I want to thank the organizers of the Public Pension Funding Forum for inviting me to address this conference. I am not going to assume you are all fully up to speed on the structure of the Federal Reserve System, the role of the Reserve Banks, and the role of a Reserve Bank president. I am one of 12 Reserve Bank presidents. The Reserve Banks have multiple functions. We implement bank regulatory policy. We process incoming cash currency from banks and distribute currency to banks. We operate in the payments system as a provider of check clearing and settlement services as well as electronic funds transfer services. ... (full story)