The Federal Reserve Board

By: EconomyWatch   Date: 9 September 2010

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The Federal Reserve Board is the central banking system of the United States. It is a quasi-governmental banking system. The Bank was established in 1913 to provide the US economy with a safer, more flexible, and more stable monetary and financial system.

With the passage of time, the Board’s role has become more integral to the functioning of the US economy. The bank has an important task of controlling the money supply in the US economy. The bank achieves this objective by conducting open market operations. As the central monetary authority of the country, the Federal Reserve’s duties can be categorized under the following areas.

  • Conducting the nation’s monetary policy by controlling the monetary and credit environment in the economy with the objective of ensuring maximum employment, stable prices, and moderate long-term interest rates
  • Supervising and regulating the activities of banking sector to ensure the safety and effectiveness of the nation’s banking and financial system and safeguard consumers’ credit rights
  • Maintaining financial stability of the economy and checking systemic risk that may arise in financial markets
  • Providing financial services to depository institutions, the U.S. Government and foreign official institutions
  • Being an active player in operating the nation’s payment system

The fundamental structure of the Federal Reserve System consists of:

  • The Board of Governors
  • The Federal Open Market Committee
  • The Federal Reserve Banks
  • The member banks

Each member bank of the Federal Reserve System is subject to the supervision of the Board of Governors. The President appoints the seven members of the Board. However their appointment is subject to the approval of the Senate.

The Address and Contact details of the bank is as follows:

Board of Governors of the Federal Reserve System (Washington) Federal Reserve Bank of New York

Address: USA-Washington, D.C. 20551 UNITED STATES
Phone No.: ++1-202-452 30 00
Fax: ++1-202-452 38 19


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