Federal Reserve System

• Pages: 419-424

FEDERAL RESERVE SYSTEM

Board of Governors of the Federal Reserve System

Twentieth Street and Constitution Avenue NW., Washington, DC 20551

Phone, 202-452-3000. Internet, www.federalreserve.gov.

Board of Governors

Chairman Alan Greenspan

Vice Chair Roger W. Ferguson, Jr.

Members Edward M. Gramlich, Susan Schmidt Bies, Mark W. Olson, Ben S. Bernanke, Donald L. Kohn

Staff:

Director, Division of Board Members Michelle A. Smith

Congressional Liaison Winthrop P. Hambley

General Counsel Scott G. Alvarez

Secretary Jennifer J. Johnson

Director, Division of Banking Supervision and Richard Spillenkothen

Regulation

Director, Division of Consumer and Community Sandra F. Braunstein

Affairs

Director, Division of Federal Reserve Bank Louise L. Roseman

Operations and Payment Systems

Director, Division of Information Technology Marianne M. Emerson

Director, Division of International Finance Karen H. Johnson

Director, Management Division H. Fay Peters

Director, Division of Monetary Affairs Vincent R. Reinhart

Director, Division of Research and Statistics David J. Stockton

Staff Director, Office of Staff Director for Stephen R. Malphrus

Management

Inspector General Barry R. Snyder

Officers of the Federal Reserve Banks

Federal Reserve Bank Chairmen: Boston, MA Samuel O. Thier

New York, NY John E. Sexton

Philadelphia, PA Ronald J. Naples

Cleveland, OH Robert W. Mahoney

Richmond, VA Thomas J. Mackell, Jr.

Atlanta, GA David M. Ratcliffe

Chicago, IL W. James Farrell

St. Louis, MO Walter L. Metcalfe, Jr.

Minneapolis, MN Linda Hall Whitman

Kansas City, MO Robert A. Funk

Dallas, TX Ray L. Hunt

San Francisco, CA George M. Scalise

Presidents: Atlanta, GA Jack Guynn

Boston, MA Cathy E. Minehan

Chicago, IL Michael H. Moskow

Cleveland, OH Sandra Pianalto

Dallas, TX Richard Fisher

Kansas City, MO Thomas M. Hoenig

Minneapolis, MN Gary H. Stern

New York, NY Timothy F. Geithner

Philadelphia, PA Anthony M. Santomero

Richmond, VA Jeffery M. Lacker

St. Louis, MO William Poole

San Francisco, CA Janet L. Yellen

Federal Open Market Committee

Chairman Alan Greenspan

Vice Chairman Timothy F. Geithner

Members Susan Schmidt Bies, Ben S. Bernanke, Roger W. Ferguson, Jr., Edward M. Gramlich, Richard W. Fisher, Donald L. Kohn, Michael H. Moskow, Mark W. Olson, Antony M. Santomero, Gary H. Stern

Staff:

Secretary and Economist Vincent R. Reinhart

Deputy Secretary Deborah Danker

Assistant Secretary Michelle A. Smith

General Counsel Scott G. Alvarez

Economists Karen H. Johnson, David J. Stockton

Federal Advisory Councils:

Secretary, Federal Advisory Council James Annable

Chairman, Consumer Advisory Council Mark Pinsky

President, Thrift Institutions Curtis L. Hage

Advisory Council

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The Federal Reserve System, the central bank of the United States, is charged with administering and formulating the Nation's creditand monetarypolicy. Through its supervisory and regulatory banking functions, the Federal Reserve maintains the safety and soundness of the Nation's economy,responding to the Nation's domestic and international financial needs and objectives.

The Federal Reserve System was established by the Federal Reserve Act

(12 U.S.C. 221), approved December 23, 1913. The System serves as the Nation's central bank. As such, its major responsibility is in the execution of monetary policy. It also performs other functions, such as the transfer of funds, handling Government deposits and debt issues, supervising and regulating banks, and acting as lender of last resort.

It is the responsibility of the Federal Reserve System to contribute to the strength and vitality of the U.S. economy. By influencing the lendingand investing activities of depository institutions and the cost and availability of money and credit...