Federal Reserve Project
By: Andrew Shymanski
History of the Fed
The Fed was created on December 23, 1913 with the Federal Reserve Act.
The Fed's Goals and Responsibilities
The Fed is trying to accomplish many goals like stabilizing in the financial system, fight off inflation, full employment, economic growth, and many more. Also, the Fed has many responsibilities. Those include to promote sustainable growth, keep high levels of employment, and stabilize prices.
Janet L. Yellen
Janet L. Yellen is currently the chair of the Board of Governors of the Federal Reserve System. She took office on February 3, 2014.
Stanley Fischer
Stanley Fischer is currently the vice chairmen of the Board of Governors of the Federal Reserve System. Stanley took office on May 28, 2014 and will be a member until June 12, 2018.
Daniel K. Tarullo
Daniel K. Tarullo is currently a member of the Board of Governors. Daniel took office on January 28, 2009 and will stay in office until January 31, 2022.
Jerome H. Powell
Jerome H. Powell Is currently a member of the Board of Governors. Jerome took office on May 25, 2012 and will stay in office until January 31, 2028.
Lael Brainard
Lael Brainard is currently a member of the Board of Governors. Lael took office on June 16, 2014 and will stay in office until January 31, 2026.
FOMC and Monetary Policy tools
The Federal Open Market Committee (FOMC),consists of twelve members which are the seven Board of Governors, the president of the New York Federal Reserve Bank, and four of the remaining board presidents who rotate every year.
Inflation/Reccesion/Depression
Inflation is when the prices of goods increases over time. The Federal Reserve evaluate changes in inflation by monitoring different price indexes. Recession is a period of economic decline. The Fed can help that by increasing or decreasing interest rates.
District Reserve Banks
There are 12 district banks in the United States. They are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
BEP and US Mint
The BEP stands for the US Bureau of Engraving and Printing. It prints out all of our currency that we use today. The US Mint is how we get all of our coins that we use.