Federal Reserve System

United States US Dollar
Established: 1913 Headquarters: Washington, D.C.

 

Summary
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.

Structure
The Federal Reserve Act of 1913 enabled the Federal Reserve authority to set monetary policy in the United States.

The Federal Reserve System has both private and public components.

Federal Reserve Banks
There are 12 Federal Reserve Banks located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Each reserve Bank is responsible for member banks located in its district. The size of each district was set based upon the population distribution of the United States when the Federal Reserve Act was passed.

The Federal Open Market Committee (FOMC) consists of 12 members, seven from the Board of Governors and 5 of the regional Federal Reserve Bank presidents.

Chairman of the Federal Reserve

  • Charles Sumner Hamlin (August 10, 1914 – August 10, 1916)
  • William P. G. Harding (August 10, 1916 – August 9, 1922)
  • Daniel Richard Crissinger (May 1, 1923 – September 15, 1927)
  • Roy A. Young (October 4, 1927 – August 31, 1930)
  • Eugene Meyer (September 16, 1930 – May 10, 1933)
  • Eugene Robert Black (May 19, 1933 – August 15, 1934)
  • Marriner Stoddard Eccles (November 15, 1934 – February 3, 1948)
  • Thomas B. McCabe (April 15, 1948 – April 2, 1951)
  • William McChesney Martin (April 2, 1951 – February 1, 1970)
  • Arthur F. Burns (February 1, 1970 – January 31, 1978)
  • G. William Miller (March 8, 1978 – August 6, 1979)
  • Paul Volcker (August 6, 1979 – August 11, 1987)
  • Alan Greenspan (August 11, 1987 – January 31, 2006)
  • Ben Bernanke (February 1, 2006 – )

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