The Fed

By Abby von Ruden

The Fed

The Fed was founded in 1913 to stabilize the banking system. The Fed is made up of the board of governers and the district banks. The Fed's responsibilities are to regulate the nations money supply through the FOMC. Supervise banks and oversee the development and function of the nations payment system.

-The board of governers is made up of seven people who serve for fourteen years. They meet regularly to discuss economy and vote on what needs to be done to maintain a stable economy.

- FOMC(Federal Open Market Committee) is made up of the board of governers the NY Bank president and four other bank presidents.The FOMC regulates the amount of money out in circulation. Using open market operations, changing the discount rate and the reserve requirnment for banks.

-Bureau of Engraving and Printing are responsible for the making of what else money. It was founded in 1862. At that time only six people seperated and sealed notes by hand in the basement of the treasury building. It moved in 1914. A second location was set up in Fort Worth, Texas in 1991.

-U.S. Mint is responible for our coinsAlexander Hamilton personally prepared plans for a national mint. On April 2, 1792 congress passed the Coinage Act which started the U.S. mint. people now and forever will treasure money for the rest of thier lives.