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Federal Reserve Bank of Atlanta

Coordinates: 33°46′57″N 84°23′7″W / 33.78250°N 84.38528°W / 33.78250; -84.38528 (Federal Reserve Bank of Atlanta)
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Federal Reserve Bank of Atlanta
Federal Reserve Seal
Headquarters
Headquarters1000 Peachtree St NE
Atlanta, Georgia, USA
EstablishedMay 18, 1914 (110 years ago) (1914-05-18)
PresidentRaphael Bostic
Central bank of
Sixth District
Websitewww.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.

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

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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

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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

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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]

# CEO Life span Term start Term end
Governors
1 Joseph A. McCord 1857-1943 October 19, 1914 January 10, 1919
2 Max Wellborn 1862-1957 March 1, 1919 January 1, 1928
3 Eugene R. Black 1873-1934 January 13, 1928 May 19, 1933
- W.S. Johns - May 19, 1933 August 16, 1934
4 Eugene R. Black* 1873-1934 August 16, 1934 December 19, 1934
5 Oscar Newton* 1877-1939 January 10, 1935 —
Presidents
(5) Oscar Newton* 1877-1939 — 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
- Patrick K. Barron - October 1, 2006 February 28, 2007
14 Dennis P. Lockhart† 1947- March 1, 2007 February 28, 2017
- Marie C. Gooding - March 1, 2017 June 4, 2017
15 Raphael Bostic 1966- June 5, 2017 Incumbent
Denotes acting officeholder
† Stepped down due to reaching retirement age
* Died in office

Board of directors

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

Class A
Name Title Term 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
Name Title Term expires
John W. Garratt Executive VP, CFO
Dollar General
Goodlettsville, Tennessee 		2024
Michael Russell CEO
H.J. Russell & Company
Atlanta, Georgia 		2025
Nicole B. Thomas Hospital president
Baptist Medical Center Jacksonville
Jacksonville, Florida 		2023
Class C
Name Title Term 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

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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

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See also

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References

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  1. ^ a b "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. ^ a b "Wage Growth Tracker". www.frbatlanta.org.
  5. ^ a b "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. ^ a b "Directors of Federal Reserve Banks and Branches". The Federal Reserve. September 13, 2016.
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33°46′57″N 84°23′7″W / 33.78250°N 84.38528°W / 33.78250; -84.38528 (Federal Reserve Bank of Atlanta)

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