query: who started the federal reserve board?

title: Federal Reserve Act

text: of the Great Depression and public sentiment with regards to the Federal Reserve System and the banking community in general had significantly deteriorated. Given the political climate, including of Franklin D. Roosevelt’s administration and New Deal legislation, it was uncertain whether the Federal Reserve System would survive. In 1933, by way of the Banking Act of 1933, the Federal Reserve Act was amended to create the Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors of the Federal Reserve System and five representatives from the Federal Reserve Banks. The FOMC is required to

title: Federal Reserve Bank

text: Reserve Act of December 23, 1913, establishing a new central bank intended to serve as a formal "lender of last resort" to banks in times of liquidity crisis—panics where depositors tried to withdraw their money faster than a normal fractional-reserve-based bank could pay it out. The Federal Reserve Act presented by Congressman Carter Glass and Senator Robert L. Owen incorporated modifications by Woodrow Wilson and allowed for a regional Federal Reserve System, operating under a supervisory board in Washington, D.C. Congress approved the Act, and President Wilson signed it into law on December 23, 1913. The Act, "Provided for the

title: History of the Federal Reserve System

text: Wilson, was committed to banking and currency reform, but it took a great deal of his political influence to get an acceptable plan passed as the Federal Reserve Act in 1913. Wilson thought the Aldrich plan was perhaps "60–70% correct". When Virginia Rep. Carter Glass, chairman of the House Committee on Banking and Currency, presented his bill to President-elect Wilson, Wilson said that the plan must be amended to contain a Federal Reserve Board appointed by the executive branch to maintain control over the bankers. After Wilson presented the bill to Congress, a group of Democratic congressmen revolted. The group,

title: Federal Reserve Board of Governors

text: Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States. Governors are appointed by the President of the United States and confirmed by the Senate for staggered 14-year terms. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country". As stipulated in the Banking Act of

title: Federal Reserve Board of Governors

text: direct the open market operations that sets U.S. monetary policy through their membership in the Federal Open Market Committee (FOMC). Records of the Federal Reserve Board of Governors are found in the Record Group n. 82 at the National Archives of the United States. The current members of the Board of Governors are as follows: President Donald Trump has nominated Marvin Goodfriend, and Nellie Liang to fill the remaining two vacancies. Mr. Goodfriend and Ms. Liang have had hearings and are awaiting a Senate vote. Source: Source: Federal Reserve Board of Governors The Board of Governors of the Federal Reserve

title: Federal Reserve Board of Governors

text: qualified", it is possible for a member to serve for significantly longer than a full term of 14 years. The law provides for the removal of a member of the Board by the President "for cause". The Chair and Vice Chair of the Board of Governors are appointed by the President from among the sitting Governors. They both serve a four-year term and they can be renominated as many times as the President chooses, until their terms on the Board of Governors expire. All seven board members of the Federal Reserve Board of Governors and five Federal Reserve Bank presidents

title: Bloomberg L.P. v. Board of Governors of the Federal Reserve System

text: Bloomberg L.P. v. Board of Governors of the Federal Reserve System Bloomberg L.P. v. Board of Governors of the Federal Reserve System, 1:2008cv09595, was a lawsuit by Bloomberg L.P. against the Board of Governors of the Federal Reserve System for disclosure of information about banks and other financial institutions that had borrowed from the Federal Reserve discount window during the United States housing bubble and ensuing financial crisis. During the financial crisis, the U.S. Congress, Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation, developed the Emergency Economic Stabilization Act of 2008 to shore up financial institutions by purchasing mortgage-backed

title: Federal Reserve Bulletin

text: Federal Reserve Bulletin The Federal Reserve Bulletin is a bulletin from the Federal Reserve Board started in 1914, intended as a vehicle to present policy issues. According to the "About" section of the Bulletin's website: "Authors from the Federal Reserve Board's Research and Statistics, Monetary Affairs, International Finance, Banking Supervision and Regulation, Consumer and Community Affairs, Reserve Bank Operations, and Legal divisions contribute to the content published in the Bulletin, which includes topical research and analysis and quarterly "Legal Developments."" Historically, the Federal Reserve Bulletin was published monthly as a paper bulletin, and then as an online bulletin. However, regular

text: appeal to the Supreme Court. The case was appealed but ultimately rejected on March 21, 2011. The Federal Reserve was required to release the data within five days to Bloomberg L.P. Bloomberg L.P. v. Board of Governors of the Federal Reserve System Bloomberg L.P. v. Board of Governors of the Federal Reserve System, 1:2008cv09595, was a lawsuit by Bloomberg L.P. against the Board of Governors of the Federal Reserve System for disclosure of information about banks and other financial institutions that had borrowed from the Federal Reserve discount window during the United States housing bubble and ensuing financial crisis. During

title: Federal Reserve Bulletin

text: a detailed list of links to the most up-to-date data on the economy of the United States. Federal Reserve Bulletin The Federal Reserve Bulletin is a bulletin from the Federal Reserve Board started in 1914, intended as a vehicle to present policy issues. According to the "About" section of the Bulletin's website: "Authors from the Federal Reserve Board's Research and Statistics, Monetary Affairs, International Finance, Banking Supervision and Regulation, Consumer and Community Affairs, Reserve Bank Operations, and Legal divisions contribute to the content published in the Bulletin, which includes topical research and analysis and quarterly "Legal Developments."" Historically, the Federal

title: Federal Reserve Board of Governors

text: 1935, the Chair and Vice Chair of the Board are two of seven members of the Board of Governors who are appointed by the President from among the sitting Governors. The terms of the seven members of the Board span multiple presidential and congressional terms. Once a member of the Board of Governors is appointed by the president, he or she functions mostly independently. The Board is required to make an annual report of operations to the Speaker of the U.S. House of Representatives. It also supervises and regulates the operations of the Federal Reserve Banks, and the U.S. banking

title: Federal Reserve

text: Reserve System is composed of several layers. It is governed by the presidentially appointed board of governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, regulate and oversee privately owned commercial banks. Nationally chartered commercial banks are required to hold stock in, and can elect some of the board members of, the Federal Reserve Bank of their region. The Federal Open Market Committee (FOMC) sets monetary policy. It consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote

title: Federal Reserve

text: financial statements prepared by the Federal Reserve System conform to a basis of accounting that is set by the Federal Reserve Board and does not conform to Generally Accepted Accounting Principles (GAAP) or government Cost Accounting Standards (CAS). The financial reporting standards are defined in the Financial Accounting Manual for the Federal Reserve Banks. The cost accounting standards are defined in the Planning and Control System Manual. , the Federal Reserve Board has been publishing unaudited financial reports for the Federal Reserve banks every quarter. November 7, 2008, Bloomberg L.P. News brought a lawsuit against the board of governors of

title: Federal Reserve

text: in more detail the expenses of the different aspects of the whole system, is called "Annual Report: Budget Review". These detailed comprehensive reports can be found at the board of governors' website under the section "Reports to Congress" One of the keys to understanding the Federal Reserve is the Federal Reserve balance sheet (or balance statement). In accordance with Section 11 of the Federal Reserve Act, the board of governors of the Federal Reserve System publishes once each week the "Consolidated Statement of Condition of All Federal Reserve Banks" showing the condition of each Federal Reserve bank and a consolidated

title: Criticism of the Federal Reserve

text: Federal Reserve Board was created to control, regulate and stabilize credit in the interest of all people. . . . The Federal Reserve Board is the most gigantic financial power in all the world. Instead of using this great power as the Federal Reserve Act intended that it should, the board . . . delegated this power to the banks. Representative Louis T. McFadden, Chairman of the House Committee on Banking and Currency from 1920 to 1931, accused the Federal Reserve of deliberately causing the Great Depression. In several speeches made shortly after he lost the chairmanship of the committee,

title: Federal Reserve

text: related to items (1), (2), or (3). See Federal Reserve System Audits: Restrictions on GAO's Access (GAO/T-GGD-94-44), statement of Charles A. Bowsher. The board of governors in the Federal Reserve System has a number of supervisory and regulatory responsibilities in the U.S. banking system, but not complete responsibility. A general description of the types of regulation and supervision involved in the U.S. banking system is given by the Federal Reserve: The board of directors of each Federal Reserve Bank District also has regulatory and supervisory responsibilities. If the board of directors of a district bank has judged that a member

title: Chair of the Federal Reserve

text: Chair of the Federal Reserve The Chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, which is the central banking system of the United States. The position is known colloquially as "Chair of the Fed" or "Fed Chair". The chair is the "active executive officer" of the Board of Governors of the Federal Reserve System. The chair is chosen by the President of the United States from among the members of the Board of Governors; and serves for four-year-terms after appointment. A chair may be appointed for several consecutive terms. William

title: Federal Reserve

text: derives its authority and purpose from the Federal Reserve Act, which was passed by Congress in 1913 and is subject to Congressional modification or repeal. The four main components of the Federal Reserve System are (1) the board of governors, (2) the Federal Open Market Committee, (3) the twelve regional Federal Reserve Banks, and (4) the member banks throughout the country. The seven-member board of governors is a federal agency. It is charged with the overseeing of the 12 District Reserve Banks and setting national monetary policy. It also supervises and regulates the U.S. banking system in general. Governors are

title: Federal Reserve

text: Kansas City, Dallas, and San Francisco. The size of each district was set based upon the population distribution of the United States when the Federal Reserve Act was passed. The charter and organization of each Federal Reserve Bank is established by law and cannot be altered by the member banks. Member banks, do however, elect six of the nine members of the Federal Reserve Banks' boards of directors. Each regional Bank has a president, who is the chief executive officer of their Bank. Each regional Reserve Bank's president is nominated by their Bank's board of directors, but the nomination is

title: Federal Reserve

text: structure of the system. Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the board of governors are selected by the President of the United States and confirmed by the Senate. The Federal Banking Agency Audit Act, enacted in 1978 as Public Law 95-320 and 31 U.S.C. section 714 establish that the board of governors of the Federal Reserve System and the Federal Reserve banks may be audited by the Government Accountability Office (GAO). The GAO has authority to audit check-processing, currency storage and shipments, and some regulatory and bank

title: Federal Reserve

text: proposed by Senator Robert Owen in May 1913. The primary difference between the two bills was the transfer of control of the Board of Directors (called the Federal Open Market Committee in the Federal Reserve Act) to the government. The bill passed Congress on December 23, 1913, on a mostly partisan basis, with most Democrats voting "yea" and most Republicans voting "nay". Key laws affecting the Federal Reserve have been: The Federal Reserve records and publishes large amounts of data. A few websites where data is published are at the board of governors' Economic Data and Research page, the board

title: Federal Reserve Board of Governors

text: system in general. The Board obtains its funding from charges that it assesses on the Federal Reserve Banks, and not from the federal budget. Membership is by statute limited in term, and a member that has served for a full 14 year term is not eligible for reappointment. There are numerous occasions where an individual was appointed to serve the remainder of another member's uncompleted term, and has been reappointed to serve a full 14-year term. Since "upon the expiration of their terms of office, members of the Board shall continue to serve until their successors are appointed and have

title: Federal Reserve

text: lending facility". Both the discount rate and the federal funds rate influence the prime rate, which is usually about 3 percentage points higher than the federal funds rate. Another instrument of monetary policy adjustment employed by the Federal Reserve System is the fractional reserve requirement, also known as the required reserve ratio. The required reserve ratio sets the balance that the Federal Reserve System requires a depository institution to hold in the Federal Reserve Banks, which depository institutions trade in the federal funds market discussed above. The required reserve ratio is set by the board of governors of the Federal

title: Federal Reserve Act

text: and each had various branches, a board of directors, and district boundaries. The Federal Reserve Board, consisting of seven members, was created as the governing body of the Fed. Each member is appointed by the President of the U.S and confirmed by the U.S. Senate. In 1935, the Board was renamed and restructured. Also created as part of the Federal Reserve System was a 12-member Federal Advisory Committee and a single new United States currency, the Federal Reserve Note. The Federal Reserve Act created a national currency and a monetary system that could respond effectively to the stresses in the

title: Chair of the Federal Reserve

text: System. A chair serves for a four-year term after appointment, but may be reappointed for several consecutive four-year terms. As of 2018, there have been a total of sixteen Fed Chairs. Chair of the Federal Reserve The Chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, which is the central banking system of the United States. The position is known colloquially as "Chair of the Fed" or "Fed Chair". The chair is the "active executive officer" of the Board of Governors of the Federal Reserve System. The chair is chosen by

title: Federal Reserve

text: examination functions, however, there are restrictions to what the GAO may audit. Under the Federal Banking Agency Audit Act, 31 U.S.C. section 714(b), audits of the Federal Reserve Board and Federal Reserve banks do not include (1) transactions for or with a foreign central bank or government or non-private international financing organization; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; or (4) a part of a discussion or communication among or between members of the board of governors and officers and employees of the Federal Reserve System

title: Federal Reserve

text: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA [the Federal Tort Claims Act], but are independent, privately owned and locally controlled corporations." The opinion went on to say, however, that: "The Reserve Banks have properly been held to be federal instrumentalities for some purposes." Another relevant decision is "Scott v. Federal Reserve Bank of Kansas City", in which the distinction is made between Federal Reserve Banks, which are federally created instrumentalities, and the board of governors, which is a federal agency. Regarding the structural relationship between the twelve Federal Reserve banks and the various commercial (member)

title: Structure of the Federal Reserve System

text: internal organization and by tradition elects the Chairman of the Board of Governors as its chairman and the president of the Federal Reserve Bank of New York as its vice chairman. Formal meetings typically are held eight times each year in Washington, D.C. Telephone consultations and other meetings are held when needed. There are 12 regional Federal Reserve Banks, not to be confused with the "member banks", with 25 branches, which serve as the operating arms of the system. Each Federal Reserve Bank is subject to oversight by the Board of Governors. Each Federal Reserve Bank has a board of

title: Federal Reserve

text: banks are members of their regional Federal Reserve Bank. An external auditor selected by the audit committee of the Federal Reserve System regularly audits the Board of Governors and the Federal Reserve Banks. The GAO will audit some activities of the Board of Governors. These audits do not cover "most of the Fed's monetary policy actions or decisions, including discount window lending (direct loans to financial institutions), open-market operations and any other transactions made under the direction of the Federal Open Market Committee" ...[nor may the GAO audit] "dealings with foreign governments and other central banks." The annual and quarterly

title: Federal Reserve

text: the second nomination. Daniel Tarullo submitted his resignation from the board on February 10, 2017, effective on or around April 5, 2017. The Federal Open Market Committee (FOMC) consists of 12 members, seven from the board of governors and 5 of the regional Federal Reserve Bank presidents. The FOMC oversees and sets policy on open market operations, the principal tool of national monetary policy. These operations affect the amount of Federal Reserve balances available to depository institutions, thereby influencing overall monetary and credit conditions. The FOMC also directs operations undertaken by the Federal Reserve in foreign exchange markets. The FOMC

title: Chair of the Federal Reserve

text: Martin was the longest serving chair, holding the position from 1951 to 1970. The current Chairman is Jerome Powell, who was sworn in on February 5, 2018. He was nominated to the position by President Donald Trump on November 2, 2017, and was later confirmed by the United States Senate. Section 203 of the Banking Act of 1935 changed the name of the "Federal Reserve Board" to the "Board of Governors of the Federal Reserve System." The directors' salaries were significantly lower (at $12,000 when first appointed in 1914) and their terms of office were much shorter prior to 1935.

title: Federal Reserve

text: put into effect partly by influencing how much interest the private banks charge each other for the lending of these funds. Federal reserve accounts contain federal reserve credit, which can be converted into federal reserve notes. Private banks maintain their bank reserves in federal reserve accounts. The Federal Reserve regulates private banks. The system was designed out of a compromise between the competing philosophies of privatization and government regulation. In 2006 Donald L. Kohn, vice chairman of the board of governors, summarized the history of this compromise: The balance between private interests and government can also be seen in the

title: Structure of the Federal Reserve System

text: are the committees (one for each Reserve Bank) that advise the Banks on matters of agriculture, small business, and labor. Biannually, the Board solicits the views of each of these committees by mail. Notes Structure of the Federal Reserve System The Federal Reserve System is composed of five parts: According to the board of governors of the Federal Reserve, "It is not 'owned' by anyone and is 'not a private, profit-making institution'. Instead, it is an independent entity within the government, having both public purposes and private aspects." The U.S. Government does not own shares in the Federal Reserve System

title: Federal Reserve Note

text: Federal Reserve Note Federal Reserve Notes, also United States banknotes or U.S. banknotes, are the banknotes currently used in the United States of America. Denominated in United States dollars, Federal Reserve Notes are printed by the United States Bureau of Engraving and Printing on paper made by Crane & Co. of Dalton, Massachusetts. Federal Reserve Notes are the only type of U.S. banknote currently produced. Federal Reserve Notes are authorized by Section 16 of the Federal Reserve Act of 1913 and are issued to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve

text: Appeals for the Second Circuit. March 19, 2010, a unanimous three judge panel of the appeals court ruled the Federal Reserve Board must release the documents. May 4, 2010, the Federal Reserve Board and The Clearing House Association L.L.C. appealed for a rehearing however, August 20, 2010, the United States Court of Appeals for the Second Circuit denied both requests. August 26, 2010, the Board filed a request to stay the judgement for appeal to the U.S. Supreme Court. On August 26, 2010, the court agreed to delay implementation of the ruling until October 19 so that the Fed may

title: Federal Reserve

text: must reach consensus on all decisions. The president of the Federal Reserve Bank of New York is a permanent member of the FOMC; the presidents of the other banks rotate membership at two- and three-year intervals. All Regional Reserve Bank presidents contribute to the committee's assessment of the economy and of policy options, but only the five presidents who are then members of the FOMC vote on policy decisions. The FOMC determines its own internal organization and, by tradition, elects the chair of the board of governors as its chair and the president of the Federal Reserve Bank of New

title: Federal Reserve

text: statement for all Federal Reserve banks. The board of governors requires that excess earnings of the Reserve Banks be transferred to the Treasury as interest on Federal Reserve notes. Below is the balance sheet (in billions of dollars): In addition, the balance sheet also indicates which assets are held as collateral against Federal Reserve Notes. The Federal Reserve System has faced various criticisms since its inception in 1913. Critique of the organization and system has come from sources such as writers, journalists, economists, and financial institutions as well as politicians and various government employees. Criticisms include transparency, doubt of efficacy

title: Chair of the Federal Reserve

text: In effect, the Federal Reserve Board members in Washington, D.C., were significantly less powerful than the presidents of the regional Federal Reserve Banks prior to 1935. In the 1935 Act, the district heads had their titles changed to "President" (e.g., "President of the Federal Reserve Bank of St. Louis"). As stipulated by the Banking Act of 1935, the President of the United States appoints the seven members of the Board of Governors; they must then be confirmed by the Senate and serve fourteen year terms. The nominees for chair and vice-chair may be chosen by the President from among the

title: Structure of the Federal Reserve System

text: which are federally created instrumentalities, and the Board of Governors, which is a federal agency. The nine member board of directors of each district is made up of three classes, designated as classes A, B, and C. The directors serve a term of three years. The makeup of the boards of directors is outlined in U.S. Code, Title 12, Chapter 3, Subchapter 7: A list of all of the members of the Reserve Banks' boards of directors is published by the Federal Reserve. The Federal Reserve Act provides that the president of a Federal Reserve Bank shall be the chief

title: Federal Reserve

text: are supposed to represent the interests of the public. Lastly, class C board members are appointed by the board of governors, and are also intended to represent the interests of the public. The Federal Reserve Banks have an intermediate legal status, with some features of private corporations and some features of public federal agencies. The United States has an interest in the Federal Reserve Banks as tax-exempt federally created instrumentalities whose profits belong to the federal government, but this interest is not proprietary. In "Lewis v. United States", the United States Court of Appeals for the Ninth Circuit stated that:

title: Federal Reserve Bank

text: the Ninth Circuit stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA [the Federal Tort Claims Act], but are independent, privately owned and locally controlled corporations." The opinion went on to say, however, that: "The Reserve Banks have properly been held to be federal instrumentalities for some purposes." Another relevant decision is "Scott v. Federal Reserve Bank of Kansas City", in which the distinction is made between Federal Reserve Banks, which are federally created instrumentalities, and the Board of Governors, which is a federal agency. Regarding the structural relationship between the twelve Federal Reserve banks

title: History of the Federal Reserve System

text: although Eccles's term on the board continued for three more years. The reluctance of the Federal Reserve to continue monetizing the deficit became so great that, in 1951, President Truman invited the entire Federal Open Market Committee to the White House to resolve their differences. William McChesney Martin, then Assistant Secretary of the Treasury, was the principal mediator. Three weeks later, he was named Chairman of the Federal Reserve, replacing McCabe. In July 1979, Paul Volcker was nominated, by President Carter, as Chairman of the Federal Reserve Board amid roaring inflation. He tightened the money supply, and by 1986 inflation

title: Structure of the Federal Reserve System

text: are appointed and have qualified", it is possible for a member to serve for significantly longer than a full term of 14 years. The law provides for the removal of a member of the Board by the President "for cause". For a list of the current members of the board of governors, see Federal Reserve Board of Governors. The Federal Open Market Committee (FOMC) created under comprises the seven members of the board of governors and five representatives selected from the regional Federal Reserve Banks. The FOMC is charged under law with overseeing open market operations, the principal tool of

title: Federal Reserve Bank of Boston

text: the letter A on them. Its current president is Eric S. Rosengren, who replaced Cathy E. Minehan in July 2007. The Boston Fed describes its mission as promoting "growth and financial stability in New England and the nation". The Boston Fed also includes the New England Public Policy Center. The following people serve on the board of directors . Terms expire on December 31 of their final year on the board. Federal Reserve Bank of Boston The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers

title: Federal Reserve

text: bank is performing or behaving poorly, it will report this to the board of governors. This policy is described in United States Code: The Federal Reserve plays a role in the U.S. payments system. The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government. For depository institutions, they maintain accounts and provide various payment services, including collecting checks, electronically transferring funds, and distributing and receiving currency and coin. For the federal government, the Reserve Banks act as fiscal agents, paying Treasury checks; processing electronic payments; and issuing, transferring, and redeeming U.S. government securities. In

title: Federal Reserve Bank

text: Federal Reserve Bank A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee, and are divided as follows: Some banks also possess branches, with the whole system being headquartered at the Eccles Building in Washington, D.C. Alexander Hamilton, the first Secretary of Treasury, started a movement in

title: Federal Reserve Bank

text: establishment of Federal Reserve Banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes. The Act provided for a Reserve Bank Organization Committee that would designate no less than eight but no more than twelve cities to be Federal Reserve cities, and would then divide the nation into districts, each district to contain one Federal Reserve City. The legislation provided for a system that included a number of regional Federal Reserve Banks and a seven-member governing board. All national banks were

title: Structure of the Federal Reserve System

text: executive officer of the Bank, appointed by the board of directors of the Bank, with the approval of the Board of Governors of the Federal Reserve System, for a term of five years. The terms of all the presidents of the twelve District Banks run concurrently, ending on the last day of February every five years. The appointment of a President who takes office after a term has begun ends upon the completion of that term. A president of a Reserve Bank may be reappointed after serving a full term or an incomplete term. Reserve Bank presidents are subject to

title: Federal Reserve Bank of Richmond

text: aluminum facade and was designed by Minoru Yamasaki, who also designed the former World Trade Center. Despite being one of the tallest buildings in the state, 49% of the building's total floor area is located underground. The building was proposed in 1972, and built from 1975-1978. The Federal Reserve Bank of Richmond is the fourth-largest Federal Reserve Bank by assets held, after New York, San Francisco, and Atlanta, as of December 2018. The following people serve on the board of directors : Federal Reserve Bank of Richmond The Federal Reserve Bank of Richmond is the headquarters of the Fifth District

title: Structure of the Federal Reserve System

text: not operate for the purpose of making a profit. The stocks of the regional federal reserve banks are owned by the banks operating within that region and which are part of the system. The System derives its authority and public purpose from the Federal Reserve Act passed by Congress in 1913. As an independent institution, the Federal Reserve System has the authority to act on its own without prior approval from Congress or the President. The members of its Board of Governors are appointed for long, staggered terms, limiting the influence of day-to-day political considerations. The Federal Reserve System's unique

title: Structure of the Federal Reserve System

text: Structure of the Federal Reserve System The Federal Reserve System is composed of five parts: According to the board of governors of the Federal Reserve, "It is not 'owned' by anyone and is 'not a private, profit-making institution'. Instead, it is an independent entity within the government, having both public purposes and private aspects." The U.S. Government does not own shares in the Federal Reserve System or its component banks, but does receive all of the system's annual profits after a statutory dividend of 6% on their capital investment is paid to member banks and a capital account surplus is

title: Federal Reserve responses to the subprime crisis

text: Federal Reserve responses to the subprime crisis The U.S. central banking system, the Federal Reserve, in partnership with central banks around the world, took several steps to address the subprime mortgage crisis. Federal Reserve Chairman Ben Bernanke stated in early 2008: "Broadly, the Federal Reserve’s response has followed two tracks: efforts to support market liquidity and functioning and the pursuit of our macroeconomic objectives through monetary policy." A 2011 study by the Government Accountability Office found that "on numerous occasions in 2008 and 2009, the Federal Reserve Board invoked emergency authority under the Federal Reserve Act of 1913 to authorize

title: Criticism of the Federal Reserve

text: of thin air." He writes: He also agrees with Friedman and Bernanke that the Fed caused the Great Depression, but in a different way: According to the Congressional Research Service: According to the web site for the Federal Reserve System, the individual Federal Reserve Banks "are the operating arms of the central banking system, and they combine both public and private elements in their makeup and organization." Each bank has a nine-member board of directors: three elected by the commercial banks in the Bank's region, and six chosen – three each by the member banks and the Board of Governors

title: Chair of the Federal Reserve

text: sitting Governors for four-year terms; these appointments are also subject to Senate confirmation. The Senate Committee responsible for vetting a Fed Reserve Chair nominee is the Senate Committee on Banking. By law, the chair reports twice a year to Congress on the Federal Reserve's monetary policy objectives. He or she also testifies before Congress on numerous other issues and meets periodically with the Treasury Secretary. The law applicable to the Chair and all other members of the Board provides (in part): The following is a list of past and present Chairs of the Board of Governors of the Federal Reserve

title: History of the Federal Reserve System

text: Aldrich stated strong opposition to the currency plan passed by the House. However, the former point was also made by Republican Representative Charles Lindbergh Sr. of Minnesota, one of the most vocal opponents of the bill, who on the day the House agreed to the Federal Reserve Act told his colleagues: But the Federal reserve board have no power whatever to regulate the rates of interest that bankers may charge borrowers of money. This is the Aldrich bill in disguise, the difference being that by this bill the Government issues the money, whereas by the Aldrich bill the issue was

title: Federal Reserve Act

text: government after the senate revised the bill to create 12 board members who were each appointed by the president. Preceding the creation of the Federal Reserve, no U.S. central banking systems lasted for more than 25 years. Some of the questions raised include: whether Congress has the Constitutional power to delegate its power to coin money or issue paper money (an obvious reference to , which states: "The Congress shall have power To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures"), whether the structure of the federal reserve is transparent

title: Federal Reserve Bank of Chicago

text: and a million dollars in $20 bills are on display. The museum has been known for giving out bags of shredded money as souvenirs. The Federal Reserve Bank of Chicago Detroit Branch is the only branch of the Federal Reserve Bank of Chicago. The following people are on the board of directors . Class A directors are elected by member banks to represent member banks. Class B directors are elected by member banks to represent the public. Class C directors are appointed by the board of governors to represent the public. Federal Reserve Bank of Chicago The Federal Reserve Bank

title: Federal Reserve Bank of Chicago Detroit Branch

text: are appointed by the parent Federal Reserve Bank; the others are appointed by the Board of Governors. Branch directors serve staggered three-year terms (two-year terms if the Branch has five directors). One of the members appointed by the Federal Reserve Board is designated annually as chairman of the board of that Branch in a manner prescribed by the parent Federal Reserve Bank. The following people are on the board of directors as of February 2016: The Federal Reserve Bank of Chicago Detroit Branch Building is a bank building located at 160 W. Fort Street in Detroit, Michigan. The building was

title: Structure of the Federal Reserve System

text: mandatory retirement upon becoming 65 years of age. However, presidents initially appointed after age 55 can, at the option of the board of directors, be permitted to serve until attaining ten years of service in the office or age 70, whichever comes first. The Federal Reserve Districts are listed below along with their identifying letter and number. These are used on Federal Reserve Notes to identify the issuing bank for each note. The 25 branches are also listed. A primary dealer is a bank or securities broker-dealer that may trade directly with the Federal Reserve System of the United States.

title: Federal Reserve Bank

text: serves Hawaii. New York, Richmond, and San Francisco are the only banks that oversee non-U.S. state territories. The System serves these territories as follows: the New York Bank serves the Commonwealth of Puerto Rico and the U.S. Virgin Islands; the Richmond Bank serves the District of Columbia; the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Board of Governors last revised the branch boundaries of the System in February 1996. Federal Reserve Bank A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the

title: Federal Reserve Act

text: meet at least four times a year (in practice, the FOMC usually meets eight times) and has the power to direct all open-market operations of the Federal Reserve banks. On November 16, 1977, the Federal Reserve Act was amended to require the Board and the FOMC "to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates." The Chairman was also required to appear before Congress at semi-annual hearings to report on the conduct of monetary policy, on economic development, and on the prospects for the future. The Federal Reserve Act has been amended by some

title: Federal Reserve Bank

text: of a Federal Reserve Bank's revenue each year. The banks may retain part of their earnings in their own surplus funds that are limited to $7.5 billion, system-wide. The rest must be transferred to the Board of Governors, which then deposits it to the Treasury. The Federal Reserve Banks conduct ongoing internal audits of their operations to ensure that their accounts are accurate and comply with the Federal Reserve System's accounting principles. The banks are also subject to two types of external auditing. Since 1978 the Government Accountability Office (GAO) has conducted regular audits of the banks' operations. The GAO

title: Structure of the Federal Reserve System

text: reserve bank is organized much like a private corporation so that it can provide the necessary revenue to cover operational expenses and implement the demands of the board. A member bank is a privately owned bank that must buy an amount equal to 3% of its combined capital and surplus of stock in the Reserve Bank within its region of the Federal Reserve System. This stock "may not be sold, traded, or pledged as security for a loan" and all member banks receive a 6% annual dividend. No stock in any Federal Reserve Bank has ever been sold to the

title: Structure of the Federal Reserve System

text: directors, whose members work closely with their Reserve Bank president to provide grassroots economic information and input on management and monetary policy decisions. These boards are drawn from the general public and the banking community and oversee the activities of the organization. They also appoint the presidents of the Reserve Banks, subject to the approval of the Board of Governors. Reserve Bank boards consist of nine members: six serving as representatives of nonbanking enterprises and the public (nonbankers) and three as representatives of banking. Each Federal Reserve branch office has its own board of directors, composed of three to seven

title: Reserve Forces Policy Board

text: Reserve Forces Policy Board The Reserve Forces Policy Board (RFPB) is a federal advisory committee established by statute within the Office of the Secretary of Defense. Its purpose is to "serve as an independent adviser to the Secretary of Defense to provide advice and recommendations to the Secretary on strategies, policies, and practices designed to improve and enhance the capabilities, efficiency, and effectiveness of the reserve components". By law, the Secretary of Defense transmits annually to the President and Congress a separate annual report from the RFPB on reserve component matters the board considers appropriate to include in the report.

title: Reserve Forces Policy Board

text: be much more independent, and objective, and will bring the talent of outside experts to provide timely advice and recommendations directly to the Secretary of Defense. In 2013 the board released a report that faulted the USAF's effort to reduce its reserve components on a cost basis, by pointing to the "unsustainable" costs of active duty forces as compared to reserve units. Reserve Forces Policy Board The Reserve Forces Policy Board (RFPB) is a federal advisory committee established by statute within the Office of the Secretary of Defense. Its purpose is to "serve as an independent adviser to the Secretary

title: Federal Reserve Bank

text: corporations and some features of public federal agencies. In "United States Shipping Board Emergency Fleet Corporation v. Western Union Telegraph Co.", the U.S. Supreme Court stated, "Instrumentalities like the national banks or the federal reserve banks, in which there are private interests, are not departments of the government. They are private corporations in which the government has an interest." The United States has an interest in the Federal Reserve Banks as tax-exempt federally created instrumentalities whose profits belong to the federal government, but this interest is not proprietary. In "Lewis v. United States", the United States Court of Appeals for

title: Federal Reserve

text: the Federal Reserve System to force the board to reveal the identities of firms for which it has provided guarantees during the financial crisis of 2007–2008. Bloomberg, L.P. won at the trial court and the Fed's appeals were rejected at both the United States Court of Appeals for the Second Circuit and the U.S. Supreme Court. The data was released on March 31, 2011. The term "monetary policy" refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. What happens

title: Federal Reserve

text: paid, and an account surplus is maintained. In 2015, the Federal Reserve earned net income of $100.2 billion and transferred $97.7 billion to the U.S. Treasury. Although an instrument of the US Government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." The primary motivation for creating the

title: Federal Reserve

text: York as its vice chair. Formal meetings typically are held eight times each year in Washington, D.C. Nonvoting Reserve Bank presidents also participate in Committee deliberations and discussion. The FOMC generally meets eight times a year in telephone consultations and other meetings are held when needed. The Federal Advisory Council, composed of twelve representatives of the banking industry, advises the board on all matters within its jurisdiction. There are 12 Federal Reserve Banks, each of which is responsible for member banks located in its district. They are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis,

title: Federal Reserve Bank of Cleveland

text: are appointed by the Board of Governors to represent the public. Terms always expire on December 31 of their final year on the board. Federal Reserve Bank of Cleveland The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It has branch offices in Cincinnati and Pittsburgh. The check processing center in Columbus, Ohio, was closed in 2005. The chief executive officer and president is Loretta Mester. The bank building is a 13-story 203 foot

title: Federal Reserve Bank of Philadelphia

text: the United States. It also publishes a quarterly publication entitled Business Review. The Federal Reserve Bank of Philadelphia also publishes the Livingston Survey and the Greenbook data sets. The following people serve on the board of directors . Terms expire on December 31 of their final year on the board. Notes Federal Reserve Bank of Philadelphia The Federal Reserve Bank of Philadelphia, also known as the Philadelphia Fed and the Philly Fed – headquartered at 10 N. Independence Mall West (N. 6th Street) at Arch Street, Philadelphia, Pennsylvania, with an additional entrance at N. 7th Street – is responsible for

title: Federal Reserve Bank of Minneapolis

text: following people are on the board of directors . Class A directors are elected by member banks to represent member banks. Class B directors are elected by member banks to represent the public. Class C directors are appointed by the Board of Governors to represent the public. Their terms expire on December 31. Federal Reserve Bank of Minneapolis The Federal Reserve Bank of Minneapolis, located in Minneapolis, Minnesota, in the United States, covers the 9th District of the Federal Reserve, which is made up of Minnesota, Montana, North and South Dakota, northwestern Wisconsin, and the Upper Peninsula of Michigan. Although

title: Criticism of the Federal Reserve

text: McFadden claimed that the Federal Reserve was run by Wall Street banks and their affiliated European banking houses. In one 1932 House speech (that has been criticized as bluster), he stated: Many members of Congress who have been involved in the House and Senate Banking and Currency Committees have been open critics of the Federal Reserve, including Chairmen Wright Patman, Henry Reuss, and Henry B. Gonzalez. Representative Ron Paul, Chairman of the Monetary Policy Subcommittee in 2011, is known as a staunch opponent of the Federal Reserve System. He routinely introduced bills to abolish the Federal Reserve System, three of

title: Federal Reserve Bank of Dallas

text: Federal Reserve Bank of Dallas The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico, a district sometimes referred to as the Oil Patch. The Federal Reserve Bank of Dallas is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank. The Dallas Fed is the only one where all external branches reside in the same state (although the region itself includes northern Louisiana as well as southern New Mexico). The Dallas Fed has branch offices in

title: Criticism of the Federal Reserve

text: which gained approval in the House but lost in the Senate. Congressman Paul also introduced H.R. 459: Federal Reserve Transparency Act of 2011, This act required an audit of the Federal Reserve Board and the twelve regional banks, with particular attention to the valuation of its securities. His son, Senator Rand Paul, has introduced similar legislation in subsequent sessions of Congress. Milton Friedman and Anna Schwartz stated that the Fed pursued an erroneously restrictive monetary policy, exacerbating the Great Depression. After the stock market crash in 1929, the Fed continued its contraction (decrease) of the money supply and refused to

title: Federal Reserve Transparency Act of 2013

text: Federal Reserve Transparency Act of 2013 The Federal Reserve Transparency Act of 2013 () is a bill that would direct the Government Accountability Office (GAO) to prepare, within 12 months of enactment, an audit of the Board of Governors of the Federal Reserve System and the Federal Reserve Banks. The bill was introduced into the United States House of Representatives during the 113th United States Congress. The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment

text: ability to strengthen our country." Federal Reserve Chairwoman Janet Yellen was opposed to the bill, arguing that the bill would be "interfering with the independence of monetary policy." Federal Reserve Transparency Act of 2013 The Federal Reserve Transparency Act of 2013 () is a bill that would direct the Government Accountability Office (GAO) to prepare, within 12 months of enactment, an audit of the Board of Governors of the Federal Reserve System and the Federal Reserve Banks. The bill was introduced into the United States House of Representatives during the 113th United States Congress. The Federal Reserve System (also known

title: Federal Reserve Reform Act of 1977

text: basis of race, creed, color, sex, or national origin was prohibited, and the composition of the directors was required to represent interests of "agriculture, commerce, industry, services, labor and consumers". The Federal Reserve Act, which created the Federal Reserve in 1913, made no mention of services, labor, and consumers. Finally, the act established Senate confirmation of chairmen and vice chairmen of the Board of Governors of the Federal Reserve. The Federal Reserve Reform Act made the Federal Reserve more transparent to Congressional oversight. Much of the text of the Federal Reserve Reform Act pertains to Congress leveraging its oversight power

title: Structure of the Federal Reserve System

text: redeemable only at par, the nominal "owners" do not benefit from this surplus capital. In 2010, the Federal Reserve System contributed $79 billion to the U.S. Treasury. The seven-member Board of Governors is the main governing body of the Federal Reserve System. It is charged with overseeing the 12 District Reserve Banks and with helping implement national monetary policy. Governors are appointed by the President of the United States and confirmed by the Senate for staggered, 14-year terms. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the

title: Federal Reserve Bank of Chicago

text: Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago (informally the Chicago Fed) is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and

title: Federal Housing Finance Board

text: July 30, 2009. As a result of the late-2000s recession, section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandated merger of OTS with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board of Governors, and the Consumer Financial Protection Bureau (CFPB) as of July 21, 2011. Federal Housing Finance Board The Federal Housing Finance Board (FHFB) was an independent agency of the United States government established in 1989 in the aftermath of the savings and loan crisis to take over oversight of the Federal Home Loan

title: Federal Reserve Bulletin

text: publication was discontinued after 2006. Currently, individual bulletin articles are released online. The schedule includes four "Legal Developments" articles, one for each quarter, but there is no predetermined schedule for the release of other articles. All articles released in a particular calendar year form one volume of the bulletin, that can be purchased in print or downloaded in full online. All volumes and articles of the bulletin can be accessed freely online. Print versions can be ordered for a fee. The Federal Reserve Bulletin archives are also available through FRASER. The Federal Reserve Bulletin started out in 1914. Started May

title: Structure of the Federal Reserve System

text: sometimes treated as if they were members under certain circumstances. A list of all member banks can be found at the website of the Federal Deposit Insurance Corporation (FDIC). Most commercial banks in the United States are not members of the Federal Reserve System, but the total value of all the banking assets of member banks is substantially larger than the total value of the banking assets of nonmembers. The Federal Reserve System uses advisory committees in carrying out its varied responsibilities. Three of these committees advise the Board of Governors directly: Of these advisory committees, perhaps the most important

title: Old Federal Reserve Bank Building (San Francisco)

text: board rooms are booked for fundraisers, events, meetings, and conferences. The San Francisco Federal Reserve Bank opened for business in rented quarters at the rear of the Merchants National Bank on November 16, 1914, in order to meet the provisions of the Federal Reserve Act. This location was to be a temporary one, until a Federal Reserve building could be completed. In the spring of 1918 a building site bounded by Sacramento, Sansome, Battery, and Commercial streets was purchased for the Federal Reserve's future home; the lot measured . George Kelham, who had been the chief architect for the 1915

title: Federal Reserve Bank of Richmond Baltimore Branch

text: officials and non-profit organizations to support fair housing initiatives throughout the Fifth District. The Baltimore branch was founded in March 1918 and is currently headed by William R. Roberts. Each branch of the Federal Reserve Banks has a board of either seven or five directors, a majority of whom are appointed by the parent Federal Reserve Bank; the others are appointed by the Board of Governors. Branch directors serve staggered three-year terms (two-year terms if the Branch has five directors). One of the members appointed by the Federal Reserve Board is designated annually as chairman of the board of that

text: own interests. "This summary is based largely on the summary provided by the Congressional Research Service, a public domain source." The Federal Reserve Transparency Act of 2013 would direct the Comptroller General (GAO) to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Board) and of the Federal Reserve Banks; and (2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions. The bill would repeal certain limitations placed upon such audit. The bill would instruct the Comptroller General

title: Federal Reserve Bank of St. Louis

text: Federal Reserve Bank of St. Louis The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main branches of Federal Reserve Banks. (Kansas City also has a bank). Located in downtown St. Louis, the St. Louis Fed is the headquarters of the Eighth Federal Reserve District, which includes the state of Arkansas and portions of Illinois, Indiana, Kentucky, Mississippi, the eastern half of Missouri and West Tennessee. It has branches in

title: Federal Reserve

text: cost of 5.0 cents per note. Federal funds are the reserve balances (also called Federal Reserve Deposits) that private banks keep at their local Federal Reserve Bank. These balances are the namesake reserves of the Federal Reserve System. The purpose of keeping funds at a Federal Reserve Bank is to have a mechanism for private banks to lend funds to one another. This market for funds plays an important role in the Federal Reserve System as it is what inspired the name of the system and it is what is used as the basis for monetary policy. Monetary policy is

title: History of the Federal Reserve System

text: of silver in his "Cross of Gold Speech" at the 1896 Democratic convention. Bryan and the agrarians wanted a government-owned central bank which could print paper money whenever Congress wanted, and thought the plan gave bankers too much power to print the government's currency. Wilson sought the advice of prominent lawyer Louis Brandeis to make the plan more amenable to the agrarian wing of the party; Brandeis agreed with Bryan. Wilson convinced them that because Federal Reserve notes were obligations of the government and because the president would appoint the members of the Federal Reserve Board, the plan fit their

title: Federal Reserve Bulletin

text: 1915, paper bulletins were released monthly. The practice of monthly publication continued without break until December 2003. In 2004 and 2005, the bulletin was published on a quarterly schedule. In 2006, publication was on a bi-annual schedule. Starting 2007, individual articles were simply released online and all articles released in a given year were compiled into a volume at the end of the year. The Federal Reserve Board used to publish a Statistical Supplement to the Federal Reserve Bulletin, both print and online, but announced in December 2008 that it was discontinuing the Statistical Supplement, and instead pointed people to

title: United States Federal Maritime Board

text: United States Federal Maritime Board The United States Federal Maritime Board was an agency within the U.S. Department of Commerce, responsible for certain aspects of merchant shipping between 1950 and 1961. The agency was established in 1950 when the U.S. Maritime Commission was abolished and its responsibilities split between two new agencies: the Federal Maritime Board and the U.S. Maritime Administration (MARAD). The Federal Maritime Board was responsible for regulating shipping and awarding subsidies for construction and operation of merchant vessels, while MARAD was responsible for administering subsidy programs, maintaining the national defense reserve merchant fleet, and operating the U.S.

title: Federal Reserve

text: Federal Reserve System was to address banking panics. Other purposes are stated in the Federal Reserve Act, such as "to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes". Before the founding of the Federal Reserve System, the United States underwent several financial crises. A particularly severe crisis in 1907 led Congress to enact the Federal Reserve Act in 1913. Today the Federal Reserve System has responsibilities in addition to ensuring the stability of the financial system. Current functions of the Federal

title: History of the Federal Reserve System

text: the deposits of the federal government. The branches and businessmen of each of the 15 districts would elect thirty out of the 39 members of the board of directors of the National Reserve Association. Aldrich fought for a private monopoly with little government influence, but conceded that the government should be represented on the board of directors. Aldrich then presented what was commonly called the "Aldrich Plan" – which called for establishment of a "National Reserve Association" – to the National Monetary Commission. Most Republicans and Wall Street bankers favored the Aldrich Plan, but it lacked enough support in the

title: Money for Nothing: Inside the Federal Reserve

text: economists, financial historians, famous investors, and traders who provide insight on the Federal Reserve System. The film was released in US theaters on September 6, 2013. "Money for Nothing: Inside the Federal Reserve" was selected for the Vancouver Film Festival for September 2013. It was also screened at various film festivals such as: The film has received coverage from various media sources such as CNBC and Bloomberg "Reviews:" Money for Nothing: Inside the Federal Reserve Money for Nothing: Inside the Federal Reserve is an independent feature-length American documentary about the Federal Reserve written and directed by Jim Bruce, and narrated

title: Federal Reserve

text: due to what is seen by some as poor historical performance and traditionalist concerns about the debasement of the value of the dollar. From the beginning, the Federal Reserve has been the subject of many popular conspiracy theories, that typically link the Fed to numerous other supposed conspiracies. Bundled references Federal Reserve The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the

title: Federal Reserve Deposits

text: monetary base: Federal Reserve Balance Sheet Private Bank Balance Sheet Federal Reserve Deposits are frequently misunderstood even by politicians and economists. Below are some comparisons with popular monetary terms to illustrate what Federal Reserve Deposits are and are not. Federal Reserve Deposits Federal Reserve Deposits, also known as Federal Reserve Accounts, are deposits of gold or, later, Treasury Bills placed by United States banks with the Federal Reserve, the central bank. They are interchangeable with Federal Reserve Notes; both are forms of reserve balances and act as backing for the banks to create their own deposits in the form of

title: Federal Reserve Bank of St. Louis Memphis Branch

text: Federal Reserve Bank of St. Louis Memphis Branch The Federal Reserve Bank of St. Louis Memphis Branch is a branch of the Federal Reserve Bank of St. Louis established in 1918. The branch is responsible for western Tennessee, eastern Arkansas and northern Mississippi. The branch is located on Main Street in downtown Memphis, Tennessee. The following people are on the board of directors as of July 5, 2018: The St. Louis Fed’s Memphis branch is led by Regional Executive Douglas Scarboro, who currently serves on the following boards in Memphis: the Better Business Bureau, Economic Club of Memphis, Greater Memphis

title: Federal Reserve

text: liquidity may also be provided in exceptional circumstances. The rate the Fed charges banks for these loans is called the discount rate (officially the primary credit rate). By making these loans, the Fed serves as a buffer against unexpected day-to-day fluctuations in reserve demand and supply. This contributes to the effective functioning of the banking system, alleviates pressure in the reserves market and reduces the extent of unexpected movements in the interest rates. For example, on September 16, 2008, the Federal Reserve Board authorized an $85 billion loan to stave off the bankruptcy of international insurance giant American International Group

title: Federal Reserve

text: to money and credit affects interest rates (the cost of credit) and the performance of an economy. The Federal Reserve Act of 1913 gave the Federal Reserve authority to set monetary policy in the United States. The Federal Reserve sets monetary policy by influencing the federal funds rate, which is the rate of interbank lending of excess reserves. The rate that banks charge each other for these loans is determined in the interbank market and the Federal Reserve influences this rate through the three "tools" of monetary policy described in the "Tools" section below. The federal funds rate is a