Federal Reserve System

• Pages: 421-426

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, (2 vacancies)

Staff:

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

Advisor to the Board Donald L. Kohn

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 Richard C. Stevens

Management

Director, Division of International Finance Karen H. Johnson

Director, Management Division Stephen R. Malphrus

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 John F. Wieland

Boston, MA William C. Brainard

Chicago, IL Lester H. McKeever, Jr.

Cleveland, OH G. Watts Humphrey, Jr.

Dallas, TX Roger R. Hemminghaus

Kansas City, MO Jo Marie Dancik

Minneapolis, MN David A. Koch

New York, NY John C. Whitehead

Philadelphia, PA Joan Carter

Richmond, VA Claudine B. Malone

St. Louis, MO Susan S. Elliott

San Francisco, CA Gary G. Michael

Presidents: Atlanta, GA Jack Guynn

Boston, MA Cathy E. Minehan

Chicago, IL Michael H. Moskow

Cleveland, OH Jerry L. Jordan

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, Roger W. Ferguson, Jr., Edward M. Gramlich, Jerry L. Jordon, Robert D. McTeer, Jr., Mark W. Olson, Anthony M. Santomero, Gary H. Stern,

(2 vacancies)

Staff:

Secretary and Economist Donald L. Kohn

Assistant Secretaries Gary P. Gillum, Michelle A. Smith

General Counsel J. Virgil Mattingly, Jr.

Economists Karen H. Johnson, Vincent R. Reinhart, David J. Stockton

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

Chairman, Consumer Advisory Council Dorothy Broadman

President, Thrift Institutions Mark H. Wright

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...