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.
James Dimon is an American banker and businessman who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2006.
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 the largest, the most active, and the most influential of the Reserve Banks.
William Joseph McDonough was a former vice chairman and special advisor to the chairman at Merrill Lynch & Co. Inc., responsible for assisting senior management in the company's business development efforts with governments and financial institutions. He retired in 2009.
Edward Gerald Corrigan was an American banker who was the seventh President of the Federal Reserve Bank of New York and Vice-Chairman of the Federal Open Market Committee. Corrigan served as a partner and managing director in the Office of the Chairman at Goldman Sachs and was appointed chairman of GS Bank USA, the bank holding company of Goldman Sachs, in September 2008 until retiring in 2016. He was also a member of the Group of Thirty, an influential international body of leading financiers and academics.
Kevin Maxwell Warsh is an American financier and bank executive who served as a member of the Federal Reserve Board of Governors from 2006 to 2011.
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 Bank of New York Mellon Corporation, commonly known as BNY Mellon or BNY, is an American banking and financial services corporation headquartered in New York City. The bank offers investment management, investment services, and wealth management services. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. It is the world's largest custodian bank and securities services company, with $2 trillion in assets under management and $48.8 trillion in assets under custody as of 2024. It is considered a systemically important bank by the Financial Stability Board.
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.
Charles L. Evans is the former ninth president and chief executive officer of the Federal Reserve Bank of Chicago, serving from 2007 to 2023. In that capacity, he served on the Federal Open Market Committee (FOMC), the Federal Reserve System's monetary policy-making body.
The Term Asset-Backed Securities Loan Facility (TALF) is a program created by the U.S. Federal Reserve to spur consumer credit lending. The program was announced on November 25, 2008, and was to support the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration (SBA). Under TALF, the Federal Reserve Bank of New York authorized up to $200 billion of loans on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. As TALF money did not originate from the U.S. Treasury, the program did not require congressional approval to disburse funds, but an act of Congress forced the Fed to reveal how it lent the money. The TALF began operation in March 2009 and was closed on June 30, 2010. TALF 2 was initiated in 2020 during the COVID-19 pandemic.
Timothy Franz Geithner is an American former central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009, following service in the Clinton administration. Since March 2014, he has served as president and managing director of Warburg Pincus, a private equity firm headquartered in New York City.
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.
Vincent Raymond Reinhart is the Chief Economist for BNY Mellon Asset Management.
Yaga Venugopal Reddy is an Indian economist and a retired Indian Administrative Service (IAS) officer of the 1964 batch belonging to Andhra Pradesh cadre. Reddy served as governor of the Reserve Bank of India (RBI), India's central bank, from September 2003 until September 2008.
Julie Ann Remache is an American economist who currently works as selected deputy SOMA manager at the Federal Reserve of New York. Remache has worked at the Federal Reserve of New York since 2000, where she held several positions before being promoted to Senior VP in February 2015. She briefly worked in the private sector between 2008-2009, but returned to the Federal Reserve in January 2009 as Director for Portfolio Analytics. In this position, Remache was part of a team responsible for buying $1.25 trillion of mortgage-backed securities (MBS) as part of the Federal Reserve's MBS purchase program during the 2007-2009 financial crisis.
