Letter from the President
It has been my great honor to serve as president and CEO of the Federal Reserve Bank of Dallas since September 2015. In this role, I have heavily focused on getting to know a wide range of people who live in the Eleventh Federal Reserve District. I have traveled extensively throughout this region to better understand the views of community and business leaders, bankers, small-business owners and citizens.
The Eleventh District—which includes Texas, northern Louisiana and southern New Mexico—is vibrant and growing. The state of Texas is home to more than 50 Fortune 500 companies, and accounts for approximately 8.8% of U.S. GDP. Texas is the nation’s largest exporting state and largest energy-producing state. The distinctive economic and geographic features of the district give the Dallas Fed great insights into energy, immigration and global trade as well as the national and global economies. These insights have allowed the Bank to produce excellent economic research and have been invaluable to me in informing my judgments as a member of the Federal Open Market Committee (FOMC).
One unique aspect of this district is our relationship with Mexico, which shares a 1,400-mile border with our district and is Texas’ largest trading partner. The Dallas Fed plays a key leadership role in cultivating close bonds with senior business and government leaders in Mexico. I am very focused on continuing to deepen these ties in order to build and enhance the mutually beneficial relationship between Mexico and the U.S. and to produce economic research that helps us better understand the economic aspects of our relationship.
Community Outreach and Education
The Dallas Fed seeks to engage in community outreach and education to be a leading citizen in the Eleventh District. Through community and public events and other efforts, our goal is to share our research and make the Dallas Fed a much more valuable and accessible resource for residents in the district.
In this regard, the Dallas Fed has taken a key leadership role in raising awareness regarding key aspects of wealth inequality and issues facing the working poor. We have worked to highlight and convene groups to encourage job training and retraining. We have also worked closely with business leaders, educational institutions and community organizations to develop programs that would train job candidates to fill skilled positions and help address the skills gap in the district and the nation. We intend to continue to focus on these initiatives in the years ahead.
Bank Leadership and Operations
In December 2016, Meredith Black became the new first vice president and chief operating officer of the Dallas Fed. Meredith is a 34-year veteran of the Bank whose extensive leadership experience and talents make her a superb choice to lead Bank operations. Meredith succeeded Helen Holcomb, the longest-serving first vice president in the Bank’s history, who retired after 42 years of service. We are grateful to Helen for her many contributions to the Federal Reserve, and we wish Meredith continued success in this important role.
The Dallas Fed, a nongovernment, nonprofit “Bank for banks,” is overseen by a nine-member board of directors composed of public and private sector leaders from throughout the Eleventh District. Additionally, 21 business and community leaders serve on our branch boards. These leaders contribute great insight regarding economic conditions throughout the Eleventh District as well as in the nation and the world.
We also draw on volunteer contributions from citizens who serve on our Community Depository Institutions and Business and Community advisory councils as well as our Corporate Payments and Emerging Leaders councils. Their advice and counsel help us better run our organization, serve the community and make good decisions regarding the nation’s monetary policy.
The Dallas Fed, with the help and insight of citizens of the district, will continue to provide cutting-edge thought leadership, run the critical operating and supervisory activities of the Federal Reserve System, and play a key leadership role in the communities of the Eleventh District.
Our 1,200 employees in the Eleventh District offices of Dallas, El Paso, Houston and San Antonio are honored to serve the people of the district and the nation.
Robert S. Kaplan
President and CEO
Federal Reserve Bank of Dallas