development finance, and community stabilization and revitalization. Our branches—which for decades served primarily as operations centers for check and cash processing—are now mostly focused on community outreach, a change the St. Louis Fed led shortly after the turn of this century. In this year’s annual report, we share how we’re carrying this long legacy of public service forward through programs like Investment Connection and the Delta Communities initiative. And, just as it was 100 years ago, we’re doing this by starting on Main Street and putting our communities first. Suzanne Sitherwood Chair of the Board of Directors Federal Reserve Bank of St. Louis ST LO UI S F ED.O R G | 21 B OA R D O F D I R E C TO R S Federal Reserve Bank of St. Louis DEPUTY CHAIR CHAIR Suzanne Sitherwood James M. McKelvey Jr. President and CEO, Spire Inc. Founder and CEO, Invisibly Inc. St. Louis St. Louis Class C Class C Patricia L. Clarke President, First National Bank of Raymond Raymond, Ill. Class A Carolyn Chism Hardy CEO, Chism Hardy Investments LLC Bartlett, Tenn. Class C As required by the Federal Reserve Act of 1913, each Federal Reserve bank is governed by a board of directors comprising three classes: Class A: Elected by district Fed member banks to represent member banks Class B: Elected by district Fed member banks to represent the public in the interests of agriculture, commerce, industry, services, labor and consumers Alice K. Houston Elizabeth G. McCoy Penny Pennington CEO, HJI Supply Chain Solutions CEO, Planters Bank Inc. Managing Partner, Edward Jones Louisville, Ky. Hopkinsville, Ky. Class B Class A St. Louis Class B Class C: Appointed by the Federal Reserve Board of Governors to represent the public in the same interests as Class B directors Learn more about the St. Louis Fed’s leadership and oversight at stlouisfed.org/ about-us/leadership-governance. John N. Roberts III President and CEO, J.B. Hunt Transport Services Inc. Lowell, Ark. Class B 22 | A NNUA L REPO RT 2 01 9 C. Mitchell Waycaster President and CEO, Renasant Bank Tupelo, Miss. Class A B OA R D O F D I R E C TO R S Little Rock Branch CHAIR Vickie D. Judy CFO and Vice President, America’s Car-Mart Inc. Bentonville, Ark. Jeff Lynch President and CEO, Eagle Bank and Trust Little Rock, Ark. R. Andrew Clyde Keith Glover El Dorado, Ark. President and CEO, Producers Rice Mill Inc. Stuttgart, Ark. Karama Neal Millie A. Ward President and CEO, Murphy USA Inc. President, Southern Bancorp Community Partners Little Rock, Ark. Jamie J. Henry Vice President, Finance, Emerging Payments Walmart Inc. Bentonville, Ark. President, Stone Ward Little Rock, Ark. REGIONAL EXECUTIVE Robert Hopkins Senior Vice President, Little Rock Branch Federal Reserve Bank of St. Louis ST LO UI S F ED.O R G | 23 B OA R D O F D I R E C TO R S Louisville Branch CHAIR Emerson M. Goodwin Vice President of Operations, KentuckyCare Paducah, Ky. Sadiqa N. Reynolds President, Louisville Urban League Louisville, Ky. Tara E. Barney Director, The New Washington State Bank Charlestown, Ind. David E. Tatman Blake B. Willoughby Director of Engineering, Bendix Spicer Foundation Brake LLC Bowling Green, Ky. REGIONAL EXECUTIVE Nikki Lanier Senior Vice President, Louisville Branch Federal Reserve Bank of St. Louis 24 | A NNUA L REP ORT 2 01 9 Patrick J. Glotzbach President and CEO, Southwest Indiana Chamber of Commerce Evansville, Ind. President, First Breckinridge Bancshares Inc. Irvington, Ky. Ben Reno-Weber Director, Greater Louisville Project Louisville, Ky. B OA R D O F D I R E C TO R S Memphis Branch CHAIR Kathy Buckman Gibson R. Davy Carter Avon, Miss. President and CEO, KBG Technologies Memphis, Tenn. Regional President, Centennial Bank Jonesboro, Ark. Beverly Crossen Eric D. Robertson Michael Ugwueke Owner, FarmHouse Tupelo President, Community LIFT Corp. Tupelo, Miss. Memphis, Tenn. David T. Cochran Jr. Partner, CoCo Planting Co. Michael E. Cary President and CEO, Carroll Bank and Trust Huntingdon, Tenn. President and CEO, Methodist Le Bonheur Healthcare Memphis, Tenn. REGIONAL EXECUTIVE Douglas Scarboro Senior Vice President, Memphis Branch Federal Reserve Bank of St. Louis ST LO UI S F ED.O R G | 25 Industry Councils Council members represent a wide range of Eighth District industries and businesses, and report on economic conditions to help inform monetary policy deliberations. Agribusiness Council Health Care Council Bruce L. Ahrendsen James “Jim” McLaren Rhamy Alejeal Michael Holmes Professor, University of Arkansas, Division of Agriculture and Bumpers College Fayetteville, Ark. CEO, Strathkirn Inc. Chesterfield, Mo. Owner and CEO, Poplar Financial Memphis, Tenn. Founder and Chairman, RX Outreach St. Louis Henry N. “Hank” Reichle Jr. Carla Balch President and CEO, Staple Cotton Cooperative Association (Staplcotn) Greenwood, Miss. Founder and CEO, Spesana Inc. Memphis, Tenn. John Rodgers Brashier Vice President, Consolidated Catfish Producers LLC Isola, Miss. Aaron Carroll Certified Crop Advisor, Nutrien Ag Solutions Lexington, Ind. Cynthia Edwards Deputy Secretary, Arkansas Agriculture Department Little Rock, Ark. Kathleen Roberts Regional Vice President, CoBank St. Louis Shari Rogge-Fidler President and CEO, Farm Foundation Oak Brook, Ill. Lisa M. Klesges Mike Castellano Professor of Epidemiology, University of Memphis Memphis, Tenn. CEO, Esse Health St. Louis Leanne L. Lefler Zach Chandler Executive Vice President and Chief Strategy Officer, Baptist Memorial Health Care Corp. Memphis, Tenn. Cynthia Crone Associate Professor, University of Arkansas for Medical Sciences, College of Nursing Little Rock, Ark. Brandy N. Kelly Pryor Senior Director of Programs, Humana Foundation Louisville, Ky. Vice President of Finance, North American Commercial Operations, Bayer Crop Science St. Louis Research Faculty Member, University of Arkansas for Medical Sciences, College of Public Health, Department of Health Policy and Management Little Rock, Ark. Richard C. Siemer June McAllister Fowler Alan Wheatley President, Siemer Milling Co. Teutopolis, Ill. Owner, H&J Land Co. Newport, Ark. Senior Vice President, Communications and Marketing, BJC HealthCare St. Louis President, Retail Segment, Humana Louisville, Ky. Susan L. Lang Diana Han President, Bumper Crop Farm LLC Somerville, Tenn. Executive Director, Global Healthcare at GE Appliances, a Haier company Louisville, Ky. Dana Huber Vice President, Marketing/Public Relations, Huber’s Orchard, Winery & Vineyards, and Starlight Distillery Borden, Ind. Jennifer H. James 26 | A NNUA L REP ORT 2 01 9 Tania Seger Robert “Bo” Ryall President and CEO, Arkansas Hospital Association Little Rock, Ark. Real Estate Council Transportation Council Amy Berg David L. Hardy Scott A. Brockman Stephanie Ivey President, S.M. Wilson & Co. St. Louis Managing Director, CBRE Inc. Louisville, Ky. President and CEO, MemphisShelby County Airport Authority Memphis, Tenn. Director, Intermodal Freight Transportation Institute, University of Memphis Memphis, Tenn. Larry K. Jensen Aaron S. Burkes President and CEO, Cushman & Wakefield | Commercial Advisors Memphis, Tenn. CEO, Northwest Arkansas Regional Airport Authority Bentonville, Ark. William “Bill” Burns Broker/Owner, RE/MAX FIRST Jeffersonville, Ind. Andy Cates CEO, Colliers InternationalMemphis Memphis, Tenn. Ray Dillon Former President and CEO, Deltic Timber Corp. Little Rock, Ark. Martin Edwards Jr. President, Edwards Management Inc., REALTORS® Memphis, Tenn. John F. Eilermann Jr. Chairman and CEO, McBride & Son Homes Chesterfield, Mo. Lisa C. Ferrell Founder, President and CEO, North Bluffs Development Corp. North Little Rock, Ark. Bryan Day Greg M. Joslin Senior Broker, Colliers International Arkansas Little Rock, Ark. Executive Director, Little Rock Port Authority Little Rock, Ark. Michael D. Garriga Joshua Poag President and CEO, Poag Shopping Centers LLC Memphis, Tenn. Executive Director, State Government Affairs, BNSF Railway Memphis, Tenn. Lester T. Sanders Rhonda Hamm-Niebruegge President, Kentucky REALTORS® Lexington, Ky. Director of Airports, St. Louis Lambert International Airport St. Louis Madison C. Silvert Bertram C. “Bert” Hodge President, The Malcolm Bryant Corp. Owensboro, Ky. General Manager, Heritage Ford Corydon, Ind. William J. “Bill” Mines Senior Vice President of Finance and Strategy, Supply Chain, Walmart U.S. Bentonville, Ark. Zach Wagner CEO, Gateway Truck & Refrigeration Collinsville, Ill. J.T. Ferstl President, Ferstl Valuation Services Little Rock, Ark. ST LO UI S F ED.O R G | 27 Community Depository Institutions Advisory Council The members meet twice a year to advise the St. Louis Fed’s president on the credit, banking and economic conditions facing their institutions and communities. The council’s chair also meets twice a year in Washington, D.C., with the Federal Reserve chair and governors. Margaret “Marnie” Oldner, Chair Bill Schirmer CEO, Stone Bank Mountain View, Ark. President and CEO, Evansville Teachers Federal Credit Union Evansville, Ind. Misty Borrowman Scott E. Spencer President and CEO, Bank of Hillsboro Hillsboro, Ill. Vice Chairman, President and CEO, Sterling Bank Poplar Bluff, Mo. Roy Molitor “Mott” Ford Jr. John Taylor Vice Chairman and CEO, Commercial Bank and Trust Co. Paris, Tenn. President and CEO, Limestone Bank Louisville, Ky. Joseph T. “Joe” Henderson Marvin Veatch President and Director, Central Bank of Boone County Columbia, Mo. President and CEO, Jackson County Bank Seymour, Ind. Robert “Bob” McKay Kelley Workman President and CEO, Together Credit Union St. Louis President, Planters Bank Inc. Hopkinsville, Ky. Charles “Chuck” Morgan Jr. Chairman and CEO, Relyance Bank Pine Bluff, Ark. Bertram “Buddy” Mortimer President and CEO, Bank of Kilmichael Kilmichael, Miss. 28 | A NNUA L REPO RT 2 01 9 Community Development Advisory Council The council keeps the St. Louis Fed’s president and staff informed about community development in the Eighth District and suggests ways for the Bank to support local development efforts. Rodney Crim Jessica Love CEO and President, St. Louis Economic Development Partnership St. Louis Executive Director, Prosperity Indiana Indianapolis Kevin Dunlap Executive Director, REBOUND Inc. Louisville, Ky. Adam Hall Vice President and Community and Economic Development Manager, Fifth Third Bank Louisville, Ky. Marta Loyd Executive Director and CEO, Winthrop Rockefeller Institute Morrilton, Ark. Bridget McDermott Flood Executive Director, Incarnate Word Foundation St. Louis Sara McGibany Tracy Hall Executive Director, Alton Main Street Alton, Ill. President, Southwest Tennessee Community College Memphis, Tenn. Karen Minkel Robyn Heidger Home Region Program Director, Walton Family Foundation Bentonville, Ark. Senior Vice President, Enterprise Bank and Trust Clayton, Mo. Hillis Schild Mervin Jebaraj Director, Center for Business and Economic Research, Sam M. Walton College of Business, University of Arkansas Fayetteville, Ark. Senior Vice President and Community Development Senior Representative, Arvest Bank Little Rock, Ark. Amy Shir Christopher Jones President and CEO, LHOME Louisville, Ky. Executive Director, Arkansas Regional Innovation Hub, Winrock International Little Rock, Ark. Clifton Williams Timothy Lampkin Community Development Officer, Guaranty Bank and Trust Company Belzoni, Miss. CEO, Higher Purpose Co. Clarksdale, Miss. Steve Lockwood Executive Director, Frayser Community Development Corp. Memphis, Tenn. ST LO UI S F ED.O R G | 29 Federal Advisory Council Representative The council is composed of one representative from each of the 12 Federal Reserve districts. Members confer with the Fed’s Board of Governors at least four times a year on economic and banking developments and make recommendations on Fed System activities. D. Bryan Jordan Chairman, President and CEO, First Horizon National Corp. Memphis, Tenn. Retirees The following individuals retired from our boards of directors and advisory councils this past year. From the Boards of Directors Federal Reserve Bank of St. Louis D. Bryan Jordan Daniel J. Ludeman Kathleen M. Mazzarella Louisville Branch Millie Marshall Randy W. Schumaker Memphis Branch J. Brice Fletcher Carolyn Chism Hardy From the Industry Councils From the Community Depository Institutions Advisory Council St. Louis Zone David Bentele David Doedtman Little Rock Zone Gary Hudson Louisville Zone Ann Cowley Wells Memphis Zone Russell “Rusty” Bennett Craig Esrael Wayne Hunt Brett Norman From the Community Development Advisory Council Transportation St. Louis Zone Mike McCarthy Toks Omishakin Ferdinand L. Risco Jr. David Tatman Little Rock Zone Agribusiness Robert J. Wasserman Jay Bassett Louisville Zone As Federal Advisory Council Representative Bryce Butler Amanda Payne Brittany Sims Memphis Zone Federal Reserve Bank of St. Louis Ronald J. Kruszewski 30 | ANNUA L REP ORT 2 01 9 Ivye Allen Arlisa Armstrong Bank Management Committee James Bullard David A. Sapenaro President and CEO First Vice President and COO Karl W. Ashman Karen L. Branding Cletus C. Coughlin François G. Henriquez II Executive Vice President, Administration and Payments Senior Vice President, Public Affairs Senior Vice President and Chief of Staff to the President Senior Vice President, General Counsel and Corporate Secretary Nikki R. Lanier Kathleen O’Neill Paese Christopher J. Waller Carl D. White II Senior Vice President and Regional Executive, Louisville Branch Executive Vice President, Treasury; and Treasury Relations and Support Office Product Manager Executive Vice President and Director of Research Senior Vice President, Supervision, Credit, Community Development and Learning Innovation As of March 15, 2020. ST LO UI S F ED.O R G | 31 Bank Officers James Bullard* Carl D. White II* Christopher J. Neely President and CEO Senior Vice President Vice President David A. Sapenaro* Jonathan C. Basden Arthur A. North II First Vice President and COO Group Vice President Vice President Karl W. Ashman* Anna M. Helmering Hart Craig E. Schaefer Executive Vice President Group Vice President Vice President Kathleen O’Neill Paese* Debra E. Johnson Katrina L. Stierholz Executive Vice President Group Vice President Vice President Christopher J. Waller* Michael J. Kraus Donny J. Trankler Executive Vice President Group Vice President Vice President David Andolfatto James A. Price Scott M. Trilling Senior Vice President Group Vice President Vice President Cassie R. Blackwell David C. Wheelock James L. Warren Senior Vice President Group Vice President Vice President Karen L. Branding* Alexander Baur Jeffrey S. Wright Senior Vice President Vice President Vice President Cletus C. Coughlin* Adam L. Brown Terri A. Aly Senior Vice President Vice President Assistant Vice President François G. Henriquez II* Timothy C. Brown Robyn A. Arnold Senior Vice President Vice President Assistant Vice President Amy C. Hileman Christopher D. Chalfant Jennifer M. Beatty Senior Vice President Vice President Assistant Vice President Robert A. Hopkins Marilyn K. Corona Heidi L. Beyer Senior Vice President and Regional Executive Vice President Assistant Vice President Daniel P. Davis Susan M. Black Nikki R. Lanier* Vice President Assistant Vice President Senior Vice President and Regional Executive James W. Fuchs Ray J. Boshara Vice President Assistant Vice President Carlos Garriga Winchell S. Carroll Jr. Vice President Assistant Vice President Jennifer A. Haynes Nicholas J. Clark Vice President Assistant Vice President Timothy R. Heckler Andrea E. Donsbach Vice President Assistant Vice President Terri L. Kirchhofer Jill S. Dorries Vice President Assistant Vice President B. Ravikumar Senior Vice President Michael D. Renfro Senior Vice President Douglas G. Scarboro Senior Vice President and Regional Executive Matthew W. Torbett Senior Vice President 32 | A NNUA L REPO RT 2 01 9 William D. Dupor Lili Saint Christopher YiLi Chien Assistant Vice President Assistant Vice President Officer William R. Emmons Juan M. Sánchez Heather W. Dell Assistant Vice President Assistant Vice President Officer Patricia M. Goessling Kathy A. Schildknecht Richard T. Harper Assistant Vice President Assistant Vice President Officer Anthony Grantham Philip G. Schlueter Edward A. Hoering V Assistant Vice President Assistant Vice President Officer Stephen P. Greene Amy B. Simpkins Kevin L. Kliesen Assistant Vice President Assistant Vice President Officer Tamara S. Grimm Scott B. Smith Jeffrey J. Leaver Assistant Vice President Assistant Vice President Officer Karen L. Harper Kristina L. Stierholz Tian Liu Assistant Vice President Assistant Vice President Officer Kevin L. Henry Rebecca M. Stoltz Fernando M. Martin Assistant Vice President Assistant Vice President Officer Douglas B. Kerr Mary C. Suiter Alexander Monge-Naranjo Assistant Vice President Assistant Vice President Officer Carolann M. Marker Brenda Torres Deborah Radbill Assistant Vice President Assistant Vice President Officer Jackie S. Martin Bryan B. Underwood Eric A. Reckamp Assistant Vice President Assistant Vice President Officer Michael W. McCracken Yi Wen Debra M. Schultz Assistant Vice President Assistant Vice President Officer Michael T. Milchanowski Ranada Y. Williams Keith G. Taylor II Assistant Vice President Assistant Vice President Officer Douglas O. Nelson Christian M. Zimmermann Guillaume A. Vandenbroucke Assistant Vice President Assistant Vice President Officer Michael T. Owyang Jeffrey M. Zove Assistant Vice President Assistant Vice President Christopher M. Pfeiffer Subhayu Bandyopadhyay Assistant Vice President Officer Daniel P. Riordan Nicole K. Bommarito Assistant Vice President Officer Jennifer L. Robinson April D. Buchanan Assistant Vice President Officer *Members of Management Committee ST LO UI S F ED.O R G | 33 ANNUAL REPORT 2019 OUR PEOPLE. OUR WORK. The mission of the Federal Reserve Bank of St. Louis is to promote a healthy economy and financial stability. The Bank’s 1,404 staff members—from the District’s head office in St. Louis to branches in Little Rock, Louisville and Memphis—serve the public’s interest in many ways, as seen in the following numerical snapshot of 2019. All numbers are as of Dec. 31, 2019, unless otherwise noted. 1 | ANNUA L REPO RT 2 01 9 EMPOWERING COMMUNITIES THROUGH EDUCATION AND OUTREACH 6,731 28,505 people signed up for 41 workshops, conferences and bankers, regulators and other industry participants in other events led by the Bank’s Community Development webinars and in-person information sessions held on department to promote economic resilience and mobility for timely financial and regulatory developments. low- and moderate-income and underserved households and communities across the District. $1.35 million in grants, loans and investments committed by funders 530,000+ students reached through educators who attended St. Louis Fed economic education programs. projects through the St. Louis Fed’s Investment 537,000+ Connection program. active engagements in the Bank’s Econ Lowdown online participating in community and economic development 16,106 economic education curriculum. attendees at public presentations requested through 4,806 the St. Louis Fed’s public speakers bureau. attendees at St. Louis Fed public dialogue and outreach 3,777 Andre Alexander (left) is president of Tabernacle CDC, which is restoring homes in north St. Louis with help from a funding partnership facilitated by the St. Louis Fed’s Investment Connection program. events in St. Louis, Little Rock, Louisville and Memphis. students, teachers and other visitors from 115 schools 19 and community groups welcomed at the St. Louis Fed’s new students appointed to the St. Louis Fed’s student Economy Museum. board of directors. 35 college and 6 high school students served as interns for the Bank. ST LO UI S F ED.O R G | 35 St. Louis Fed’s Director of Research Christopher Waller (right), pictured with Bank President James Bullard, was nominated on Jan. 28, 2020, to serve on the Fed’s Board of Governors. PROVIDING THOUGHT LEADERSHIP THROUGH SCHOLARLY ECONOMIC RESEARCH Top 3% 665,809 ranking for President James Bullard on RePEc in a data series in FRED®, the St. Louis Fed’s free number of categories, including the h-index. economic database. RePEc is Research Papers in Economics, at ideas.repec.org. The h-index, or Hirsch index, is a compound measure of publications and citations used to highlight research productivity. #8 in research productivity among all central bank research departments worldwide. 126,984 page views for GeoFRED®, a tool that allows users to create, customize and share geographical maps of data found in FRED. • #33 among all U.S. research institutions. • #42 among all research institutions worldwide. 44 million page views of the St. Louis Fed’s research site, with visits/sessions from all 193 United Nations countries. 3 million economic research items from around the world available to search and download for free via IDEAS. IDEAS is the world’s largest bibliographic database dedicated to economics. This service, provided by RePEc, is hosted by the St. Louis Fed’s Research division. 36 | ANNUA L REP ORT 2 01 9 574,107 items in FRASER®, the St. Louis Fed’s historical digital library, with materials dating from 1791 to 2019. FOSTERING FINANCIAL STABILITY AND SOUNDNESS SHARING TIMELY INFORMATION ABOUT THE ECONOMY AND THE FED 128 848,210 state member banks and 427 bank and savings and loan holding page views of the On the Economy and Open Vault blogs, which feature companies supervised by the St. Louis Fed. economic research and analysis, explain everyday economics and spotlight 1.109 billion what makes the St. Louis Fed central to America’s economy. currency notes inspected. 415,884 • 955 million notes deemed fit for circulation. page views for Regional Economist, providing insights on economic issues • 154 million notes removed from circulation and shredded. in today’s headlines—now in its 27th year of publication. 2,076 9,683 suspect counterfeit notes withdrawn from circulation. $31 million in improper and stopped payments identified by the St. Louis Fed in its role as fiscal agent to the U.S. Department of the Treasury and its Do Not Pay program, helping federal agencies eliminate payment error, waste, fraud and abuse. Total is for 2019 federal government fiscal year. followers on Facebook. 13,233 followers on LinkedIn. 98,528 followers on Twitter. 354,576 24,585 page views for the FRED Blog, which provides insight and analysis on key hours spent by internal auditors reviewing St. Louis Fed operations. 90 Does not include time spent on training, administrative work and special projects. data found in FRED. articles in the Bank’s Central Banker monthly e-newsletter, sampling everything from academic research to practical lessons on personal finance. ST LO UI S F E D.O R G | 37 18,824 downloads of Timely Topics and Women in Economics podcast series episodes, which feature discussions with bank economists and subject matter experts and career journey discussions with noted women around Our Women in Economics podcast series highlights the studies and careers of those making their marks in the field of economics. The series has featured prominent women such as Anna Opoku-Agyeman (top left) and Fanta Traore (top right) of the Sadie Collective and Kate Warne (left), a principal and investment strategist at Edward Jones. the globe who are making their marks in the field of economics. 17,176 views of Voices of the Fed videos, featuring St. Louis Fed board and advisory council members’ Main Street perspectives. EMBRACING DIVERSITY AND INCLUSION 100 —a perfect score earned for a fourth straight year in the Human Rights Campaign’s Best Places to Work Corporate Equality Index, a national benchmarking tool for policies and practices pertinent to LGBTQ+ employees. 65 vendors attended the Bank’s supplier diversity outreach workshops aimed at fostering economic development in our communities. 95% of inner-city, majority-minority and all-girls high schools across the Eighth District reached by the St. Louis Fed’s economic education resources. 32% of the Bank’s workforce engaged in employee-led resource groups, which are focused on African Americans, Asians, Latin Americans, women, people with disabilities, military veterans and the LGBTQ+ community. LEFT: Nearly 150 St. Louis Fed employees form a rainbow on the Bank plaza on June 18, 2019, in support of LGBTQ+ pride. 38 | ANNUA L REPO RT 2 01 9 The St. Louis Fed’s commitment to serving communities goes well beyond day-to-day responsibilities. It includes initiatives like Teach Children to Save Day (far left), the United Way (left and top right) and back-to-school supply drives (bottom). DOING GOOD FOR THE SAKE OF GOOD 134,084 pounds of waste recycled and 122,640 pounds of waste (including food) composted as a result of the Bank’s Zero Waste initiative. $247,443 in employee donations to the United Way of Greater St. Louis. $41,632 raised by employees to help support food banks and feeding programs for the needy in the St. Louis area. 1,320 school items donated by employees to the Bank’s Back-to-School Supply Drive to benefit area students. 36 employee volunteers for Teach Children to Save Day at elementary schools in the St. Louis area. ST LO UI S F ED.O R G | 39 M O R E F R O M T H E S T. L O U I S F E D Fun. Interactive. Free. The St. Louis Fed’s free Economy Museum makes economic education and financial literacy more accessible to everyone. Nearly 100 games, exhibits and videos for all ages— including our new genuine gold bar exhibit. stlouisfed.org/economymuseum Get your data on. Find it. Graph it. Make your point. Have you met FRED®? FRED (Federal Reserve Economic Data) is the signature economic database of the St. Louis Fed. It houses more than 700,000 economic and socioeconomic data series from regional, national and international sources. And with the FRED App, you can take along the economy wherever you go. FRED.stlouisfed.org Federal Reserve Economic Data: Over 260,000 series and counting. research.stlouisfed.org/fred Top of the class? Get there with Econ Lowdown. Our online portal (econlowdown.org) offers free interactive lesson plans, videos, podcasts and more for use in K-12 and college classrooms to teach economics and personal finance. Create classrooms, assign online courses, and monitor students’ progress. stlouisfed.org/education Revenue? Spending? Deficit? Debt? Get a clear explanation of the federal government’s finances—just as Thomas Jefferson intended—by visiting the Guide to America’s Finances. This website breaks down the numbers in plain language and with user-friendly charts. datalab.usaspending.gov/americas-finance-guide/index.html C O N TA C T U S FOR ADDITIONAL COPIES, CONTACT: CREDITS Federal Reserve Bank of St. Louis Public Affairs Federal Reserve Bank of St. Louis P.O. Box 442 St. Louis, MO 63166 or email pubtracking@stls.frb.org Doreen Fagan One Federal Reserve Bank Plaza Broadway and Locust Street St. Louis, MO 63102 314-444-8444 Little Rock Branch Stephens Building 111 Center St., Ste. 1000 Little Rock, AR 72201 501-324-8300 Louisville Branch PNC Tower 101 S. Fifth St., Ste. 1920 Louisville, KY 40202 502-568-9200 Memphis Branch 200 N. Main St. Memphis, TN 38103 901-531-5000 This report is also available online at stlouisfed.org/annual-report/2019. Project Manager and Editor RC Balaban Meredith Covington Contributing Editors Ally Davis Brian Ebert Art Direction and Design Scott Lamar Website Design Mark E. Kunzelmann Multimedia Production Kristie Engemann Heather Hennerich Karen Mracek Suzanne Shenkman Content Contributors Adam Robinson Photographer Sharon Van Stratton Web Optimization