Federal Reserve System

• Pages: 420-425

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:

Assistants to the Board Winthrop P. Hambley, Michelle A. Smith

General Counsel J. Virgil Mattingly, Jr.

Secretary Jennifer J. Johnson

Director, Division of Banking Supervision and Richard Spillenkothen

Regulation

Director, Division of Consumer and Community Dolores S. Smith

Affairs

Director, Division of Federal Reserve Bank Louise L. Roseman

Operations and Payment Systems

Director, Division of Information Resources Marianne M. Emerson

Management

Director, Division of International Finance Karen H. Johnson

Director, Management Division H. Fay Peters, Acting

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

Chairmen and Federal Reserve Agents: Atlanta, GA David M. Ratcliffe

Boston, MA Samuel O. Thier

Chicago, IL W. James Farrell

Cleveland, OH Robert W. Mahoney

Dallas, TX Ray L. Hunt

Kansas City, MO Richard H. Bard

Minneapolis, MN Linda Hall Whitman

New York, NY John E. Sexton

Philadelphia, PA Ronald J. Naples

Richmond, VA Wesley S. Williams, Jr.

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

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 Robert D. McTeer, Jr.

Kansas City, MO Thomas M. Hoenig

Minneapolis, MN Gary H. Stern

New York, NY Timothy F. Geithner

Philadelphia, PA Anthony M. Santomero

Richmond, VA J. Alfred Broaddus, Jr.

St. Louis, MO William Poole

San Francisco, CA Robert T. Parry

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, Thomas M. Hoenig, Donald L. Kohn, Cathy E. Minehan, Mark W. Olson, Sandra Pianalto, William Poole

Staff:

Secretary and Economist Vincent R. Reinhart

Deputy Secretary Normand R. V. Bernard

Assistant Secretary Michelle A. Smith

General Counsel J. Virgil Mattingly, Jr.

Economists Karen H. Johnson, David J. Stockton

Federal Advisory Councils:

Co-Secretaries, Federal Advisory James Annable, William Council J. Korsvik

Chairman, Consumer Advisory Council Agnes Bundy Scanlan

President, Thrift Institutions William J. Small

Advisory Council

------------------------------------------------------------------------

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...