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Federal Reserve Bank of Atlanta

The Federal Reserve Bank of Atlanta, (informally referred to as the Atlanta Fed and the Bank), is the sixth district of the 12 Federal Reserve Banks of the United States and is headquartered in midtown Atlanta, Georgia.

Federal Reserve Bank of Atlanta
Seal of the United States Federal Reserve System.svg
FedReserve Atlanta.jpg
General information
Address 1000 Peachtree Street NE,
Town or city Atlanta, Georgia
Country United States
Relocated 50 Hurt Plaza Hurt Building (1918), 104 Marietta Street (2001)
Design and construction
Architecture firm Smallwood, Reynolds, Stewart, Stewart & Associates Inc. of Atlanta in association with Robert A.M. Stern Architects of New York
Main contractor BTMI, which was made up of Beers Construction Co. of Atlanta in association with Torcon Inc. of Westfield, N.J.; C.D. Moody Construction of Atlanta; and the Integral Group of Atlanta

The Atlanta Fed covers the U.S. states of Alabama, Florida, and Georgia, the eastern two-thirds of Tennessee, the southern portion of Louisiana, and southern Mississippi as part of the Federal Reserve System.[1] Along with its Atlanta headquarters, the Banks operates five branches with the sixth district, which are located in Birmingham, Jacksonville, Miami, Nashville, and New Orleans. These branches provide cash to banks, savings and loans, and other depository institutions; transfer money electronically; and clear millions of checks.[2]

In addition to supporting the U.S. financial system, the Atlanta Fed carries out the supervision and regulation of the banks operating within the sixth district. It also is a source of research and expertise for public and private decision makers within the district. In recent years, researchers within the Atlanta Fed have innovated new tools to gauge the health of the macro U.S. economy, the two most notable are GDPNow and Wage Growth Tracker.

The Atlanta Fed is currently led by Dr. Raphael Bostic, who was appointed in 2017[3] and is member of the Federal Open Market Committee (FOMC), the committee that makes key decisions about interest rates and the growth of the United States money supply.

Contents

Responsibilities and functionsEdit

 
Federal Reserve System Sixth District

The Atlanta Fed's footprint covers the southeastern U.S., including the states of Alabama, Florida, and Georgia, 74 counties in the eastern two-thirds of Tennessee, 38 parishes of southern Louisiana, and 43 counties of southern Mississippi as part of the Federal Reserve System.[1]

The Atlanta Fed, along with the other 11 regional district banks, has three primary functions: assisting with monetary policy, operation of nationwide payment system, and administering bank supervision and regulation.[4] Its job is to decide the interest rates, and the president meets with other bank presidents and board members. The bank’s board of directors makes recommendations on the levels of discount rates.

Secondarily, the Atlanta Fed is a source of research and expertise for public and private decision makers within the district. Researchers within the Atlanta Fed have innovated new tools to gauge the health of the macro U.S. economy, the two most notable are GDPNow and Wage Growth Tracker. The Atlanta Fed's GDPNow, which is a “nowcasting” model for gross domestic product (GDP) growth that synthesizes the related GDP subcomponents with monthly source data prior to the formal GDP release by the Bureau of Economic Analysis, is widely followed[5] by financial markets. The Wage Growth Tracker is a measure of the nominal wage growth of individuals, using microdata from the Current Population Survey (CPS) from the Bureau of Labor Statistics.

LeadershipEdit

The Bank is governed by a Board of Directors, which is drawn from the sixth district's business community, banks, and labor and consumer organizations, and makes recommendations every two weeks on the level of the discount rate, which is the rate at which the Bank lends to commercial banks.

The Bank's staff led by Dr. Raphael Bostic, who was appointed in 2017[3] and is member of the Federal Open Market Committee (FOMC).

Governors and presidentsEdit

With the appointment of President Bostic in 2017, there have been 15 chief executive officers of the Atlanta Fed. The title of Reserve Bank chief executive officer was changed to president by the Banking Act of 1935.[6]

# CEO Life span Term start Term end
Governors
1 Joseph A. McCord 1857-1943 October 19, 1914 January 10, 1919
2 Maximilian B. Wellborn 1862-1957 March 1, 1919 January 1, 1928
3 Eugene R. Black 1873-1934 January 13, 1928 May 19, 1933
4 W.S. Johns - May 19, 1933 August 16, 1934
- Eugene R. Black* 1873-1934 August 16, 1934 December 19, 1934
5 Oscar Newton 1873-1934 January 10, 1935 February 14, 1936
Presidents
- Oscar Newton 1873-1934 February 14, 1936 February 13, 1939
6 Robert S. Parker* 1884-1941 February 18, 1939 March 28, 1941
7 William S. McLarin Jr. 1889-1960 May 9, 1941 March 1, 1951
8 Malcolm H. Bryan 1902-1967 April 1, 1951 September 30, 1965
9 Harold T. Patterson 1903-1971 October 1, 1965 January 31, 1968
10 M. Monroe Kimbrel 1903-1971 February 1, 1968 March 31, 1980
11 William F. Ford - August 1, 1980 October 1, 1983
12 Robert P. Forrestal 1931-2004 December 7, 1983 December 31, 1995
13 George C. "Jack" Guynn 1943- January 1, 1996 September 30, 2006
14 Dennis P. Lockhart 1947- March 1, 2007 February 28, 2017
15 Raphael Bostic 1966- June 5, 2017 incumbent
Stepped down due to reaching retirement age
* Died in office

Board of directorsEdit

The following people are on the board of directors as of September, 2016:[7][8]

Class AEdit

Class A
Name Title Term Expires
Gerard R. Host President and Chief Executive Officer
Trustmark Corporation
Jackson, Mississippi
2018
T. Anthony Humphries President and Chief Executive Officer
NobleBank and Trust
Anniston, Alabama
2016
William H. Rogers, Jr. Chairman and Chief Executive Officer
SunTrust Banks, Inc.
Atlanta, Georgia
2017

Class BEdit

Class B
Name Title Term Expires
Elizabeth A. Smith Chairman and CEO
Bloomin' Brands, Inc.
Tampa, Florida
2018
Jonathan T.M. Reckford CEO
Habitat for Humanity International
Atlanta, Georgia
2017
José S. Suquet Chairman, President, and Chief Executive Officer
Pan-American Life Insurance Group
New Orleans, Louisiana
2016

Class CEdit

Class C
Name Title Term Expires
Thomas A. Fanning
(Chair)
Chairman, President, and Chief Executive Officer
Southern Company
Atlanta, Georgia
2018
Myron A. Gray President, U.S. Operations
United Parcel Service
Atlanta, Georgia
2017
Michael J. Jackson
(Deputy Chair)
Chairman and CEO
AutoNation, Inc.
Fort Lauderdale, Florida
2016

All terms expire on December 31.[8]

HeadquartersEdit

 
The old Federal Reserve Bank of Atlanta building, now the State Bar of Georgia. Located at 104 Marietta Street NW

Since 2001, the Atlanta Fed has been located at 1000 Peachtree Street NE in Midtown Atlanta. Prior to 2001, the bank was located in downtown Atlanta at 104 Marietta Street NW, which is now the home of the State Bar of Georgia.

BranchesEdit

See alsoEdit

ReferencesEdit

  1. ^ a b "Federal Reserve Bank Presidents: Dennis P. Lockhart". Board of Governors of the Federal Reserve System. January 28, 2009. Retrieved 2009-02-19. 
  2. ^ "Branches". Federal Reserve Bank of Atlanta. Archived from the original on January 22, 2009. Retrieved 2009-02-19. 
  3. ^ a b "Atlanta Fed Names Bostic New President and Chief Executive Officer". FRB Atlanta. FRB Atlanta. Retrieved 23 July 2017. 
  4. ^ "THE ATLANTA FED". FRB Atlanta. Retrieved 23 July 2017. 
  5. ^ Burki, Shahid Javed (July 17, 2017). "What the Hamburg summit means to the world". The Express Tribune. The Express Tribune. Retrieved 23 July 2017. 
  6. ^ "Former Atlanta Fed Presidents". https://www.frbatlanta.org. Retrieved 22 July 2017.  External link in |website= (help)
  7. ^ "Federal Reserve Bank of Atlanta Directors", FRB Atlanta webpage. Retrieved 2016-09-13.
  8. ^ a b "Directors of Federal Reserve Banks and Branches". The Federal Reserve. September 13, 2016. 

External linksEdit