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Silas Keehn: Introductory Remarks 1991 Economic Forums 6/11 /91 -- Lansing, Ml (breakfast) 11 - - Kalamazoo~ Ml Jp.m. reception) 6/12/91 -- Grand Rapids, Ml (breakfast) I. Welcome/Introductions A. Welcome 1. Very pleased to be here in LANSING / .... again in KALAMAZOO, GRAND RAPIDS (June 85) () l l,,( 2. Particularly appreciate assistance from bankers - f associates and friends 3. Delighted to have such good turnout 4. One of series of meetings to talk about economy and monetary policy B. Introduce associates Karl Scheid - Nancy Goodman Roby Sloan - SVP Detroit Branch Sam Rae - Customer Service - Michigan https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis c, ~ Introduction - Page 2 II. Federal Reserve System - Pamphlets, books, info A. Geographically - 12 Districts 1. Separate Bank - Government Corporation Stock owned by member banks 2. B. Separate Boards of Directors 1 . FRB Chicago, 9 Directors a. 6 elected b. 3 appointed by Board of Governors 2. Detroit Branch, 7 Directors a. 4 - Chicago Board b. 3 - Board of Governors c. ~ p p y t o have here today: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ~ ..i ~ \ . ~ Introduction - Page 3 C. Advisory Councils 1. Agriculture 2. Small Business (3. Happy to have here today: .Eo~me KALAMAZOO - Current Ag Council - Barry Mumby) D. Given geographic structure/Board of Directors/ Councils 1 . Truly representational II. 2. Geographic areas 3. Social and economic interest groups FRB of Chicago A. 5 States (Illinois, Indiana, Iowa, Michigan, Wisconsin) B. Detroit Branch C. 3 RCPCs (Milwaukee, Indianapolis, Des Moines) D. Interesting diversity - slice across economic America 1. Manufacturing - heavy industry, light industry 2. Agriculture 3. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Commerce / Financial Introduction - Page 4 E. Activities 1 . Operations - processing of transactions - check / electronic - almost 170 million checks per month 2. Supervision/regulation a. Regulatory - development of rules, govern operations of banks b. Supervision - monitor adherence - examination 3. Economic research activities a. National / regional b. Monetary policy 4. This latter activity - why we are here today a. One of series of meetings in District b. To provide you some background on 1. The economic outlook as we see it 2. The issues and challenges we face in monetary policy decisionmaking process c. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis And, to gain some further information from you that will be helpful in making those decisions Introduction - Page 5 5. Karl will begin with our outlook for the economy a. Then I'll review some of the major issues that 1. Impact on that outlook 2. Impact on our decisions b. Questions and your perspectives afterwards https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis