The Government Performance and Results Act (GPRA) of
1993 requires that federal agencies, in consultation with Congress and
outside stakeholders, prepare a strategic plan covering a multiyear
period and submit an annual performance plan and performance report.
Although the Federal Reserve is not covered by the GPRA, the Board of
Governors voluntarily complies with the spirit of the act.
Strategic Plan, Performance Plan, and Performance Report
The Board's strategic plan articulates the Board's mission,
sets forth major goals, outlines strategies for achieving those goals,
and discusses the environment and other factors that could affect their
achievement. It also addresses issues that cross agency jurisdictional
lines, identifies key quantitative performance measures, and discusses
performance evaluation. The most recent strategic plan covers the
Both the performance plan and the performance report are prepared
biennially. The performance plan sets forth specific targets for some
of the performance measures identified in the strategic plan and
describes the operational processes and resources needed to meet those
targets. It also discusses data validation and results verification.
The most recent performance plan covers the period 2006-07.
The performance report discusses the Board's performance in
relation to its goals. The most recent performance report indicates
that the Board generally met its goals for 2004-05.
All of the aforementioned documents are available on the Board's
at www.federalreserve.gov/boarddocs/rptcongress. The
Board's mission statement and a summary of the Federal Reserve's
goals and objectives, as set forth in the most recently released
strategic and performance plans, are listed below.
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The mission of the Board is to foster the stability, integrity,
and efficiency of the nation's monetary, financial, and payment
systems so as to promote optimal macroeconomic performance.
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Goals and Objectives
The Federal Reserve has six primary goals with interrelated and
mutually reinforcing elements.
To conduct monetary policy that promotes the achievement of
maximum sustainable long-term growth and the price stability that
fosters that goal
- Stay abreast of recent developments and prospects in the
U.S. economy and financial markets, and in those abroad, so that
monetary policy decisions will be well informed.
- Enhance our knowledge of the structural and behavioral
relationships in the macroeconomic and financial markets, and improve
the quality of the data used to gauge economic performance, through
developmental research activities.
- Implement monetary policy effectively in rapidly
changing economic circumstances and in an evolving financial market
- Contribute to the development of U.S. international
policies and procedures, in cooperation with the U.S. Department of the
Treasury and other agencies.
- Promote understanding of Federal Reserve policy among
other government policy officials and the general public.
To promote a safe, sound, competitive, and accessible banking
system and stable financial markets
- Promote overall financial stability, manage and contain
systemic risk, and identify emerging financial problems early so that
crises can be averted.
- Provide a safe, sound, competitive, and accessible
banking system through comprehensive and effective supervision of U.S.
banks, bank and financial holding companies, foreign banking
organizations, and related entities. At the same time, remain sensitive
to the burden on supervised institutions.
- Provide a dynamic work environment that is challenging
and rewarding. Enhance efficiency and effectiveness, while remaining
sensitive to the burden on supervised institutions, by addressing the
supervision function's procedures, technology, resource allocation,
and staffing issues.
- Promote compliance by domestic and foreign banking
organizations supervised by the Federal Reserve with applicable laws,
rules, regulations, policies, and guidelines through a comprehensive
and effective supervision program.
To effectively implement federal laws designed to inform and
protect the consumer, to encourage community development, and to
promote access to banking services in historically underserved markets
- Take a leadership role in shaping the national dialogue
on consumer protection in financial services, addressing the rapidly
emerging issues that affect today's consumers, strengthening consumer
compliance supervision programs when required, and remaining sensitive
to the burden on supervised institutions.
- Promote, develop, and strengthen effective
communications and collaborations within the Board, the Federal Reserve
Banks, and other agencies and organizations.
- Increase public understanding of consumer protection and
community development and the Board's role in these areas through
increased outreach and by developing programs that address the
information needs of consumers and the financial services industry.
- Develop a staff that is highly skilled,
professional, innovative, and diverse, providing career development
opportunities to ensure the retention
of highly productive
staff and recruiting highly qualified and skilled employees.
- Promote an efficient and effective work environment by
aligning business functions with appropriate work processes and
implementing solutions for work products and processes that can be
handled more efficiently through automation.
To foster the integrity, efficiency, and accessibility of U.S.
payment and settlement systems
- Develop sound, effective policies and regulations that
foster payment system integrity, efficiency, and accessibility. Support
and assist the Board in overseeing U.S. dollar payment and securities
settlement systems by assessing their risks and risk management
approaches against relevant policy objectives and standards.
- Conduct research and analysis that contributes to policy
development and increases the Board's and others' understanding of
payment system dynamics and risk.
To provide high-quality professional oversight of Reserve Banks
- Produce high-quality assessments and oversight of
Federal Reserve System strategies, projects, and operations, including
adoption of technology to the business and operational needs of the
Federal Reserve. The oversight process and outputs should help Federal
Reserve management foster and strengthen sound internal control
systems, efficient and reliable operations, effective performance, and
sound project management and should assist the Board in the effective
discharge of its oversight responsibilities.
To foster the integrity, efficiency, and effectiveness of Board
- Oversee a planning and budget process that clearly
identifies the Board's mission, results in concise plans for the
effective accomplishment of operations, transmits to the staff the
information needed to attain objectives efficiently, and allows the
public to measure our accomplishments.
- Develop appropriate policies, oversight mechanisms, and
measurement criteria to ensure that the recruiting, training, and
retention of staff meet Board needs.
- Establish, encourage, and enforce a climate of fair and
equitable treatment for all employees regardless of race, creed, color,
national origin, age, or sex.
- Provide financial management support needed for sound
- Provide cost-effective and secure information
resource management services to Board divisions, support divisional
distributed-processing requirements, and provide analysis on
information technology issues to the Board, Reserve Banks, other
financial regulatory institutions, and central banks.
- Efficiently provide safe, modern, and secure facilities
and necessary support for activities conducive to efficient and
effective Board operations.
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