The Federal Reserve System
by: Alexis Acker
The main purpose of the Fed is to stablize the economy. They regulate the nations money supply. They also supervise banks. They supply currency to Reserve Banks. To continue, they oversee the development and function of the nation's payment system. It is headquartered in Washington D.C. and was founded in 1913. There are 7 board of governors and 12 Reserve Banks.
Board of Governors
Each Board of Governors are nominated by the president. Each term is 14 years. Their main job is to look at policies that deal with commerical banks and also monetary policy.
The FOMC stands for the Federal Open Market Committee and they regulate the amount of money and credit in the economy. They have 3 options to use; the first is open market operations. The second is discount rate. The third is reserve requirements.
Bureau of Engraving and Printing
The Bureau of Engraving and Printing's main job is to make currency, not including coins.
The main job of the US Mint is to produce coins.