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Individuals, financial institutions, and businesses may contact the Department of the Treasury's Bureau of Engraving and Printing (BEP) if they are in possession of mutilated U.S. currency, meaning that the currency has been damaged to the extent that one-half or less of the original note remains, or its condition is such that its value is questionable. | What should I do if I have damaged or mutilated currency? |
Yes. The Federal Reserve encourages banks to work quickly to resolve issues for customers experiencing delays in receiving direct deposit payments as a result of operational issues at a private sector payments provider. The Federal Reserve's payments services are separate and functioned normally. | Is the Federal Reserve aware of ongoing payment delays for consumers and businesses that started on November 3, 2023? |
The FedNow Service is a new service for instant payments built by the Federal Reserve to help make everyday payments fast and convenient for American households and businesses. Banks and credit unions of all sizes can sign up for the FedNow Service and offer new instant payment services to their customers. In the coming years, customers of banks and credit unions who sign up for the FedNow Service will be able to use their financial institution’s app, website, and other interfaces to send instant payments directly from their bank accounts quickly and securely. The FedNow Service enables individuals and businesses to send and receive payments within seconds at any time of the day, on any day of the year, so that the receiver of a payment can use the funds immediately. | What is the FedNow® Service? |
No. The FedNow Service is not related to a digital currency. The FedNow Service is a payment service the Federal Reserve is making available for banks and credit unions to transfer funds for their customers. It is like other Federal Reserve payment services, such as Fedwire and FedACH. The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash. | Is the FedNow Service replacing cash? Is it a central bank digital currency? |
The Federal Reserve Board's Eccles Building at 2051 Constitution Avenue N.W., which was originally constructed between 1935 and 1937, is undergoing a renovation and expansion. As part of this project, the neighboring building at 1951 Constitution Avenue N.W. is also being renovated. Renovations began in 2021 and are expected to be complete in several years. | Is the Federal Reserve headquarters under construction? |
A CBDC is a digital form of central bank money that is widely available to the general public. | What is a Central Bank Digital Currency? |
U.S. Coin Circulation: The Path Forward - October 2022 (PDF) | Is the Federal Reserve experiencing a coin shortage? |
Diversity and inclusion is of the highest priority for the Federal Reserve Board. We have made considerable progress and we are committed to building on those gains. The Board believes that diverse perspectives inspire the best ideas, decisionmaking, and—ultimately—service to the public and are integral to our mission and core institutional values. We continue to work to increase diversity and inclusion at all levels of the organization by broadening our effort to identify pools of qualified, diverse candidates, and instituting strong processes that reflect widely accepted best practices. The Federal Reserve Board’s annual report to the Congress on the Office of Minority and Women Inclusion outlines our activities, successes, and challenges toward meeting our goals. | How does the Fed foster diversity and inclusion in the workplace? |
Members of the Board vote on whether to approve the issuance of each proposed and final regulation of the Federal Reserve Board. A record of Board member votes can be found here. | What is the role of Board members when the Federal Reserve Board issues a regulation? |
The process to change an existing regulation generally is the same as the process to issue a new regulation. (Click here for more information on that process.) | How does the Board revise a regulation? |
The Administrative Procedure Act sets out the requirements for federal agencies, including the Federal Reserve Board, to follow when issuing proposed and final regulations. Other laws may also affect the rulemaking process. | What specific steps does the Board take to issue a regulation? |
A regulation is a set of requirements issued by a federal government agency to implement laws passed by Congress. For example, the Federal Reserve Board over the years has issued regulations to help implement laws such as the Federal Reserve Act, the Bank Holding Company Act, and the Dodd-Frank Act. | What is a regulation and how is it made? |
Financial stability is about building a financial system that can function in good times and bad, and can absorb all the good and bad things that happen in the U.S. economy at any moment; it isn't about preventing failure or stopping people or businesses from making or losing money. It is just helping to create conditions where the system keeps working effectively even with such events. | What is financial stability? |
Macroeconomics is the study of whole economies--the part of economics concerned with large-scale or general economic factors and how they interact in economies. The Federal Reserve closely examines macroeconomics because its goals--maximum sustainable employment and stable inflation--are measured and achieved on an economywide level, not on an individual level. Macroeconomists study such questions as: What makes the business cycle fluctuate; what makes economic growth go up and down; how are prices determined; what is the rate of inflation, and what determines it; what is productivity growth; and what are the determinants of productivity? Importantly, macroeconomists also study the role government has in determining the pace of growth, the long-run rate of potential output in an economy, and the inflation rate. The Fed cares about macroeconomics because its goals are determined and defined in macroeconomic concepts: Stable inflation or stable prices and maximum employment are measured and achieved on an economywide, macroeconomic level, not at an individual level. Because the Fed's goals are macroeconomic goals, it often thinks in terms of macroeconomics. | What is macroeconomics? |
No. The Federal Reserve Banks provide financial services to banks and governmental entities only. Individuals cannot, by law, have accounts at the Federal Reserve. | Does the Federal Reserve maintain accounts for individuals? Can individuals use such accounts to pay bills and get money? |
Aggregate demand is a term that economists use when talking about a relatively simple concept: Each of us decides how much we want to use or consume every year. We decide how big a house or apartment we want. We decide how many groceries to buy, how many times to fill up our cars with gas, or whether to buy a new dishwasher. Businesses also make decisions. Should they upgrade IT systems? Should they build a new factory or retool? Government also decides how much to demand. Do state and local governments build new schools, open new libraries, buy new books, or improve infrastructure such as roads and electrical systems? The sum of these demands for goods and services--by individuals, businesses, and governments--is aggregate demand. | What is aggregate demand? |
The Federal Reserve publishes many reports that provide information about the assets and liabilities on its balance sheet as part of an effort to enhance transparency and ensure appropriate accountability to the Congress and the public. | Does the Federal Reserve tell the public what it holds on its balance sheet? |
The Congress established several mechanisms to enhance transparency and accountability for the Federal Reserve's emergency lending authorized under section 13(3) of the Federal Reserve Act: | Is the Fed’s emergency lending audited by the Congress? Is information about the Fed’s emergency lending provided to the public? |
The Federal Reserve regularly provides a great deal of information concerning all the basic tools of monetary policy, including open market operations and discount window lending. Each week the Federal Reserve Board releases the H.4.1 statistical release ("Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks"). That release contains aggregate information about the Federal Reserve's securities holdings, lending, and other assets. The Board also publishes "The Quarterly Report on Federal Reserve Balance Sheet Developments" as part of its efforts to enhance transparency about its balance sheet. | How can I learn more about the securities the Federal Reserve owns and the loans it makes to financial institutions? |
Information about the Federal Open Market Committee's (FOMC) deliberations and decisions can be found in: | Federal Open Market Committee (FOMC) meetings are not open to the public, so how do I know what the FOMC is doing? |
The Federal Open Market Committee (FOMC) comprises up to 12 voting members: | Who is on the Federal Open Market Committee? |
The Federal Open Market Committee (FOMC) is the body within the Federal Reserve System that sets national monetary policy. The FOMC's decisions influence the cost and availability of credit to borrowers and the returns earned by savers. The FOMC sets a target range for the federal funds rate (the rate at which depository institutions lend to each other). Changes in that target are reflected in market interest rates as well as interest rates on bank loans and deposits. The FOMC also makes decisions about the size and composition of the Federal Reserve's asset holdings, and it communicates with the public about the likely future course of monetary policy. The FOMC has eight regularly scheduled meetings a year in Washington, D.C. and has additional meetings as needed. | What is the Federal Open Market Committee? |
Four times a year, the Federal Reserve releases a summary of Federal Open Market Committee (FOMC) participants' projections for GDP growth, the unemployment rate, inflation, and the appropriate policy interest rate. The summary also provides information regarding policymakers' views on the uncertainty and risks attending the outlook. The projections provide information on the values that participants view as the most likely to prevail in the current year and the subsequent two years as well as over the longer run. The Chair presents information about these projections in the press conference following the FOMC meeting for which they were prepared. The complete Summary of Economic Projections, which includes a narrative description of the projections, is released as an addendum to the minutes of the FOMC meeting. | What is the Summary of Economic Projections? |
The minutes of Federal Open Market Committee (FOMC) meetings, which are released three weeks after each meeting, provide a timely summary of the discussion during the meeting and the decisions taken at the meeting. The minutes describe the views expressed by policymakers and explain the reasons for the Committee's decisions. The minutes can help the public interpret economic and financial developments and understand the Committee's decisions. As an official record of the meeting, the minutes identify all attendees, and provide a complete record of policy actions taken, including the votes by individual members on each policy action. | What are the Minutes of the Federal Open Market Committee? |
The Federal Reserve is directed by the Congress to pursue the monetary policy goals of maximum employment and stable prices. The Federal Open Market Committee (FOMC) is the main monetary policy-setting body of the Federal Reserve. In its Statement on Longer-Run Goals and Monetary Policy Strategy, the FOMC explains its framework for the policy actions it takes to achieve those goals. | What is the Statement on Longer-Run Goals and Monetary Policy Strategy, and why does the Federal Open Market Committee publish it? |
The Congress established a basic legal framework for the conduct of monetary policy that involves three key pillars: | What is the basic legal framework that determines the conduct of monetary policy? |
The prime rate is an interest rate determined by individual banks. It is often used as a reference rate (also called the base rate) for many types of loans, including loans to small businesses and credit card loans. On its H.15 statistical release, "Selected Interest Rates," the Board reports the prime rate posted by the majority of the largest twenty-five banks. Although the Federal Reserve has no direct role in setting the prime rate, many banks choose to set their prime rates based partly on the target level of the federal funds rate--the rate that banks charge each other for short-term loans--established by the Federal Open Market Committee. | What is the prime rate, and does the Federal Reserve set the prime rate? |
In March 2015, the FOMC indicated in its postmeeting statement that it anticipated that it would be appropriate to raise the target range for the federal funds rate when it had seen further improvement in the labor market and was reasonably confident that inflation would move back to its 2 percent objective over the medium term. In December 2015, the Committee judged that both of those tests had been met. Given the outlook for the economy and the fact that it takes time for policy actions to affect future economic outcomes, the Committee decided to raise its target for policy interest rates. The Committee noted in its statement that monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation. | Why did the Federal Reserve begin raising interest rates after seven years of keeping them near zero? |
There are three key entities in the Federal Reserve System: the Board of Governors, the Federal Open Market Committee (FOMC), and the 12 Federal Reserve Banks. These components share responsibility for supervising and regulating certain financial institutions and activities; providing banking services to depository institutions and to the federal government; and ensuring that consumers receive adequate information and fair treatment in their business with the U.S. banking system. | How is the Federal Reserve System structured? |
The process for selecting a Federal Reserve Bank president is set forth in the Federal Reserve Act. Subject to the approval of the Federal Reserve Board of Governors, the president is appointed by the Reserve Bank's Class B and C directors (those directors who are not affiliated with a supervised entity). | How is a Federal Reserve Bank president selected? |
As financial markets around the world have become more tightly integrated, financial conditions within the United States have become increasingly subject to influences from beyond our borders. To make effective policy, the Federal Reserve must have as full an understanding as possible of the factors determining financial conditions, economic activity, and inflation in the U.S. economy, whether those influences originate at home or abroad. Consequently, one direct effect of globalization on Federal Reserve operations has been to increase the time and attention devoted to following and understanding developments in other economies, the world trading system, and global capital markets. | How does the globalization of financial markets affect the ability of the Federal Reserve to promote macroeconomic and financial stability? |
As the Federal Reserve conducts monetary policy, it influences employment and inflation primarily through using its policy tools to influence the availability and cost of credit in the economy. | How does the Federal Reserve affect inflation and employment? |
Forward guidance is a tool that central banks use to provide communication to the public about the likely future course of monetary policy. When central banks provide forward guidance, individuals and businesses will use this information in making decisions about spending and investments. Thus, forward guidance about future policy can influence financial and economic conditions today. | What is forward guidance, and how is it used in the Federal Reserve's monetary policy? |
You may submit comments on proposals by: | How can I comment on a regulatory proposal? |
The Federal Open Market Committee (FOMC) is the monetary policymaking body of the Federal Reserve System. The FOMC is composed of 12 members--the seven members of the Board of Governors and five of the 12 Reserve Bank presidents. The Board chair serves as the Chair of the FOMC; the president of the Federal Reserve Bank of New York is a permanent member of the Committee and serves as the Vice Chair of the Committee. The presidents of the other Reserve Banks fill the remaining four voting positions on the FOMC on a rotating basis. All of the Reserve Bank presidents, including those who are not voting members, attend FOMC meetings, participate in the discussions, and contribute to the assessment of the economy and policy options. See the current list of FOMC members. | What is the FOMC and when does it meet? |
The Federal Reserve conducts its monetary policy independently and in accord with its dual mandate from the Congress to promote price stability and maximum sustainable employment in the United States. To help meet these objectives, officials of the Federal Reserve regularly consult with representatives of other central banks. These consultations allow policymakers to share their thinking, compare analyses, and stay informed of developments around the world. Such contacts also help central banks move quickly when shared problems call for swift joint responses. During the recent financial crisis, for example, central banks provided crucial support to the global economy and financial system through a coordinated cut in interest rates and the creation of dollar liquidity swap lines to keep money markets functioning. | How does the Federal Reserve cooperate with foreign policymakers to promote economic growth and financial stability? |
The best way to determine whether a note is genuine is to rely on the security features, such as the watermark and security thread. Counterfeit detection pens are not always accurate and may give you false results. To learn about these and other security features in genuine Federal Reserve notes, visit the U.S. Currency Education Program website. | How do I determine if a banknote is genuine? What should I do if I think I have a counterfeit note? |
You should be suspicious of any unexpected email or phone message that claims to be from the Federal Reserve referencing that the Federal Reserve is holding money owed to you. Do not click on any links contained in these types of emails and delete them immediately. | I received a suspicious-looking e-mail that claims to be from the Federal Reserve. Is it a scam? |
Starting a bank involves a long organization process that could take a year or more, and permission from at least two regulatory authorities. Extensive information about the organizer(s), the business plan, senior management team, finances, capital adequacy, risk management infrastructure, and other relevant factors must be provided to the appropriate authorities. | How can I start a bank? |
The money supply is the total amount of money—cash, coins, and balances in bank accounts—in circulation. | What is the money supply? Is it important? |
The Federal Reserve System is composed of 12 regional Reserve Banks throughout the country and the Board of Governors in Washington, D.C. This structure enables the Federal Reserve to gather information from a wide and diverse range of communities. | Is the Federal Reserve aware of the challenges that I and others in my community face? Does the Federal Reserve take these issues into account when developing national policy? |
In December 2008, as evidence of a dramatic slowdown in the U.S. economy mounted, the Federal Reserve reduced its target for the federal funds rate--the interest rate that depository institutions charge each other for borrowing funds overnight--to nearly zero, in order to provide stimulus to household and business spending and so support economic recovery. With short-term interest rates at nearly zero, the Federal Reserve made a series of large-scale asset purchases (LSAPs) between late 2008 and October 2014. | What were the Federal Reserve's large-scale asset purchases? |
In recent years, it has become increasingly clear that low unemployment can be sustained without leading to an unwanted increase in inflation. In the recovery following the Great Recession, when unemployment fell below estimates of what could be sustained, the labor market proved remarkably adaptable, bringing many benefits to families and communities that all too often had been left behind. | What is the lowest level of unemployment that the U.S. economy can sustain? |
All monetary policy decisions of the Federal Reserve--including buying and selling securities--are made independently of the borrowing decisions of the federal government and are intended solely to fulfill the mandate set out for the Federal Reserve by law--maximum employment, stable prices, and moderate long-term interest rates. | How does the Federal Reserve's buying and selling of securities relate to the borrowing decisions of the federal government? |
In general, monetary policy is considered to be "accommodative" when it aims to make interest rates sufficiently low to spur strong enough economic growth to reduce unemployment or to prevent unemployment from rising. For example, toward the end of 2008, in the midst of the global financial crisis and Great Recession, with unemployment above 6-1/2 percent and rising, and inflation below 2 percent and expected to decline, the Federal Open Market Committee (FOMC) pushed short-term interest rates to nearly zero. The FOMC then embarked on a series of large-scale asset purchase programs to reduce longer-term interest rates. | What does the Federal Reserve mean when it says monetary policy remains "accommodative"? |
The members of the Board of Governors are nominated by the President of the United States and confirmed by the U.S. Senate. By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country," and no two Governors may come from the same Federal Reserve District. | Who are the members of the Federal Reserve Board, and how are they selected? |
Yes, the Federal Reserve is accountable to the public and the U.S. Congress. The Fed believes transparency is a fundamental principle of central banking that supports accountability. | Is the Federal Reserve accountable to anyone? |
The Federal Reserve lends to banks and other depository institutions--so-called discount window lending--to address temporary problems they may have in obtaining funding. | Why does the Federal Reserve lend money to banks? |
Liquidity is a measure of the cash and other assets banks have available to quickly pay bills and meet short-term business and financial obligations. Capital is a measure of the resources banks have to absorb losses. | What is the difference between a bank’s liquidity and its capital? |
Since the financial crisis, the Federal Open Market Committee (FOMC) has undertaken a highly accommodative monetary policy. In addition to maintaining an exceptionally low level for the federal funds rate, the Committee expanded the Federal Reserve's holdings of longer-term securities as a means to put downward pressure on longer-term interest rates and make broader financial conditions more accommodative. These actions have helped to support a stronger economic recovery and ensure that inflation, over time, is at levels consistent with the Committee's mandate to maintain maximum employment and stable prices. The FOMC monitors the stance of monetary policy, the economic outlook, and financial developments closely. | How will the Federal Reserve ensure that the size of its balance sheet won’t lead to excessive inflation? |
For information on how much U.S. currency is in circulation, refer to the latest release of H.4.1 Factors Affecting Reserve Balances. | How much U.S. currency is in circulation? |
Inflation is the increase in the prices of goods and services over time. Inflation cannot be measured by an increase in the cost of one product or service, or even several products or services. Rather, inflation is a general increase in the overall price level of the goods and services in the economy. | What is inflation and how does the Federal Reserve evaluate changes in the rate of inflation? |
As the issuer of Federal Reserve notes, the Federal Reserve Board places an order for currency from the U.S. Treasury Department's Bureau of Engraving and Printing every year. The print order is broken out by denomination. We decide how much of each denomination to order based on | How does the Federal Reserve Board determine how much currency to order each year? |
The Federal Reserve, like many other central banks, is an independent government agency but also one that is ultimately accountable to the public and the Congress. The Chair and other staff testify before Congress, and the Board submits an extensive report—the Monetary Policy Report—on recent economic developments and its plans for monetary policy twice a year. The Board also makes public the System's independently audited financial statements, along with minutes from the FOMC meetings. | What does it mean that the Federal Reserve is "independent within the government"? |
When currency is deposited with a Federal Reserve Bank, the quality of each note is evaluated by sophisticated processing equipment. Notes that meet our strict quality criteria--that is, that are still in good condition--continue to circulate, while those that do not are taken out of circulation and destroyed. This process determines the lifespan of a Federal Reserve note. | How long is the lifespan of U.S. paper money? |
The payment of interest on banks' reserve balances is a common monetary policy tool at the disposal of major central banks. The Congress authorized the Federal Reserve to pay interest on balances that banks hold at the Fed, effective in late 2008. Since then, the Federal Reserve has paid interest on those balances. The Board of Governors sets the interest rate the Federal Reserve pays on reserve balances (the IORB rate) to help implement the FOMC's monetary policy decisions. | Why is the Federal Reserve paying banks interest? |
Under the Federal Reserve Act all Reserve Bank presidents serve five-year terms that expire at the end of February in years ending with the numerals 1 or 6. Presidents who take office in intervening years are initially appointed for the remainder of their current term. Before the expiration of a president's current term, the Class B and C directors of each Reserve Bank (directors who are not affiliated with a supervised entity) vote on whether to reappoint the president to a new term. | What is the process for reappointing Reserve Bank presidents? |
One way that interest rates matter is they influence borrowing costs and spending decisions of households and businesses. | Why do interest rates matter? |
Currency
Each year, the Federal Reserve Board projects the likely demand for new currency, and places an order with the Department of the Treasury's Bureau of Engraving and Printing, which produces U.S. currency and charges the Board for the cost of production. The 2023 currency operating budget is $931.4 million. The table below provides details on the variable printing costs of Federal Reserve notes for each denomination. The currency budget includes $265.5 million to reimburse for all variable printing costs. The variable costs represent the paper, ink, labor, and direct overhead costs to print each note. | How much does it cost to produce currency and coin? |
Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, 1934, when the Congress amended Section 16 of the Federal Reserve Act to read: "The said [Federal Reserve] notes shall be obligations of the United States….They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank." Federal Reserve notes have not been redeemable in silver since the 1960s. | Is U.S. currency still backed by gold? |
The Department of the Treasury is the lead agency setting U.S. international economic policy, including policies regarding the dollar. The value of the dollar is determined in foreign exchange markets, and neither the U.S. Treasury nor the Federal Reserve targets a level for the exchange rate. Nonetheless, movements in the exchange value of the dollar represent an important consideration for monetary policy--such movements exert influence on U.S. economic activity and prices and constitute one of the ways the effects of monetary policy reach the broader economy. Accordingly, while U.S. monetary policy does not aim for a particular level of the dollar, policymakers take into account the effects of the dollar on prices and economic activity in the United States. | How does the foreign exchange value of the dollar relate to Federal Reserve policy? |
Yes, the Board of Governors, the 12 Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review: | Does the Federal Reserve ever get audited? |
The Federal Reserve does not own gold. | Does the Federal Reserve own or hold gold? |
The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress. | Who owns the Federal Reserve? |
No. The Federal Reserve Act of 1913--which established the Federal Reserve as the central bank of the United States--originally chartered the Federal Reserve Banks for 20 years. But in the McFadden Act of 1927, the Congress rechartered the Federal Reserve Banks into perpetuity, and so there is currently no "expiration date" or repeal date for the Federal Reserve. | Is the Federal Reserve Act going to expire? |
The Federal Reserve Board currently issues $1, $2, $5, $10, $20, $50, and $100 notes. The largest denomination Federal Reserve note ever issued for public circulation was the $10,000 note. | Which denominations of currency does the Federal Reserve issue? |
The Federal Reserve System, often referred to as the Federal Reserve or simply "the Fed," is the central bank of the United States. It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. Today, the Federal Reserve's responsibilities fall into four general areas. | What is the purpose of the Federal Reserve System? |
Monetary policy refers to the actions of central banks to achieve macroeconomic policy objectives such as price stability, full employment, and stable economic growth. Fiscal policy refers to the tax and spending policies of the federal government. Fiscal policy decisions are determined by the Congress and the Administration; the Fed plays no role in determining fiscal policy. | What is the difference between monetary policy and fiscal policy, and how are they related? |
We redesign U.S. currency to stay ahead of counterfeiting threats and keep counterfeiting levels low. | Why does the United States periodically redesign its currency? |
Beginning with the December 2015 Federal Open Market Committee (FOMC) meeting, the Federal Reserve began publishing an implementation note along with the FOMC statement. The implementation note provides important details about how the Federal Reserve's policy tools are being used to keep the federal funds rate in the target range established by the FOMC. This information should help increase public awareness and understanding about the normalization of monetary policy. | What is the Federal Reserve's implementation note and how does it differ from the FOMC's postmeeting statement? |
No, you do not have to trade in your old-design notes for new ones. All U.S. currency remains legal tender, regardless of when it was issued. | Do I have to trade in my old-design notes when a new one begins circulating? |
There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise. | Is it legal for a business in the United States to refuse cash as a form of payment? |
The Federal Open Market Committee (FOMC) judges that inflation of 2 percent over the longer run, as measured by the annual change in the price index for personal consumption expenditures, is most consistent with the Federal Reserve’s mandate for maximum employment and price stability. When households and businesses can reasonably expect inflation to remain low and stable, they are able to make sound decisions regarding saving, borrowing, and investment, which contributes to a well-functioning economy. | Why does the Federal Reserve aim for inflation of 2 percent over the longer run? |
The Federal Reserve urges you to file a complaint if you think a bank has been unfair or misleading, discriminated against you in lending, or violated a federal consumer protection law or regulation. You can file a complaint online through the Federal Reserve's Consumer Complaint Form. | I have a problem with my bank. How do I file a complaint against it? |
Congress has determined the Federal Reserve can best achieve its mission of supporting maximum employment and stable prices as an independent agency that makes decisions based on the best available evidence and analysis, without taking politics into consideration. | Why is it important to separate Federal Reserve monetary policy decisions from political influence? |
No. To avoid any actual or perceived conflicts of interest resulting from the financial interests and outside affiliations of Reserve Bank directors, Reserve Banks may not provide confidential supervisory information to any director. Moreover, Reserve Bank directors may not participate in bank supervisory matters and may not be consulted regarding bank examination ratings, potential enforcement actions, application/approval matters, or similar supervisory matters. | Are the Reserve Banks' boards of directors involved in banking supervision matters? |
Speaking requests for Board members should be emailed to [email protected]. We will respond as soon as we can. | How can I request to have a Board member speak at an event? |
The Federal Reserve works to promote a strong U.S. economy. Specifically, the Congress has assigned the Fed to conduct the nation’s monetary policy to support the goals of maximum employment, stable prices, and moderate long-term interest rates. When prices are stable, long-term interest rates remain at moderate levels, so the goals of price stability and moderate long-term interest rates go together. As a result, the goals of maximum employment and stable prices are often referred to as the Fed’s “dual mandate.” | What economic goals does the Federal Reserve seek to achieve through its monetary policy? |
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