Richard H. Clarida began a four-year term as Vice Chair of the Board of Governors of the Federal Reserve System on September 17, 2018, and took office as Board member to fill an unexpired term ending January 31, 2022.

Prior to his appointment to the Board, Dr. Clarida served as the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University, where he taught from 1988 to 2018. From 1997 until 2001, Clarida served as chairman of the Department of Economics at Columbia University.

In addition to his academic experience, Dr. Clarida served as the Assistant Secretary of the U.S. Department of the Treasury for Economic Policy from February 2002 until May 2003. In that position, he served as chief economic adviser to Treasury Secretaries Paul H. O'Neill and John W. Snow. He was awarded the Treasury Medal in recognition of his service. Dr. Clarida also served on the Council of Economic Advisers under President Reagan.

From...

Outlooks and Outcomes for the U.S. Economy With the release of the gross domestic product (GDP) data last week, we learned that the U.S. economy in the second quarter of this year transitioned from economic recovery to economic expansion.1 Given the catastrophic collapse in U.S. economic activity in the first half of 2020 as a result of the global pandemic and the mitigation efforts put in place to contain it, few forecasters could have expected—or even dared to hope—in the spring of last year that the recovery in GDP, from the sharpest decline in activity since the Great Depression, would be either so robust or as rapid. In retrospect, it seems clear that timely and targeted monetary and fiscal policy actions—unprecedented in both scale and scope—provided essential and significant support to the economic recovery as it got under way last year. Indeed, just recently, the National Bureau of Economic Research's Business Cycle Dating Committee determined that the recession...

Michelle W. Bowman took office as a member of the Board of Governors of the Federal Reserve System on November 26, 2018, to fill an unexpired term ending January 31, 2020. She was reappointed to the Board on January 23, 2020, and sworn in on January 30, 2020, for a term ending January 31, 2034.

Prior to her appointment to the Board, Ms. Bowman served as the state bank commissioner of Kansas from January 2017 to November 2018. She also served as vice president of Farmers & Drovers Bank in Kansas from 2010 to 2017.

In addition to her experience in the banking industry, Ms. Bowman worked in Washington, D.C. for Senator Bob Dole of Kansas from 1995 to 1996 and served as a counsel to the U.S. House Committee on Transportation and Infrastructure and the Committee on Government Reform and Oversight between 1997 and 2002. In 2002, Ms. Bowman became director of congressional and intergovernmental affairs at the Federal Emergency Management Agency. From 2003 to...

Governor Michelle W. Bowman

At "Toward an Inclusive Recovery: Improving Labor Force Attachment and Financial Security among Low-Income and Marginalized Workers," a research seminar sponsored by the Board of Governors of the Federal Reserve System, Washington, D.C. (via webcast)

Join us August 3 for a research seminar focused on issues related to the employment experiences of low-income workers during the pandemic and how to improve the financial security of these workers.

The Federal Reserve Board on Tuesday announced the execution of the enforcement actions listed below:

Consent prohibition against Kristyn Kelly Former employee of Regions Bank, Birmingham, AL Unauthorized transactions in a customer account

Commercial Bank, Harrogate, Tennessee Flood insurance violations; civil money penalty Consent Order, dated July 30, 2021

Additional enforcement actions can be searched for here.

For media inquiries, call 202-452-2955

The Federal Reserve Board announced on Tuesday that it will extend until September 9, 2021, the comment period for its proposal to govern funds transfers over the Federal Reserve Banks' FedNow? Service. The FedNow Service is a new 24x7x365 service that will support instant payments in the United States and is expected to be available in 2023.

The Board extended the comment period to allow interested persons more time to analyze the proposal and prepare their comments. Originally, comments were due by August 10, 2021.

The Board's Federal Register notice is attached.

For media inquiries, call 202-452-2955

The Federal Reserve, along with other co-sponsoring Federal Reserve Banks and regional planning universities, have made the decision to again host the National College Fed Challenge virtually to ensure the competition can be held in 2021. Please see College Fed Challenge 2021 Rules and Steps.

The virtual format will continue to allow schools outside the current Fed Challenge districts to compete in a newly created "at-large" new region.

The July 2021 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the second quarter of 2021.1

Regarding loans to businesses, respondents to the July survey, on balance, reported easier standards and stronger demand for commercial and industrial (C&I) loans to firms of all sizes over the second quarter.2 For commercial real estate (CRE), standards on multifamily and construction and land development loans eased, while standards on loans secured by nonfarm nonresidential properties remained basically unchanged. Banks reported stronger demand for all CRE loan categories.

For loans to households, banks eased standards across most categories of residential real estate (RRE) loans, on net, and reported stronger demand for most types of RRE loans over the second quarter. Banks also eased...

In a matter of months, the COVID-19 pandemic erased a decade of economic progress. It exposed existing economic and health inequities faced by lower-income people and people of color. Millions of people—some for the very first time—experienced unemployment, housing instability, and other economic hardships.

As people return to work and our economy begins to expand, the community development field—including the financial, government, philanthropic, and nonprofit sectors—has an opportunity to collectively advance policies and actions that support an inclusive and equitable recovery.

Join us for a Federal Reserve Community Development Research Seminar Series focused on supporting an inclusive recovery. Each seminar in the series will present research illuminating an issue critical to our economy, and presenters will discuss how the community development field can use these findings to support a recovery that benefits everyone.

Join us August 3 for a research seminar focused on issues related to the employment experiences of low-income workers during the pandemic and how to improve the financial security of these workers.

Randal K. Quarles took office as a member of the Board of Governors of the Federal Reserve System on October 13, 2017, to fill an unexpired term ending on January 31, 2018. He was reappointed to the Board and sworn in on July 23, 2018, for a term ending January 31, 2032. He was sworn in as Vice Chair for Supervision on October 13, 2017. His term as Vice Chair for Supervision ends on October 13, 2021.

Mr. Quarles is also chair of the Financial Stability Board (FSB). He took office on December 2, 2018, to fill a three-year term. The Financial Stability Board is an international body that monitors and makes recommendations about the global financial system. It also coordinates national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory, and other financial sector policies. He will serve on the Board and FSB simultaneously.

Prior to his appointment to the Board, Mr. Quarles was founder and...

I have been reflecting recently, and in connection with this speech, on America's centuries-long enthusiasm for novelty. In the main, it has served us and the world well, by making America the home of so many of the scientific and practical innovations that have transformed life in the 21st century from that of the 19th. But, especially when coupled with an equally American susceptibility to boosterism and the fear of missing out, it has also sometimes led to a mass suspension of our critical thinking and to occasionally impetuous, deluded crazes or fads.

Sometimes the consequences are in hindsight merely puzzling or embarrassing, like that year in the 1980s when millions of Americans suddenly started wearing parachute pants. But the consequences can also be more serious.

Which brings us to my topic today: central bank digital currencies, or CBDCs. In recent months, public interest in a "digital dollar" has reached fever pitch. A wide range of experts and...

The Federal Reserve Board's offices in Washington, D.C., will be closed on Friday, June 18, 2021, in observance of Juneteenth National Independence Day. All previously scheduled announcements will be released today or postponed until Monday, June 21, with more information on the Board's website.

Federal Reserve Financial Services will operate normally on Friday, June 18, and Monday, June 21, providing payment services, including the fulfillment of orders for currency and coin, which is standard practice for any federal holiday that falls on a Saturday.

For media inquiries, call 202-452-2955.

The Federal Reserve operates with a sizable balance sheet that includes a large number of distinct assets and liabilities. The Federal Reserve's balance sheet contains a great deal of information about the scale and scope of its operations. For decades, market participants have closely studied the evolution of the Federal Reserve's balance sheet to understand more clearly important details concerning the implementation of monetary policy. Over recent years, the development and implementation of a number of new lending facilities to address the financial crisis have both increased complexity of the Federal Reserve's balance sheet and has led to increased public interest in it.

Each week, the Federal Reserve publishes its balance sheet, typically on Thursday afternoon around 4:30 p.m. The balance sheet is included in the Federal Reserve's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve...

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.