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Federal Reserve Bank of St. Louis
Annual Report
President's Message
James B. Bullard

When the Federal Reserve was created more than 100 years ago, the primary goal was financial stability. In the aftermath of the financial crisis of 2007-2009, today's public discourse about the Fed is largely focused on its roles with respect to monetary policy, being the lender of last resort and supervision of financial institutions. Nonetheless, financial stability remains of utmost importance. One aspect of financial stability that is receiving increased attention is the payment system. A reliable, efficient and safe payment system is essential to a healthy economy. Quite possibly, the payment system is at a critical juncture in its evolution.

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James B. Bullard, "President's Message" , Federal Reserve Bank of St. Louis, Annual Report, pages 4-5, number 00008, 2014.
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Keywords: U.S. Payment systems
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