From the President

What the Moment Demands

November 17, 2023

Watch President Mary C. Daly's closing keynote at the 33rd Frankfurt Banking Congress in Frankfurt, Germany.


SF Fed Newsletter

Learn more about what’s happening in the Twelfth District

Economic Letter

Do Banks Lend to Distressed Firms?

Concerns emerged during the COVID-19 pandemic over banks continuing to lend to unproductive businesses close to default. Recent research shows that lenders have incentives to offer relatively better terms to less-productive and more-indebted firms to recover their prior investments. A rich model of firms and banks further emphasizes that this type of lending can also depress overall productivity.

The SF Fed’s Commitment to Equity

The San Francisco Fed is dedicated to building an economy that works for everyone and helping ensure all Americans—regardless of gender, race or ethnicity, geography, ability, or socio-economic status—have the opportunity to fully realize their potential.