Susan Schmidt Bies (born May 5, 1947) was born in Buffalo, New York, and received a B.S. in education from Buffalo State College in 1967 and an M.A. (1968) and a Ph.D. (1972), both in economics, from Northwestern University, Bies was a member of the Board of Governors of the Federal Reserve System. Bies took office on December 7, 2001, as a full term member of the Board of Governors of the Federal Reserve System, term to end January 31, 2012. She submitted her resignation from the Board on February 9, 2007, and left the Fed effective March 30, 2007. A Federal Reserve Press Notice stated she planned to spend more time with her family. Before becoming a member of the Board, Dr.
Publications of the Federal Reserve Board of Governors. Publications of each of the Federal Reserve banks. Statements, speeches and archival materials of Federal Reserve policymakers. Government data publications. Statistical releases. Congressional hearings. Books. Reports by various organizations. Federal Reserve Economic Data (FRED). Research Papers in Economics (RePEc).
Federal Reserveexpressed oppositionopponents of the Federal System
Concentration of ownership of Federal Reserve Bank stock, therefore, is irrelevant to the issue of control of the system (italics in original)." According to the web site for the Federal Reserve System, the individual Federal Reserve Banks "are the operating arms of the central banking system, and they combine both public and private elements in their makeup and organization." Each bank has a nine-member board of directors: three elected by the commercial banks in the Bank's region, and six chosen – three each by the member banks and the Board of Governors – "to represent the public with due consideration to the interests of agriculture, commerce, industry, services, labor and consumers."
Audit The Fed
The Federal Reserve Transparency Act of 2013 is a bill that would direct the Government Accountability Office (GAO) to prepare, within 12 months of enactment, an audit of the Board of Governors of the Federal Reserve System and the Federal Reserve Banks. The bill was introduced into the United States House of Representatives during the 113th United States Congress. The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907.
Federal Advisory Council at the Federal Reserve. Minutes and Recommendations of the Federal Advisory Council, 1914-1968.
Each branch of the Federal Reserve Banks has a board of either seven or five directors, a majority of whom are appointed by the parent Federal Reserve Bank; the others are appointed by the Board of Governors. Branch directors serve staggered three-year terms (two-year terms if the Branch has five directors). One of the members appointed by the Federal Reserve Board is designated annually as chairman of the board of that Branch in a manner prescribed by the parent Federal Reserve Bank. The Baltimore branch currently allows private and educational tours of up to thirty people with reservations. Cell phones and cameras are not permitted inside the building.
AMLCFT regulation in the United Statesbanking regulatorsbanks
A bank's primary federal regulator could be the Federal Deposit Insurance Corporation, the Federal Reserve Board, or the Office of the Comptroller of the Currency. Within the Federal Reserve System are 12 districts centered around 12 regional Federal Reserve Banks, each of which carries out the Federal Reserve Board's regulatory responsibilities in its respective district. Credit unions are subject to most bank regulations and are supervised by the National Credit Union Administration. The Federal Financial Institutions Examination Council (FFIEC) establishes uniform principles, standards, and report forms for the other agencies.
Glass–Steagall ActBanking Act of 1933Glass-Steagall Act
The 1933 Banking Act gave tighter regulation of national banks to the Federal Reserve which required state member banks and holding companies to make three reports annually. The reports were to be given to their Federal Reserve Board and Federal Reserve Bank.
The Beige Book, more formally called the Summary of Commentary on Current Economic Conditions, is a report published by the United States Federal Reserve Board eight times a year. The report is published in advance of meetings of the Federal Open Market Committee. Each report is a gathering of "anecdotal information on current economic conditions" by each Federal Reserve Bank in its district from "Bank and Branch directors and interviews with key business contacts, economists, market experts, and others." It is called the Beige Book because its cover is colored beige.
College of CommerceCommerce DepartmentSchool of Business
Ross Levine – Economist and advisor to the World Bank, Federal Reserve System, and the International Monetary Fund. Daniel Levitin – Neuroscientist, best-selling author, management consultant. Richard Lyons – Dean of the Haas School of Business (2008-2018). Sherman J. Maisel – member of the Federal Reserve Board of Governors, President of the American Finance Association. David C. Mowery – member of the National Bureau of Economic Research, advisor to Congress and the Organization for Economic Cooperation and Development. Mark Rubinstein – a noted financial engineer and International Association of Financial Engineers Man of The Year in 1995.
routing numberbank numberRouting Numbers
Check processing is now centralized at the Federal Reserve Bank of Atlanta. The first two digits of the nine digit RTN must be in the ranges 00 through 12, 21 through 32, 61 through 72, or 80. The digits are assigned as follows: The first two digits correspond to the 12 Federal Reserve Banks as follows: The third digit corresponds to the Federal Reserve check processing center originally assigned to the bank. The fourth digit is "0" if the bank is located in the Federal Reserve city proper, and otherwise is 1–9, according to which state in the Federal Reserve district it is. The fifth through eighth digits constitute the bank's unique ABA identity within the given Federal Reserve district.
Former Federal Reserve Chairman Alan Greenspan calculated that as of July 2012, there was "very little impact on the economy". Federal Reserve Governor Jeremy Stein has said that measures of quantitive easing such as large-scale asset purchases "have played a significant role in supporting economic activity".
Great Recessionhousing bubblehousing crisis
Federal Reserve Bank conducted an "open market operation" to inject U.S. $38 billion in temporary reserves into the system to help overcome the ill effects of a spreading credit crunch, on top of a similar move the previous day. In order to further ease the credit crunch in the U.S. credit market, at 8:15 a.m. on August 17, 2007, the chairman of the Federal Reserve Bank Ben Bernanke decided to lower the discount window rate, which is the lending rate between banks and the Federal Reserve Bank, by 50 basis points to 5.75% from 6.25%. The Federal Reserve Bank stated that the recent turmoil in the U.S. financial markets had raised the risk of an economic downturn.
Donald Kohn (Ph.D. 1971), joined the Federal Reserve System in 1970; member of Board of Governors since 2002, Vice-Chairman 2006–2010. Robb LaKritz (B.A. 1994), Special Assistant and Advisor to the Deputy U.S. Treasury Secretary, appointed by President George W. Bush. Timothy D. Leulitte (BUS: MBA 1976), Chairman of the Board, Federal Reserve Bank of Chicago. Rob Portman (LAW: JD 1984), former United States Trade Representative, a post carrying the rank of Ambassador; nominated by President Bush and confirmed by the US Senate in 2006, as the Director of the United States Office of Management and Budget; Senator elect from Ohio in 2010.
banking historyFree Banking Era
The notes were to be issued to Federal Reserve Banks for subsequent transmittal to banking institutions in accordance with the needs of the public. The Federal Reserve Act of 1913 established the present day Federal Reserve System and brought all banks in the United States under the authority of the Federal Reserve (a quasi-governmental entity), creating the twelve regional Federal Reserve Banks which are supervised by the Federal Reserve Board. Credit unions originated in Europe in the mid-19th century. The first credit union in the United States was established in 1908 in New Hampshire.
housing market correctionhousing correction2007 mortgage collapse
As the Federal Reserve Bank applied its monetary contraction policy in 2005, many homeowners were stunned when their adjustable-rate mortgages began to reset to much higher rates in mid-2007 and their monthly payments jumped far above their ability to meet the monthly mortgage payments. Some homeowners began defaulting on their mortgages in mid-2007, and the cracks in the U.S. housing foundation became apparent. In March 2007, the United States' subprime mortgage industry collapsed due to higher-than-expected home foreclosure rates, with more than 25 subprime lenders declaring bankruptcy, announcing significant losses, or putting themselves up for sale.
September 6: The Federal Reserve adds $31.25 billion in temporary reserves (loans) to the US money markets which has to be repaid in two weeks. September 7: US Labor Department announces that non-farm payrolls fell by 4,000 in August 2007, the first month of negative job growth since August 2003, due in large part to problems in the housing and credit markets. September 12: Citibank borrows $3.375 billion from the Fed discount window, prompting then-President of the Federal Reserve Bank of NY Timothy Geithner to call the CFO of Citibank. Over four days in late August and early September, foreign banks borrowed almost $1.7 billion through the discount window.
This is a timeline of United States history, comprising important legal and territorial changes as well as political, social, and economic events in the United States and its predecessor states. To read about the background to these events, see History of the United States.
She served as a Visiting Scholar at the Federal Reserve Board of Governors in December 2002. She served on the Academic Advisory Panels for the Federal Reserve Bank of Cleveland in 2007 and the Federal Reserve Bank of Chicago in 2013. On July 21, 2015, President Obama nominated Dominguez to be a member of the Federal Reserve Board of Governors, to the seat vacated by Jeremy C. Stein who resigned on May 28, 2014. Her nomination is currently pending before the United States Senate Committee on Banking, Housing, and Urban Affairs. Dominguez is a dual citizen of the United States and Ireland. She is married with two children, Julia and Elizabeth Hines.
The notes were to be issued to Federal Reserve Banks for subsequent transmittal to banking institutions in accordance with the needs of the public. The Federal Reserve Act of 1913 established the present day Federal Reserve System and brought all banks in the United States under the authority of the Federal Reserve (a quasi-governmental entity), creating the twelve regional Federal Reserve Banks which are supervised by the Federal Reserve Board. To deal with deflation caused by the Great Depression of the 1930s, the nation went off the gold standard. In March and April 1933, in a series of laws and executive orders, the government suspended the gold standard for United States currency.