Federal Reserve Bank of St. Louis
The Federal Reserve Bank of St. Louis stands at 411 Locust Street in downtown Missouri, a building designed by the local firm Mauran, Russell & Crowell and completed in 1924. This structure serves as the headquarters for the Eighth Federal Reserve District, which covers Arkansas and parts of Illinois, Indiana, Kentucky, Mississippi, eastern Missouri, and West Tennessee. The bank maintains three branch offices located in Little Rock, Louisville, and Memphis to serve these diverse regions. Only Missouri holds two main Federal Reserve Banks within its borders, with Kansas City hosting the other. The physical presence of this institution anchors economic activity across a vast geographic area that spans multiple states.
Congress granted the Federal Reserve responsibility for setting monetary policy under the Federal Reserve Act of 1913 to ensure actions remain free from political concerns. President Alberto Musalem participates on the Federal Open Market Committee alongside other regional presidents to guide the nation's economy. In the 1960s, the St. Louis Fed gained a reputation as a maverick because it espoused monetarism. Bank president Darryl Francis and research director Homer Jones spurred economists to publish research showing a direct relationship between money growth and inflation. These theories eventually became widely adopted throughout the system. Former Palestinian Prime Minister Salam Fayyad once worked at the bank conducting early research on American Divisia Monetary Aggregates.
The Banking Supervision and Regulation division, led by senior vice president Carl White, assesses the safety and soundness of financial institutions' assets and operations. Examiners collect data to verify accurate accounting of conditions and monitor money reserves in the banking system. Since the passage of the Dodd-Frank Act, the bank supervises savings and loan holding companies alongside state-member banks. The institution acts as the lender of last resort by making loans through the discount window to ensure adequate liquidity. It also processes applications for acquisitions and new activities while checking currency for fit status before destroying notes that can no longer circulate. Twelve senior executives from banks and credit unions serve on the Community Depository Institutions Advisory Council to advise leadership twice annually.
The St. Louis Fed's research division maintains FRED, a database containing hundreds of thousands of time series from national and international sources. This collection includes interest rates, gross domestic product components, employment figures, consumer price indexes, and Treasury constant maturities. Joe Weisenthal wrote for Business Insider calling FRED the most amazing economics website in the world. Millions access FRED and other free online services like ALFRED, CASSIDI, and FRASER each year. The division also manages the Research Papers in Economics database and lists economics departments worldwide. Former publications included the Burgundy Books which tracked district spending until 2015 and Central Banker which ended in 2014.
The Community Development department provides information on the Community Reinvestment Act and facilitates partnerships between lenders and communities throughout the Eighth District. Executives from nonprofit organizations, financial institutions, universities, and local governments serve on the Community Development Advisory Council to suggest support methods. Events cover topics such as foreclosures, neighborhood revitalization, and reaching unbanked populations. Econ Lowdown offers free online tools for K-16 educators nationwide including videos, audio podcasts, and PDF lesson plans. Materials are available in both Spanish and English to reach diverse audiences. The Office of Minority and Women Inclusion established in January 2011 supports financial literacy efforts at inner-city schools.
The Treasury Division includes the Treasury Relations and Support Office which manages relationships with the Bureau of the Fiscal Service. Services provided include Debt Management Operations, Fiscal Accounting, Payment Management, and Revenue Collections Management. Beginning in the mid-2000s, the Federal Reserve consolidated check-handling services as paper checks fell rapidly in favor of electronic payments. A study released in late 2010 revealed that more than three-quarters of noncash payments were done electronically. The St. Louis Fed handles currency and coin distribution while reporting counterfeit money to the United States Secret Service. It also serves as the offering administrator for the Fed's Term Deposit Facility.
When the Federal Reserve System was established in 1914, chief executive officers held the title Governor until the Banking Act of 1935 renamed the position President. Rolla Wells served as the first Governor from the 28th of October 1914 through the 5th of February 1919. William McChesney Martin Sr. transitioned from Governor to President serving from the 16th of January 1929 until the 28th of February 1941. James B. Bullard held the presidency from the 1st of April 2008 until the 15th of August 2023 before being succeeded by a new leader on the 1st of April 2024. Current board members include Carolyn Chism Hardy who chairs the group and Lal Karsanbhai who serves as Deputy Chair with terms expiring at different dates between 2025 and 2027.
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Common questions
Where is the Federal Reserve Bank of St. Louis located and when was it built?
The Federal Reserve Bank of St. Louis stands at 411 Locust Street in downtown Missouri and was completed in 1924.
Which states does the Eighth Federal Reserve District cover under the Federal Reserve Bank of St. Louis?
The Eighth Federal Reserve District covers Arkansas, parts of Illinois, Indiana, Kentucky, Mississippi, eastern Missouri, and West Tennessee.
Who served as Governor of the Federal Reserve Bank of St. Louis from 1914 to 1919?
Rolla Wells served as the first Governor from the 28th of October 1914 through the 5th of February 1919.
What economic theories did Darryl Francis and Homer Jones develop at the Federal Reserve Bank of St. Louis?
Bank president Darryl Francis and research director Homer Jones published research showing a direct relationship between money growth and inflation during the 1960s.
When did James B. Bullard hold the presidency of the Federal Reserve Bank of St. Louis?
James B. Bullard held the presidency from the 1st of April 2008 until the 15th of August 2023 before being succeeded by a new leader on the 1st of April 2024.