A small economics group in Houston works closely with the Dallas research staff, providing information on Houston and Gulf Coast economic and energy conditions as Federal Reserve monetary policy is formulated. Federal Reserve research is shared through a Houston newsletter, local speaking engagements and a Houston Branch library that contains Federal Reserve and other publications. The organizational structure of a Federal Reserve Branch Office is similar to a commercial bank's, with a Branch manager, deputy Branch manager and bank officers who oversee Operations, Banking Supervision, Auditing, Research, Accounting, Personnel and other departments. Each Federal Reserve Branch Office has a board of directors made up of local business leaders who advise the Fed on regional economic and banking conditions. Houston Branch moved into its current building at 1701 San Jacinto in 1958.
Operations serve local economic activity.
The Branch serves financial institutions in a 41 - county area in Southeast Texas. Check processing operations make up about 42 percent of the Houston Branch staff. Cash operations process approximately 1.5 million currency notes per day. Winter has left its mark on the Houston economy, with solid holiday sales and volatile oil and natural gas prices driven by cold weather. Employment data through November 1996 show Houston on a steady 2.4 percent growth path, and Beige Book responses point to continued moderate expansion.