2 |ederal reserve bank o s. louis
I can’ hink o a beter way o characerize BillPoole’s 10-year presidency a he Federal ReserveBank o S. Louis han o summon an old expres-sion: When sailing hrough rough waers, keep aseady hand a he wheel.Wheher we’re alking abou he naional andinernaional economic scene or he changingoperaing environmen here a he Bank, choppysur has been he rule raher han he excepionover he pas decade—a period during which heS. Louis Fed was orunae o have Bill, an avidsailor, a he helm. On he Federal Open MarkeCommitee, Bill’s seady hand proved invaluableduring crises such as he Asian inancial mel-down, he 9/11 erroris atacks and he recensubprime morgage debacle.Wha assuredly will be one o Bill’s lasing lega-cies was his advocacy o clear communicaions—keeping surprises o a minimum while helping hemarkes undersand he underlying principlesbehind FOMC decisions. Pracicing wha hepreaches, Bill gave nearly 150 speeches during hispresidency, oen speaking on he record wihreporers aerward o answer heir quesionsand help eliminae conusion. Someimes heFederal Reserve is accused o being overly andunnecessarily myserious. Through his acions,Bill sough o alleviae any misundersandings ormisconcepions abou he Fed.Despie serving as he Bank’s CEO or 10 years,Bill likes o say ha he is always an academic ahear. And i’s he eacher in him ha he Bank’sdirecors, boh pas and presen, really appreci-aed. Typically, we board members are neihereconomiss nor expers on he inner workings ohe Federal Reserve. We rely on he presiden oeducae us on he ramiicaions o FOMC acions,as well as he bes opions or us o consider ondecisions we need o make. In his role, Proes-sor Poole was unailingly helpul o us.
Bon Voyage,Captain Poole