Questions… Who is in charge of our money? What/Who is the Federal Reserve? How does new money get put into the economy?

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Presentation transcript:

Questions… Who is in charge of our money? What/Who is the Federal Reserve? How does new money get put into the economy?

Federal Reserve System Board of Governors 7 members, 14 yr terms Appointed by President and confirmed by Senate Why such long terms? 12 Federal Reserve Banks Serve as the central bank Quasi-public banks Banker’s bank 31-3

Federal Reserve System Board of Governors Federal Open Market Committee 12 Federal Reserve Banks Commercial Banks Thrift Institutions (Savings and Loan Associations, Mutual Savings Banks, Credit Unions) The Public (Households and Businesses) 31-4

Federal Reserve System The 12 Federal Reserve Banks **Can we find all 12? Source: Federal Reserve Bulletin 31-5

Federal Reserve System Federal Open Market Committee 12 members: 7 board members, Prez of NY, 4 other Prez on 1 year rotation Aids Board of Governors in setting monetary policy Conducts open market operations 31-6

Federal Reserve Functions Issue currency Set reserve requirements Lend money to banks Lender of last resort Set discount rate Check collection between regions Adjusts reserves accordingly Fiscal agent for U.S. government Supervise banks ***Control the money supply*** 31-7

Read Chapter 33 and complete the practice assignment Homework Read Chapter 33 and complete the practice assignment

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