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Features

U.S. Income Inequality: Not So Bad After All?

What would you do about the growing income gap in the United States?

Join the poll.

Is Inequality a Bad Thing?

U.S. Census figures show that the income gap is widening. Some of these figures may exaggerate the gap, however, without explaining the economic benefits of income inequality. Listen to St. Louis Fed Economist Tom Garrett talk about this issue. Listen | Learn more

The Federal Reserve System Online

The Federal Reserve has developed an online gateway with links to all 12 Fed web sites, the Board of Governors and more. Take a look.

Resources

Job Opportunities

FAQ Database

Treasury Sets Capital Purchase Program Deadline for Privately Held Institutions

Nov. 18 — The U.S. Treasury has established a Dec. 8 deadline for privately held financial institutions to apply for its Capital Purchase Program.

Capital Purchase Program Details

• Call 1-877-887-7984 to learn more.
• Fill out the application form.
• Submit the application online.
• A signed copy of the form must also be mailed to:
  Julie L. Stackhouse, Senior Vice President
  Federal Reserve Bank of St. Louis
  P.O. Box 442
  St. Louis, MO 63166.

Agencies Issue Final Rule to Implement Unlawful Internet Gambling Enforcement Act

Nov. 12 — The Department of the Treasury and the Federal Reserve Board announced the release of a joint final rule to implement the Unlawful Internet Gambling Enforcement Act of 2006. The Act prohibits gambling businesses from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers and checks. (Read more.)

Fed Announces Reduced Number of Check Processing Sites and Accelerated Restructuring Schedule

Nov. 6 — The Federal Reserve announced that the Cleveland Fed will serve as the single paper check processing and adjustments site and that the Atlanta Fed will serve as the single electronic check processing site for the Federal Reserve System. The Reserve banks also announced they will use a flexible restructuring schedule that scales back or shifts operations at their other sites when paper check volumes no longer justify the existing operation. (Read more.)

Fed Warns Consumers against Fraudulent Solicitation

Nov. 4 — The Federal Reserve Board has alerted the public to instances of questionable solicitations directed at consumers. These solicitations promise consumers access to personal loans through a nonexistent Federal Reserve lending program. Under this fraudulent scheme, targeted individuals are told that that they can work through a broker to access a Federal Reserve program that extends sizable secured loans to consumers.  (Read more.)

Review Examines Foreclosure Relief during Great Depression

Nov. 4 — In the November/December issue of the St. Louis Fed's Review, Economist Dave Wheelock takes an historical look at how states handled foreclosures during the Great Depression. Some states imposed various types of moratoria to help both farmers and homeowners keep their properties. But there was an apparent downside to such relief: Reducing the rate of foreclosures also appears to have reduced the supply of money for subsequent loans, and subsequent borrowers sometimes paid more for credit. The Review covers national and international economic developments—particularly their monetary aspects. (Read more.)

New Online Publication Covers Timely Economic Issues

Nov. 4 — The St. Louis Fed's Research division has launched Economic Synopses, a series of short essays (generally about one page) that provide insight and commentary on timely issues in economics, finance, banking and other areas. The essays are meant to be clear and accessible for the interested, but not necessarily expert, reader. (Read more.)

2009 Fee Schedules for Payment Services Approved

Oct. 30 — The Federal Reserve Board announced the approval of fee schedules for payment services the Federal Reserve Banks provide to depository institutions (priced services), effective Jan. 2, 2009. (Read more.)

Fed, Central Banks in Brazil, Mexico, Korea and Singapore, Announce Swap Lines

Oct. 29 — The Federal Reserve, the Banco Central do Brasil, the Banco de Mexico, the Bank of Korea and the Monetary Authority of Singapore announced the establishment of temporary reciprocal currency arrangements (swap lines). These facilities, like those with other central banks, are designed to mitigate the difficulties in obtaining U.S. dollar funding in fundamentally sound and well-managed economies. (Read more.)

Fed, New Zealand Central Bank Announce Swap Line

Oct. 28 — The Federal Reserve and the Reserve Bank of New Zealand announced the establishment of a temporary reciprocal currency arrangement (swap line) to address ongoing, elevated pressures in U.S. dollar short-term funding markets.  This facility, like those already established with other central banks, isdesigned to help improve liquidity conditions in global financial markets. (Read more.)

Fed and Brookings Institution Release Report on Concentrated Poverty in America

Oct. 21 — A new report from the Federal Reserve and the Brookings Institution, The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S., profiles 16 high-poverty communities from across the country. One of the case studies focuses on Holmes County, Miss., located in the Federal Reserve’s Eighth District. Through these case studies, the report contributes to an understanding of the dynamics of poor people living in poor communities, and the policies that will be needed to bring both into the economic mainstream.

Fed Announces Money Market Investor Funding Facility

Oct. 21 — The Federal Reserve has announced the creation of the Money Market Investor Funding Facility, which will support a private-sector initiative designed to provide liquidity to U.S. money market investors. Under the facility, the Federal Reserve Bank of New York will provide senior secured funding to a series of special purpose vehicles to facilitate an industry-supported private-sector initiative to finance the purchase of eligible assets from eligible investors. (Read more.)

Fed Announces Revised Check Restructuring Schedule

Oct. 16 — Over the last several years, the Reserve banks have been restructuring their check processing infrastructure in response to rapidly declining paper volumes. In March, the Fed announced a plan that targeted a transition to four regional check processing locations by early 2010. As a result of dramatically declining paper check volumes, the Reserve banks have developed a revised schedule that will significantly accelerate the timeline announced in March. All current processing offices will be affected by the revised schedule, including those in the Eighth District. (Read more.)

Beige Book: Business Conditions Continue To Deteriorate

Oct. 15 — Economic activity weakened in September across all 12 Federal Reserve districts, according to the latest issue of the Beige Book. In the Eighth District, conditions have continued to weaken since the previous report. Hear more in an interview with Fed Economist Howard Wall.

Treasury, Federal Reserve and FDIC Issue Joint Statement

Oct. 14 — The following statement was made by Treasury Secretary Henry Paulson, Fed Chairman Ben Bernanke and FDIC Chairman Sheila Bair: "Today we are taking decisive actions to protect the U.S. economy, to strengthen public confidence in our financial institutions, and to foster the robust functioning of our credit markets. These steps will ensure that the U.S. financial system performs its vital role of providing credit to households and businesses and protecting savings and investments in a manner that promotes strong economic growth in the U.S. and around the world." (Read more.)

Data Sources

ALFRED® (Archival Federal Reserve Economic Data) is an application for retrieving vintage versions of economic data.

CASSIDI® (Competitive Analysis and Structure Source Instrument for Depository Institutions) is the St. Louis Fed's banking market structure and competitive analysis online application.

FRASER® (Federal Reserve Archival System for Economic Research) provides historical economic statistical publications, releases and documents.

FRED® is the Federal Reserve's economic and financial database.

GeoFRED™ enables users to create thematic maps of U.S. economic data by state, county or metropolitan statistical area.