Financial Update (Fourth Quarter 2006)

Vol. 19, No. 4,
Fourth Quarter 2006


Point of Purchase
Fuels E-Check Growth

Atlanta Fed Publishes
Online Payments Guide

Agencies Propose Rules
to Prevent ID Theft

Fed Vice Chair: Payment
System Still Evolving

Bank Profitability Strong
in '05, Report Says

Comments Requested
on Basel II Rules

New Governor Joins
Federal Reserve Board

Study Explores Credit
Notice Attitudes

Payroll Cards to Receive
Added Protection

FHLBs' Risk Taking
Behaviors Examined

Nontraditional Mortgage
Guidance Issued

Atlanta Fed Welcomes
SBAL Council Members


Did You Know?

Data Bank

Circular Letters


Subscribe Online

Mishkin Sworn In as Fed Governor

Frederic Mishkin
Frederic S. Mishkin was sworn in as a member of the Federal Reserve System's Board of Governors on Sept. 5. Most recently a Columbia University professor, he fills the seat that Roger Ferguson vacated in April, and his term expires Jan. 31, 2014.

New governor has significant Fed experience
Mishkin, 55, has extensive Federal Reserve credentials. He once served as research director at the New York Fed and was an associate economist at the Federal Open Market Committee of the Federal Reserve System. He was editor of the New York Fed's Economic Policy Review, an academic consultant to the Board of Governors, and a visiting scholar at the Board's Division of International Finance. He also coauthored a book on inflation targeting with Fed chairman Ben Bernanke, who was then teaching at Princeton University.

Additionally, Mishkin brings experience from other banking organizations. He was a consultant to the World Bank, the Inter-American Development Bank, and the International Monetary Fund and to numerous central banks throughout the world

Extensive research, publishing
Monetary policy and its impact on financial markets and the overall economy have been Mishkin's career focus. He has written more than 15 books and numerous articles for journals and books and has served on the editorial board of the American Economic Review. Mishkin has been an associate editor at the Journal of Business and Economic Statistics, the Journal of Applied Econometrics, and the Journal of Economic Perspectives.

Gov. Mishkin bio
The Board of Governors' role

Mishkin received his bachelor's and doctorate degrees in economics from the Massachusetts Institute of Technology.

Governors influence monetary policy
One of the primary responsibilities of members of the Federal Reserve System's Board of Governors is the formulation of monetary policy. The seven Board members constitute a majority of the 12-member Federal Open Market Committee, the group that makes the key decisions affecting the cost and availability of money and credit in the economy.

The Board of Governors also regularly reports to Congress, giving an annual report on operations and semiannual reports on the state of the economy and the Fed's objectives for the growth of money and credit.