1984 Atlanta Fed Annual Report

C. Federal Reserve Bank of Atlanta 1984 Annual Report “We acknowledge our public i responsibilities and our national t part of the country‘s central banking system.” Table of Contents From the Boardroom.. .3 Economic Expansion Continues reasonable in the exercise of our authority. We will regard quality and in the Southeast.. .5 responsive service as our most important business priorities and in carrying out our responsibilities we will regard people as more important than pro- ", cess. Our business decisions will be weighed against a comprehensive Atlanta Fed Activities: business plan that outlines our organizational goals and priorities, and these A Commitment to Efficiency, decisions always will be made with careful regard for the longrun health of Integrity, and Excellence . .9 the Bank and the constituencies we serve. We acknowledge our public interest responsibilities and our national trust as part of the country's central banking system. We intend to provide exemplary service to our government, Corporate Citizenship: the business community, and the general public. The Challenge of Getting Involved.. .15 Management Philosophy Since effective teamwork goals, the Bank's -a Directors and organizational structure and overall management style will reflect an open Senior Officers , . , , . , , . .20 and participative approach. Bank managers will be peopleoriented, visible, and accessible at all levels. Employees will be kept informed regarding Branch Directors.. .22 plans, decisions, events and problems affecting them, and their suggestions . will be actively encouraged. Statement of Condition, . , , .24 Employee Relations We will strive to attra taff of individuals who Statement of Earnings. .25 are highly effective in carrying out their responsibilities, who are committed to Bank goals, who have the highest standards of personal integrity, ~ Summary of Operations . .26 and who genuinely enjoy their careers at the Federal Reserve. The relation- ship between Bank management and other staff members will be characterized by mutual respect, fairness, and equal opportunity and treatment for every individual. ., Pride in Work Excellence is o Reserve Bank . take pride in their professionalism and in providing the highest quality of service possible to the clients we serve. The Bank encourages continual in- , novation, creativity, and involvement to improve productivity and the . quality of services we offer. Staff members are recognized and rewarded €or their contributions to our success. For additional copies write to: Community Involvement Information Center Federal Reserve Bankof Atlanta We take seriously the responsibilities orate citizenship and P. 0.Box 1731 actively encourage and support the civic and community involvement of our Atlanta, Georgia 30301 -1 731 staff. (404)521 -8788 r 2 L- From the Boardroom , With a new management team in Our third responsibility, which actu- - place at the beginning of 1984, the ally requires most of our resources, is Federal Reserve Bank of Atlanta adopted providing financial and central banking ~ a corporate philosophy statement that services to the public, depository insti- identifies and articulates the Bank’s tutions, the U.S. government, and the ’mission and goals. That document corn business community. We are dedicated mits us to be prudent and foresighted in to offering superior service in a way that managing Bank resources and fair and T reasonable in exercising our authority as a unit of the nation’s central bank. - As a key section of the statement -> summarizes: “We acknowledge our public interest responsibilities and our national - trust as part of the country‘s central - banking system. We intend to provide exemplary service to our government, the business community, and the general * public.” 4 In addition, we developed a strategic business plan for 1985-1987 to guide - the implementation of our primary responsibilities with careful attention to the longrun health of the Bank and the constituencies it serves. Perhaps the most visible of these responsibilities relates to helping fomw C late national monetary policy. In this regard, we have focused more intently on contributing to national goals through - quality economic research Atlanta Fed President Robert P. Forrestal participates . on the policymaking Federal Open Market -- Committee (FOMC) with the seven gover nom of the Federal Reserve System and the 11 other Federal Reserve Bank * presidents. He became a voting member . of the FOMC in March 1985, as our Banks president does every third year. Atlanta Fed Chairman JohnH. Weitnauer, Jr., left, and Pn it Robert P. Forrestal, right, in a discussion with Federal - A second responsibility spelled out Reserve Board Chairman Paul A. Volcker during a meeting at the New Orleans Branch. ’in the business plan involves our activities relating to supervision and regula- promotes .the efficiency and integrity tion. We commit ourselves to providing of the payments mechanism. + highly professional supervision of finan- Our three corporate missions are di4 cial institutions, emphasizing minimal tinct, yet we see them as being comple interference consistent with safety and mentary and mutually supportive. By soundness, while standing ready as a achieving our strategic goals, we can * lender of last resort to support super help encourage a strong, low-inflation economic environment, and contribute 3 to a stable, efficient financial services human relations through a comprehek industry. sive program to improve management‘s We are pleased with our accom- accessibility and responsiveness to c plishments of last year, and this annual employee concerns. Our efforts include report details the operations and achieve a broadened District-wide program to ments of our various departments. enhance employee relations and an This annual report also will take a intensified dedication to the Bank’s close look at the economy of the Sixth affirmative action program. We are ~ Federal Reserve District and how it committed to identifying individuals with relates to that of the nation. The District promise and to helping them progress in includes Alabama, Florida, and Georgia, their careers. as well as parts of Louisiana Mississippi, We also intend to sharpen the Bank’s r and Tennessee. Despite lingering areas focus on community affairs. This report @ details programs that our offices have undertaken to improve their respective - communities, particularly in the area of education. And it will spotlight some of the employees who have given their own time to help make their corn munities better places to live. The Atlanta Fed will seek to improve ties with congressional, business, and community leadm in the District through such initiatives as the distinguished lecturer series that has brought leading ~ speakers to address our directors and guests. Prominent economists, govern ~ ment officials, and bankers spoke dur ing the Atlanta series last year. In I addition, our directors heard Federal Thisbrass plaquemarksthetable,stlllusedforAtlantaFedmeetings, aroundwhichBanlcdirectorsfirstmet on October 19, 1914. Reserve Board Chairman Paul Volcker 4 address a joint meeting of our boards in of weakness and the inmasing concern New Orleans. over the vast federal budget deficit, the We want to thank our directors for regional economy and the national econ their valuable counsel during the year, omy so important to its health remain with a special thanks to Guy W. Botts, generally strong. As you’ll see, we former board chairman of Barnett Banks , consider the outlook encouraging for of Florida. Mr. Botts stepped down the months ahead. from our head office board at yearend We’ll discuss the positive but some after completing six years on that body + times traumatic evolution of the finam and three previously with the Jacksok ‘ cia1 services industry. With depository ville Branch board. We want to welcome institutions still feeling the pressures of E.B. Robinson, Jr., chairman and chief L a changing market, our role as a super executive officer of Deposit Guaranty 4 visor and regulator proved .to be an National Bank in Jackson, Mississippi, active one during the year just past; it who recently joined our head office promises to be no less important in board. c* 1985. And finally, we would like to say Looking ahead, we are aware of our “thank you” to the 2,000 employees obligations not only to our constituents whose dedication and hard work helped but to our employees as well. We plan us meet the challenges of a demanding + to build upon past accomplishments in year in 1984. * 77 4 . Economic Expansion Continues ' in the Southeast The southeastern economv turned in a unemdovment rates for Georgia and .I good performance in 1984, hth consicier Flo& declined well below the national able employment and output expansion and regional levels, but in Mississippi \ and little upward pressure on prices. and Alabama doubledigit jobless rates After a slowdown in the third quarter, persisted throughout 1984. The problems 7 the area's economy regained momentum in those two states, plus weak growth toward yearend We look for continued in Louisiana, could make it difficult for growth in 1985 at a moderate pace. the region to reduce its joblessness - Naturally, the outlook for the region's significantly this year. In fact, the economic health depends on develop region's anticipated economic strength ments in national and international in 1985 is likely to continue (r markets in which many of the region's varying sharply among indk ~ goods and services are sold While vidual states and sectors. Unemployment Rate weak energy prices and the strength of The construction sector is I the dollar in foreign exchange markets expected to continue driving Percent i are likely to dampen activity in some the Southeast's economy. Fol- m Sixth District * States - sectors, vigor in others-such as auto- lowing a jump in the second 11 m United related manufacturing, services indue quarter of 1984, interest rates tries, and defense contracting-should declined substantially through 10 be more than sufficient to maintain the rest of the year and resk growth for the regional economy in dential housing sales accel- coming months.

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