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104 Federal Reserve Bulletin • Winter 2005
Federal Open Market Committeeand Advisory Councils
FEDERAL OPEN MARKET COMMITTEE
MEMBERS
ALAN GREENSPAN, Chairman
BEN S. BERNANKE
SUSAN SCHMIDT BIES
ROGER W. FERGUSON, JR.
EDWARD M. GRAMLICH
THOMAS M. HOENIG
DONALD L. KOHN
CATHY E. MINEHAN
ALTERNATE MEMBERS
TIMOTHY F. GEITHNER, Vice Chairman
MARK W. OLSON
SANDRA PIANALTO
WILLIAM POOLE
CHRISTINE M. CUMMING
VACANT
MICHAEL H. MOSKOW
GARY H. STERN
ANTHONY M. SANTOMERO
STAFF
VINCENT R. REINHART, Secretary and EconomistDEBORAH J. DANKER, Deputy SecretaryMICHELLE A. SMITH, Assistant SecretarySCOTT G. ALVAREZ, General CounselTHOMAS C. BAXTER, JR., Deputy General CounselKAREN H. JOHNSON, Economist
DAVID J. STOCKTON, Economist
THOMAS A. CONNORS, Associate EconomistJEFFREY C. FUHRER, Associate Economist
CRAIG S. HAKKIO, Associate EconomistDAVID H. HOWARD, Associate EconomistBRIAN F. MADIGAN, Associate EconomistROBERT H. RASCHE, Associate EconomistLAWRENCE SLIFMAN, Associate EconomistMARK S. SNIDERMAN, Associate EconomistJOSEPH S. TRACY, Associate EconomistDAVID W. WILCOX, Associate Economist
DINO Kos, Manager, System Open Market Account
FEDERAL ADVISORY COUNCIL
JAMES C. SMITH, First DistrictTHOMAS A. RENYI, Second DistrictBRUCE L. HAMMONDS, Third DistrictMARTIN G. MCGUINN, Fourth DistrictG. KENNEDY THOMPSON, Fifth DistrictFRED L. GREEN III, Sixth District
MARTIN G. MCGUINN, President
JERRY A. GRUNDHOFER, Vice President
DENNIS J. KUESTER, Seventh DistrictJ. KENNETH GLASS, Eighth DistrictJERRY A. GRUNDHOFER, Ninth DistrictBYRON G. THOMPSON, Tenth DistrictGAYLE M. EARLS, Eleventh DistrictRICHARD M. KOVACEVICH, Twelfth District
JAMES E. ANNABLE, Secretary
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Winter 2005
105
CONSUMER ADVISORY COUNCIL
MARK PINSKY, Philadelphia, Pennsylvania, ChairLORI R. SWANSON, St. Paul, Minnesota, Vice Chair
STELLA ADAMS, Durham, North CarolinaDENNIS L. ALGIERE, Westerly, Rhode IslandFAITH L. ANDERSON, Fort Worth, TexasSUSAN BREDEHOFT, Cherry Hill, New JerseySHEILA CANAVAN, Berkeley, CaliforniaCAROLYN CARTER, Gettysburg, PennsylvaniaMICHAEL COOK, Bentonville, ArkansasDONALD S. CURRIE, Brownsville, TexasANNE DIEDRICK, New York, New YorkDAN DIXON, Washington, District of ColumbiaHATTIE B. DORSEY, Atlanta, GeorgiaKURT EGGERT, Orange, CaliforniaJAMES GARNER, Baltimore, MarylandR. CHARLES GATSON, Kansas City, Missouri
DEBORAH HICKOK, Ooltewah, TennesseeW. JAMES KING, Cincinnati, OhioELSIE MEEKS, Kyle, South DakotaBRUCE B. MORGAN, Roeland Park, KansasBENJAMIN ROBINSON III, Charlotte, North CarolinaMARY JANE SEEBACH, Calabasas, California
LISA SODEIKA, Prospect Heights, IllinoisPAUL J. SPRINGMAN, Atlanta, GeorgiaFORREST F. STANLEY, Cleveland, OhioDIANE THOMPSON, East St. Louis, IllinoisANSELMO VILLARREAL, Waukesha, WisconsinCLINT WALKER, Wilmington, DelawareKELLY K. WALSH, Honolulu, HawaiiMARVA E. WILLIAMS, Chicago, Illinois
THRIFT INSTITUTIONS ADVISORY COUNCIL
CURTIS L. HAGE, Sioux Falls, South Dakota, PresidentROY M. WHITEHEAD, Seattle, Washington, Vice President
ELDON R. ARNOLD, Peoria, IllinoisH. BRENT BEESLEY, St. George, UtahCRAIG G. BLUNDEN, Riverside. CaliforniaALEXANDER R. M. BOYLE, Bethesda, MarylandROBERT M. COUCH, Birmingham, Alabama
JEFFREY H. FARVER, San Antonio, TexasDOUGLAS K. FREEMAN, Alpharetta, GeorgiaDAVID H. HANCOCK, Grandview, MissouriGEORGE JEFFREY RECORDS, JR., Oklahoma City, OklahomaDAVID RUSSELL TAYLOR, Rahway, New Jersey
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Winter 2005
306 Federal Reserve Bulletin • Spring 2005
Federal Open Market Committeeand Advisory CouncilsApril 15, 2005
FEDERAL OPEN MARKET COMMITTEE
MEMBERS
ALAN GREENSPAN, Chairman
BEN S. BERNANKE
SUSAN SCHMIDT BIES
ROGER W. FERGUSON, JR.
RICHARD W. FISHER
EDWARD M. GRAMLICH
DONALD L. KOHN
MICHAEL H. MOSKOW
ALTERNATE MEMBERS
TIMOTHY F. GEITHNER, Vice Chairman
MARK W. OLSON
ANTHONY M. SANTOMERO
GARY H. STERN
CHRISTINE M. CUMMING
JACK GUYNN
JEFFREY M. LACKER
SANDRA PIANALTO
JANET L. YELLEN
STAFF
VINCENT R. REINHART, Secretary and EconomistDEBORAH J. DANKER, Deputy SecretaryMICHELLE A. SMITH, Assistant SecretarySCOTT G. ALVAREZ, General CounselTHOMAS C. BAXTER, JR., Deputy General CounselKAREN H. JOHNSON, Economist
DAVID J. STOCKTON, Economist
THOMAS A. CONNORS, Associate EconomistCHARLES L. EVANS, Associate Economist
DAVID H. HOWARD, Associate EconomistBRIAN F. MADIGAN, Associate EconomistLORETTA MESTER, Associate EconomistSTEPHEN D. OLINER, Associate EconomistARTHUR J, ROLNICK, Associate EconomistHARVEY ROSENBLUM, Associate EconomistJOSEPH S. TRACY, Associate EconomistDAVID W. WILCOX, Associate Economist
DINO Kos, Manager, System Open Market Account
FEDERAL ADVISORY COUNCIL
JAMES C. SMITH, First DistrictTHOMAS A. RENYI, Second DistrictBRUCE L. HAMMONDS, Third DistrictMARTIN G. MCGUINN, Fourth DistrictG. KENNEDY THOMPSON, Fifth DistrictFRED L. GREEN III, Sixth District
MARTIN G. MCGUINN, President
JERRY A. GRUNDHOFER, Vice President
DENNIS J. KUESTER, Seventh DistrictJ. KENNETH GLASS, Eighth DistrictJERRY A. GRUNDHOFER, Ninth DistrictBYRON G. THOMPSON, Tenth DistrictGAYLE M. EARLS, Eleventh DistrictRICHARD M. KOVACEVICH, Twelfth District
JAMES E. ANNABLE, Secretary
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Spring 2005
307
CONSUMER ADVISORY COUNCIL
MARK PINSKY, Philadelphia, Pennsylvania, ChairLORI R. SWANSON, St. Paul, Minnesota, Vice Chair
STELLA ADAMS, Durham, North CarolinaDENNIS L. ALGIERE, Westerly, Rhode IslandFAITH L, ANDERSON, Fort Worth, TexasSUSAN BREDEHOFT, Cherry Hill, New JerseySHEILA CANAVAN, Berkeley, CaliforniaCAROLYN CARTER, Gettysburg, PennsylvaniaMICHAEL COOK, Bentonville, ArkansasDONALD S. CURRIE, Brownsville, TexasANNE DIEDRICK, New York, New YorkDAN DIXON, Washington, District of ColumbiaHATTIE B. DORSEY, Atlanta, GeorgiaKURT EGOERT, Orange, CaliforniaJAMES GARNER, Baltimore, MarylandR. CHARLES GATSON, Kansas City, Missouri
DEBORAH HICKOK, Ooltewah, TennesseeW. JAMES KING, Cincinnati, OhioELSIE MEEKS, Rapid City, South DakotaBRUCE B. MORGAN, Roeland Park, KansasBENJAMIN ROBINSON III, Charlotte, North CarolinaMARY JANE SEEBACH, Calabasas, California
LISA SODEIKA, Prospect Heights, IllinoisPAUL J. SPRINGMAN, Atlanta, GeorgiaFORREST F. STANLEY, Cleveland, OhioDIANE THOMPSON, East St. Louis, IllinoisANSELMO VILLARREAL, Waukesha, WisconsinCLINT WALKER, Wilmington, DelawareKELLY K. WALSH, Honolulu, HawaiiMARVA E. WILLIAMS, Chicago, Illinois
THRIFT INSTITUTIONS ADVISORY COUNCIL
CURTIS L. HAGE, Sioux Falls, South Dakota, PresidentROY M. WHITEHEAD, Seattle, Washington, Vice President
ELDON R. ARNOLD, Peoria, IllinoisH. BRENT BEESLEY, St. George, UtahCRAIG G. BLUNDEN, Riverside. CaliforniaALEXANDER R. M. BOYLE, Bethesda, MarylandROBERT M. COUCH, Birmingham, Alabama
JEFFREY H. FARVER, San Antonio, TexasDOUGLAS K. FREEMAN, Alpharetta, GeorgiaDAVID H. HANCOCK, Grandview, MissouriGEORGE JEFFREY RECORDS, JR., Oklahoma City, OklahomaDAVID RUSSELL TAYLOR, Rahway, New Jersey
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Spring 2005
460 Federal Reserve Bulletin • Summer 2005
Federal Open Market Committeeand Advisory CouncilsAugust 16, 2005
FEDERAL OPEN MARKET COMMITTEE
MEMBERS
ALAN GREENSPAN, Chairman
SUSAN SCHMIDT BIKS
ROGER W. FERGUSON, JR.
RICHARD W. FISHER
DONALD L. KOHN
MICHAEL H. MOSKOW
MARK W. OLSON
TIMOTHY F. GEITHNER, Vice Chairman
ANTHONY M. SANTOMERO
GARY H. STERN
ALTERNATE MEMBERS
CHRISTINE M. CUMMING
JACK GUYNN
JEFFREY M. LACKER
SANDRA PIANALTO
JANET L. YELLEN
STAFF
VINCENT R. REINHART, Secretary and EconomistDEBORAH J. DANKER, Deputy SecretaryMICHELLE A. SMITH, Assistant SecretarySCOTT G. ALVAREZ, General CounselTHOMAS C. BAXTER, JR., Deputy General CounselKAREN H. JOHNSON, Economist
DAVID J. STOCKTON, Economist
THOMAS A. CONNORS, Associate EconomistCHARLES L. EVANS, Associate Economist
RICHARD T. FREEMAN, Associate EconomistBRIAN F. MADIGAN, Associate EconomistLORETTA MESTER, Associate EconomistSTEPHEN D. OLINER, Associate EconomistARTHUR J. ROLNICK, Associate EconomistHARVEY ROSENBLUM, Associate EconomistJOSEPH S. TRACY, Associate EconomistDAVID W. WILCOX, Associate Economist
DINO Kos, Manager, System Open Market Account
FEDERAL ADVISORY COUNCIL
JAMES C. SMITH, First DistrictTHOMAS A. RENYI, Second DistrictBRUCE L. HAMMONDS, Third DistrictMARTIN G. MCGUINN, Fourth DistrictG. KENNEDY THOMPSON, Fifth DistrictFRED L. GREEN III, Sixth District
MARTIN G. MCGUINN, President
JERRY A. GRUNDHOFER, Vice President
DENNIS J. KUESTER, Seventh DistrictJ. KENNETH GLASS, Eighth DistrictJERRY A. GRUNDHOFER, Ninth DistrictBYRON G. THOMPSON, Tenth DistrictGAYLE M. EARLS, Eleventh DistrictRICHARD M. KOVACEVICH, Twelfth District
JAMES E. ANNABLE, Secretary
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Summer 2005
461
CONSUMER ADVISORY COUNCIL
MARK PINSKY, Philadelphia, Pennsylvania, ChairLORI R. SWANSON, St. Paul, Minnesota, Vice Chair
STELLA ADAMS, Durham, North CarolinaDENNIS L. ALGIERE, Westerly, Rhode IslandFAITH L. ANDERSON, Fort Worth, TexasSUSAN BREDEHOFT, Cherry Hill, New JerseySHEILA CANAVAN, Berkeley, CaliforniaCAROLYN CARTER, Gettysburg, PennsylvaniaMICHAEL COOK, Bentonville, ArkansasDONALD S. CURRIE, Brownsville, TexasANNE DIEDRICK, New York, New YorkDAN DIXON, Washington, District of ColumbiaHATTIE B. DORSEY, Atlanta, GeorgiaKURT EGGERT, Orange, CaliforniaJAMES GARNER, Baltimore, MarylandR. CHARLES GATSON, Kansas City, Missouri
DEBORAH HICKOK, Ooltewah, TennesseeW. JAMES KING, Cincinnati, OhioELSIE MEEKS, Rapid City, South DakotaBRUCE B. MORGAN, Roeland Park, KansasBENJAMIN ROBINSON III, Charlotte, North CarolinaMARY JANE SEEBACH, Calabasas, California
LISA SODEIKA, Prospect Heights, IllinoisPAUL J. SPRINGMAN, Atlanta, GeorgiaFORREST F. STANLEY, Cleveland, OhioDIANE THOMPSON, East St. Louis, IllinoisANSELMO VILLARREAL, Waukesha, WisconsinCLINT WALKER, Wilmington, DelawareKELLY K. WALSH, Honolulu, HawaiiMARVA E. WILLIAMS, Chicago, Illinois
THRIFT INSTITUTIONS ADVISORY COUNCIL
CURTIS L. HAGE, Sioux Falls, South Dakota, PresidentROY M. WHITEHEAD, Seattle, Washington, Vice President
ELDON R. ARNOLD, Peoria, IllinoisH. BRENT BEESLEY, St. George, UtahCRAIG G. BLUNDEN, Riverside. CaliforniaALEXANDER R.M. BOYLE, Bethesda, MarylandROBERT M. COUCH, Birmingham, Alabama
JEFFREY H. FARVER, San Antonio, TexasDOUGLAS K. FREEMAN, Alpharctta, GeorgiaDAVID H. HANCOCK, Grandview, MissouriGEORGE JEFFREY RECORDS, JR., Oklahoma City, OklahomaDAVID RUSSELL TAYLOR, Rahway, New Jersey
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Summer 2005