The Federal Reserve
- 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:
- Boston (1st District)
- New York (2nd District)
- Philadelphia (3rd District)
- Cleveland (4th District)
- Richmond (5th District)
- Atlanta (6th District)
- Chicago (7th District)
- St. Louis (8th District)
- Minneapolis (9th District)
- Kansas City (10th District)
- Dallas (11th District)
- San Francisco (12th District)
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.
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!
- 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.