The Fed

Maria Dresen

The Fed

-The Fed was founded in 1913 to stabalize the banking system. The Fed is made up of the Board of Goveners and the District Banks. The Fed's responsibilities are to Regulate The nation's money supply through the FOMC, Supervise banks and and oversee the development and function of the nations's payment system.

-There are twelve District Banks located in various places around the country ( Boston, MA, New York, NY, Philadelphia, PA, Cleaveland, OH, Richmond, VA, Atlanta, GA, Chicago, IL, St. Louis, MO, Kansas City, MO, Dallas, TX, San Francisco, CA). They serve as the Banks for the US and for regular banks. They are called the "Bankers Bank." They provide banks with high quality currency and coins from the Us Mint and Bureau of Engraving and Printing.

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

-The FOMC (Federal Open Market Commttiee) is made up of the Board of Govenors, the NY Bank president, and four other bank presidents. The FOMC regulates the amount of money and credit in the economy, using open market operations, changing the discount rate, and the reserve requirement for banks.

-The Bureau of Engraving and Printing is responsible for printing the paper currency for the nation. There are locations in Washinton DC and in Fort Worth, Texas.

-The US Mint is responsible for minting the coin currency for the US. There are five locations around the contry, each one responsible for the production of specific coins.