Federal Reserve System

FEDERAL RESERVE SYSTEM

Board of Governors of the Federal Reserve System

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

Phone, 202-452-3000

Board of Governors

Chairman Alan Greenspan

Vice Chair Alice M. Rivlin

Members Roger W. Ferguson, Jr., Edward M. Gramlich, Edward W. Kelley, Jr., Laurence H. Meyer, Susan M. Phillips

Official Staff:

Assistants to the Board Joseph R. Coyne, Donald J. Winn, Theodore E. Allison

General Counsel J. Virgil Mattingly, Jr.

Secretary William W. Wiles

Deputy Secretary Jennifer J. Johnson

Associate Secretary and Ombudsman Barbara R. Lowrey

Director, Division of Consumer and Community Griffith L. Garwood

Affairs

Director, Division of Banking Supervision and Richard Spillenkothen

Regulation

Director, Division of Monetary Affairs Donald L. Kohn

Deputy Director David E. Lindsey

Director, Division of Research and Statistics Michael J. Prell

Deputy Directors Edward C. Ettin, David J. Stockton

Staff Director, Division of International Edwin M. Truman

Finance

Senior Associate Directors Larry J. Promisel, Charles J. Siegman

Staff Director, Office of Staff Director for S. David Frost

Management

Director, Division of Information Resources Stephen R. Malphrus

Management

Director, Division of Human Resources Management David L. Shannon

Associate Director John R. Weis

Comptroller George E. Livingston

Director, Division of Support Services Robert E. Frazier

Director, Division of Federal Reserve Bank Clyde H. Farnsworth, Operations and Payment Systems Jr.

Deputy Director, Finance and Control David L. Robinson

Inspector General Brent L. Bowen

Officers of the Federal Reserve Banks

Chairmen and Federal Reserve Agents: Atlanta David R. Jones

Boston William C. Brainard

Chicago Lester H. McKeever, Jr.

Cleveland G. Watts Humphrey, Jr.

Dallas Roger R. Hemminghaus

Kansas City Jo Marie Dancik

Minneapolis David A. Koch

New York John C. Whitehead

Philadelphia Joan Carter

Richmond Claudine B. Malone

St. Louis John F. McDonnell

San Francisco Gary G. Michael

Presidents: Atlanta Jack Guynn

Boston Cathy E. Minehan

Chicago Michael H. Moskow

Cleveland Jerry L. Jordan

Dallas Robert D. McTeer, Jr.

Kansas City Thomas M. Hoenig

Minneapolis Gary H. Stern

New York William J. McDonough

Philadelphia Edward G. Boehne

Richmond J. Alfred Broaddus, Jr.

St. Louis William Poole

San Francisco Robert T. Parry

Federal Open Market Committee

Chairman Alan Greenspan

Vice Chairman William J. McDonough

Members Roger W. Ferguson, Jr., Edward M. Gramlich, Thomas M. Hoenig, Jerry L. Jordan, Edward W. Kelley, Jr., Laurence H. Meyer, Cathy E. Minehan, Susan M. Phillips, Alice M. Rivlin, (1 vacancy)

Official Staff: Secretary and Economist Donald L. Kohn

Deputy Secretary Normand R.V. Bernard

Assistant Secretaries Joseph R. Coyne, Gary P. Gillum

General Counsel J. Virgil Mattingly, Jr.

Deputy General Counsel Thomas C. Baxter, Jr.

Economists Michael J. Prell, Edwin M. Truman

Manager, System Open Market Peter R. Fisher

Account

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

Chairman, Consumer Advisory Council Julia W. Seward

President, Thrift Institutions David F. Holland

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 credit and monetary policy. 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 lending and investing activities of depository institutions and the cost and availability of money and credit, the Federal Reserve System helps promote the full use of human and capital resources, the growth of productivity, relatively stable prices, and equilibrium in the Nation's international balance of payments. Through its supervisory and regulatory banking functions, the Federal Reserve System helps maintain a commercial banking system that is responsive to the Nation's financial needs and objectives.

The System consists of seven parts: the Board of Governors in Washington, DC; the 12 Federal Reserve Banks and their 25 branches and other facilities situated throughout the country; the Federal Open Market Committee; the Federal Advisory Council; the Consumer Advisory Council; the Thrift...

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