Beige Book: Weakening Economic Conditions in Eighth District

The pace of economic activity slowed across the nation in late July and August, according to the latest issue of the Beige Book. In the Eighth District, conditions have softened since the previous report. Hear more in an interview with Fed Economist Howard Wall.

Elizabeth Duke Sworn in as Fed Governor

Elizabeth A. Duke took the oath of office as a member of the Board of Governors of the Federal Reserve System on Aug. 5. The oath was administered by Chairman Ben S. Bernanke in the Chairman's office. She will participate in and vote at the Aug. 5 meeting of the Federal Open Market Committee. (Read more.)

Fed Amends Home Mortgage Provisions of Regulation Z

The Federal Reserve on July 14 approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending. The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices. The final rule also establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction. (Read more.)

If Necessary, Fed Will Lend to Fannie Mae and Freddie Mac

The Fed's Board of Governors announced July 13 that it has granted the Federal Reserve Bank of New York the authority to lend to Fannie Mae and Freddie Mac should such lending prove necessary. (Read more.)

Federal Reserve and SEC Issue Memorandum of Understanding

Securities and Exchange Commission (SEC) Chairman Christopher Cox and Fed Chairman Ben Bernanke on July 7 signed a memorandum of understanding between the two agencies that will deepen their information sharing and cooperation, permitting both agencies to better perform their responsibilities. (Read more.)

Burgundy Books Show Mixed Conditions in Eighth District

The St. Louis Fed's June Burgundy Books reveal mixed conditions in the District's St. Louis and Memphis zones, slowing economic activity in the Little Rock zone and weak activity continuing in the Louisville zone. In conjunction with the release of the reports, St. Louis Fed economists Michael Pakko and Howard Wall provide audio commentary on economic conditions in each zone. Listen to St. Louis | Little Rock | Louisville | Memphis.

Fed Sets Up National Minority-Owned Bank Program

The Federal Reserve System on June 18 launched Partnership for Progress, an outreach and technical assistance program for minority-owned and de novo institutions. Banks can access these resources by visiting a newly developed web site that supports the program. (Learn more.)

Beige Book: Economic Activity Remains Generally Weak

The June Beige Book reports that economic activity nationwide remained generally weak in late April and May; however, the Eighth District was one of five described as stable or little changed. Visit our press room to hear Fed Economist Howard Wall speak about the findings.

November Conference Examines Economics of Ethanol

The Federal Reserve Bank of St. Louis and Washington University will host a conference Nov. 14 on the economics of ethanol. This non-technical conference includes sessions on the profitability of ethanol processing and the impact of ethanol subsidies on rural economies. Other topics include the environmental effects of ethanol production, energy balance with fossil fuels, effects on food prices, subsidy rate relative to oil and gas, and effects on farm production decisions. (Learn more.)

Gov. Mishkin Resigns Effective Aug. 31

Frederic S. Mishkin submitted his resignation May 28 as a member of the Board of Governors of the Federal Reserve System, effective Aug. 31, 2008. Mishkin, who has been a member of the Board since Sept. 5, 2006, submitted his letter of resignation to President Bush.  (Read more.)

Little Rock's Central High Wins National Fed Challenge

For the second year in a row, a team of students from Central High School in Little Rock, Ark., captured first place in the Federal Reserve’s National "Fed Challenge," an economics competition sponsored by the Federal Reserve System. The Central High team is the only open-enrollment urban public school to win, and the second school to repeat a national championship win in the competition’s history. (Read more.)

Fed Proposes Rules on Unfair Credit, Overdraft Practices

The Federal Reserve Board on May 2 proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances. (Read more.)

Poole Reflects in Bank’s 2007 Annual Report

Former St. Louis Fed President Bill Poole looks back at his eventful 10-year presidency in the Bank's 2007 Annual Report. In a final interview, Poole discusses the Fed's proper role during times of crisis, such as the turbulent economic events that took place during his tenure. He also shares his thoughts on the FOMC's communication policies and on the evolving functions of Reserve banks. Also included are highlights from some of Poole's nearly 150 speeches.