COVID-19 and the St. Louis Fed: A Note from President Bullard

March 17, 2020

James Bullard is the president and CEO of the Federal Reserve Bank of St. Louis.

COVID-19 is having a profound effect on people and economies here and around the world. These are challenging times, and the Federal Reserve System is united in a common goal: to serve the American people. The Federal Open Market Committee—of which I am a participant—has authorized the Federal Reserve to take action by lowering the targeted range for the federal funds rate, enhancing liquidity in financial markets and facilitating increased lending by financial institutions during this disruptive period. We are driven by our public service mission, our responsibility to promote the stability of the financial system, and by our congressional mandate to foster maximum sustainable employment and price stability.

At the St. Louis Fed and at our branches in Little Rock, Ark., Louisville, Ky., and Memphis, Tenn., we are carrying out our mission while actively monitoring the developments of the spread of COVID-19 and its ongoing impact on our nation, our District and our workforce. As such, we remain open for business and focused on delivering our important responsibilities while being mindful of the safety and well-being of our workforce and the communities we serve.

Effective March 16, we are operating on a full-time remote work status for all staff with the exception of those staff in essential on-site operations, such as cash processing, law enforcement and certain facility functions. We have robust business continuity plans in place that focus on ensuring that all critical functions will continue. Our services are operational, and we do not anticipate any business disruption.

This page contains additional resource links from the St. Louis Fed and other organizations that may be helpful to you during this unprecedented time.

Sincerely,