The Federal Reserve system

Advisory Councils- The Board of Governors is assisted by advisory councils whose jobs are to advise the board on the matters of current interest.- There are 3 councils - Federal Advisory Council - Consumer Advisory Council - Thrift Institutions Advisory Council

Janet YellenVice Chair

The Federal Reserve System

- The Federal Reserve system was created by an act of Congress on December 23, 1913 and consists of 12 bank locations.- It is ruled by a 7 member Board of Governors to represent the different regions of the nation.- The members are appointed by the president for regular 14 year terms and chairman/vc 4 year terms.

Ben S. BernankeChairman

Elizabeth Duke

Daniel Tarullo

Sarah Raskin

Jeremy Stein

Jerome Powell

Board of Governors

Federal Open Market Commitee Ben S. Bernanke Elizabeth A. Duke Jerome H. Powell Sarah Bloom RaskinJeremy C. SteinDaniel K. TarulloJanet L. YellenWilliam C. DudleyJeffrey M. LackerSandra PianaltoJohn C. WilliamsDennis P. Lockhart

Members of the Board of Governors(Shown above)

Federal Reserve Bank Presidents of NYC and 4 other locations

Responsibilites of the Federal Reserve1. Guide Monetary Policy2. Analyze domestic & domestic economic conditions3. Lead commitees that study current issues 4. Supervise control over economic service industry5. Oversee the nation's payments system

(FOMC)

Monetary and fiscal policies are necessary guides for our nations economy that both use expansionary and contractionary types of policies. Monetary policy is controlled by the FOMC who use to discount rates, reserve requirements, and Open Market Operations bonds to boost the economy or the slow the economy from growing too fast. Fiscal policy, however, is controlled by Congress who approve a Presidential budget to authorize spending with. Congress uses tax rates and government spending to influence economic activity.