The Federal Reserve

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The Fed:

  • Purpose: To promote favorable monetary policy
  • Regulation: Coordinates the examination process with other federal and state regulators.
  • Supervision: Maintains direct supervision, examination, and control over U.S. banks.
  • District Banks & Location:
  1. Boston (1st District)
  2. New York (2nd District)
  3. Philadelphia (3rd District)
  4. Cleveland (4th District)
  5. Richmond (5th District)
  6. Atlanta (6th District)
  7. Chicago (7th District)
  8. St. Louis (8th District)
  9. Minneapolis (9th District)
  10. Kansas City (10th District)
  11. Dallas (11th District)
  12. San Francisco (12th District)
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Board of Governors:

  • Location: Washington DC.
  • Purpose: Made up of 7 members who play a major role in making U.S. monetary policy.
  • They supervise the work of the Federal Reserve Banks and issue a variety of banking and consumer-credit regulations.
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FOMC (Federal Open Market Committee):

  • Function & Purpose: To set monetary policy, which identifies how freely money should be flowing throughout the U.S. financial system, by controlling money supply.

Bureau of Engraving & Printing:

  • Responsibility: Responsible for producing all the security documents for the U.S. The BEP is responsible for the design, engraving, and printing of all U.S. paper currency.
  • Facts: Produces 26 million notes a day, with a face value of approximately $907 million!
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U.S. Mint:

  • Responsibility: Produces circulating coinage for the U.S.
  • Fact: The U.S government began minting coins in 1792.
  • Fact: The original U.S. Mint facility was in Philadelphia.
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