Federal Reserve
The Federal Reserve and Federal Reserve Banks
The Federal Reserve System is the central banking system of the United States of America and is also known as the Fed. The main tasks of the Federal Reserve are controlling the amount of currency made and destroyed on a daily basis, supervise and regulate banks, and maintain a strong payments system. It also implements monetary policy by open market operations, setting the discount rate and setting the reserve ratio.
The Federal Reserve involves economic education and research as well as community outreach. One of the biggest goals of the Federal Reserve is to minimize risk in the banking system.
President Bush recently nominated Ben Bernanke as the new Chairman of the Board of the Federal Reserve. Bernanke replaced Alan Greenspan when he retired after eighteen years as Chairman. The Chairman takes the lead role in directing Fed policy. The most important duties of the Federal Reserve authorities correspond to the......
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