Federal Reserve System
By: Preston Ernst
The purpose of the Fed is to provide price stability. It regulates prices and how much money is in circulation.They also supervise banks and supply currency to banks. There are twelve district banks: in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
Board of Governors: Located in New York, 7 members. They run and make decisions for the Fed based on the economy.
FOMC: Federal Open Market Committee focus is to control and oversee the buying and selling of goverment securities.
Bureau of Engraving and Printing: Responsibility, to produce American currency.
-produces 26 million notes a day
-largest produced note is a 100 bill
-average lifespan of 1$ bill is 21 months
U.S. Mint: Purpose is to make and distribute coin to federal banks
-original coins were made of gold, silver and copper
-makes up to 20 billion coins a year
-coins circulate for about 25 years.