First Quarter, Volume 22, Number 1

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Vol. 22, No. 1,
First Quarter 2009


Fed, Treasury Emphasize Key Roles in Policymaking

Atlanta Fed Economist Examines Subprime Crisis

Atlanta Fed President: Real Estate Recovery Critical

Fed Chairman Discusses Regulatory Reform

Fed Provides Tips for Avoiding Foreclosure Scams

Recovery Could Begin in Late '09, Atlanta Fed Chief Says

Recent Fed Actions Aimed at Fostering Liquidity

Fed Gov. Duke Discusses Housing Market Woes

Survey: Lending Standards Tightening

Atlanta Fed Chief Discusses 2009 Economy

Fed, Brookings Jointly Explore U.S. Poverty

Securities Purchase Detailed, Fed Funding Facility Expanded

Reserve Banks Transfer Money to U.S. Treasury

New Atlanta Fed Directors Named


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Editor's Note: This publication is posted on a rolling schedule and content will be added throughout the quarter.
Updated March 31, 2009

Seals of the Federal Reserve Board and U.S. Treasury Fed, Treasury Issue Joint Statement on Financial, Monetary Stability
3/31/2009 - The Federal Reserve and the U.S. Treasury recently addressed their joint role in preserving U.S. financial and monetary stability and the Fed's independence as a policymaking body.

subprime mortgages Atlanta Fed Economist Examines the Subprime Crisis
3/31/2009 - An Atlanta Fed economist said that given available data, market participants should have been able to understand that a significant fall in housing prices would cause a large increase in foreclosures.
Audio icon Podcast on subprime crisis (MP3 8:27)

Atlanta Fed Chair Dennis Lockhart Atlanta Fed President: Real Estate Recovery Critical
3/31/2009 - Commercial real estate is critical to the nation’s financial sector, and recovery of the financial sector is necessary for economic recovery, Atlanta Fed President Dennis Lockhart said during a recent speech.

Fed Chairman Ben Bernanke Fed Chairman Discusses Regulatory Reform
3/31/2009 - Fed Chairman Ben Bernanke recently talked about reforming the approach to financial regulation in the United States and discussed adopting an approach that monitors, assesses, and addresses potential systemic risks.

Avoid Fraud Fed Provides Tips on Avoiding Mortgage Scams
3/31/2009 - The Fed has compiled some tips to help protect consumers from becoming victims of foreclosure avoidance scams. It's important for consumers to know that housing counselors and other resources are available at no or low cost to assist homeowners who have fallen behind on their mortgage payments.

Atlanta Fed Chair Dennis Lockhart Atlanta Fed President Foresees Modest Recovery Starting in Second Half of 2009
2/26/2009 - In a recent speech, Atlanta Fed President Dennis Lockhart said some economic signs, such as falling energy prices and low mortgage interest rates, indicate that a modest recovery could start in the second half of 2009.

Fed Board of Governors Fed Announces New Actions to Foster Improvements in Financial Markets
2/26/2009 - Recent actions taken by the Federal Reserve to increase market liquidity include changes to some existing programs targeting banks' participation in financial markets and the extension of other programs designed to provide market liquidity.

Federal Reserve Governor Elizabeth Duke Fed Gov. Duke: Policymakers Must Address Rising Costs of Foreclosures
2/26/2009 - In recent speeches, Federal Reserve Gov. Elizabeth Duke discussed the need for both policymakers and bankers to take the steps necessary to stabilize the nation's troubled housing markets.

man writing Fed Survey Shows Tightened Bank Lending Standards in 2008
2/19/2009 - Lending standards and terms for a range of loan types tightened during the fourth quarter of 2008 at both domestic and foreign banks, according to a recent Fed survey of banks' loan officers.

Atlanta Fed Chairman Dennis Lockhart Lockhart: Policy Tools Remain in Federal Reserve's Arsenal
1/29/2009 - In a recent speech, Atlanta Fed President Dennis Lockhart said he expects Fed policy in 2009 to exert a corrective force on a weak economy and that further options remain available to the central bank.

brochure on poverty study Fed, Brookings Jointly Explore U.S. Poverty
1/29/2009 - To better understand concentrated poverty, the Federal Reserve System and the Brookings Institution studied the poor populations 16 U.S. locales. The case studies include the Southeastern areas of East Albany, Ga., and a Miami neighborhood.

Federal Reserve Seal Fed Announces Details of Plan to Purchase Securities, Expands Funding Facility
1/29/2009 - To help support mortgage markets and improve financial market conditions, the Federal Reserve has announced details of its program to purchase mortgage backed securities and announced changes to the Money Market Investor Funding Facility.
U.S. Treasury building Reserve Banks Return $35 Billion to U.S. Treasury
1/29/2009 - In 2008, the Federal Reserve System transferred $34.9 billion to the U.S. Treasury. This revenue represents most of the Reserve Banks' net income and came from a number of sources.

Federal Reserve board room Atlanta Fed and Branches Announce New Directors
1/29/2009 - The Atlanta Fed and its branches have announced their new directors. Among them, Scott Davis has been appointed chairman of the Atlanta Fed's board of directors, and Carol Tomé has been appointed its deputy chairman.