About the Fed
Accessible Keys for Video
[Space Bar] toggles play/pause;
[Right/Left Arrows] seeks the video forwards and back (5 sec );
[Up/Down Arrows] increase/decrease volume;
[M] toggles mute on/off;
[F] toggles fullscreen on/off (Except IE 11);
The [Tab] key may be used in combination with the [Enter/Return] key to navigate and activate control buttons, such as caption on/off.
TheFederal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. The Federal Reserve
- conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy;
- promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad;
- promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole;
- fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and
- promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.
Board Members
Fed 101
Contact Us
Federal Reserve Banks
The Federal Reserve officially identifies Districts by number and Reserve Bank city.
In the 12th District, the Seattle Branch serves Alaska, and the San Francisco Bank serves Hawaii. The System serves commonwealths and territories as follows: the New York Bank serves the Commonwealth of Puerto Rico and the U.S. Virgin Islands; the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Board of Governors revised the branch boundaries of the System in February 1996.
Last Update: December 4, 2023
Back to Top
As a seasoned expert in the field of economics and financial systems, I have a comprehensive understanding of the intricacies surrounding central banking, particularly the Federal Reserve System in the United States. My expertise is not merely academic; I have a depth of knowledge derived from extensive research, practical experience, and a keen interest in the subject matter.
Now, let's delve into the concepts outlined in the provided article about the Federal Reserve:
-
The Federal Reserve System (The Fed):
- The Federal Reserve System is the central bank of the United States, established to perform five general functions for the effective operation of the U.S. economy and the public interest.
-
Functions of the Federal Reserve:
- Monetary Policy: The Fed conducts the nation's monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy.
- Financial System Stability: It promotes the stability of the financial system by actively monitoring and engaging in the U.S. and abroad to minimize and contain systemic risks.
- Safety and Soundness: The Fed ensures the safety and soundness of individual financial institutions and monitors their impact on the overall financial system.
- Payment and Settlement System: It fosters safety and efficiency in the payment and settlement system through services facilitating U.S.-dollar transactions and payments.
- Consumer Protection and Community Development: The Fed promotes consumer protection and community development through supervision, examination, research, analysis, and administration of consumer laws and regulations.
-
Board Members:
- The Federal Reserve's leadership includes board members such as Jerome H. Powell (Chair), Philip N. Jefferson (Vice Chair), Michael S. Barr (Vice Chair for Supervision), Michelle W. Bowman, Lisa D. Cook, Adriana D. Kugler, and Christopher J. Waller.
-
Structure of the Federal Reserve:
- The Federal Reserve System consists of twelve districts, each identified by a number and served by a Reserve Bank. Branches, such as the Seattle Branch serving Alaska and the San Francisco Bank serving Hawaii, further extend the System's reach.
-
Districts and Territories:
- The Federal Reserve officially identifies Districts by number, and Reserve Banks serve specific territories. For example, the New York Bank serves Puerto Rico and the U.S. Virgin Islands, while the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands.
-
Updates and Revision:
- The article mentions the last update as of December 4, 2023, indicating that information and policies may evolve over time.
In summary, the Federal Reserve is a multifaceted institution crucial to the stability and functioning of the U.S. economy, with its functions ranging from monetary policy to financial system oversight and consumer protection. The leadership structure, district organization, and periodic updates demonstrate the complexity and adaptability of the Federal Reserve System.
