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Federal Reserve Banking System Cheat Sheet by

Basic overview of the Federal Reserve System
system     federal     structure     reserve     banking     bank     fomc


The Federal Reserve System was designed to give it a broad perspe­ctive on the economy and on economic activity in all parts of the nation.

A federal system, indepe­ndent govern­mental agency composed of:
Board of Govern­ors--in Washin­gton, D.C.
12 Regional Federal Reserve Banks

Federal Reserve Banks were establ­ished by the Congress as the operating arms of the nation's central banking system. Many of the services provided to depository instit­utions and the federal government by this network of Reserve Banks are similar to services provided by commercial banks and thrift instit­utions to business customers and indivi­duals. However, the Federal Reserve Banks do not provide banking services, including accounts, to indivi­duals

Supervise and regulate certain financial instit­utions and activi­ties;
Provide banking services to depository instit­utions and to the federal govern­ment;
Ensuring consumers receive adequate inform­ation and fair treatment in their business with the banking system.

Seven Members of the Board of Governors

Nominated by the President and confirmed by the Senate. By law:
Appointments must yield a "fair repres­ent­ation of the financial, agricu­ltural, indust­rial, and commercial interests and geogra­phical divisions of the countr­y"
No two Governors may come from the same Federal Reserve District.
A full term is fourteen years.
One term begins every two years, on February 1 of even-n­umbered years.
A member who serves a full term may not be reappo­inted.
A member who completes an unexpired portion of a term may be reappo­inted.
All terms end on their statutory date regardless of the date on which the member is sworn into office


Board Member Assign­ments / Board Committees
Committee on Board Affairs
Committee on Consumer and Community Affairs
Committee on Economic and Financial Monitoring and Research
Committee on Financial Stability
Committee on Federal Reserve Bank Affairs
Committee on Bank Superv­ision
Subcom­mittee on Smaller Regional and Community Banking
Committee on Payments, Clearing, and Settlement

Federal Reserve Districts

Federal Open Market Committee (FOMC)

The Federal Open Market Committee (FOMC) is the monetary policy­making body. The FOMC is composed of 12 members
The 7 members of the Board of Governors &
The 5 of the 12 Reserve Bank presid­ents.
The Board Chair serves as the Chair of the FOMC;
The president of the Federal Reserve Bank of New York is a permanent member of the Committee and serves as the Vice Chairman of the Committee.
The presidents of the other Reserve Banks fill the remaining four voting positions on the FOMC on a rotating basis.
All of the Reserve Bank presid­ents, including those who are not voting members, attend FOMC meetings, partic­ipate in the discus­sions, and contribute to the assessment of the economy and policy options.
The FOMC oversees open market operat­ions, which is the main tool used by the Federal Reserve to influence money market conditions and the growth of money and credit. The FOMC also authorizes currency swaps and large-­scale asset purchases.

Reserve Banks

Provide accounts to Depository Instit­utions
Banks, thrifts, and credit unions
In which those instit­utions hold reserve balances,
Make loans to depository instit­utions,
Move currency and coin into and out of circul­ation,
Collect and process millions of checks and other payments each day,
Provide checking accounts and other services for the Treasury,
Issue and redeem government securi­ties,
Act in other ways as fiscal agent for the U.S. govern­ment;
Supervise and examine all bank holding companies and commercial banks for safety and soundness; and
Participate in the setting of monetary policy.

Eight times a year, each Federal Reserve Bank gathers anecdotal inform­ation on current economic conditions in its District and summarizes their activi­ties.

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