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