Federal Reserve Bank of Atlanta

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Federal Reserve Bank of Atlanta
Seal of the United States Federal Reserve System.svg
Federal Reserve Seal
FedReserve Atlanta.jpg
Headquarters
Headquarters1000 Peachtree St NE
Atlanta, Georgia, USA
EstablishedMay 18, 1914(109 years ago) (1914-05-18)
President Raphael Bostic
Central bank of
Sixth District
Website www.atlantafed.org
The Federal Reserve Bank of Atlanta is one of 12 regional banks that make up the Federal Reserve System

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.

Contents

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 [3] and Wage Growth Tracker. [4]

The Atlanta Fed is currently led by Dr. Raphael Bostic, who was appointed in 2017 [5] and is a 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.

Responsibilities and functions

Federal Reserve System's Sixth District 6thDistrictMap.jpg
Federal Reserve System's 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. [6] 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 [7] Wage Growth Tracker. [4] 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 [8] 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.

Leadership

Federal Reserve Bank of Atlanta headquarters, designed by the 2011 Driehaus Prize winner Robert A. M. Stern Federal Reserve Bank of Atlanta Headquarters.jpg
Federal Reserve Bank of Atlanta headquarters, designed by the 2011 Driehaus Prize winner Robert A. M. Stern

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 is led by Dr. Raphael Bostic, who was appointed in 2017 [5] and is member of the Federal Open Market Committee (FOMC).

Governors and presidents

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. [9]

#CEOLife spanTerm startTerm end
Governors
1Joseph A. McCord1857-1943October 19, 1914January 10, 1919
2 Max Wellborn 1862-1957March 1, 1919January 1, 1928
3 Eugene R. Black 1873-1934January 13, 1928May 19, 1933
-W.S. Johns-May 19, 1933August 16, 1934
4Eugene R. Black*1873-1934August 16, 1934December 19, 1934
5Oscar Newton*1877-1939January 10, 1935
Presidents
(5)Oscar Newton*1877-1939February 13, 1939
6Robert S. Parker*1884-1941February 18, 1939March 28, 1941
7William S. McLarin Jr.1889-1960May 9, 1941March 1, 1951
8Malcolm H. Bryan1902-1967April 1, 1951September 30, 1965
9Harold T. Patterson1903-1971October 1, 1965January 31, 1968
10M. Monroe Kimbrel1903-1971February 1, 1968March 31, 1980
11William F. Ford-August 1, 1980October 1, 1983
12Robert P. Forrestal1931-2004December 7, 1983December 31, 1995
13 George C. "Jack" Guynn 1943-January 1, 1996September 30, 2006
-Patrick K. Barron-October 1, 2006February 28, 2007
14 Dennis P. Lockhart1947-March 1, 2007February 28, 2017
-Marie C. Gooding-March 1, 2017June 4, 2017
15 Raphael Bostic 1966-June 5, 2017Incumbent
Denotes acting officeholder
Stepped down due to reaching retirement age
*Died in office

Board of directors

The following people are on the board of directors as of September 2022: [10] [11]

Class A
NameTitleTerm expires
Robert W. Dumas Chairman, president, CEO
AuburnBank
Auburn, Alabama
2023
Abel L. Iglesias President and CEO
Professional Holding Corporation, Professional Bank
Coral Gables, Florida
2025
Kessel D. Stelling Jr. Executive chair
Synovus Financial Corporation
Columbus, Georgia
2024
Class B
NameTitleTerm expires
John W. Garratt Executive VP, CFO
Dollar General
Goodlettsville, Tennessee
2024
Michael RussellCEO
H.J. Russell & Company
Atlanta, Georgia
2025
Nicole B. Thomas Hospital president
Baptist Medical Center Jacksonville
Jacksonville, Florida
2023
Class C
NameTitleTerm expires
Elizabeth A. Smith
(chair)
Former executive chair
Bloomin' Brands Inc.
St. Petersburg, Florida
2023
Claire Lewis Arnold
(deputy chair)
CEO
Leapfrog Services Inc.
Atlanta, Georgia
2025
Gregory A. Haile President
Broward College
Fort Lauderdale, Florida
2024

All terms expire on December 31. [11]

Headquarters

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

The bank hosts the Atlanta Monetary Museum at its building.

Branches

See also

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References

  1. 1 2 "Federal Reserve Bank Presidents: Dennis P. Lockhart". Board of Governors of the Federal Reserve System. January 28, 2009. Archived from the original on August 28, 2013. Retrieved February 19, 2009.
  2. "Branches". Federal Reserve Bank of Atlanta. Archived from the original on January 22, 2009. Retrieved February 19, 2009.
  3. "GDPNow". www.frbatlanta.org.
  4. 1 2 "Wage Growth Tracker". www.frbatlanta.org.
  5. 1 2 "Atlanta Fed Names Bostic New President and Chief Executive Officer". FRB Atlanta. Retrieved July 23, 2017.
  6. "THE ATLANTA FED". FRB Atlanta. Retrieved July 23, 2017.
  7. "GDPNow". www.frbatlanta.org.
  8. Burki, Shahid Javed (July 17, 2017). "What the Hamburg summit means to the world". The Express Tribune. The Express Tribune. Retrieved July 23, 2017.
  9. "Former Atlanta Fed Presidents". www.frbatlanta.org. Retrieved July 22, 2017.
  10. "Federal Reserve Bank of Atlanta Directors", FRB Atlanta webpage.
  11. 1 2 "Directors of Federal Reserve Banks and Branches". The Federal Reserve. September 13, 2016.

33°46′57″N84°23′7″W / 33.78250°N 84.38528°W / 33.78250; -84.38528 (Federal Reserve Bank of Atlanta)