Preface

In anticipation of the expiration of its 2008-12 Strategic Plan, the Federal Reserve Board launched an enhanced strategic review process that involved the leadership and senior staff in the Board's divisions and offices.

More than 40 directed meetings were conducted at multiple levels of the organization, and the Executive Committee of the Board (ECB)--a body that includes all division and office directors, the chief operating officer, and the administrative governor--held working sessions over the course of several months. These sessions focused on what it would take to meet the mandates of the Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act), address the challenge of financial stability more generally, attempt to close cross-disciplinary knowledge gaps, develop appropriate policy, and continue effectively addressing the recovery of a fragile global economy.

The ECB identified and framed the most critical organizational challenges, developed potential options for addressing them, and clarified the trade-offs. This strategic framework is the result.

The Board releases this strategic framework--which was approved on June 26, 2012--in the spirit of the Government Performance and Results Act (GPRA) of 1993, which 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. The GPRA Modernization Act of 2010 refines those requirements to include quarterly performance reporting. Although the Board is not covered by GPRA, the Board follows the spirit of the act and prepares and publicizes these regular plans and performance reports.

This strategic framework is one of the reports published by the Board in the spirit of GPRA. Others include the

• Annual Performance Plan.This document includes specific targets for some of the Board's performance measures identified in the strategic plan and describes the operational processes and resources needed to meet those targets. It also discusses validation of data and verification of results.
• Annual Performance Report.This document discusses the Board's performance in relation to strategic themes and objectives.

Several other documents provide further information about the planning, budgeting, operations, and performance of the Federal Reserve System. As required by the Federal Reserve Act, the Board annually submits to the Congress a report describing in detail the operations of the System for the previous year. Since 1985, the System has also provided the Congress with a supplement, the Annual Report: Budget Review, which provides a detailed explanation of the plans and resources discussed in the approved budgets of the Board and Reserve Banks.

All these reports are available on the Board's website, at www.federalreserve.gov/publications.

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