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© 2014 Federal Reserve Bank of St. Louis | Not for Public Release
Rapid Learning at the Fed
“a financial crisis is a terri...
© 2014 Federal Reserve Bank of St. Louis 2
Information is giving out;
communication is getting through
(Syndey J. Harris)
...
© 2014 Federal Reserve Bank of St. Louis 3
Pop Quiz
Q1: True or false: The Federal Reserve
produces both coin and paper cu...
© 2014 Federal Reserve Bank of St. Louis 4
Pop Quiz
Q2: What major anniversary is the Federal
Reserve is celebrating this ...
© 2014 Federal Reserve Bank of St. Louis 5
Pop Quiz
Q3: True or False: The Federal Reserve
was born out of a secret meetin...
© 2014 Federal Reserve Bank of St. Louis 6
First, a Few Things about the Fed
• The Federal Reserve was created by Congress...
© 2014 Federal Reserve Bank of St. Louis 7
How Does the Federal Reserve Function?
A balance of power
• 7 Members of the
Bo...
© 2014 Federal Reserve Bank of St. Louis 8
Source: BLS and Loan Performance -Haver Analytics
The Bust in the Housing Marke...
© 2014 Federal Reserve Bank of St. Louis 9
“Conventional”
mortgages were
generally sold to
Fannie Mae and
Freddie Mac
“Non...
© 2014 Federal Reserve Bank of St. Louis 10
The Decline in House Prices
Was Fast and Extended
Source: Federal Housing Fina...
© 2014 Federal Reserve Bank of St. Louis 11
The Resulting Crisis Required
a Massive Response
Fed
• Eased monetary policy a...
© 2014 Federal Reserve Bank of St. Louis 12
The Headlines
© 2014 Federal Reserve Bank of St. Louis 13
Former Chairman Bernanke’s View
“… it was kind of like
you’re in a car wreck
o...
© 2014 Federal Reserve Bank of St. Louis 14
The Federal Reserve’s Response
to the Financial Crisis
• Reduced the federal f...
© 2014 Federal Reserve Bank of St. Louis 15
The Actions of the Federal Reserve,
Treasury, and the FDIC Prevented a
Collaps...
© 2014 Federal Reserve Bank of St. Louis 16
However, We Did Not Avoid a
“Great Recession”
Source: FRED, Federal Reserve Ec...
© 2014 Federal Reserve Bank of St. Louis 17
Quantitative Easing from a
Balance Sheet Perspective
Nontraditional
monetary p...
© 2014 Federal Reserve Bank of St. Louis 18
The Result Has Been a Gradual Decline in
the Unemployment Rate
Source: FRED, F...
© 2014 Federal Reserve Bank of St. Louis 19
Failed Banks and Thrifts
Source: FDIC
• Most do not
realize that
over 500
comm...
© 2014 Federal Reserve Bank of St. Louis 20
There Are Still a Large Number
of “Problem” Banks
Source: FDIC
© 2014 Federal Reserve Bank of St. Louis 21
Beyond Banking, Housing Issues Remain
in Some Parts of the Country
8.76%
4.99%...
© 2014 Federal Reserve Bank of St. Louis 22
“It’s a Phone Call”
• <video removed>
© 2014 Federal Reserve Bank of St. Louis 23
The Secret Sauce
Concept paper Start small
Phone
management
Governance
Revisio...
© 2014 Federal Reserve Bank of St. Louis 24
Timeline
1st session
(August
2008)
State
examiners
invited
(May
2009)
100th
se...
© 2014 Federal Reserve Bank of St. Louis 25
Data
Over 88,000 total
registrations received
Over 25,000 surveys received
Ove...
© 2014 Federal Reserve Bank of St. Louis 26
Current Programs
© 2014 Federal Reserve Bank of St. Louis 27
Have fun with your brand
© 2014 Federal Reserve Bank of St. Louis 28
Questions
© 2014 Federal Reserve Bank of St. Louis 29
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A Financial Crisis is a Terrible Thing to Waste: Rapid Learning at the Federal Reserve, Erik Soell

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Rapid eLearning Case Study from the Federal Reserve of St. Louis

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A Financial Crisis is a Terrible Thing to Waste: Rapid Learning at the Federal Reserve, Erik Soell

  1. 1. © 2014 Federal Reserve Bank of St. Louis | Not for Public Release Rapid Learning at the Fed “a financial crisis is a terrible thing to waste” May 14, 2014 Erik Soell Director Rapid Communications at the St. Louis Federal Reserve Bank
  2. 2. © 2014 Federal Reserve Bank of St. Louis 2 Information is giving out; communication is getting through (Syndey J. Harris) These are my views and not necessarily those of the Federal Reserve Bank of St. Louis nor the Federal Reserve System.
  3. 3. © 2014 Federal Reserve Bank of St. Louis 3 Pop Quiz Q1: True or false: The Federal Reserve produces both coin and paper currency.
  4. 4. © 2014 Federal Reserve Bank of St. Louis 4 Pop Quiz Q2: What major anniversary is the Federal Reserve is celebrating this year?
  5. 5. © 2014 Federal Reserve Bank of St. Louis 5 Pop Quiz Q3: True or False: The Federal Reserve was born out of a secret meeting between elite businessmen who met at Jekyll Island, GA?
  6. 6. © 2014 Federal Reserve Bank of St. Louis 6 First, a Few Things about the Fed • The Federal Reserve was created by Congress in 1913 with an important mission: Influence the supply of money and credit Respond to financial panics Regulate and supervise financial institutions Serve as a banking and fiscal agent for the U.S. government
  7. 7. © 2014 Federal Reserve Bank of St. Louis 7 How Does the Federal Reserve Function? A balance of power • 7 Members of the Board of Governors in Washington, D.C. • 12 Federal Reserve Bank Presidents • Public-private partnership in votes on monetary policy decisions (7 Governors; 5 Presidents) Arms-length from partisan politics • Members of the Board of Governors are appointed by the President and confirmed by Congress • Federal Reserve Presidents are selected by the local Board of Directors and approved by the Board of Governors Budget autonomy • Expenses covered through securities investments held for Open Market Operations • All excess revenues returned to the Treasury ($88B in 2013)
  8. 8. © 2014 Federal Reserve Bank of St. Louis 8 Source: BLS and Loan Performance -Haver Analytics The Bust in the Housing Market Was the Obvious Cause of the Financial Crisis
  9. 9. © 2014 Federal Reserve Bank of St. Louis 9 “Conventional” mortgages were generally sold to Fannie Mae and Freddie Mac “Nonprime” mortgages were pipelined through mortgage companies Mortgages were then transformed into “mortgage-backed securities” The U.S. “spread the risk” Moreover, Large Investment Banks Were at the Epicenter because of Their Role in Creating Securities from Mortgages
  10. 10. © 2014 Federal Reserve Bank of St. Louis 10 The Decline in House Prices Was Fast and Extended Source: Federal Housing Finance Agency Seasonally Adjusted Expanded HPI
  11. 11. © 2014 Federal Reserve Bank of St. Louis 11 The Resulting Crisis Required a Massive Response Fed • Eased monetary policy and provided funds (liquidity) to stabilize financial markets both domestically and internationally US Government • Funded the Troubled Asset Relief Program, the $800 billion economic stimulus, Cash for Clunkers, Homebuyer Tax Credit, and extended unemployment benefits FDIC •Raised bank deposit insurance limits and provided other bank debt guarantees First responders to the financial crisis
  12. 12. © 2014 Federal Reserve Bank of St. Louis 12 The Headlines
  13. 13. © 2014 Federal Reserve Bank of St. Louis 13 Former Chairman Bernanke’s View “… it was kind of like you’re in a car wreck or something. You’re mostly involved in trying to avoid going off the bridge. And then, later on, you say: ‘Oh my God.’” Source: Brookings Institute, January 16, 2014
  14. 14. © 2014 Federal Reserve Bank of St. Louis 14 The Federal Reserve’s Response to the Financial Crisis • Reduced the federal funds rate to near zero (traditional policy) • Expanded traditional lending programs to banks (traditional policy) • Created emergency loan packages for AIG and Bear Stearns, using the “unusual and exigent” provisions of the Federal Reserve Act • Executed broad-based lending to financial markets, using the “unusual and exigent” provisions of the Federal Reserve Act
  15. 15. © 2014 Federal Reserve Bank of St. Louis 15 The Actions of the Federal Reserve, Treasury, and the FDIC Prevented a Collapse of the Financial System… Source: British Bankers Associations and Reuters
  16. 16. © 2014 Federal Reserve Bank of St. Louis 16 However, We Did Not Avoid a “Great Recession” Source: FRED, Federal Reserve Economic Data, Federal Reserve Bank of St. Louis, U.S. Department of Commerce: Bureau of Economic Analysis
  17. 17. © 2014 Federal Reserve Bank of St. Louis 17 Quantitative Easing from a Balance Sheet Perspective Nontraditional monetary policy tool: Large Scale Asset Purchases (QE1, QE2, and QE3) Lending and liquidity programs to respond to the financial crisis Source: Federal Reserve Board
  18. 18. © 2014 Federal Reserve Bank of St. Louis 18 The Result Has Been a Gradual Decline in the Unemployment Rate Source: FRED, Federal Reserve Economic Data, Federal Reserve Bank of St. Louis, U.S. Department of Commerce: Bureau of Economic Analysis
  19. 19. © 2014 Federal Reserve Bank of St. Louis 19 Failed Banks and Thrifts Source: FDIC • Most do not realize that over 500 community banks have failed over the last five years.
  20. 20. © 2014 Federal Reserve Bank of St. Louis 20 There Are Still a Large Number of “Problem” Banks Source: FDIC
  21. 21. © 2014 Federal Reserve Bank of St. Louis 21 Beyond Banking, Housing Issues Remain in Some Parts of the Country 8.76% 4.99% 0 2 4 6 8 10 Percentage(%) January 2007-December 2013 U.S. Percentage of Seriously Delinquent Loans As of December 31, 2013 Source: Core Logic
  22. 22. © 2014 Federal Reserve Bank of St. Louis 22 “It’s a Phone Call” • <video removed>
  23. 23. © 2014 Federal Reserve Bank of St. Louis 23 The Secret Sauce Concept paper Start small Phone management Governance Revisions along the way Luck: life favors the prepared
  24. 24. © 2014 Federal Reserve Bank of St. Louis 24 Timeline 1st session (August 2008) State examiners invited (May 2009) 100th session (March 2010) CEUs offered (January 2011) 250th session February 2012) Mandatory sessions (January 2013) 500th session (estimated August 2014)
  25. 25. © 2014 Federal Reserve Bank of St. Louis 25 Data Over 88,000 total registrations received Over 25,000 surveys received Over 7,000 continuing education units awarded All time average: 93% agree the sessions met their needs First 12 months averaged 5 sessions per month; Last 12 months averaged 9 sessions per month All time average: 90% agree the sessions provide better understanding of banking and regulatory environment Largest session by registration: July 24, 2013: 1,589 All time average: 188 registrations per session Eight core programs with several ad hoc and spin off programs
  26. 26. © 2014 Federal Reserve Bank of St. Louis 26 Current Programs
  27. 27. © 2014 Federal Reserve Bank of St. Louis 27 Have fun with your brand
  28. 28. © 2014 Federal Reserve Bank of St. Louis 28 Questions
  29. 29. © 2014 Federal Reserve Bank of St. Louis 29

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