The Federal Reserve System is the central banking system of the United States. It was created on December 23,1913,with the enactment of the Federal Reserve Act,after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years,events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
A Federal Reserve Bank is a regional bank of the Federal Reserve System,the central banking system of the United States. There are twelve in total,one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee,and are divided as follows:
The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System that is charged under United States law with overseeing the nation's open market operations. This Federal Reserve committee makes key decisions about interest rates and the growth of the United States money supply. Under the terms of the original Federal Reserve Act,each of the Federal Reserve banks was authorized to buy and sell in the open market bonds and short term obligations of the United States Government,bank acceptances,cable transfers,and bills of exchange. Hence,the reserve banks were at times bidding against each other in the open market. In 1922,an informal committee was established to execute purchases and sales. The Banking Act of 1933 formed an official FOMC.
George William Miller was an American businessman and investment banker who served as the 65th United States secretary of the treasury from 1979 to 1981. A member of the Democratic Party,he also served as the 11th chairman of the Federal Reserve from 1978 to 1979. Miller was the first person to hold both of those posts.
William McChesney Martin Jr. was an American business executive who served as the 9th chairman of the Federal Reserve from 1951 to 1970,making him the longest holder of that position. He was nominated to the post by President Harry S. Truman and reappointed by four of his successors. Martin,who once considered becoming a Presbyterian minister,was described by a Washington journalist as "the happy Puritan".
Paul Moritz Warburg was a German-born American investment banker who served as the second vice chairman of the Federal Reserve from 1916 to 1918. Prior to his term as vice chairman,Warburg served as one of the original members of the Federal Reserve Board of Governors,taking office in 1914. He was an early advocate for the establishment of the US central bank system.
William Proctor Gould Harding was an American banker who served as the second chairman of the Federal Reserve from 1916 to 1922. Prior to his term as chairman,Harding served as one of the original members of the Federal Reserve Board,taking office in 1914. During his tenure as chairman,he concurrently served as the managing director of the War Finance Corporation from 1918 to 1919. Harding was responsible for a severe wave of inflation during the First World War. After leaving the Fed,Harding traveled to Cuba and advised the Cuban government on the reorganization of its financial and accounting system.
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System,which encompasses the State of New York,the 12 northern counties of New Jersey,Fairfield County in Connecticut,Puerto Rico,and the U.S. Virgin Islands. Located at 33 Liberty Street in Lower Manhattan,it is by far the largest,the most active,and the most influential of the Reserve Banks.
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that,along with the Board of Governors in Washington,D.C.,make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks.
Robert Gordon Sproul was the first system-wide president (1952–1958) of the University of California system,and the last president (11th) of the University of California,Berkeley,serving from 1930 to 1952.
Hans Tietmeyer was a German economist and regarded as one of the foremost experts on international financial matters. He was president of Deutsche Bundesbank from 1993 until 1999 and remained afterwards one of the most important figures in finance of the European Union.
Allan H. Meltzer was an American economist and Allan H. Meltzer Professor of Political Economy at Carnegie Mellon University's Tepper School of Business and Institute for Politics and Strategy in Pittsburgh,Pennsylvania. Meltzer specialized on studying monetary policy and the US Federal Reserve System,and authored several academic papers and books on the development and applications of monetary policy,and about the history of central banking in the US. Together with Karl Brunner,he created the Shadow Open Market Committee:a monetarist council that deeply criticized the Federal Open Market Committee.
The Shadow Open Market Committee (SOMC) is an independent group of economists,first organized in 1973 by Professors Karl Brunner,from the University of Rochester,and Allan Meltzer,from Carnegie Mellon University,to provide a monetarist alternative to the views on monetary policy and its inflation effects then prevailing at the Federal Reserve and within the economics profession.
The United States Federal Reserve System is the central banking system of the United States. It was created on December 23,1913.
William C. Dudley is an American economist who served as the president of Federal Reserve Bank of New York from 2009 to 2018 and as vice-chairman of the Federal Open Market Committee. He was appointed to the position on January 27,2009,following the confirmation of his predecessor,Timothy F. Geithner,as United States Secretary of the Treasury.
John Carroll Williams is the president and chief executive officer of the Federal Reserve Bank of New York,having also served as president of Federal Reserve Bank of San Francisco from 2011 to 2018. He is currently serving as vice chairman of the Federal Open Market Committee.
Heinz Robert Heller was born January 8,1940,in Cologne,Germany. He has served as a governor of the Federal Reserve System and as president of VISA U.S.A. Inc.
Marvin Seth Goodfriend was an American economist. He held the Allan H. Meltzer Professorship in economics at Carnegie Mellon University;he was previously the director of research at the Federal Reserve Bank of Richmond. Following his 2017 nomination to the Federal Reserve Board of Governors,the White House decided to forgo renominating Goodfriend at the beginning of the new term.
Christopher J. Waller is an American economist who is a member of the Federal Reserve Board of Governors since 2020. A nominee of then-President Donald Trump,he was confirmed by the Senate in December 2020,to serve through January 2030.
