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Annual Report


2009 Annual Report cover

Reviews the Bank's operations and includes the article entitled "Systemic Risk and the Pursuit of Efficiency"

Message from the President

Jeffrey M. Lacker discusses why he believes that ensuring market participants bear the consequences of their actions would help to reduce the dangers of systemic risk to the financial system.

Feature Article: "Systemic Risk and the Pursuit of Efficiency"

In this essay, senior economist Kartik Athreya identifies systemic risk with the presence of linkages between market participants, where problems for one directly create problems for others. He argues that such situations can arise from the use of contractual arrangements, especially debt that requires frequent refinancing and liquidation in the event of an inability to repay. The presence of spillover effects can, in turn, lead to outcomes in the wake of shocks that can be improved via policy intervention. Nonetheless, he cautions against taking this as a license to intervene after the fact, and instead suggests that observed contracting arrangements may be important in promoting efficient trade between parties from a "before the shock" perspective.

Message from Management

First Vice President Sally Green talks about the Federal Reserve's resolve to do what is best for Main Street.

The Bank in the Community

Learn about the formation of the Bank's new district-wide outreach function and its activities throughout the year, including a series of regional economic forums and efforts to address the mortgage foreclosure crisis in the Fifth District.

Fifth District Economic Report

A look back at 2009 economic conditions in the Fifth District, including analysis and data on labor markets, household and business conditions, and housing and commercial real estate markets.

Boards of Directors and Advisory Groups

Photos and listings of the Bank's boards of directors and advisory councils.


Photo of the Management Committee and listing of Bank officers.

Financial Statements

Comparative financial statements for 2009. Also includes Management Assertion and Report of Independent Auditors.