Related Research Articles
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.
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.
Janet Louise Yellen is an American economist serving as the 78th United States secretary of the treasury since January 26, 2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018. She is the first person to hold those positions having also led the White House Council of Economic Advisers and the first woman to hold either post.
Stanley Fischer is an Israeli-American economist who served as the 20th vice chair of the Federal Reserve from 2014 to 2017. Fischer previously served as the 8th governor of the Bank of Israel from 2005 to 2013. Born in Northern Rhodesia, he holds dual citizenship in Israel and the United States. He previously served as First Deputy Managing Director of the International Monetary Fund and as Chief Economist of the World Bank. On January 10, 2014, President Barack Obama nominated Fischer to the position of Vice Chair of the Federal Reserve. He is a senior advisor at BlackRock. On September 6, 2017, Stanley Fischer announced that he was resigning as Vice-Chair for personal reasons effective October 13, 2017, two days before his 74th birthday.
The Federal Reserve System has faced various criticisms since it was authorized in 1913. Nobel laureate economist Milton Friedman and his fellow monetarist Anna Schwartz criticized the Fed's response to the Wall Street Crash of 1929 arguing that it greatly exacerbated the Great Depression. More recent prominent critics include former Congressman Ron Paul.
Donald Lewis Kohn is an American economist who served as the 18th vice chair of the Federal Reserve from 2006 to 2010. Prior to his term as vice chair, Kohn served as a member of the Federal Reserve Board of Governors, taking office in 2002. Fed's veteran, he retired after 40 years at the central bank, currently serving on the Financial Policy Committee for the Bank of England and as a Senior Fellow at the Brookings Institution.
William Poole was the eleventh chief executive of the Federal Reserve Bank of St. Louis. He took office on March 23, 1998, and began serving his full term on March 1, 2001. In 2007, he served as a voting member of the Federal Open Market Committee, bringing his District's perspective to policy discussions in Washington. Poole stepped down from the Fed on March 31, 2008.
Mark Joseph Carney is a Canadian economist and banker who was the governor of the Bank of Canada from 2008 to 2013 and the governor of the Bank of England from 2013 to 2020. He is chairman, and head of impact investing at Brookfield Asset Management since 2020, and was named chairman of Bloomberg Inc., parent company of Bloomberg L.P., in 2023. He was the chair of the Financial Stability Board from 2011 to 2018. Prior to his governorships, Carney worked at Goldman Sachs as well as the Department of Finance Canada.
James Brian Bullard is the former chief executive officer and 12th president of the Federal Reserve Bank of St. Louis, a position he held from 2008 until August 14, 2023. In July 2023, he was named dean of the Mitchell E. Daniels Jr. School of Business at Purdue University.
Philip Richard Lane is an Irish economist who has been serving as a member of the Executive Board of the European Central Bank since 2019 and concurrently as ECB chief economist. He previously served as Governor of the Central Bank of Ireland from 2015 to 2019. As ECB Chief Economist, Lane is seen by many as providing an academic counterweight to the traditional political abilities of ECB President, Christine Lagarde.
Narayana Rao Kocherlakota is an American economist and the Lionel W. McKenzie Professor of Economics at the University of Rochester. Previously, he served as the 12th president of the Federal Reserve Bank of Minneapolis until December 31, 2015. Appointed in 2009, he joined the Federal Open Markets Committee in 2011. In 2012, he was named one of the top 100 Global Thinkers by Foreign Policy magazine.
Karahan is a Turkish word that may refer to:
Raphael W. Bostic is an American economist, academic, and public servant who has served as the 15th president and CEO of the Federal Reserve Bank of Atlanta since 2017. During his academic career, Bostic served as chair of the Department of Governance, Management, and the Policy Process at the Price School of Public Policy at the University of Southern California.
Andrew T. Levin is a professor of economics at Dartmouth College and previously served numerous roles at the Federal Reserve Board.
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.
Lisa DeNell Cook is an American economist who has served as a member of the Federal Reserve Board of Governors since May 23, 2022. She is the first African American woman and first woman of color to sit on the Board. Before her appointment to the Federal Reserve, she was elected to the board of directors of the Federal Reserve Bank of Chicago.
Daleep Singh is an American economic advisor who was a Deputy National Security Advisor for International Economics in the Biden administration and later joined PGIM Fixed Income in June 2022 as chief global economist.
Şahap Kavcıoğlu is a Turkish banker and politician. He was a Member of the Grand National Assembly of Turkey for the Justice and Development Party (AKP) and was the Governor of the Central Bank of the Republic of Turkey from 2021 to 2023. He is also a contributor to the newspaper Yeni Safak and is described as a supporter of the economic policies of Recep Tayyip Erdoğan.
P. Nandalal Weerasinghe is a Sri Lankan economist and banker who is also currently serving as the 17th Governor of the Central Bank of Sri Lanka. A career officer in the Central Bank of Sri Lanka, serving as its chief economist and senior deputy governor. He has also served as an alternative executive director at the International Monetary Fund in Washington DC representing the countries such as Sri Lanka, Bhutan, India and Bangladesh from January 2010 to August 2012. He has also previously acted as a chairman of the monetary policy committee and foreign reserve management committee of the Central Bank of Sri Lanka.
Hafize Gaye Erkan is the former governor of the Central Bank of Turkey. She is a former co-CEO and president of First Republic Bank and was a member of the company's board of directors. She is the former CEO of Greystone & Co Inc, a New York-based national real estate finance company that serves the seniors housing industry. She also was a board member at Tiffany & Co and a director at Marsh & Mclennan Cos Inc.
References
- 1 2 3 4 Aslanhan, Uğur (3 February 2024). "TCMB Başkanlığı'na Fatih Karahan atandı". Anadolu News Agency (in Turkish). Retrieved 3 February 2024.
- 1 2 3 4 Akman, Beril; Karakaya, Kerim (2024-02-03). "Fed, Amazon Were Training Grounds for Turkey Central Bank Chief". Bloomberg.com. Retrieved 2024-02-05.
- ↑ Akman, Beril; Kerim Karakaya (2 February 2024). "Turkey Names Ex-NY Fed Economist as New Central Bank Chief". Bloomberg News . Retrieved 4 February 2024.
