Difference between revisions of "Federal Reserve System"

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The '''Federal Reserve''' (also known as '''The Fed''') is a central banking system that controls the monetary system of the [[United States]]. Although it acts with the authority of the [[government]], the Federal Reserve is not an official government agency. It was established by the Federal Reserve Act, which was passed by Congress and signed into law by [[President]] [[Woodrow Wilson]] in 1913. Although the [[Constitution]] says that only Congress has the authority to "coin money", the Federal Reserve issues currency that is not based on the original [[gold standard]].<ref>http://www.federalreserve.gov/</ref>  The Federal Reserve is headed by a Board of Governors and a Chairman. The current Chairman is [[Ben Bernanke]]; his predecessor was [[Alan Greenspan]].   
 
The '''Federal Reserve''' (also known as '''The Fed''') is a central banking system that controls the monetary system of the [[United States]]. Although it acts with the authority of the [[government]], the Federal Reserve is not an official government agency. It was established by the Federal Reserve Act, which was passed by Congress and signed into law by [[President]] [[Woodrow Wilson]] in 1913. Although the [[Constitution]] says that only Congress has the authority to "coin money", the Federal Reserve issues currency that is not based on the original [[gold standard]].<ref>http://www.federalreserve.gov/</ref>  The Federal Reserve is headed by a Board of Governors and a Chairman. The current Chairman is [[Ben Bernanke]]; his predecessor was [[Alan Greenspan]].   
  
The main job of the Federal Reserve is to control [[inflation]] by regulating the [[free market]].<ref>http://www.peterjaworski.com/Friedman</ref> One of its main functions is to set the amount of money that banks must keep in reserve and to set the interest rates for money it lends to banks.
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The main job of the Federal Reserve is to control [[inflation]] by regulating the [[free market]].<ref>http://web.archive.org/web/20070818201731/http://www.peterjaworski.com/Friedman</ref> One of its main functions is to set the amount of money that banks must keep in reserve and to set the interest rates for money it lends to banks.
  
 
Federal Reserve banks are located in [[Boston]], [[New York]], [[Philadelphia]], [[Cleveland]], [[Richmond]], [[Atlanta]], [[Chicago]], [[Kansas City]], [[St. Louis]], [[Minneapolis]], [[Dallas]], and [[San Francisco]].
 
Federal Reserve banks are located in [[Boston]], [[New York]], [[Philadelphia]], [[Cleveland]], [[Richmond]], [[Atlanta]], [[Chicago]], [[Kansas City]], [[St. Louis]], [[Minneapolis]], [[Dallas]], and [[San Francisco]].

Revision as of 15:04, 1 April 2008

The Federal Reserve headquarters in Washington, DC.

The Federal Reserve (also known as The Fed) is a central banking system that controls the monetary system of the United States. Although it acts with the authority of the government, the Federal Reserve is not an official government agency. It was established by the Federal Reserve Act, which was passed by Congress and signed into law by President Woodrow Wilson in 1913. Although the Constitution says that only Congress has the authority to "coin money", the Federal Reserve issues currency that is not based on the original gold standard.[1] The Federal Reserve is headed by a Board of Governors and a Chairman. The current Chairman is Ben Bernanke; his predecessor was Alan Greenspan.

The main job of the Federal Reserve is to control inflation by regulating the free market.[2] One of its main functions is to set the amount of money that banks must keep in reserve and to set the interest rates for money it lends to banks.

Federal Reserve banks are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Kansas City, St. Louis, Minneapolis, Dallas, and San Francisco.

References

  1. http://www.federalreserve.gov/
  2. http://web.archive.org/web/20070818201731/http://www.peterjaworski.com/Friedman

External Links

Board of Governors of the Federal Reserve System