The Federal Reserve Board of Governors is the governing body of the Federal Reserve System (often called "the Fed"), the central bank of the United States. It conducts the nation's monetary policy by influencing the volume of credit and money in circulation. The Federal Reserve regulates private banking institutions, works to contain systemic risk in financial markets, and provides certain financial services to the federal government, the public, and financial institutions. The Federal Retirement Thrift Investment Board (FRTIB) is one of the smaller Executive Branch agencies, with just over 100 employees.
independent agencyindependent agency of the United States governmentindependent agencies
inflation rateprice inflationfood inflation
Federal Reserve Bank of Boston, "Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective", Conference Series 53, June 9–11, 2008, Chatham, Massachusetts. (Also cf. Phillips curve article). OECD Consumer Price Index. United States Bureau of Labor Statistics – Consumer Price Index. General purpose compounded inflation calculator. U.S. Cost of Living Calculator (1913–present) (AIER). U.S. Inflation Calculator (1913–present) (US BLS). U.S. Inflation (historical documents) ([[Federal Reserve Economic Data#Other Federal Reserve Bank of St. Louis data services|FRASER]]). World Inflation (1290–2006) (Consumer Price Index) (Swedish Riksbank).
Marriner Stoddard EcclesMarriner EcclesMariner Eccles
Treasury-Federal Reserve Accord - Marriner Stoddard Eccles - Federal Reserve Bank of Richmond.
George Wilder Mitchell (February 23, 1904 – January 25, 1997) was an American economist, who served as the Vice Chairman of the Board of Governors of the Federal Reserve System from May 1973 to February 1976. Before that he was a Federal Reserve Governor for 12 years and a long-time staffer at the Federal Reserve Bank of Chicago. He was an early promoter of electronic banking. Mitchell was born on February 23, 1904, to George Ray and Minnie Mitchell in rural Richland Center, WI. He graduated from the University of Wisconsin in 1925. After graduating, he worked as a research assistant at the University of Iowa and the University of Chicago until 1932.
Fed ChallengeFederal Reserve's Fed Challenge
Federal Reserve Bank economists and officers judge the district competitions. One Fed Challenge team from each of the four participating Federal Reserve Districts competes at the national competition in Washington, D.C. FOMC members — Federal Reserve Governors and Reserve Bank Presidents — judge the national finals. The competition was created in 1994 by Lloyd Bromberg, the Director of Education Programs at the New York Fed. Since its peak in 1998 with ten district participants, the Federal Reserve Challenge participation has shrunk to three district participants (as of 2010).
WilsonPresident WilsonPresident Woodrow Wilson
Owen crafted a compromise plan in which private banks would control twelve regional Federal Reserve Banks, but a controlling interest in the system was placed in a central board filled with presidential appointees. Wilson convinced Bryan's supporters that the plan met their demands for an elastic currency because Federal Reserve notes would be obligations of the government. The bill passed the House in September 1913, but it faced stronger opposition in the Senate. After Wilson convinced just enough Democrats to defeat an amendment put forth by bank president Frank A.
Nancy H. Teeters
Nancy Hays Teeters (July 29, 1930 – November 17, 2014) was the first woman to serve on the Federal Reserve Board of Governors. Appointed by President Jimmy Carter, she served from 1978-1984. She was known for her public statements in which she dissented from the mainstream opinion of the Board and Chairman Paul Volcker. Teeters was the youngest of three children born to Edgar Hayes, a box salesman, and Mabel, a homemaker. She received a bachelor's degree from Oberlin College in 1952 and a master's degree from the University of Michigan in 1954, both in economics. In 1957, Teeters joined the Federal Reserve as a staff economist in the Division of Research and Statistics.
Ben S. BernankeBernankeBen S. Bernanke, Chairman and a member of the Board of Governors of the Federal Reserve System
On February 1, 2006, Bernanke began a fourteen-year term as a member of the Federal Reserve Board of Governors and a four-year term as chairman (after having been nominated by President Bush in late 2005). By virtue of the chairmanship, he sat on the Financial Stability Oversight Board that oversees the Troubled Asset Relief Program. He also served as chairman of the Federal Open Market Committee, the System's principal monetary policy making body. His first months as chairman of the Federal Reserve System were marked by difficulties communicating with the media.
Bush to the Board of Governors of the Federal Reserve. He took office on December 7, 2001 to fill an unexpired term, to end on January 31, 2010. He resigned on June 21, 2006, effective June 30, 2006, in order to run the Public Company Accounting Oversight Board. During his time on the Board, he served as the Board's administrative governor, as Chairman of the Board's Committee on Consumer and Community Affairs, as a member of the Committee on Supervisory and Regulatory Affairs, and as a member of the Committee on Federal Reserve Bank Affairs.
Dodd-Frank Wall Street Reform and Consumer Protection ActDodd-FrankDodd-Frank Act
The rule distinguishes transactions by banking entities from transactions by nonbank financial companies supervised by the Federal Reserve Board.
ECBThe European Central Bankmonetary policy
In the United States Federal Reserve Bank, the Federal Reserve buys assets: typically, bonds issued by the Federal government. There is no limit on the bonds that it can buy and one of the tools at its disposal in a financial crisis is to take such extraordinary measures as the purchase of large amounts of assets such as commercial paper. The purpose of such operations is to ensure that adequate liquidity is available for functioning of the financial system.
Alan Greenspan's monetary policies
Criticism of the Federal Reserve. Liquidity trap. Privatizing profits and socializing losses. Speculative bubble. Too big to fail. Zero interest-rate policy (ZIRP).
Randal K. QuarlesRandall Quarles
The family forebears included David Eccles (1849–1912), who emigrated from Scotland sailing on the Cynosure who subsequently became a successful businessman and Utah's first multimillionaire, and his son Marriner Stoddard Eccles (1890–1977), who was a U.S. banker, economist, and Chairman of the Federal Reserve. The Eccles Building that houses the headquarters of the Federal Reserve in Washington, D.C. is named after Marriner Eccles. On July 10, 2017, Quarles was nominated by President Donald Trump to fill a vacant position on the Federal Reserve Board of Governors expiring January 31, 2018, a new 14-year term expiring January 31, 2032, and also the position of Vice Chairman for Supervision.
Dr. Raphael Bostic
Bostic was an economist for the Federal Reserve Board of Governors from 1995 to 2001, and the assistant secretary for policy development and research at United States Department of Housing and Urban Development from 2009 to 2012. He was the Chair of the Department on Governance, Management and the Policy Process at the Sol Price School of Public Policy at the University of Southern California from 2012 to 2017. Bostic is the first African-American and first openly gay man selected to lead a regional Fed bank. * Federal Reserve System Biography Federal Reserve System. Federal Reserve Bank of Atlanta.
Glass–Steagall ActGlass-Steagall ActGlass–Steagall Act of 1933
Starting in 1987, the Federal Reserve Board interpreted this to mean a member bank could affiliate with a securities firm so long as that firm was not "engaged principally" in securities activities prohibited for a bank by Section 16. By the time the GLBA repealed the Glass–Steagall affiliation restrictions, the Federal Reserve Board had interpreted this "loophole" in those restrictions to mean a banking company (Citigroup, as owner of Citibank) could acquire one of the world's largest securities firms (Salomon Smith Barney).
Edward M. GramlichGramlich
He was appointed to the Federal Reserve System by President Bill Clinton in 1997 and resigned in August 2005. For much of his term, he was the Chair of the Board's Committee on Consumer and Community Affairs. He was also the chairman of the Air Transportation Stabilization Board, which was created by Congress after the 9/11 attacks raised concerns about the survival of the U.S. airline industry. Gramlich had also chaired several other lesser-known stabilization boards created by Congress.
Federal Reserve Bank BuildingHouston, Texas
Federal Reserve Act. Federal Reserve System. Federal Reserve Bank. Federal Reserve Districts. Federal Reserve Branches. Structure of the Federal Reserve System. Federal Reserve Bank of Dallas. Federal Reserve Bank of Dallas El Paso Branch. Federal Reserve Bank of Dallas San Antonio Branch.
Susan M. Philips
After leaving the Federal Reserve in 1998 Susan Phillips became Dean of The George Washington University School of Business in Washington, D.C.. While dean, she oversaw fundraising and construction efforts as the school rose in rank. Phillips retired from George Washington University in June 2010, intending to return to Fort Walton Beach, Florida, where she grew up. Federal Reserve Board Oral History Project: Interview with Susan M. Phillips. Interview with the Federal Reserve Bank of Minneapolis.
Alice M. RivlinAlice Mitchell Rivlin
Interview with Federal Reserve. Testimony of Alice Rivlin to Congress, October 5, 1977, on the potential energy savings of urban transportation. Alice Rivlin profile at LittleSis. Statements and Speeches of Alice M. Rivlin. Statements and Speeches of Alice M. Rivlin.
Gramm-Leach-Bliley ActGLBAFinancial Services Modernization Act
Testimony of (Federal Reserve) Governor Laurence H. Meyer: Merchant banking, Federal Reserve Bank. Martin McLaughlin, Clinton, Republicans agree to deregulation of US financial system, World Socialist Web Site, November 1, 1999, retrieved on October 9, 2008. Disclosure of Nonpublic Personal Information. What Can You Do To Protect Your Privacy. Senate Vote #354 (Nov. 4, 1999) On the Conference Report (S.900 Conference Report ). House Vote #570 (Nov. 4, 1999) On Agreeing to the Conference Report: S 900 (106th) Financial Services Modernization Act.
Federal Reserve System. Federal Reserve Bank of San Francisco.
President Jimmy Carter appointed him to the Board of Governors in 1979 and he was Vice Chairman for the Federal Reserve System until 1982. In addition, he also served as Chairman of the Florida Institute of Education from 1983 to 1987. On November 23, 2009, Schultz died of Prostate cancer at his Jacksonville home at age 80. List of Vice Chairmen of the Federal Reserve System. Obituary. Harvard University background info. Statements and Speeches of Frederick Henry Schultz. Frederick H Schultz.
Rice was appointed to the Federal Reserve Board in 1979 by President Jimmy Carter. He was the second black member, after Andrew Brimmer, who was appointed in 1966. Rice served on the Board for seven years under Chairman Paul A. Volcker. After leaving the Federal Reserve in 1986, Rice served on corporate boards and consulted. Rice died of congestive heart failure on March 10, 2011 at his home in Camas, Washington at the age of 91. * June 1984 issue of Ebony Magazine Interview with Emmett J. Rice. Statements and Speeches of Emmett John Rice.
Alan S. Blinder
He served on President Bill Clinton's Council of Economic Advisers from January 1993 to June '94 and as the Vice Chairman of the Board of Governors of the Federal Reserve System from June 1994 to January 1996. Blinder's recent academic work has focused particularly on monetary policy and central banking, as well as the "offshoring" of jobs, and his writing for lay audiences has been published primarily but not exclusively in The New York Times, The Washington Post and The Wall Street Journal, where he now writes a regular monthly op-ed column.
Industrial Production (Federal Reserve). Capacity Utilization. Regional Manufacturing Surveys (purchasing managers' organizations and Federal Reserve banks). Philadelphia Fed Index (Federal Reserve Bank of Philadelphia). Construction Spending (U.S. Census Bureau). Business inventory. Business Inventories (U.S. Census Bureau). International. International trade (U.S. Census Bureau and the Bureau of Economic Analysis). Trade balance. Export prices. International Capital Flows (U.S. Treasury Department). Treasury International Capital (TICs). Sales. Auto and Truck Sales (U.S. Department of Commerce). Auto Sales. Truck Sales. Retail sales (U.S. Census Bureau). Orders. Durable Goods Orders (U.S.