Date post: | 03-Jan-2016 |
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Mr. Nunn
The Federal Reserve System
Federal Reserve System
• The Federal Reserve System or the Fed- is the central bank of the United States.
Board of Governors of the Federal Reserve System
• Board of Governors of the Federal Reserve System- the governing body of the Federal Reserve System.
• Seven Members appointed for 14 years by the President.
• The chairperson serves 4 year terms.
Federal Reserve District Banks
• Twelve exists acts like a “branch” bank to the Federal Reserve.
Federal Open Market Committee
• FOMC- the 12 member policy-making group within the Fed. This committee has the authority to conduct open market operations.
The Responsibilities of the Fed.
• Control the money supply.
• Supply the economy with paper money (Federal Reserve notes).
• Hold Bank Reserves.
The Responsibilities of the Fed Continue.
• Provide check-clearing services.
• Supervise member banks.
• Serve as the lender of last resort.