Briefing
Whom Do the Federal Reserve Bank Boards Serve?
Richardson, Gary; Fessenden, Helen (2016-08)
The long-standing governance model of the Federal Reserve Banks, including their boards and the directors who serve on them, is under growing criticism. Calls are increasing for the boards to sever direct ties to banking and finance and become more diverse in their representation, as well as to offer more transparency to the public. As history shows, this governance model always has been the subject of political scrutiny, as public concepts of diversity ? and the Fed's functions ? have evolved over time.
Richmond Fed Economic Brief , Issue August

Briefing
Understanding the Surge in Commercial Real Estate Lending
Muething, Catherine; Fessenden, Helen (2017-08)
U.S. banks have increased their commercial real estate (CRE) lending significantly in the past five years. Economists and regulators note that some positive factors are driving this trend, but they also see potential risks. Analysts at the Richmond Fed have found that some banks could be especially vulnerable if economic conditions deteriorate. These include institutions that are in certain major urban areas and have high concentrations of CRE loans, rapid CRE loan growth, and heavy reliance on "noncore" (or illiquid) funding. But the analysts also conclude that, overall, banks' CRE exposures ...
Richmond Fed Economic Brief , Issue August

Journal Article
How Do Banks Use the Discount Window?
Haltom, Renee Courtois; Fessenden, Helen (2018-04)
Highlighted research of "The Fed's Discount Window: An Overview of Recent Data." Felix P. Ackon and Huberto M. Ennis. Federal Reserve Bank of Richmond Economic Quarterly, First-Fourth Quarter 2017, vol. 103, nos. 1-4, pp. 37-79.
Econ Focus , Issue 2Q , Pages 8-8

Journal Article
Why Aren't More Women Working?
Fessenden, Helen (2016-07)
The share of American women in the labor force is slipping even as it rises in the rest of the developed world
Econ Focus , Issue 3Q/4Q , Pages 14-17

Journal Article
When Banking Was 'Free'
Fessenden, Helen (2018-01)
From 1837 until the Civil War, currency issuance and banking were left to the states. Can this era offer lessons for today's cryptocurrency boom?
Econ Focus , Issue 1Q , Pages 28-30

Journal Article
Shifting into Neutral: In 1994, the Federal Reserve launched a pre-emptive strike against inflation in a series of interest rate hikes that drew controversy at the time
Fessenden, Helen (2015-04)
Econ Focus , Issue 2Q , Pages 4-7

Briefing
Did Banking Reforms of the Early 1990s Fail? Lessons from Comparing Two Banking Crises
Walter, John R.; Prescott, Edward Simpson; Fessenden, Helen; Balla, Eliana (2015-06)
New Richmond Fed research on community and midsize banks evaluates the Federal Deposit Insurance Corporation Improvement Act (FDICIA) and Basel I by comparing failures in the 1986-92 period to those in 2007-13. Banks greatly increased commercial real estate lending between the two banking crises, but higher capital mitigated this risk. Failure rates in the recent crisis were mainly driven by the severity of the economic shocks. However, higher capital did not help contain FDIC losses, which were much larger in the recent crisis. One possible explanation is limitations in the accounting ...
Richmond Fed Economic Brief , Issue June

Journal Article
The Great Telegraph Breakthrough of 1866
Fessenden, Helen (2018-04)
Economic History article titled: "The Great Telegraph Breakthrough of 1866: The transatlantic telegraph cable amounted to the information revolution of the day, tying global markets together in unprecedented ways"
Econ Focus , Issue 2Q , Pages 28-30

Briefing
Why Are Women Leaving the Labor Force?
Canon, Maria E.; Fessenden, Helen; Kudlyak, Marianna (2015-11)
The female labor force participation (LFP) rate has dropped steadily since 2000, especially among single women. At the same time, the percentage of single women has grown as a share of the female population, a trend that has increased the impact of the single women's LFP rate on the aggregate women's LFP rate. An analysis of data from the Current Population Survey shows that a growing percentage of single women who are not in the labor force are going to school. Meanwhile, an increasing share of married women list retirement as the reason for no longer participating in the labor force.
Richmond Fed Economic Brief , Issue Nov

Journal Article
A Bridge Too Far?
Fessenden, Helen (2015-07)
In a novel move, a new transportation-funding law is sending billions from the Fed's surplus account to help pay for roads, bridges, and mass transit
Econ Focus , Issue 3Q , Pages 4-7