Who We Are
More About the FedFormer President
Gary H. Stern
Gary H. Stern was president and chief executive officer of the Federal Reserve Bank of Minneapolis from March 1985 through August 2009 (the longest-serving president in the Bank’s history). Stern joined the Federal Reserve Bank of Minneapolis in January 1982 as senior vice president and director of Research, and his prior experience included seven years at the Federal Reserve Bank of New York. Along with Minneapolis Fed Senior Vice President Ron Feldman, Stern co-authored Too Big to Fail: The Hazards of Bank Bailouts, published by The Brookings Institution (2004).
Columns, Speeches and Articles
The Region, Top of the Ninth Columns
- Priorities for the Federal Reserve, September 2009
- Better Late Than Never: Addressing Too-Big-To-Fail, June 2009
- Too Big to Fail: The Way Forward, December 2008
- Limiting Spillovers Through Focused Supervision, September 2008
- Issues in Macroeconomic Policy, June 2008
- Addressing the Trade-offs: Market Discipline, Stability and Communication, December 2007
- On Public Policy and Economic Education, September 2007
- Financial Innovation and the Fed, June 2007
- Economics and Policy, December 2006
- Perspectives on Current Banking Issues, September 2006
- Pursuing Effective Economic Policy, June 2006
- See previous Region issues for more columns.
Speeches
- Remarks to Helena Business Leaders,
Helena, Montana, 2009 [PDF] - Financial Conditions and the Economic Outlook,
Willmar, Minnesota, May 19, 2009 [PDF] - Addressing the Too Big to Fail Problem,
Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington D.C., May 6, 2009 [PDF] - The View from the Federal Reserve: Financial Conditions and the Economic Outlook, Minneapolis, Minnesota, May 5, 2009 [PDF]
- Financial Conditions and the Economic Outlook,
Sioux Falls, South Dakota, April 9, 2009 [PDF] - Better Late Than Never: Addressing Too-Big-To-Fail,
Washington D.C., March 31, 2009 [PDF] - Banking Policies and Too Big To Fail, Minneapolis, Minnesota,
March 26, 2009 [PDF] - Prospects for Macro- and Financial Policy, St. Paul, Minnesota,
February 5, 2009 [PDF] - Prospects for Macro- and Financial Policy, Cedar Rapids, Iowa
January 14, 2009 [PDF] - Too Big to Fail: The Way Forward, Winona, Minnesota,
November 13, 2008 [PDF] - Policy and the Economy in the Wake of the Shock
Escanaba, Michigan, October 21, 2008 and Houghton, Michigan, October 16, 2008 [PDF] - Repercussions from the Financial Shock
Minneapolis, Minnesota, October 9, 2008 [PDF] - Repercussions from the Financial Shock
Chicago, Illinois, October 7, 2008 [PDF] - Repercussions from the Financial Shock
Three Forks, Montana August 14, 2008 - Issues in Macroeconomic Policy
London, England, March 27, 2008 [PDF] - Issues in Macroeconomic Policy
Minneapolis, Minnesota, February 19, 2008 [PDF] - Remarks at the Early Childhood Research Collaborative Conference, Minneapolis, MN, December 7, 2007
- Credit Market Developments: Lessons for Central Banking,
Singapore, November 19, 2007 - Comments to the 2007 Business Leaders Luncheon,
Billings, Montana, August 9, 2007 - Comments on Release of the Nation's Report Card:
Economics 2006, August 8, 2007 - Perspectives on the Economy, March 29, 2007
- Remarks at the U.S. Monetary Policy Forum, March 9, 2007
- Payments System Issues and Challenges, June 15, 2005
- Remarks to the Conference of State Bank Supervisors,
June 2, 2005 - Federal Reserve Banks' Initiatives in the
Payments System,
October 30, 2003
- Remarks at the Emerging Payments Conference, May 30, 2003
- Economic Literacy Leads to Better Grasp of
Public Policy Issues,
October 24, 2002 - Reflections on Business, Government and Reputation,
May 19, 2002 - The (Uncertain) Resilience of the U.S. Economy, April 25, 2002
- Moral Hazard and Bank Protection, July 23, 2001
- Remarks at American Enterprise Conference: Is Bank Regulation Necessary?, October 27, 1999
- Thoughts on Economic Growth, June 9, 1999
- Managing Moral Hazard with Market Signals: How Regulation Should Change With Banking, May 6, 1999
- Opening Remarks for Minneapolis Community Development Agency/Lender Meeting, April 14, 1999
- From Command and Control to Market Discipline: How Regulation Should Change with Changes in Banking, February 26, 1999
- Role of Banking Debt in Community Development, April 1998
- Government Safety Nets and Banking
System Stability,
March 11, 1998 - Remarks at the FDIC Conference on Deposit Insurance,
January 29, 1998 - The Expansion Going Forward, January 20, 1998
- Government Safety Nets, Banking System Stability, and Economic Development, September 15-16, 1997
- Remarks at the American Farm Bureau Midwest Presidents & Administrators Conference, July 25, 1997
- The Federal Reserve's Contribution to Sustained
Growth,
June 4, 1997 - The Role of Banking Debt in
Community Development,
excerpt from a speech given at the April 1997 Nation Building Conference - A Nation's Commercial Banks
and Central Bank are Reflections of Each Other, International Conference
on Russian Banking, 1994
Annual Report Essays
2007 — Managing the Expanded Safety Net
1995 — Formulating a Consistent Approach to Monetary Policy
1992 — Banking's Middle Ground: Balancing
Excessive
Regulation and Taxpayer Risk
1987 — Achieving Economic Stability: Lessons From the Crash of 1929
1986 — The Unpleasant Arithmetic of Budget and Trade Deficits
1985 — The Fed's Money Supply Ranges:
Still Useful After All These Years
1984 — The Transition to Low Inflation:
Progress and Pressures
Quarterly Review
- Avoiding Significant Monetary Policy Mistakes, December 2004
Editorials
- Y2K and Your Money, fedgazette, July 1999
- Do We Know Enough About Economics?,
fedgazette,
January 1999 - Can the U.S. Economy Weather World Storms?, fedgazette, November 1998
- Banking As We Know It, fedgazette, July 1998
- Government, banks should share risk of failure, Star Tribune, April 16, 1998 (also appeared in The Wall Street Journal, April 11, 1998, under the title “Risky Mergers”)
- Deposit Insurance, Too-Big-To-Fail
and Small Banks,
fedgazette, April 1998 - Suspending Disbelief: Low Incomes Do Not Mean High Defaults, fedgazette, January 1994
- The Economy & Monetary Policy (testimony to Senate Banking Committee), fedgazette, April 1993
