The Federal Reserve
History of the Fed
Early 1800's: Congress established the first bank
Mid 1800's: Congress chartered the second bank
Late 1800's: The National banking act passed but a banking panic sent the US into a depression
Finally in the early 1900's President Woodrow Wilson signed the federal reserve act of 1913 which established The Fed.
Richard W. Fisher
President of the Federal Reserve Bank in Dallas.
Charles L. Evans
President of the Federal Reserve Bank in Chicago.
President of the Federal Reserve Bank in Cleveland.
Board of Governors
- Serve a 14 year term.
- Responsibilities include: clearing checks, supervising banks and supplying money.
- Janet Yellen is the current chairperson.
- There are 12 District Banks.
- They are located in:
The FOMC and The Monetary Policy
The FOMC meets 6-8 times each year to discuss Monetary Policy
The total number of voting members is 12.
- All 7 board of governors
- New York District Bank President
- 4 other rotating district bank presidents
Inflation, Recession, and Depression
Recession- Bad, high unemployment
Depression- Really bad, long term recession
A Reserve Bank acts as the service division that carries out the policy and oversees financial institutions.
Bureau of Engraving and Printing
The BEP prints paper currency
The U.S. Mint makes all of our coins.
If you have a coin it will either have a D or P on it for Denver or Pennsylvania.Located in San Francisco, Denver, Fort Knox, New York, and Pennsylvania.
Each place does something different.
San Francisco and New York make commemorative coins, Denver and Pennsylvania spend coins daily and Fort Knox stores gold.