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Silas Keehn: Introductory Remarks
December 1987 Economic Forums
12/. 8/.87 -- Kohler/Sheboygan, WI {breakfast)
12/ 8187 -- Lake County, IL (p.m.)
121/10/87 -- Milwaukee, WI (a.m.)
I.
Welcome/Introductions
A. Welcome
1. Very pleased to have here
2. Particularly appreciate assistance from bankers 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
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Nancy Goodman
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II. Federal Reserve System - Pamphlets, books, info
A. Geographically - 12 Districts
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1. Separate Bank - Government Corporation
2. Stock owned by member banks
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Introduction - Page 2
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B. Separate Boards of Directors
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1. FRB Chicago, 9 Directors
a. 6 elected
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b. 3 appointed by Board of Governors
2. Detroit Branch, 7 Directors
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a. 4 - Chicago Board
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b. 3 - Board of Governors
C. Advisory Councils
1. Agriculture
2. Small Business
D. Given geographical structure/Board of Directors/
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Advisory Councils
1. Truly representational
2. Geographic areas
3. Social and economic interest groups
Introduction - Page 3
111. 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. Commerce / financial
E. Activities
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1. Operations - processing of transactions - check /
electronic - 160 million checks per month
2. Supervision/regulation
a. Regulatory - development of rules, govern
operations of banks
b. Supervision - monitoring adherence - examine
action
Introduction - Page 4
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. And, to gain some further information from you
that will be helpful in making those decisions
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5. We'll begin with Karl
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a. Current status and outlook for the economy
b. Then I'll review some of the major issues that
1. Impact on that outlook
2. Impact on our decisions
c. Questions afterwards
TURN TO KARL
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis