Federal Reserve (Fed)

Extracted Attributes

• Type

  Central Bank

• Country

  United States

• Structure

  Board of Governors, 12 Federal Reserve Banks, Federal Open Market Committee

• Founding Act

  Federal Reserve Act

• Headquarters

  Federal Reserve Eccles Building, Washington, D.C., United States

• Founding Date

  1913-12-23

• Key Functions

  Setting interest rates, managing money supply, regulating financial markets, acting as lender of last resort, providing banking services to depository institutions and federal government

• Primary Mission

  Ensure price stability and maximum employment

• Chairman's Term Length

  Four years

• Chairman's Nomination Process

  Nominated by the President of the United States, confirmed by the United States Senate

Timeline

• Created with the enactment of the Federal Reserve Act, following a series of financial panics. (Source: web_search_results)

  1913-12-23

• Jerome Powell first nominated as Chairman by President Donald Trump. (Source: wikipedia)

  2017-11-02

• Jerome Powell sworn in as Chairman of the Federal Reserve for his first term. (Source: wikipedia)

  2018-02-05

• Jerome Powell sworn in for his second term as Chairman, nominated by President Joe Biden and confirmed by the Senate. (Source: summary, wikipedia)

  2022-05-23

• A significant downward revision of nonfarm payrolls by 818,000 by the Bureau of Labor Statistics (BLS) signals a weaker US economy, leading to speculation that the Fed might pursue interest rate cuts sooner. (Source: summary, related_documents)

  Recent

Chair of the Federal Reserve

The chairman of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, and is the active executive officer of the Board of Governors of the Federal Reserve System. The chairman presides at meetings of the Board. The chairman serves a four-year term after being nominated by the president of the United States and confirmed by the United States Senate; the officeholder serves concurrently as a member of the Board of Governors. The chairman may serve multiple terms, subject to re-nomination and confirmation each time; William McChesney Martin (1951–1970) was the longest serving chair, with Alan Greenspan (1987–2006) a close second. Jerome Powell was sworn in as chairman on February 5, 2018. He had been first nominated to the position by President Donald Trump on November 2, 2017, and confirmed by the Senate. He was nominated to a second term by President Joe Biden, confirmed by the Senate, and sworn in on May 23, 2022.

Web Search Results

• Federal Reserve - Wikipedia

  The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.( Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent [...] The Federal Reserve plays a role in the U.S. payments system. The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government. For depository institutions, they maintain accounts and provide various payment services, including collecting checks, electronically transferring funds, and distributing and receiving currency and coin. For the federal government, the Reserve Banks act as fiscal agents, paying Treasury checks; processing electronic [...] In its role as the central bank of the United States, the Fed serves as a banker's bank and as the government's bank. As the banker's bank, it helps to assure the safety and efficiency of the payments system. As the government's bank or fiscal agent, the Fed processes a variety of financial transactions involving trillions of dollars. Just as an individual might keep an account at a bank, the U.S. Treasury keeps a checking account with the Federal Reserve, through which incoming federal tax

• Overview: The History of the Federal Reserve

  The Federal Reserve System ("Fed") is the central bank of the United States. This website serves as a gateway to the history of the Federal Reserve for educators, students, and the general public. The Fed has a complex structure and mission. The purpose of this site is to help demystify the Fed and its role in the economy, and to explain how the Fed and its mission have evolved over its more than 100-year history. The site is organized around eight time periods in the Fed's history, with essays [...] owned and operated, restricted to a single office location, and subject to the supervision and regulation of the Office of the Comptroller of the Currency (a division of the U.S. Treasury established by the Banking Act of 1863 to issue charters to and supervise national banks). [...] More broadly, the Federal Reserve System was established to improve the flow of money and credit throughout the United States in an effort to ensure that banks had the resources to meet the needs of their customers in all parts of the country. ## Before the Fed

• Federal Reserve System: What It Is and How It Works - Investopedia

  The Federal Reserve System (FRS) is the central bank of the United States. Often called the Fed, it is arguably the most influential financial institution in the world. It was founded to provide the country with a safe, flexible, and stable monetary and financial system. The Fed has a board of seven members and 12 Federal Reserve banks, each operating as a separate district with its own president. [...] A central bank is a financial institution given privileged control over the production and distribution of money and credit for a nation, union, or group of countries. In modern economies, the central bank is usually responsible for formulating monetary policy and regulating member banks. The Fed is composed of 12 regional Federal Reserve Banks that are each responsible for a specific geographic area of the U.S. [...] The Fed has broad power to act to ensure financial stability, and it is the primary regulator of banks that are members of the Federal Reserve System. It also serves as the lender of last resort to member institutions. Often referred to simply as the Fed, it has what is often called its "dual mandate" of ensuring price stability and maximum employment.

• What Is the U.S. Federal Reserve? | Council on Foreign Relations

  The U.S. central banking system—the Federal Reserve, or the Fed—is the most powerful economic institution in the United States, and perhaps the world. Its core responsibilities include setting interest rates, managing the money supply, and regulating financial markets. It also acts as a lender of last resort during periods of economic crisis, as demonstrated during the 2008 financial meltdown and the COVID-19 pandemic. Since 2020, the central bank has struggled with how to slow rapid inflation [...] The Federal Reserve is the most powerful economic institution in the United States. It is responsible for managing monetary policy and regulating the financial system. It does this by setting interest rates, influencing the supply of money in the economy, and, in recent years, making trillions of dollars in asset purchases to boost financial markets. [...] For most of the nineteenth century, the United States had no central bank to serve as a lender of last resort, leaving the country vulnerable to a series of financial panics and banking runs. In response, Congress passed—and President Woodrow Wilson signed into law—the 1913 Federal Reserve Act, which created a Federal Reserve System of twelve public-private regional banks. The New York Fed, which is responsible for the heart of the nation’s financial life, has long been considered first among

• The Fed Explained - Federal Reserve Board

  Share details the structure, responsibilities, and work of the U.S. central banking system. The Federal Reserve System performs five functions to promote the effective operation of the U.S. economy and, more generally, to serve the public interest. It includes three key entities: the Board of Governors, 12 Federal Reserve Banks, and the Federal Open Market Committee. Image 5 Image 6 Image 7 Image 8 Image 9 Image 10 [...] Search Submit Search Button Advanced Toggle Dropdown Menu Board of Governors of the Federal Reserve System ================================================ _The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system._ Main Menu Toggle Button Sections Search Toggle Button Search Search Submit Button Submit