The Federal Reserve Bank of Richmond's President, Tom Barkin, recently addressed the Columbia Rotary Club, discussing the current state of the economy and his thoughts on its future trajectory.
On May 3, 2024, the Federal Reserve Bank of Richmond made significant officer appointments within the organization.Chris Andrews has been promoted to vice president of Audit with responsibility for comprehensive audit coverage of various Richmond Fed operations. Andrews, who joined the Richmond Fed in 1993 as a bank examiner, has steadily progressed within the organization, holding management roles before his recent promotion.David McClenney has also been promoted to vice president of Audit. McClenney, who joined the Richmond Fed in 2011, has served in management roles...
Federal Reserve Bank President Tom Barkin is scheduled to address the Columbia Rotary Club on May 6, 2024, in Columbia, South Carolina. The event, set to take place at Seawell's Catering, will commence at 12:50 p.m. ET and will feature a speech by Barkin, followed by an audience question and answer session.In a statement, the Federal Reserve Bank emphasized their commitment to supporting a healthy economy, stating, "We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American...
The Federal Reserve Bank of Richmond recently hosted a Community Bank Credit Forum, bringing together representatives from various banks to discuss crucial topics related to credit and risk management."We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you," stated a representative from the Federal Reserve Bank.The event saw over 40 attendees from banks across the Fifth Federal Reserve District convene to engage in discussions on credit risk...
The Federal Reserve, the central bank of the United States, released its Beige Book report on April 17, 2024, detailing economic conditions in the Fifth District. The report highlighted various trends and challenges faced by businesses and industries in the region.According to the report, consumer spending in the Fifth District was described as flat to slightly up, with mixed reports from retailers. While some shops experienced declines, others like furniture and hardware stores saw increased sales. Additionally, spending on travel increased, with hotel occupancy rising...
Tom Barkin, President of the Federal Reserve Bank of Richmond, recently provided insights on the current state of the economy and potential future trends. At a speaking engagement, Barkin acknowledged the unexpected strength of the economy in 2023, with low unemployment and moderate inflation. However, he also highlighted some concerning trends in early 2024 data, such as higher PCE inflation and softer consumer spending.Barkin used a Peanuts comic strip to illustrate the diverse interpretations of the same data, emphasizing the need for different perspectives. He...
On a recent trip to Southeastern Virginia, the Richmond Fed President Tom Barkin, along with Regional Executive Renee Haltom and Community Development Manager Jarrod Elwell, delved into the complexities of the region's economic landscape, particularly in the area known as Peanut Country.The team's visit unveiled contrasting narratives within Peanut Country, showcasing the delicate balance between preserving rural traditions and embracing urban developments. In Greensville County and Emporia, the team discovered a community striving to reverse historic disinvestment and...
The Federal Reserve Bank of Richmond has recently announced new officer appointments to key positions within the organization. These appointments highlight the bank's commitment to fulfilling its mission of fostering economic stability and strength.One of the notable appointments is that of Christin Patel as senior vice president with responsibility for the National Procurement Office. In this role, Patel will oversee the management of procurement activities for the Federal Reserve System. Patel has been with the Richmond Fed since 2008, starting as a strategic management...
