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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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Federal Reserve News
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Fed lending for emergency bank loans rises a bit
WASHINGTON — Banks borrowed slightly more from the Federal Reserve's emergency lending program over the past week. The Fed said Friday that commercial banks ... (November 27, 2009)The Associated Press -
Bernanke Sees 'Strong Case' for Fed Role in Bank Supervision
“There is a strong case for a continued role for the Federal Reserve in bank supervision,” the Fed Chairman said in a commentary released today on the Web ... (November 27, 2009)Bloomberg -
Euro Breaks Through $1.51
The latest slide leaves the currency potentially exposed to a much deeper bout of weakness as investors pile onto bets that the Federal Reserve will keep US ... (November 25, 2009)Wall Street Journal -
UPDATE 1-First Niagara Financial to convert to bank-holding co
O), the thrift-holding company for First Niagara Bank, said on Friday it applied to the Federal Reserve Board to become a bank-holding company. ... (November 27, 2009)Reuters
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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 -
Federal Reserve on Amazon
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With Gold Bars in Federal Reserve Bank, Guard Wearing Protective Aluminum Overshoes Framed Art Poster Print by Walter Sanders, 31x39 - $234.99
Art.com is the world's largest retailer of art prints, posters, photographs, and framed artwork. With our huge selection of over 400,000 prints, you'll easily find the perfect piec...Amazon
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Charlie Rose - Austan Goolsbee / Federal Reserve (August 14, 2008) - $24.95
A conversation with Austan Goolsbee, Senator Obama's economic adviser. || A discussion about the Federal Reserve with Harrison Hong, Wei Xiong and Markus Brunnermeier.This p...Amazon
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On Twitter Powered by Twitter
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Bernanke-audit would hurt economic prospects (Reuters) : Reuters - U.S. Federal Reserve Chairman Ben Bernanke.. http://bit.ly/7Va32A
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Bernanke-audit would hurt economic prospects (Reuters) : Reuters - U.S. Federal Reserve Chairman Ben Bernanke.. http://bit.ly/7Va32A
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@JoeHornickJr "We have,in this country, one of the most corrupt institutions the world has ever known.I refer to the Federal Reserve Board"
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Fed's Bernanke - audit would hurt economic prospects: WASHINGTON (Reuters) - U.S. Federal Reserve Chairman Be... http://tinyurl.com/yz65lre
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Fed's Bernanke - audit would hurt economic prospects: WASHINGTON (Reuters) - U.S. Federal Reserve Chairman Ben Bern... http://bit.ly/6VD4vx
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