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Board of Governors of the Federal Reserve System
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Annual Performance Plan 2016

Introduction

The Board's longstanding mission is to foster the stability, integrity, and efficiency of the nation's monetary, financial, and payment systems and to promote optimal economic performance. The Board's mission is rooted in the System's statutory mandates and on a set of core institutional values:

  • Public interest. In its actions and policies, the Board seeks to promote the public interest. It is accountable to the general public and the Congress.
  • Integrity. The Board adheres to the highest standards of integrity in its dealings with the public, the U.S. government, the financial community, and its employees.
  • Excellence. The conduct of monetary policy, responsibility for bank supervision, and maintenance of the payment system demand high-quality analysis, high performance standards, and a secure, robust infrastructure. The pursuit of excellence drives the Board's policies concerning recruitment, selection, and retention of employees.
  • Efficiency and effectiveness. In carrying out its functions, the Board recognizes its obligation to manage resources efficiently and effectively on behalf of the U.S. taxpayer.
  • Independence of views. The Board values the diversity of its employees, input from a variety of sources, and the independent professional judgment that is fostered by the System's regional structure. It relies on strong teamwork and consensus building to mold independent viewpoints into coherent, effective policies.

The Board considers strategic planning a critical factor for ensuring the long-term effectiveness and efficiency of operations. The Board's Strategic Plan 2016-19 will guide key investments, align resources, and implement changes over the four-year planning period. The plan is organized into six pillars:

  1. Project development and resource allocation. Improve project management capabilities and align resources to support current and emerging programs central to the Board's mission.
  2. Workforce. Uphold the Board as a sought-after place to work that attracts highly qualified individuals and embraces the range of similarities and differences each individual brings to the workplace, including thought, experience, and backgrounds.
  3. Physical infrastructure. Build a productive, collaborative work environment through the tailored use of space, technology, and design.
  4. Technology. Empower operational excellence, efficiency, and security through innovative technology platforms.
  5. Data. Research, analyze, and respond to economic and financial developments, challenges, and issues, as well as safety and soundness, consumer protection, and financial stability risks through enhancement of the Board's data management and analytics environment.
  6. Public engagement and accountability. Increase understanding and appreciation of the Board's mission through public engagement and accountability.

The Board recognizes that there are the differences between government and private-sector strategic planning and measurement of those efforts. While private-sector planning often relies on measures of revenue, the Board measures its performance relative to public policy objectives. The Annual Performance Plan 2016 presents the most significant and strategic projects, initiatives, and investments that support the Board's long-term goals and objectives. However, given the large scope of work performed by the Board, not all activities are identified within this document.

This planning process allows the Board to continuously develop and evaluate how to best prioritize investments, initiatives, and resources in support of long-term objectives, particularly as they relate to the pillars above. Board staff will prepare quarterly internal reports for Board members and senior leadership on the progress toward achieving the strategic objectives. As necessary, the Board's senior leadership will reassess priorities throughout the strategic plan's execution period and will adjust the specific activities undertaken in any given year to achieve strategic objectives. The Board will release a report to the public on the Board's performance toward achieving its 2016 goals.

Last update: February 24, 2016

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