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Fedral Reserve

In: Other Topics

Submitted By Wilson8725
Words 1840
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What we call the Fed is also known as the Federal Reserve System. This is known as the central banking system of the United States of America. The Federal Reserve was first established on December 23, 1913. It was enacted by the Federal Reserve Act. This is an act to provide for the establishment of Federal Reserve banks. Mostly it was to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States of America, and also for other purposes. Over the years different responsibilities and roles have occurred within the Federal Reserve. It did not just consist of the same functions but over time it changed and changed for the good of the country. The major factor that has contributed to most of the change within the Federal Reserve is the Great Depression. The Great Depression was known as a severe worldwide economic depression. There was a high unemployment rate, poverty, deflation, plunging from incomes, and many more consequences. These components sent the United States into a deep state of unstableness. The Federal Reserve System is made up of several different components. These components consist of appointed Board of Governors, the Federal Open Market Committee, and twelve regional Federal Reserve Banks, which are located in major cities throughout the nation, numerous privately owned U.S. member banks and various advisory councils. There are seven members that make up the Board of Governors in the Federal Reserve System. The members are appointed by the President of the United States and confirmed by the senate. Currently there are only five members that sit on the board with two vacant seats. The names of the members are Ben S.Bernanke who is chairman, Janet L. Yelllen who is vice chair, Elizabeth A. Duke, Daniel K. Tarulla, and Sarah Bloom Raskin. Each serving at least a...

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