The Downhome Dispatch from the Federal Reserve Bank of St. Louis
Duties and Functions of the Federal Reserve Bank of St. Louis
Meet the Federal Reserve Bank of St. Louis, one of the Federal Reserve System's (FRS) ground-pounding reserve banks. This central player has its sights set on the eighth district, which spans Arkansas and nibbles at parts of Illinois, Indiana, Kentucky, Missouri, Mississippi, and Tennessee. With its headquarters in the heart of St. Louis, this bank's got branch offices in Little Rock, Louisville, and Memphis.2
But don't just think of it as a card-carrying FRS member – this bank's also the keeper of the Federal Reserve Economic Database (FRED), a treasure trove filled with over 826,000 U.S. and international time series pulled from more than 100 different sources. Users can dip into this wellspring to download, graph, and track ya-deeda data like inflation, unemployment numbers, Treasury yields, and more. And the best part? The data's free as a bird.3
Minding One's Own Business
The Federal Reserve Bank of St. Louis thinks cash is America's bread and butter, and it's got the resources to prove it. The bank executes the central bank's monetary policy by keeping an eye on price inflation and economic growth, and it makes sure that the banks, bank holding companies, and savings and loan holding companies within its territory are lining up straight and flying right. Need a little coin for your kingdom? The bank will give it to ya, so long as you're within its district.4
The bank's Community Development Advisory Council works behind the scenes to ensure everyone gets a fair shake. This team teams up with local communities to improve credit access, help out the little guys, and make sure every Tom, Dick, and Harry's banking woes are addressed.5
Show Me the Beliefs
You might say that the Federal Reserve Bank of St. Louis is a fan of Aunt Bee's homemade apple pie. That's because this bank's been pushing for monetarism – the idea that central banks should crack down on inflation – since the hippie days of the '60s. Mention Milton Friedman, the University of Chicago economist and father of the movement, and this bank remembers him like the back of its hand.6
A Museum and a Mark
Want to visit the banks? You can't, but you can give the Economy Museum, located in the bank's downtown St. Louis headquarters, a once-over. This museum's an award-winning insight into the economy, breaking it down for folks like you and me. Time to brush up on your financial know-how!7
Did you know that bank notes issued by the Federal Reserve Bank of St. Louis are emblazoned with the letter H? The H stands for the eighth district, and it's also the eighth letter of the alphabet – a little detail that'll surely bring a smile to your face.8
Can I Cash a Check with Mr. Banker's Pal?
Nope! Federal Reserve Banks aren't your neighborhood ATM. They serve as lenders of last resort for eligible depository institutions and can't be accessed by consumers.9
Who's the Big Cheese at the Federal Reserve Bank of St. Louis?
Alberto Musalem took the reins as president and CEO of the Federal Reserve Bank of St. Louis in 2024.1
So, What Does the Federal Reserve Bank of St. Louis Do?
To put it simply, the Federal Reserve Bank of St. Louis enacts central banking policies within the Eighth Federal Reserve District. But it doesn't stop there – this bank's also providing one of the most valuable services: FRED, or the Federal Reserve Economic Database. This resource is a goldmine of business and government statistics, from balance of trade figures to commodity prices. The bank also dishes out several other research services, like GeoFRED for mapped data and FRASER for economic history.10
That's a Wrap
The Federal Reserve Bank of St. Louis walks the beat in its district, enforcing central banking policies and keeping the financial system in tip-top shape. On top of that, it provides research and data to help businesses and policymakers make informed decisions that benefit the region.
- The Federal Reserve Bank of St. Louis, known for its data services, has also delved into the world of decentralized finance (defi), launching an ico (initial coin offering) for a unique token (digital asset) aimed at financing local businesses.
- As a champion of financial transparency, the Federal Reserve Bank of St. Louis continues to innovate, using its platform to encourage and support businesses in integrating blockchain technology into their financial operations.
