Financial Update (July-September 2001)
2000 Annual Report
Atlanta Fed 2000 Annual Report Cites Innovation and Continuity
he Federal Reserve Bank of Atlanta 2000 annual report reviews the bank’s performance over the past year in the context of the changes the bank has undergone since its establishment in 1914.
This retrospective report illustrates how the Federal Reserve’s functions have kept pace with the region’s economy. In 1914 the Southeastern economy was primarily agricultural and notoriously short of capital but has diversified, grown, and prospered during the decades since then. As the regional economy has evolved, so has the scope of bank responsibilities. From an early emphasis on discount window lending, government securities and cash services, the bank’s duties have broadened to include bank supervision, monetary policy research and a wide array of payment services. Through all these changes, the bank’s primary goal as the nation’s central bank has remained the same — to foster a sound financial system and a healthy economy.
The Atlanta Fed’s ongoing commitment to this goal and to its core principles of integrity, efficiency, effectiveness and prudence is demonstrated in the bank’s key activities in 2000. The Retail Payments Office, based in Atlanta but acting on behalf of the entire Federal Reserve System, coordinated efforts to advance the use of electronic payment methods, to conduct a national survey of check usage and to standardize the infrastructure for processing and imaging checks.
In bank supervision, the Atlanta Fed deepened its expertise in commercial bank wealth management. The bank also strengthened its ties with the Latin American banking industry as Atlanta Fed supervision staff met regularly with Latin American banking officials. In addition, the bank’s Miami Branch began offering currency services to various Latin American countries whose currencies are dollar-based.