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- 7 member Board of Governors
- Current chairman: Ben Bernanke
- 12 Federal Reserve Banks
- Headquarters: Washington, DC
- 1913: Created by Federal Reserve Act
- Goals: Control inflation an ensure maximum employment
- Distributes currency and coins to banks
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The Federal Reserve System
The Federal Reserve System (Fed) Is the Central Bank of the United States. It is the banker's bank.In 1913, Congress passed the Federal Reserve Act “to provide for the 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.”
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Purpose and Function
The purpose of the Federal Reserve is to carry out the mandate of Congress by:1) conducting the nation's monetary policy to achieve maximum employment, stable prices, and moderate long term interest rates
2) regulating banking institutions to insure the safety and soundness of the nation's financial system and to protect consumers credit rights.
3) maintain a stable financial system and stable markets
4) provide financial services to banks, the U. S. Government, and foreign banking systems and to facilitate the nation's payment systems.
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Financial Panic
Between 1790 and the creation of the Federal Reserve in 1913, there were hundreds of local and around two dozen (depending on who counts them) national financial panics in the United States.Painful panics occurred in 1893 and 1907, but it was the speculation of the 1920s that caused the most destructive panic, the 'crash' of 1929.
Other Major events include:
William Duer Panic, 1792 Crisis of , 1837 Crisis of, 1857 Post-Civil War Crisis 1865-69 Crisis of 1793 Grant's Last Panic, 1884 Grover Cleveland 1893-95 Northern Pacific, 1901 The Rich Man's Panic, 1907 World War I, 1914 Great Crash, 1929 Kennedy Slide, 1962
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User Recommended Links for Federal Reserve | Suggest a Link
St. Louis Fed: Economic Data - FREDFRED (Fed. Res. Econ. Data) is a great econ data site from Fed Res St. Louis
research.stlouisfed.org Recommended by walshga on August 15, 2007Looting the National TreasuryWe have in the country one of the most corrupt institutions the world has ever known. I refer to ...
westernfrontamerica.com Recommended by hansgruen on November 14, 2008
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On Twitter Powered by Twitter
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As I was shopping in Soho this afternoon, I was handed an article about the Federal Reserve System: http://tinyurl.com/nr82yx
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RT @ArtisticContent: @CiaoBella50 Thank you for making me NOT be the only one to spread the truth about the Federal Reserve!!! You go girl!
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RT @stockmarketscam: FEDERAL RESERVE IS A PONZI SCHEME http://bit.ly/1mTW44 (go down on page click on video)bank cnbc cnn fox bbc msnbc ...
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Fed's Bullard: Keep MBS program active longer (Reuters) : Reuters - A senior Federal Reserve official said on.. http://bit.ly/08jnGms
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Analysis: Fed under fire as public anger mounts (AP) : AP - Suddenly the Federal Reserve is everybody's punch.. http://cli.gs/XrJ4P
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