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Federal Reserve System |
Also found in: Encyclopedia, Wikipedia, Hutchinson | 0.01 sec. |
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Federal Reserve System The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Notes: You can divide the Federal Reserve's duties into four general areas:1. Conducting monetary policy 2. Regulating banking institutions and protecting the credit rights of consumers 3. Maintaining the stability of the financial system 4. Providing financial services to the U.S. government Federal Reserve System The monetary authority of the US, established in 1913, and governed by the Federal Reserve Board located in Washington, D.C. The system includes 12 Federal Reserve Banks and is authorized to regulate monetary policy in the US as well as to supervise Federal Reserve member banks, bank holding companies, international operations of US banks, and US operations of foreign banks.
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On September 22, 2005, the Federal Reserve Board approved actions by the Boards of Directors of the Federal Reserve Banks of Cleveland, Atlanta, and Dallas, increasing the discount rate at the Banks from 4 1/2 percent to 4 3/4 percent. The Federal Reserve Board released figures on January 7, 2005, that indicate the Federal Reserve Banks distributed approximately $18. The Federal Reserve Banks are excited to provide our customers with access to image deposit and presentment services that can help them realize the benefits of Check 21. |
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