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


Assistants to the Board Lynn S. Fox, Donald J. Winn, Michelle A. Smith

General Counsel J. Virgil Mattingly, Jr.

Secretary Jennifer J. Johnson

Director, Division of Banking Supervision and Richard Spillenkothen


Director, Division of Consumer and Community Dolores S. Smith


Director, Division of Federal Reserve Bank Louise L. Roseman

Operations and Payment Systems

Director, Division of Information Resources Richard C. Stevens


Director, Division of International Finance Karen H. Johnson

Director, Management Division William R. Jones

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


Inspector General Barry R. Snyder

Officers of the Federal Reserve Banks

Chairmen and Federal Reserve Agents: Atlanta, GA Paula Lovell

Boston, MA James J. Norton

Chicago, IL Robert J. Darnall

Cleveland, OH Robert W. Mahoney

Dallas, TX Ray L. Hunt

Kansas City, MO Terrence P. Dunn

Minneapolis, MN Ronald N. Zwieg

New York, NY Peter G. Peterson

Philadelphia, PA Glenn A. Schaeffer

Richmond, VA Wesley S. Williams, Jr.

St. Louis, MO Charles W. Mueller

San Francisco, CA Nelson C. Rising

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 William J. McDonough

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 William J. McDonough

Members Susan Schmidt Bies, Ben S. Bernanke, J. Alfred Broaddus, Jr., Roger W. Ferguson, Jr., Edward M. Gramlich, Jack Guynn, Donald L. Kohn, Michael H. Moskow, Mark W. Olson, Robert T. Parry


Secretary and Economist Vincent R. Reinhart

Assistant Secretaries Gary P. Gillum, Michelle A. Smith

General Counsel J. Virgil Mattingly, Jr.

Economists Karen H. Johnson, David J. Stockton

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

Chairman, Consumer Advisory Council Ronald A. Reiter

President, Thrift Institutions Karen L. McCormick

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 the cost and...

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