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MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF THE
FEDERAL RESERVE BANK OF KANSAS CITY HELD IN
The meeting convened at 8:00 a.m. with Chairman Paul DeBruce presiding and the following
Incoming First Vice President Alan D. Barkema Senior Vice President and Director of Research Denise I. Connor Senior Vice President Kevin L. Moore Senior Vice President Dawn B. Morhaus Senior Vice President Diane M. Raley Senior Vice President, Public Information Officer and Secretary Donna J. Ward Senior Vice President
APPROVAL OF MINUTES
On motion duly made and seconded, approval was given for the minutes of the Board of
Directors meeting of December 8, 2011, and the Executive Committee meetings of December 7
and December 22, 2011, and January 5, 2012.
The following matters, which had been brought to the attention of the Board of Directors
in a letter dated January 6, were noted:
Communication of December 12, 2011, indicating the Board maintained the primary credit rate and approved the renewal of the formulas for determining secondary and seasonal credit rates. December 2011 Interest on Federal Reserve Notes payments to the U.S. Treasury in December 2011 totaled $127.2 million. The final payment for 2011 of $69.4 million was made on January 4, 2012, bringing the full-year total paid to the U.S. Treasury to $2.2 billion. This compares with total Interest on Federal Reserve Notes payments of $2.6 billion in 2010.
The District’s net holdings in the System Open Market Account (SOMA) increased $949.4 million during the month of December 2011. As of December 30, 2011, the District’s net SOMA holdings were $71.0 billion, a $4.0 billion decrease from the $75.0 billion reported for the same time last year.
On motion duly made and seconded, the Board unanimously adopted the following
WHEREAS, Alan D. Barkema joined the staff of the Federal Reserve Bank of Kansas City on June 30, 1986, and was appointed to the official staff on January 1, 1994; and, WHEREAS, Dr. Barkema began a three-year term as professor and head of the Agriculture Economics Department at Oklahoma State University on August 10, 1996, and rejoined the staff of the Federal Reserve Bank of Kansas City on June 23, 1999, thereafter serving in various official capacities until his appointment to the position of Senior Vice President and Director of Research on October 1, 2009; and,
WHEREAS, Dr. Barkema has served with distinction as the chief economist for the Federal Reserve Bank of Kansas City and as an economic advisor to the Federal Open Market Committee; and, WHEREAS, Dr. Barkema will retire on February 15, 2012, after more than 22 years of service with the Federal Reserve Bank of Kansas City; and, WHEREAS, Dr. Barkema has made significant contributions to the Federal Reserve System and to the Federal Reserve Bank of Kansas City in which through the establishment of high standards for economic research, analysis, and publications he advanced the reputation of the Federal Reserve Bank of Kansas City as a research center and host of the annual economic policy symposium; and, WHEREAS, The directors, officers, and employees of the Federal Reserve Bank of Kansas City have appreciated the insight, economic guidance, and leadership provided by Dr. Barkema; and, WHEREAS, Throughout his service, Dr. Barkema has acted with fairness, courtesy, thoughtfulness, graciousness and good humor; and, WHEREAS, The Board of Directors of the Federal Reserve Bank of Kansas City desires to recognize the outstanding service rendered by Dr. Barkema; NOW, THEREFORE, BE IT RESOLVED, That the members of the Board of Directors of the Federal Reserve Bank of Kansas City express, and do hereby record, their deep appreciation for the outstanding service rendered by Alan D. Barkema, and for themselves and on behalf of the officers of the Bank, tender to him their abiding gratitude for the privilege of being associated with him; and, BE IT FURTHER RESOLVED, That this resolution be made a part of the permanent records of this Bank, and that a copy be presented to Dr. Barkema.
AUDIT COMMITTEE REPORT
Director Richard K. Ratcliffe reported on Audit Committee items from the January Audit
Committee meeting. The Board unanimously approved the recommendation of the Audit
Committee outlining the Bank’s planned response to a request seeking financial disclosures and
conflict of interest documents pertaining to President George as well as documents describing
the Bank's guidelines for preventing conflicts of interest.
President Esther L. George reported on the Bank's 2011 performance relative to the
Bank's three strategies: People, Performance, and Public Understanding. In addition, President
George reviewed the Bank’s direct cost performance relative to its 2011 budget with directors.
To conclude, directors were asked to review and provide feedback regarding a draft letter from
Chairman DeBruce to Vice Chairman Janet L. Yellen summarizing the Bank’s 2011
Senior Vice President and Director of Research Alan D. Barkema provided directors with
a summary of Bank-sponsored conferences planned for 2012.
Assistant Vice President and Economist Jonathan Willis presented research related to
A roundtable discussion ensued with directors reporting on economic and financial
conditions in their respective regions of the Tenth District.
REPORT ON ECONOMIC AND MONETARY POLICY DEVELOPMENTS
Vice President and Economist Edward Knotek briefed directors on national economic
Chairman DeBruce invited the directors' comments and observations regarding the
impending rate decision. At the conclusion of the discussion, Chairman DeBruce requested
Upon motion duly made and seconded, the Board adopted President George's
recommendation and voted unanimously to increase the discount rate to 1 percent.
Consequently, subject to approval by the Board of Governors, rates were established as
Advances to and discounts for depository institutions, and U.S. Branches and Agencies of Foreign Banks subject to reserve requirements under Federal Reserve Regulation D:
*Rate to be calculated based on a formula adopted effective January 9, 2003. **
Rate to be calculated based on a formula adopted effective January 9, 1992.
President George provided directors with an updated Federal Reserve consolidated
balance sheet as of December 28, 2011. The executive speech schedule also was provided to
directors. In addition directors were provided the letter acknowledging transfer of funds to the
The meeting adjourned at 11:20 a.m. The next regularly scheduled meeting of the Board
of Directors will be held on February 16, 2012, in Kansas City, Missouri.
Directors unanimously approved a promotion for Karen A. Pennell, currently vice
president, to Senior Vice President effective January 16. Documentation is on file with Human
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