As the U.S. economy continues to slowly grow out of the depths of the 2007-2009 recession, I continue to be impressed with the vital role the Federal Reserve System plays in nurturing this healing process, a role best exemplified by the Federal Reserve Bank of St. Louis.
Foremost has been the implementation of a monetary policy that has restored liquidity to the markets and that has driven down interest rates in an effort to support investment and demand. Our president, James Bullard, has been a key contributor to this process, and his effectiveness has been enhanced by the insights of the Eighth District's impressive team of economists and analysts. The St. Louis Fed is an economic research powerhouse—highly ranked, not just in the Federal Reserve System but in the world. What better basis from which to guide monetary policy?
Explaining monetary policy, and how it works within the broader economy, is vital to the policy's effectiveness. Fortunately, the Eighth District is blessed with a group of dedicated professionals who are adept at communicating this Bank's role in shaping the economy. Assisting the president in his communication role, reaching out to business and community leaders, and implementing community-wide programs are just some of the functions of our outstanding public affairs organization.
Ensuring that the banking system is sound is yet another important job of the St. Louis Fed. We take our regulatory responsibilities seriously and are fortunate to have a best-in-class bank regulatory organization, one that not only regulates banks within the District but is a national leader in training other regulatory bodies.
Finally, the St. Louis Fed is the key coordinator of a range of services provided to the U.S. Department of the Treasury on behalf of the entire Federal Reserve System. Our leadership in this area has been outstanding, as evident by the extraordinary approval rankings from this key customer and by the expanded range of services the Federal Reserve System is providing to the Treasury.
The St. Louis Fed remains a vibrant partner with its customers, the community and the country. On behalf of the board of directors, whose job is oversight, I thank the Bank's executives for their outstanding leadership, and I thank all the Bank's colleagues for their dedication and effectiveness.
Ward M. Klein
Chairman of the Board of Directors