Financial Update (First Quarter 2007)

Vol. 20, No. 1,
First Quarter 2007


Dennis Lockhart Named
Atlanta Fed President

Fed to Study Nation's
Payment Habits

Check 21 Continues
Brisk Growth

Atlanta Fed Joins
Poverty Research

Agencies Update Brochure
on Nontraditional Mortgages

Guidelines on Commercial
Real Estate Loans Issued

Bernanke Focuses on
Fed’s Supervisory Role

New Atlanta Fed
Directors Named

$1 Presidential Coin
Program Begins

Fed Turns Money
Over to Treasury


Did You Know?

Data Bank

Circular Letters


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Atlanta Fed Participates in Poverty Research

Little Haiti sign The Federal Reserve Bank of Atlanta's Community Affairs Department is collaborating on a research project designed to identify new ways to help poverty-stricken communities.

Atlanta Fed staff will join counterparts from other Reserve Banks and experts from the Brookings Institution, a Washington, D.C.–based policy research organization, to study impoverished U.S. communities in fast-growing metropolitan areas, older cities, and rural areas.

Pockets of persistent poverty to be studied
The 14 communities to be studied suffer from "concentrated poverty," defined as places where more than 40 percent of households live below the federal poverty level, said Jessica LeVeen Farr, regional community development manager at the Atlanta Fed's Nashville Branch and the Atlanta Fed’s leader on the project.

Atlanta Fed staff will research the Little Haiti area of Miami and a neighborhood in Albany, Ga. The Atlanta Fed’s Community Affairs staff, part of the Supervision and Regulation Department, will be visiting the Little Haiti and Albany neighborhoods in early 2007 to meet with residents, community leaders, government officials, schools, police, and others.

Digging deeper
"Our analysis will go behind the data," Farr said. "We want to learn more about the underlying causes of concentrated poverty and its consequences on individuals and their communities."

Brookings Institution article on concentrated poverty off-site image

"We are also interested in identifying and evaluating the effectiveness of programs that are available—if any—to alleviate poverty in these communities. We want to determine what's working and what's not working," she added.

Research is scheduled to continue through March, and case studies on each community should be completed by May or June. The Fed and the Brookings Institution will issue a joint publication on the project's findings by the end of summer 2007.

Individual Reserve Banks will also explore additional publication opportunities for the research and the prospect of sharing relevant research findings with their internal and external constituencies.