Federal Reserve System

Paper Summary:

This paper takes a look at the U.S. Federal Reserve, the country's Central Bank that performs several key roles in the functioning of the economy. According to the paper, some of the functions of the Federal Reserve are conducting the country's monetary policy, supervision and regulation of its banking system, and issuance of the national currency.

Outline:
Key Roles of the Federal Reserve and its Structure
How the Federal Reserve Implements the Monetary Policy
Impact of Fed's Actions During the Last 20 Years
Assessment of the Efficacy of the Fed's Actions
Appropriate Actions for the Fed in 2006

From the Paper:

"The Fed structure consists of seven members of the Board of Governors, a Federal Open Market Committee (FOMC), twelve regional Federal Reserve District Banks, and their member banks. At the top of the structure is the Board of Governors, appointed by the President, with the advice and consent of the Senate. The Board is headed by its Chairman, who is also appointed by the President from among the 7 Governors. The FOMC consists of the seven members of the Board of Governors and five representatives selected from the Federal Reserve Banks. The twelve, privately-owned regional Federal Reserve Banks are located in major cities throughout the country; each Bank covering a designated "District." At the base of the Fed structure are the member commercial banks, which consist of all federally chartered banks. (Johannes, 2006)"

Sample of Sources Used:

• Johannes, J.M. (2006). "Federal Reserve System." Microsoft Encarta Online Encyclopedia 2006. Retrieved on December 2, 2006 from http://encarta.msn.com/encyclopedia_761574452/Federal_Reserve_System.html
• Schneiderman, R.M. (2006). "Update -- Goodbye Goldilocks?" Forbes.com. 12.01.06. Retrieved on December 2, 2006 from http://www.forbes.com/markets/economy/2006/12/01/ism-manufacturing-update-markets-equity-cx_rs_1201markets09.html
• "What are the Tools of Monetary Policy?" (2006). Federal Reserve Bank of San Francisco Web site. April 5, 2006. Retrieved on December 2, 2006 from http://www.frbsf.org/publications/federalreserve/monetary/tools.html

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