Federal Reserve - Knowledge

2304:, the principal tool of national monetary policy. These operations affect the amount of Federal Reserve balances available to depository institutions, thereby influencing overall monetary and credit conditions. The FOMC also directs operations undertaken by the Federal Reserve in foreign exchange markets. The FOMC must reach consensus on all decisions. The president of the Federal Reserve Bank of New York is a permanent member of the FOMC; the presidents of the other banks rotate membership at two- and three-year intervals. All Regional Reserve Bank presidents contribute to the committee's assessment of the economy and of policy options, but only the five presidents who are then members of the FOMC vote on policy decisions. The FOMC determines its own internal organization and, by tradition, elects the chair of the board of governors as its chair and the president of the Federal Reserve Bank of New York as its vice chair. Formal meetings typically are held eight times each year in Washington, D.C. Nonvoting Reserve Bank presidents also participate in Committee deliberations and discussion. The FOMC generally meets eight times a year in telephone consultations and other meetings are held when needed. 3355:, an attendee of the meeting and longtime advocate of central banking in the U.S., later wrote that Aldrich was "bewildered at all that he had absorbed abroad and he was faced with the difficult task of writing a highly technical bill while being harassed by the daily grind of his parliamentary duties". After ten days of deliberation, the bill, which would later be referred to as the "Aldrich Plan", was agreed upon. It had several key components, including a central bank with a Washington-based headquarters and fifteen branches located throughout the U.S. in geographically strategic locations, and a uniform elastic currency based on gold and commercial paper. Aldrich believed a central banking system with no political involvement was best, but was convinced by Warburg that a plan with no public control was not politically feasible. The compromise involved representation of the public sector on the board of directors. 3048:(CPFF). The action made the Fed a crucial source of credit for non-financial businesses in addition to commercial banks and investment firms. Fed officials said they would buy as much of the debt as necessary to get the market functioning again. They refused to say how much that might be, but they noted that around $ 1.3 trillion worth of commercial paper would qualify. There was $ 1.61 trillion in outstanding commercial paper, seasonally adjusted, on the market as of 1 October 2008, according to the most recent data from the Fed. That was down from $ 1.70 trillion in the previous week. Since the summer of 2007, the market had shrunk from more than $ 2.2 trillion. This program lent out a total $ 738 billion before it was closed. Forty-five out of 81 of the companies participating in this program were foreign firms. Research shows that 2828:

participating institutions for the life of the term deposit and thus drain reserve balances from the banking system. The program was announced December 9, 2009, and approved April 30, 2010, with an effective date of June 4, 2010. Fed Chair Ben S. Bernanke, testifying before the House Committee on Financial Services, stated that the Term Deposit Facility would be used to reverse the expansion of credit during the Great Recession, by drawing funds out of the money markets into the Federal Reserve Banks. It would therefore result in increased market interest rates, acting as a brake on economic activity and inflation. The Federal Reserve authorized up to five "small-value offerings" in 2010 as a pilot program. After three of the offering auctions were successfully completed, it was announced that small-value auctions would continue on an ongoing basis.

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or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.

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from sales of financial services (check and electronic payment processing) and discount window loans. The board of governors (Federal Reserve Board) creates a budget report once per year for Congress. There are two reports with budget information. The one that lists the complete balance statements with income and expenses, as well as the net profit or loss, is the large report simply titled, "Annual Report". It also includes data about employment throughout the system. The other report, which explains in more detail the expenses of the different aspects of the whole system, is called "Annual Report: Budget Review". These detailed comprehensive reports can be found at the board of governors' website under the section "Reports to Congress"

2756:, the Fed used open market operations as its primary tool to adjust the supply of reserve balances in order to keep the federal funds rate around the Fed's target. This regime is also known as a limited reserves regime. After the financial crisis, the Federal Reserve has adopted a so-called ample reserves regime where open market operations leading to modest changes in the supply of reserves are no longer effective in influencing the FFR. Instead the Fed uses its administered rates, in particular the IORB rate, to influence the FFR. However, open market operations are still an important maintenance tool in the overall framework of the conduct of monetary policy as they are used for ensuring that reserves remain ample. 1797: 1896: 903: 2050: 11297: 10447: 2336: 83: 107: 795:

transferred $ 97.7 billion to the U.S. Treasury, and 2020 earnings were approximately $ 88.6 billion with remittances to the U.S. Treasury of $ 86.9 billion. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." The Federal Reserve has been

1176: 3615: 8082:. There will be no net addition of liquidity. What the central bankers add at longer-term maturities, they will take out in the overnight market. But there are risks. The first is that, for all the fanfare, the central banks' plan will make little difference. After all, it does nothing to remove the fundamental reason why investors are worried about lending to banks. This is the uncertainty about potential losses from subprime mortgages and the products based on them, and – given that uncertainty – the banks' own desire to hoard capital against the chance that they will have to strengthen their balance sheets. 3815: 1203:

Federal Reserve banks do not include (1) transactions for or with a foreign central bank or government or non-private international financing organization; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; or (4) a part of a discussion or communication among or between members of the board of governors and officers and employees of the Federal Reserve System related to items (1), (2), or (3). See Federal Reserve System Audits: Restrictions on GAO's Access (GAO/T-GGD-94-44), statement of Charles A. Bowsher.

2125: 4820: 1063: 95: 5174:, pp. 1 "Just before the founding of the Federal Reserve, the nation was plagued with financial crises. At times, these crises led to 'panics,' in which people raced to their banks to withdraw their deposits. A particularly severe panic in 1907 resulted in bank runs that wreaked havoc on the fragile banking system and ultimately led Congress in 1913 to write the Federal Reserve Act. Initially created to address these banking panics, the Federal Reserve is now charged with a number of broader responsibilities, including fostering a sound banking system and a healthy economy." 2684: 1953: 1829: 2085: 4876: 2345: 3366:, Aldrich's son-in-law. Most Republicans favored the Aldrich Plan, but it lacked enough support in Congress to pass because rural and western states viewed it as favoring the "eastern establishment". In contrast, progressive Democrats favored a reserve system owned and operated by the government; they believed that public ownership of the central bank would end Wall Street's control of the American currency supply. Conservative Democrats fought for a privately owned, yet decentralized, reserve system, which would still be free of Wall Street's control. 10331: 298: 3186:". The Continentals were backed only by future tax revenue, and were used to help finance the Revolutionary War. Overprinting, as well as British counterfeiting, caused the value of the Continental to diminish quickly. This experience with paper money led the United States to strip the power to issue Bills of Credit (paper money) from a draft of the new Constitution on August 16, 1787, as well as banning such issuance by the various states, and limiting the states' ability to make anything but gold or silver coin legal tender on August 28. 2247:) said he would oppose Obama's Stein and Powell nominations, dampening near-term hopes for approval. However, Senate leaders reached a deal, paving the way for affirmative votes on the two nominees in May 2012 and bringing the board to full strength for the first time since 2006 with Duke's service after term end. Later, on January 6, 2014, the United States Senate confirmed Yellen's nomination to be chair of the Federal Reserve Board of Governors; she was the first woman to hold the position. Subsequently, President Obama nominated 1126:) that private banks keep at their local Federal Reserve Bank. These balances are the namesake reserves of the Federal Reserve System. The purpose of keeping funds at a Federal Reserve Bank is to have a mechanism for private banks to lend funds to one another. This market for funds plays an important role in the Federal Reserve System as it is the basis for its monetary policy work. Monetary policy is put into effect partly by influencing how much interest the private banks charge each other for the lending of these funds. 3878: 2010: 12077: 2446: 1009:

clearinghouses refused to clear checks drawn on certain other banks, a practice that contributed to the failure of otherwise solvent banks. To address these problems, Congress gave the Federal Reserve System the authority to establish a nationwide check-clearing system. The System, then, was to provide not only an elastic currency‍—‌that is, a currency that would expand or shrink in amount as economic conditions warranted‍—‌but also an efficient and equitable check-collection system.

3770: 7898:"The step goes beyond past initiatives because the Fed can now inject liquidity without flooding the banking system with cash...Unlike the newest tool, the past steps added cash to the banking system, which affects the Fed's benchmark interest rate...By contrast, the TSLF injects liquidity by lending Treasuries, which doesn't affect the federal funds rate. That leaves the Fed free to address the mortgage crisis directly without concern about adding more cash to the system than it wants" 4890: 638: 4848: 1363: 14298: 13071: 3626: 13091: 13081: 4748: 1327:

plays a role in the nation's retail and wholesale payments systems by providing financial services to depository institutions. Retail payments are generally for relatively small-dollar amounts and often involve a depository institution's retail clients‍—‌individuals and smaller businesses. The Reserve Banks' retail services include distributing currency and coin, collecting checks, electronically transferring funds through

4862: 2441:... the "ownership" of the Reserve Banks by the commercial banks is symbolic; they do not exercise the proprietary control associated with the concept of ownership nor share, beyond the statutory dividend, in Reserve Bank "profits." ... Bank ownership and election at the base are therefore devoid of substantive significance, despite the superficial appearance of private bank control that the formal arrangement creates. 3803: 3333: 2859:, also known as the required reserve ratio. The required reserve ratio set the balance that the Federal Reserve System required a depository institution to hold in the Federal Reserve Banks. The required reserve ratio was set by the board of governors of the Federal Reserve System. The reserve requirements have changed over time and some history of these changes is published by the Federal Reserve. 823:, to establish a more effective supervision of banking in the United States, and for other purposes". Before the founding of the Federal Reserve System, the United States underwent several financial crises. A particularly severe crisis in 1907 led Congress to enact the Federal Reserve Act in 1913. Today the Federal Reserve System has responsibilities in addition to stabilizing the financial system. 2412:

into three categories: large, medium, and small. Each category elects one of the three class A board members. Class B board members are also nominated by the region's member banks, but class B board members are supposed to represent the interests of the public. Lastly, class C board members are appointed by the board of governors, and are also intended to represent the interests of the public.

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maintaining the federal funds rate close to the target rate set by the FOMC. The reserve requirement did not play a significant role in the post-2008 interest-on-excess-reserves regime, and in March 2020, the reserve ratio was set to zero for all banks, which meant that no bank was required to hold any reserves, and hence the reserve requirement effectively ceased to exist.

2706:, which are the reserves held by banks at the Fed. This rate is actually determined by the market and is not explicitly mandated by the Fed. The Fed therefore tries to align the effective federal funds rate with the targeted rate, mainly by adjusting its IORB rate. The Federal Reserve System usually adjusts the federal funds rate target by 0.25% or 0.50% at a time. 2490:(CAS). The financial reporting standards are defined in the Financial Accounting Manual for the Federal Reserve Banks. The cost accounting standards are defined in the Planning and Control System Manual. As of 27 August 2012, the Federal Reserve Board has been publishing unaudited financial reports for the Federal Reserve banks every quarter. 2463:

result of owning this stock. From their Regional Bank, member banks with $ 10 billion or less in assets receive a dividend of 6%, while member banks with more than $ 10 billion in assets receive the lesser of 6% or the current 10-year Treasury auction rate. The remainder of the regional Federal Reserve Banks' profits is given over to the

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various Act of Parliament, certain privileges of issuing bank notes. The corporation commenced, with an assured life of twelve years after which the Government had the right to annul its Charter on giving one year's notice. Subsequent extensions of this period coincided generally with the grant of additional loans to the State'

8405:""Mr. Govr. MORRIS moved to strike out "and emit bills on the credit of the U. States" – If the United States had credit such bills would be unnecessary: if they had not, unjust & useless. ... On the motion for striking out N. H. ay. Mas. ay. Ct ay. N. J. no. Pa. ay. Del. ay. Md. no. Va. ay. N. C. ay. S. C. ay. Geo. ay."" 1382:, which was passed by Congress in 1913 and is subject to Congressional modification or repeal. The four main components of the Federal Reserve System are (1) the board of governors, (2) the Federal Open Market Committee, (3) the twelve regional Federal Reserve Banks, and (4) the member banks throughout the country. 8479:

description of the founding of Bank of England: 'Its foundation in 1694 arose out the difficulties of the Government of the day in securing subscriptions to State loans. Its primary purpose was to raise and lend money to the State and in consideration of this service it received under its Charter and

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A little-used tool of the Federal Reserve is the quantitative easing policy. Under that policy, the Federal Reserve buys back corporate bonds and mortgage backed securities held by banks or other financial institutions. This in effect puts money back into the financial institutions and allows them to

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The FOMC has the ability to influence the federal funds rate–and thus the cost of short-term interbank credit–by changing the rate of interest the Fed pays on reserve balances that banks hold at the Fed. A bank is unlikely to lend to another bank (or to any of its customers) at an interest rate lower

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service. By contrast, wholesale payments are generally for large-dollar amounts and often involve a depository institution's large corporate customers or counterparties, including other financial institutions. The Reserve Banks' wholesale services include electronically transferring funds through the

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and "agreement corporations" (limited-purpose institutions that engage in a foreign banking business). The Board and, under delegated authority, the Federal Reserve Banks, supervise approximately 900 state member banks and 5,000 bank holding companies. Other federal agencies also serve as the primary

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The GAO has authority to audit check-processing, currency storage and shipments, and some regulatory and bank examination functions, however, there are restrictions to what the GAO may audit. Under the Federal Banking Agency Audit Act, 31 U.S.C. section 714(b), audits of the Federal Reserve Board and

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Before its introduction, banks either had to raise money in the open market or use the so-called "discount window" for emergencies. However, last year many banks refused to use the discount window, even though they found it hard to raise funds in the market, because it was associated with the stigma

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In 2023, the Federal Reserve reported a net negative income of $ 114.3 billion. This triggered the creation of a deferred asset liability on the Federal Reserve balance sheet booked as "Interest on Federal Reserve notes due to U.S. Treasury" totaling $ 133.3 billion. The deferred asset is the amount

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percent of Fed revenues come from open market operations, specifically the interest on the portfolio of Treasury securities as well as "capital gains/losses" that may arise from the buying/selling of the securities and their derivatives as part of Open Market Operations. The balance of revenues come

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The Term auction Facility program offers term funding to depository institutions via a bi-weekly auction, for fixed amounts of credit. The Term securities Lending Facility will be an auction for a fixed amount of lending of Treasury general collateral in exchange for OMO-eligible and AAA/Aaa rated

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gave the Federal Reserve authority to set monetary policy in the United States. The Fed's mandate for monetary policy is commonly known as the dual mandate of promoting maximum employment and stable prices, the latter being interpreted as a stable inflation rate of 2 percent per year on average. The

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for staggered 14-year terms. One term begins every two years, on February 1 of even-numbered years, and members serving a full term cannot be renominated for a second term. "pon the expiration of their terms of office, members of the Board shall continue to serve until their successors are appointed

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to address elevated pressures in short-term funding markets. The reason it was created was that banks were not lending funds to one another and banks in need of funds were refusing to go to the discount window. Banks were not lending money to each other because there was a fear that the loans would

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The amount of stock a member bank must own is equal to 3% of its combined capital and surplus. However, holding stock in a Federal Reserve bank is not like owning stock in a publicly traded company. These stocks cannot be sold or traded, and member banks do not control the Federal Reserve Bank as a

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Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities,

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Agrarian and progressive interests, led by William Jennings Bryan, favored a central bank under public, rather than banker, control. But the vast majority of the nation's bankers, concerned about government intervention in the banking business, opposed a central bank structure directed by political

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One of the Fed's main roles is to maintain price stability, which means that the Fed's ability to keep a low inflation rate is a long-term measure of their success. Although the Fed is not required to maintain inflation within a specific range, their long run target for the growth of the PCE price

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An external auditor selected by the audit committee of the Federal Reserve System regularly audits the Board of Governors and the Federal Reserve Banks. The GAO will audit some activities of the Board of Governors. These audits do not cover "most of the Fed's monetary policy actions or decisions,

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The Federal Reserve Banks have an intermediate legal status, with some features of private corporations and some features of public federal agencies. The United States has an interest in the Federal Reserve Banks as tax-exempt federally created instrumentalities whose profits belong to the federal

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Each regional Bank's board consists of nine members. Members are broken down into three classes: A, B, and C. There are three board members in each class. Class A members are chosen by the regional Bank's shareholders, and are intended to represent member banks' interests. Member banks are divided

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The board of directors of each Federal Reserve Bank District also has regulatory and supervisory responsibilities. If the board of directors of a district bank has judged that a member bank is performing or behaving poorly, it will report this to the board of governors. This policy is described in

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The board of governors in the Federal Reserve System has a number of supervisory and regulatory responsibilities in the U.S. banking system, but not complete responsibility. A general description of the types of regulation and supervision involved in the U.S. banking system is given by the Federal

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The Board of Governors of the Federal Reserve System established the temporary Term Auction Facility, dubbed TAF, in December to provide cash after interest-rate cuts failed to break banks' reluctance to lend amid concern about losses related to subprime mortgage securities. The program will make

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By making these loans, the Fed serves as a buffer against unexpected day-to-day fluctuations in reserve demand and supply. This contributes to the effective functioning of the banking system, alleviates pressure in the reserves market and reduces the extent of unexpected movements in the interest

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and credit operations, Reserve Banks provide liquidity to banks to meet short-term needs stemming from seasonal fluctuations in deposits or unexpected withdrawals. Longer-term liquidity may also be provided in exceptional circumstances. The rate the Fed charges banks for these loans is called the

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of the Federal Reserve System publishes once each week the "Consolidated Statement of Condition of All Federal Reserve Banks" showing the condition of each Federal Reserve bank and a consolidated statement for all Federal Reserve banks. The board of governors requires that excess earnings of the

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The Federal Reserve records and publishes large amounts of data. A few websites where data is published are at the board of governors' Economic Data and Research page, the board of governors' statistical releases and historical data page, and at the St. Louis Fed's FRED (Federal Reserve Economic

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The Primary Dealer Credit Facility (PDCF) was an overnight loan facility that provided funding to primary dealers in exchange for a specified range of eligible collateral and was intended to foster the functioning of financial markets more generally. It ceased extending credit on March 31, 2021.

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of 1980, Congress reaffirmed that the Federal Reserve should promote an efficient nationwide payments system. The act subjects all depository institutions, not just member commercial banks, to reserve requirements and grants them equal access to Reserve Bank payment services. The Federal Reserve

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The Federal Reserve plays a role in the U.S. payments system. The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government. For depository institutions, they maintain accounts and provide various payment services, including collecting checks,

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in May 1913. The primary difference between the two bills was the transfer of control of the board of directors (called the Federal Open Market Committee in the Federal Reserve Act) to the government. The bill passed Congress on December 23, 1913, on a mostly partisan basis, with most Democrats

2778:. When the transaction matures, the process unwinds: the Fed returns the collateral and charges the primary dealer's reserve account for the principal and accrued interest. The term of the repo (the time between settlement and maturity) can vary from 1 day (called an overnight repo) to 65 days. 1078:

of the United States, the Fed serves as a banker's bank and as the government's bank. As the banker's bank, it helps to assure the safety and efficiency of the payments system. As the government's bank or fiscal agent, the Fed processes a variety of financial transactions involving trillions of

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The Term securities Lending Facility was a 28-day facility that offered Treasury general collateral to the Federal Reserve Bank of New York's primary dealers in exchange for other program-eligible collateral. It was intended to promote liquidity in the financing markets for Treasury and other

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A member bank is a private institution and owns stock in its regional Federal Reserve Bank. All nationally chartered banks hold stock in one of the Federal Reserve Banks. State chartered banks may choose to be members (and hold stock in their regional Federal Reserve bank) upon meeting certain

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stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA , but are independent, privately owned and locally controlled corporations." The opinion went on to say, however, that: "The Reserve Banks have properly been held to be federal instrumentalities for some

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The federal government sets the salaries of the board's seven governors, and it receives all the system's annual profits, after dividends on member banks' capital investments are paid, and an account surplus is maintained. In 2015, the Federal Reserve earned a net income of $ 100.2 billion and

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As a response to the financial crisis of 2008, the Federal Reserve started making interest payments on depository institutions' required and excess reserve balances. The payment of interest on excess reserves gave the central bank greater opportunity to address credit market conditions while

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to eligible institutions. It is intended to facilitate the implementation of monetary policy by providing a tool by which the Federal Reserve can manage the aggregate quantity of reserve balances held by depository institutions. Funds placed in term deposits are removed from the accounts of

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Each regional Bank has a president, who is the chief executive officer of their Bank. Each regional Reserve Bank's president is nominated by their Bank's board of directors, but the nomination is contingent upon approval by the board of governors. Presidents serve five-year terms and may be

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By creating the Federal Reserve System, Congress intended to eliminate the severe financial crises that had periodically swept the nation, especially the sort of financial panic that occurred in 1907. During that episode, payments were disrupted throughout the country because many banks and

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than the rate that the bank can earn on reserve balances held at the Fed. And because overall reserve balances are currently abundant, if a bank wants to borrow reserve balances, it likely will be able to do so without having to pay a rate much above the rate of interest paid by the Fed.

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of net excess revenues the Federal Reserve must realize before remittances can continue. It does not have any impact on the ability of the Federal Reserve to conduct monetary policy or meet its obligations. The Federal Reserve has estimated the deferred asset will last until mid-2027.

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in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and currently also include supervising and

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The Fed's discount window, for instance, through which it lends direct to banks, has barely been approached, despite the soaring spreads in the interbank market. The quarter-point cuts in its federal funds rate and discount rate on December 11 were followed by a steep sell-off in the

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The Board of Governors, the Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review. Under the Federal Banking Agency Audit Act, the Government Accountability Office (GAO) has conducted numerous reviews of Federal Reserve

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Map of the 12 Federal Reserve Districts, with the 12 Federal Reserve Banks marked as black squares, and all Branches within each district (24 total) marked as red circles. The Washington, DC, headquarters is marked with a star. (Also, a 25th branch in Buffalo, NY, was closed in

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electronically transferring funds, and distributing and receiving currency and coin. For the federal government, the Reserve Banks act as fiscal agents, paying Treasury checks; processing electronic payments; and issuing, transferring, and redeeming U.S. government securities.

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The interest on reserve balances (IORB) is the interest that the Fed pays on funds held by commercial banks in their reserve balance accounts at the individual Federal Reserve System banks. It is an administrated interest rate (i.e. set directly by the Fed as opposed to a

1104:, actually produces the nation's cash supply and, in effect, sells the paper currency to the Federal Reserve Banks at manufacturing cost, and the coins at face value. The Federal Reserve Banks then distribute it to other financial institutions in various ways. During the 9000:

See the pdf documents from 1945 to 2007. The value for each year is on page 94 of each document (the 99th page in a pdf viewer) and duplicated on page 104 (109th page in pdf viewer). It gives the total assets, total liabilities, and net worth. This chart is of the net

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Changes in the target for the federal funds rate affect overall financial conditions through various channels, including subsequent changes in the market interest rates that commercial banks and other lenders charge on short-term and longer-term loans, and changes in

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stockmarket...The hope is that by extending the maturity of central-bank money, broadening the range of collateral against which banks can borrow and shifting from direct lending to an auction, the central bankers will bring down spreads in the one- and three-month

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not be paid back. Banks refused to go to the discount window because it was usually associated with the stigma of bank failure. Under the Term auction Facility, the identity of the banks in need of funds was protected in order to avoid the stigma of bank failure.

968:. As a result, banks usually invest the majority of the funds received from depositors. On rare occasions, too many of the bank's customers will withdraw their savings and the bank will need help from another institution to continue operating; this is called a 1158:

The balance between private interests and government can also be seen in the structure of the system. Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the board of governors are selected by the

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observed, in 2022, that "From the Fed's perspective, you have to remember inflation is kind of like cancer. If you don't deal with it now with something that may be painful, you could have something that metastasized and becomes much more chronic later on."

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Lavelle, Kathryn C. (2013) Money and Banks in the American Political System. New York: Cambridge University Press. 978-1-107-60916-7 Explains basic political processes surrounding the Federal Reserve in the broader system of Congress and the Executive

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which is determined by the forces of supply and demand). As banks are unlikely to lend their reserves in the FFR market for less than they get paid by the Fed, the IORB guides the effective FFR and is used as the primary tool of the Fed's monetary policy.

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including discount window lending (direct loans to financial institutions), open-market operations and any other transactions made under the direction of the Federal Open Market Committee" ... "dealings with foreign governments and other central banks."

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Banking institutions in the United States are required to hold reserves‍—‌amounts of currency and deposits in other banks‍—‌equal to only a fraction of the amount of the bank's deposit liabilities owed to customers. This practice is called

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prompted the Fed to buy mortgage-backed securities for the first time in November 2008. Over six weeks, a total of $ 1.25 trillion were purchased in order to stabilize the housing market, about one-fifth of all U.S. government-backed mortgages.

3290:, which caused a renewed desire among legislators, economists, and bankers for an overhaul of the monetary system. During the last quarter of the 19th century and the beginning of the 20th century, the United States economy went through a series of 760:, located in cities throughout the nation, regulate and oversee privately-owned commercial banks. Nationally chartered commercial banks are required to hold stock in, and can elect some board members of, the Federal Reserve Bank of their region. 2926:

The Term auction Facility was a program in which the Federal Reserve auctioned term funds to depository institutions. The creation of this facility was announced by the Federal Reserve on December 12, 2007, and was done in conjunction with the

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In April 2014, Stein announced he was leaving to return to Harvard on May 28 with four years remaining on his term. At the time of the announcement, the FOMC "already is down three members as it awaits the Senate confirmation of ... Fischer and

3244:. After Jackson, who was opposed to the central bank, was reelected, he pulled the government's funds out of the bank. Jackson was the only President to completely pay off the national debt but his efforts to close the bank contributed to the 3014:

All U.S. depository institutions, bank holding companies (parent companies or U.S. broker-dealer affiliates), or U.S. branches and agencies of foreign banks were eligible to borrow under this facility pursuant to the discretion of the FRBB.

3675:, also referred to as simply the PCE price index, is used as one measure of the value of money. It is a United States-wide indicator of the average increase in prices for all domestic personal consumption. Using a variety of data including 3621:

The Federal Reserve stopped publishing M3 statistics in March 2006, saying that the data cost a lot to collect but did not provide significantly useful information. The other three money supply measures continue to be provided in detail.

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LAMB: What do you think of the Federal Reserve Board today? [Milton] FRIEDMAN: I've long been in favor of abolishing it. There's no institution in the United States that has such a high public standing and such a poor record of

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below. The federal funds rate is a short-term interest rate that the FOMC focuses on, which affects the longer-term interest rates throughout the economy. The Federal Reserve explained the implementation of its monetary policy in 2021:

2887:, was announced on March 11, 2008. The main difference between these two facilities was that the Term auction Facility was used to inject cash into the banking system whereas the Term securities Lending Facility was used to inject 1154:

appointees. The legislation that Congress ultimately adopted in 1913 reflected a hard-fought battle to balance these two competing views and created the hybrid public-private, centralized-decentralized structure that we have today.

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The charter and organization of each Federal Reserve Bank is established by law and cannot be altered by the member banks. Member banks do, however, elect six of the nine members of the Federal Reserve Banks' boards of directors.

2774:(repos) with its primary dealers. Repos are essentially secured, short-term lending by the Fed. On the day of the transaction, the Fed deposits money in a primary dealer's reserve account, and receives the promised securities as 1022:

to those institutions that cannot obtain credit elsewhere and the collapse of which would have serious implications for the economy. It took over this role from the private sector "clearing houses" which operated during the

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and have qualified." The law provides for the removal of a member of the board by the president "for cause". The board is required to make an annual report of operations to the Speaker of the U.S. House of Representatives.

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was rated at the time pledged to FRBB, not lower than A1, F1, or P1 by at least two major rating agencies or, if rated by only one major rating agency, the ABCP must have been rated within the top rating category by that

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The Federal Banking Agency Audit Act, enacted in 1978 as Public Law 95-320 and 31 U.S.C. section 714 establish that the board of governors of the Federal Reserve System and the Federal Reserve banks may be audited by the

7170: 2610:. By easening or tightening the stance of monetary policy, i.e. lowering or raising its target for the federal funds rate, the Fed can either spur or restrain growth in the overall US demand for goods and services. 5283:, pp. 1 "It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded."; 8001:"Announcement of the creation of the Term Auction Facility – FRB: Press Release – Federal Reserve and other central banks announce measures designed to address elevated pressures in short-term funding markets" 3010:

The Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (ABCPMMMFLF) was also called the AMLF. The Facility began operations on September 22, 2008, and was closed on February 1, 2010.

1211:

The Board also plays a major role in the supervision and regulation of the U.S. banking system. It has supervisory responsibilities for state-chartered banks that are members of the Federal Reserve System,

1771:

It is charged with the overseeing of the 12 District Reserve Banks and setting national monetary policy. It also supervises and regulates the U.S. banking system in general. Governors are appointed by the

1083:

keeps a checking account with the Federal Reserve, through which incoming federal tax deposits and outgoing government payments are handled. As part of this service relationship, the Fed sells and redeems

5973:"Press Release: Federal Reserve Board, with full support of the Treasury Department, authorizes the Federal Reserve Bank of New York to lend up to $ 85 billion to the American International Group (AIG)" 5346:

The Congress established two key objectives for monetary policy—maximum employment and stable prices—in the Federal Reserve Act. These objectives are sometimes referred to as the Federal Reserve's dual

2467:. In 2015, the Federal Reserve Banks made a profit of $ 100.2 billion and distributed $ 2.5 billion in dividends to member banks as well as returning $ 97.7 billion to the U.S. Treasury. 11798: 6094: 3468: 972:. Bank runs can lead to a multitude of social and economic problems. The Federal Reserve System was designed as an attempt to prevent or minimize the occurrence of bank runs, and possibly act as a 3052:(TARP) recipients were twice as likely to participate in the program than other commercial paper issuers who did not take advantage of the TARP bailout. The Fed incurred no losses from the CPFF. 3348:. Aldrich set up two commissions – one to study the American monetary system in depth and the other, headed by Aldrich himself, to study the European central banking systems and report on them. 14539: 12717: 3205:

when its charter expired. Both banks were based upon the Bank of England. Ultimately, a third national bank, known as the Federal Reserve, was established in 1913 and still exists to this day.

779:. The FOMC consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time—the president of the 8124: 1240:

that have chosen to join the Federal Reserve System and national banks, which by law must be members of the System. The Board also issues regulations to carry out major federal laws governing

3306:

to study banking and currency reform. The National Monetary Commission returned with recommendations which were repeatedly rejected by Congress. A revision crafted during a secret meeting on

2300:

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. The FOMC oversees and sets policy on

1186:

hearing on February 10, 2009. Members of the board frequently testify before congressional committees such as this one. The Senate equivalent of the House Financial Services Committee is the

2749:(the rate that banks charge each other for overnight loans of federal funds, which are the reserves held by banks at the Fed), a process that was largely complete by the end of the decade. 2646:

The Fed’s standing offer to many large nonbank financial institutions to deposit funds at the Fed and earn interest. Acts as a supplementary tool for moving the FFR within the target range.

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Interest paid on funds that banks hold in their reserve balance accounts at their Federal Reserve Bank. IORB is the primary tool for moving the federal funds rate within the target range.

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from among the sitting governors. They both serve a four-year term and they can be renominated as many times as the president chooses, until their terms on the board of governors expire.

887:

To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system

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private-label residential mortgage-backed securities. The Primary Dealer Credit Facility now allows eligible primary dealers to borrow at the existing Discount Rate for up to 120 days.

13326: 10783: 7582: 2498: 2482:

The annual and quarterly financial statements prepared by the Federal Reserve System conform to a basis of accounting that is set by the Federal Reserve Board and does not conform to

7573:"Testimony before the House Committee on Financial Services regarding "Unwinding Emergency Federal Reserve Liquidity Programs and Implications for Economic Recovery." March 25, 2010" 3525:. At the end of the third quarter of fiscal year 2012, this value was $ 64.8 trillion. At the end of the first quarter of fiscal year 2014, this value was $ 95.5 trillion. 2437:

Regarding the structural relationship between the twelve Federal Reserve banks and the various commercial (member) banks, political science professor Michael D. Reagan has written:

3025:

was purchased by Borrower at the Fund's acquisition cost as adjusted for amortization of premium or accretion of discount on the ABCP through the date of its purchase by Borrower;

783:

and four others who rotate through one-year voting terms. There are also various advisory councils. It has a structure unique among central banks, and is also unusual in that the

12780: 1145:

The Federal Reserve regulates private banks. The system was designed out of a compromise between the competing philosophies of privatization and government regulation. In 2006

15624: 12563: 14104: 2796:, which is the interest rate for "discount window lending", overnight loans that member banks borrow directly from the Fed. This rate is generally set at a rate close to 100 2745:

The Federal Reserve's objective for open market operations has varied over the years. During the 1980s, the focus gradually shifted toward attaining a specified level of the

17051: 12775: 12740: 12722: 10807: 10740: 10700: 3480: 3457: 3446: 1323: 12939: 12924: 7334: 3144: 6333: 2883:, was added on December 12, 2007. It was announced as a temporary tool, but remained in place for a prolonged period of time. Creation of the second new tool, called the 15341: 11536: 3032:

was issued by an entity organized under the laws of the United States or a political subdivision thereof under a program that was in existence on September 18, 2008; and

2800:

above the target federal funds rate. The idea is to encourage banks to seek alternative funding before using the "discount rate" option. The equivalent operation by the

2434:, in which the distinction is made between Federal Reserve Banks, which are federally created instrumentalities, and the board of governors, which is a federal agency. 15346: 11714: 9900:

Epstein, Gerald; Ferguson, Thomas (December 1984). "Monetary Policy, Loan Liquidation and Industrial Conflict: Federal Reserve System Open Market Operations in 1932".

6279: 5857: 1044:

rates. For example, on September 16, 2008, the Federal Reserve Board authorized an $ 85 billion loan to stave off the bankruptcy of international insurance giant

15441: 14781: 14651: 1000:

checks from certain other banks during times of economic uncertainty, a check-clearing system was created in the Federal Reserve System. It is briefly described in

11526: 11473: 2483: 984:, believe that the Federal Reserve inappropriately refused to lend money to small banks during the bank runs of 1929; Friedman argued that this contributed to the 16031: 14911: 12949: 10801: 1187: 5719: 16790: 15518: 15286: 15120: 14776: 13907: 13244: 669: 2985:. The resource allowed dealers to switch debt that was less liquid for U.S. government securities that were easily tradable. The currency swap lines with the 2969:

collateral and thus to foster the functioning of financial markets more generally. Like the Term auction Facility, the TSLF was done in conjunction with the

2501:

against the board of governors of the Federal Reserve System to force the board to reveal the identities of firms for which it provided guarantees during the

2235:, who took office in 2006 to fill the unexpired term ending January 31, 2018, and resigned his position effective March 31, 2011. In March 2012, U.S. Senator 15807: 15374: 15264: 11709: 11531: 9296: 6667: 2506: 8945: 7162: 6101: 3373:

believed that the Aldrich plan would suffice with a few modifications. The plan became the basis for the Federal Reserve Act, which was proposed by Senator

16863: 15142: 14152: 14052: 11805: 11541: 11420: 6550: 6246:"U.S. Code Title 12, Chapter 3, Subchapter 7, Section 301. Powers and duties of board of directors; suspension of member bank for undue use of bank credit" 4989: 2426: 1371: 9238: 8667:"For years members of the Jekyll Island Club would recount the story of the secret meeting and by the 1930s the narrative was considered a club tradition" 7009: 6518: 741:, the U.S. government, and foreign official institutions. The Fed also conducts research into the economy and provides numerous publications, such as the 16951: 16785: 15179: 13301: 12979: 11425: 11367: 11319: 11314: 10707: 9961:

Kubik, Paul J. (1996). "Federal Reserve Policy during the Great Depression: The Impact of Interwar Attitudes regarding Consumption and Consumer Credit".

7572: 7186: 6500: 977: 6644: 15719: 15577: 13217: 12601: 12556: 11382: 8788: 8686:"Papers of Frank A.Vanderlip "I wish I could sit down with you and half a dozen others in the sort of conference that created the Federal Reserve Act"" 8436: 6707: 5693: 15281: 15068: 12113: 11507: 11468: 11449: 11362: 11343: 11338: 8425:

US Constitution Article 1, Section 10. "no state shall ..emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;"

1707: 1507: 6898: 2895:(PDCF), was announced on March 16, 2008. The PDCF was a fundamental change in Federal Reserve policy because it enabled the Fed to lend directly to 2321:

The Federal Advisory Council, composed of twelve representatives of the banking industry, advises the board on all matters within its jurisdiction.

17046: 17026: 15773: 15746: 15063: 14038: 12727: 12459: 12454: 11478: 11430: 11377: 10752: 10634: 10373: 6879: 6483: 4964: 6599: 6392: 3248:. The bank's charter was not renewed in 1836, and it would fully dissolve after several years as a private corporation. From 1837 to 1862, in the 3022:

was purchased by Borrower on or after September 19, 2008, from a registered investment company that held itself out as a money market mutual fund;

16121: 16081: 14417: 13051: 12964: 11278: 11229: 11184: 10531: 4969: 3941:

The Federal Reserve releases its balance sheet every Thursday. Below is the balance sheet as of 8 April 2021 (in billions of dollars):

3173: 10145:

Roberts, Priscilla. 'Quis Custodiet Ipsos Custodes?' The Federal Reserve System's Founding Fathers and Allied Finances in the First World War",

7660: 201: 15929: 14847: 14334: 14109: 12989: 12959: 12393: 11401: 4999: 8953: 8014: 3358:

Aldrich's bill met much opposition from politicians. Critics charged Aldrich of being biased due to his close ties to wealthy bankers such as

17031: 16738: 16143: 15379: 14586: 14099: 13074: 12549: 12449: 11762: 11502: 11497: 11191: 9389: 9104: 7500:

Patricia S. Pollard (February 2003). "A Look Inside Two Central Banks: The European System of Central Banks and the Federal Reserve System".

3672: 3666: 1703: 1699: 9364: 9213: 6305: 3539:

The most common measures are named M0 (narrowest), M1, M2, and M3. In the United States they are defined by the Federal Reserve as follows:

1348:

and transferring securities issued by the U.S. government, its agencies, and certain other entities through the Fedwire Securities Service.

15761: 15358: 15174: 15115: 14698: 14656: 14412: 14407: 14402: 14397: 14392: 14387: 14382: 14377: 14372: 14367: 12765: 11772: 11757: 11372: 10758: 5432: 8968: 3233:, among numerous others. The charter was for twenty years and expired in 1811 under President Madison, when Congress refused to renew it. 2259:, and as Obama has yet to name a replacement for ... Duke. ... Powell is still serving as he awaits his confirmation for a second term." 714:) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the 16885: 16728: 16623: 16368: 16106: 15226: 15137: 14879: 14864: 14746: 14057: 13787: 13749: 13652: 10790: 9013: 5004: 2400:. The size of each district was set based upon the population distribution of the United States when the Federal Reserve Act was passed. 9468: 7367: 6724: 5811: 16711: 16226: 16221: 16211: 15584: 15313: 14561: 13171: 12929: 12274: 10795: 3695:

index is between 1.5 and 2 percent. There has been debate among policy makers as to whether the Federal Reserve should have a specific

662: 527: 6148: 3513: 16880: 16823: 16716: 16545: 15987: 14490: 13761: 13197: 13188: 12760: 12626: 9746:; nontechnical book explaining the structures, functions, and history of the Federal Reserve, focusing specifically on the tenure of 8666: 8640: 5149: 3501:

Some criticism involves economic data compiled by the Fed. The Fed sponsors much of the monetary economics research in the U.S., and

3351:

In early November 1910, Aldrich met with five well known members of the New York banking community to devise a central banking bill.

2280:

to fill the second vacancy on the board. The Senate had not yet acted on Landon's confirmation by the time of the second nomination.

1222: 8291: 8269: 3521:

The net worth of households and nonprofit organizations in the United States is published by the Federal Reserve in a report titled

3314:. The House voted on December 22, 1913, with 298 voting yes to 60 voting no. The Senate voted 43–25 on December 23, 1913. President 3044:

On October 7, 2008, the Federal Reserve further expanded the collateral it would loan against to include commercial paper using the

16927: 16723: 16216: 15704: 15644: 15204: 14859: 14751: 14601: 14075: 14068: 14001: 13991: 13428: 13239: 13127: 12934: 12266: 11729: 10688: 9187: 5839:"Remarks by Governor Ben S. Bernanke: At the Federal Reserve Bank of Dallas Conference on the Legacy of Milton and Rose Friedman's 3764: 1080: 784: 9658: 9171: 8309:

Wilson, Linus; Wu, Yan (August 22, 2011). "Does Receiving TARP Funds Make it Easier to Roll Your Commercial Paper Onto the Fed?".

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The original Aldrich Plan was dealt a fatal blow in 1912, when Democrats won the White House and Congress. Nonetheless, President

1259:

Members of the Board of Governors are in continual contact with other policy makers in government. They frequently testify before

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FederalReserve.gov: Remarks by Governor Ben S. Bernanke, Conference to Honor Milton Friedman, University of Chicago, Nov. 8, 2002

4806: 3440: 1357: 318: 13912: 7392: 6291: 5946: 5325: 2899:, which was previously against Fed policy. The differences between these three facilities was described by the Federal Reserve: 2223:, pulled out of consideration in August ", one account of the December nominations noted. The two other Obama nominees in 2011, 16934: 16643: 16326: 16231: 16061: 16009: 15970: 15537: 15532: 15386: 15323: 15276: 15254: 15219: 14874: 14730: 13981: 13685: 13444: 13391: 13361: 12388: 12378: 12373: 12309: 11885: 11767: 11752: 11602: 10471: 6330: 5899: 3917: 2352:

There are 12 Federal Reserve Banks, each of which is responsible for member banks located in its district. They are located in

1768:

The seven-member board of governors is a large federal agency that functions in business oversight by examining national banks.

1236:

Some regulations issued by the Board apply to the entire banking industry, whereas others apply only to member banks, that is,

17: 9159:. National Bureau of Economic Research Studies in Business Cycles. University of Chicago Press – via press.uchicago.edu. 8378: 7414: 3760: 16750: 16638: 16508: 16412: 16321: 16245: 15790: 15756: 14771: 14761: 14756: 14614: 14609: 14473: 14438: 13794: 13207: 12862: 12616: 12596: 12357: 12106: 11719: 11517: 11132: 10764: 10622: 10526: 10117: 10095: 10076: 10064: 9138: 8610: 8472: 5871: 5771: 5611:"Press Release – Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2015" 5503: 5294: 3281: 2397: 2240: 2197: 2177: 1730: 1226: 655: 520: 16946: 16843: 16780: 16770: 16653: 16444: 16407: 16336: 16168: 16133: 15684: 15414: 15147: 14918: 14869: 14842: 14766: 14725: 13612: 13366: 13202: 12621: 12586: 12572: 11259: 11179: 11042: 10366: 6340: 3688: 3474: 2522: 2361: 1466: 1256:. Many of these consumer protection regulations apply to various lenders outside the banking industry as well as to banks. 400: 395: 12294: 9804: 6688: 6178: 3909: 16902: 16890: 16828: 16585: 16076: 15975: 15572: 15231: 15127: 15011: 14014: 13996: 13986: 13973: 13890: 12525: 11791: 11459: 11440: 11222: 11112: 11102: 10466: 8812: 8498: 8342: 8094: 6531: 5903: 4934: 2389: 2385: 1664: 1638: 12847:

Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U)

9345: 3777:

One of the stated goals of monetary policy is maximum employment. The unemployment rate statistics are collected by the

1108:

2020, the Bureau of Engraving and Printing delivered 57.95 billion notes at an average cost of 7.4 cents per note.

17036: 16875: 16816: 16701: 16696: 16633: 16395: 16356: 16316: 16163: 16116: 16096: 15709: 15336: 15331: 15236: 15184: 14713: 14468: 14327: 13715: 13606: 12984: 12893: 12611: 12479: 12464: 12409: 11597: 10945: 10676: 10403: 10215: 10171: 10130: 10021: 9951: 8042: 7893: 6464: 6447: 6375: 5309: 5009: 4798: 3676: 3430: 3310:

by Senator Aldrich and representatives of the nation's top finance and industrial groups later became the basis of the

2535:" refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence economic activity (the 2215:, a Nobel Prize-winning economist, withdrew his nomination to the board in June in the face of Republican opposition. 1763: 1183: 928: 910: 753: 420: 161: 16917: 16897: 16848: 16838: 16706: 16628: 16605: 16565: 16429: 16419: 16296: 16271: 16178: 16158: 15636: 15426: 15152: 14534: 13932: 13895: 13771: 13726: 13482: 13423: 13320: 12974: 12424: 12223: 11724: 11411: 11305: 11286: 11092: 11052: 10979: 10969: 10817: 10770: 10694: 10398: 10295: 10185: 10139: 9890: 9834: 9788: 9762: 9743: 9725: 6563: 6287: 6179:"Federal Reserve System Current and Future Challenges Require System-wide Attention: Statement of Charles A. Bowsher" 3435: 3045: 2735: 2502: 2464: 2381: 2365: 1969: 1912: 1608: 1492: 1089: 906: 560: 190: 63: 42: 7777:"Board announces that it will begin to pay interest on depository institutions required and excess reserve balances" 16922: 16868: 16853: 16755: 16590: 16066: 16019: 16014: 15916: 15843: 15543: 15308: 14837: 12954: 12872: 12439: 12347: 12251: 12208: 12099: 11329: 11269: 11154: 11062: 11032: 10975: 10728: 9586: 5014: 4813: 4738: 3424: 3341: 3237: 3198: 3193:

a charter to operate as the U.S. central bank until 1811. The First Bank of the United States came to an end under

3114: 2884: 2855:

An instrument of monetary policy adjustment historically employed by the Federal Reserve System was the fractional

2369: 2357: 2141: 2101: 2066: 2026: 1975: 1918: 1851: 1520: 1440: 1196: 1101: 796: 780: 196: 9300: 8464:

British Parliamentary reports on international finance: the Cunliffe Committee and the Macmillan Committee reports

6841: 5577: 5413: 2656:

Purchases and sales of U.S. Treasury and federal agency securities. Used to maintain an ample supply of reserves.

1216:(companies that control banks), the foreign activities of member banks, the U.S. activities of foreign banks, and 17021: 16956: 16745: 16686: 16595: 16486: 16461: 15958: 15948: 15513: 15431: 15369: 15353: 15199: 15194: 14958: 14938: 14928: 14923: 14135: 13550: 13371: 13356: 13332: 13291: 13286: 13281: 13276: 13271: 13266: 13261: 13159: 12352: 11844: 11392: 11353: 11082: 11072: 10359: 4017: 3835: 3214: 3190: 3096: 2549: 2377: 2373: 1582: 1548: 937: 776: 9513:"Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks" 7798: 5069: 4812:

The Federal Reserve System has faced various criticisms since its inception in 1913. Criticisms include lack of

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had stated maturity that did not exceed 120 days if the Borrower was a bank or 270 days for non-bank Borrowers.

2892: 2753: 2573: 2393: 2353: 1785: 1773: 1694: 1414: 1287: 1175: 1160: 13469: 9089: 8830: 7909:"Federal Reserve Announces Establishment of Primary Dealer Credit Facility – Federal Reserve Bank of New York" 7576: 6635: 6504: 5851: 5838: 16691: 16555: 16471: 16402: 16373: 16311: 16201: 16173: 15817: 15189: 15082: 14320: 14144: 13590: 13577: 13572: 13567: 13413: 13396: 12903: 12342: 12332: 12327: 11986: 10413: 9494: 9445: 8767: 7079: 6741: 6616: 5636: 4867: 3495: 3182:. In 1775, the Continental Congress, as well as the states, began issuing paper currency, calling the bills " 3049: 2618:

There are four main tools of monetary policy that the Federal Reserve uses to implement its monetary policy:

2295: 1796: 1067: 764: 438: 331: 8795: 8440: 7686: 7595:"Federal Reserve Board approves amendments to Regulation D authorizing Reserve Banks to offer term deposits" 6035: 3201:

was established in 1816, and lost its authority to be the central bank of the U.S. twenty years later under

722:

during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.

16986: 16979: 16912: 16775: 16658: 16580: 16570: 16424: 16385: 16341: 16301: 16258: 16206: 16138: 16111: 16071: 16049: 15858: 15672: 15619: 15552: 15409: 15365: 15293: 15214: 15132: 14943: 14807: 14636: 14544: 14352: 13744: 13680: 13624: 13183: 13120: 13041: 12944: 12818: 12808: 12803: 12712: 12702: 12246: 11854: 11633: 11028: 11018: 10959: 10836: 10682: 10664: 10658: 10546: 10393: 3747:

from stabilizing the economy. The task of keeping the rate of inflation low and stable is usually given to

3720: 3303: 3240:. Years later, early renewal of the bank's charter became the primary issue in the reelection of President 2876: 2838: 1961: 1845: 1453: 1427: 1283: 1253: 1249: 1045: 380: 179: 13234: 16907: 16858: 16673: 16575: 16498: 16380: 16276: 16101: 16086: 16024: 15659: 15614: 15421: 15303: 15157: 14204: 13902: 13870: 13865: 13755: 13635: 13439: 13337: 12969: 12898: 12256: 12236: 12062: 11699: 11567: 10256: 9796: 8731: 8000: 7849: 7638: 7616: 7594: 7220: 7101:"Federal Reserve Board begins practice of publishing Reserve Bank financial reports on a quarterly basis" 6895: 4237: 3716: 3253: 3134: 2945: 2540: 1895: 1370:

The Federal Reserve System has a "unique structure that is both public and private" and is described as "

752:

The Federal Reserve System is composed of several layers. It is governed by the presidentially-appointed

430: 274: 8048:

funding from the Fed available beyond the 20 authorized primary dealers that trade with the central bank

7931: 6876: 5228: 843:

To strike a balance between private interests of banks and the centralized responsibility of government

16811: 16681: 16513: 16493: 16481: 16291: 16281: 15963: 15868: 15481: 15471: 14998: 14993: 14983: 14978: 14500: 13675: 13670: 12908: 12867: 12707: 12591: 12231: 11971: 10670: 10180:

Shull, Bernard. "The Fourth Branch: The Federal Reserve's Unlikely Rise to Power and Influence" (2005)

10163: 9990: 9943: 9710: 9650: 8845: 7908: 6842:"US Code: Title 12, Subchapter VII – Directors of Federal Reserve Banks; Reserve Agents and Assistants" 5863: 3839: 3778: 3505:

objects that this makes it less likely for researchers to publish findings challenging the status quo.

3179: 2908:

Some measures taken by the Federal Reserve to address the financial crisis had not been used since the

2572:, and the Federal Reserve influences this rate through the "tools" of monetary policy described in the 2526: 1237: 1230: 965: 958: 443: 241: 8329: 7100: 6405: 5972: 5610: 5384: 2823:

The Term Deposit facility is a program through which the Federal Reserve Banks offer interest-bearing

16390: 15696: 15501: 15496: 15058: 14512: 14228: 14033: 13833: 13776: 13646: 13314: 13254: 12697: 12510: 12429: 12241: 12057: 11996: 11834: 11607: 10856: 10436: 10207: 9154: 8023: 7871: 7274: 6954:"Section 5.1 Amount of Shares; Increase and Decrease of Capital; Surrender and Cancellation of Stock" 6126: 4939: 3680: 2805: 2487: 2335: 2286:

submitted his resignation from the board on February 10, 2017, effective on or around April 5, 2017.

1291: 902: 577: 38: 9594: 6819: 6425: 2552:

affects households' and firms' demand for goods and services and in turn employment and inflation.

2049: 106: 16503: 15883: 15853: 15848: 15838: 15604: 15560: 15401: 15162: 14948: 14812: 14626: 14566: 14062: 13922: 13858: 13709: 13617: 13532: 13450: 12679: 12674: 12304: 12036: 11906: 10892: 10868: 10628: 10540: 9322: 8336: 7753: 7123: 5694:"Taylor: Federal Reserve Monetary and the Financial Crisis: A Reply to Chairman Ben Bernanke - WSJ" 5119: 3902: 3299: 2872: 2569: 2565: 2316: 1332: 1123: 82: 67: 10337: 9373: 9112: 5551: 3865:

billion that it was remitting annually to the Treasury, is expected to be discontinued during QT.

15997: 15733: 15491: 14458: 14301: 14267: 14216: 14198: 14088: 13807: 13508: 13418: 13408: 13344: 13212: 13113: 13025: 12770: 12299: 12289: 12031: 12026: 12011: 11951: 9415:

Carpenter, Seth; Ihrig, Jane; Klee, Elizabeth; Quinn, Daniel; Boote, Alexander (August 1, 2012).

8536: 7639:"Board authorizes ongoing small-value offerings of term deposits under the Term Deposit Facility" 7560: 7300: 6582: 6309: 5440: 5362: 4979: 4924: 4904: 3851: 3363: 3294:. According to many economists, the previous national banking system had two main weaknesses: an 3183: 1260: 617: 7249: 7028: 6795:"Money and the Federal Reserve System: Myth and Reality – CRS Report for Congress, No. 96-672 E" 3614: 2231:, were confirmed in September. One of the vacancies was created in 2011 with the resignation of 17041: 16995: 16449: 15799: 15609: 15589: 15391: 15246: 15041: 14988: 14973: 14817: 14505: 13640: 13557: 13162: 12080: 11916: 11911: 11560: 10617: 9064: 9010: 8644: 7957:"Primary Dealer Credit Facility: Frequently Asked Questions – Federal Reserve Bank of New York" 7440: 5153: 5094: 5044: 4929: 4819: 3831: 3819: 3814: 3807: 3684: 3589: 3414: 3403: 3295: 3085: 3018:

Collateral eligible for pledge under the Facility was required to meet the following criteria:

2729: 2651: 2301: 2273: 2201: 738: 505: 368: 10238:

Wicker, Elmus. "A Reconsideration of Federal Reserve Policy during the 1920–1921 Depression",

8314: 8060: 7776: 5927: 3925:

One of the keys to understanding the Federal Reserve is the Federal Reserve balance sheet (or

3739:

by enabling the labor market to adjust more quickly in a downturn, and reduce the risk that a

2124: 1378:". The System does not require public funding, and derives its authority and purpose from the 1027:; whether public or private, the availability of liquidity was intended to prevent bank runs. 16648: 16331: 15446: 15003: 14968: 14963: 14906: 14889: 14619: 14222: 14210: 14094: 14028: 13766: 13732: 13691: 13658: 13403: 12279: 12021: 11981: 11976: 11901: 11747: 11679: 11674: 11174: 10850: 10844: 10652: 10582: 9128: 8244: 7745: 6061: 5020: 4828: 4608: 3708: 3081: 2986: 2978: 2949: 2936: 2921: 2880: 2801: 1019: 973: 490: 9560:"Assets: Total Assets: Total Assets (Less Eliminations from Consolidation): Wednesday Level" 6634: 6152: 6078: 6013: 5988: 3005: 2683: 94: 17000: 16128: 16002: 15893: 15271: 14703: 14683: 14631: 14581: 14522: 14453: 14240: 14044: 13845: 13839: 13817: 13781: 13720: 13463: 13434: 13046: 13020: 12877: 12857: 12745: 12687: 12644: 12515: 12319: 12144: 12134: 11689: 11248: 11238: 10640: 10611: 10431: 10408: 7827: 4974: 4895: 3605: 3585: 3257: 2775: 2771: 2765: 2716: 2330: 2277: 1777: 1245: 1213: 1164: 1130: 1093: 1062: 941: 914: 859: 772: 757: 642: 495: 425: 225: 8670: 8404: 6981: 6953: 6932: 5287:

Reform of the Federal Reserve System in the Early 1930s: The Politics of Money and Banking

4607:

In addition, the balance sheet also indicates which assets are held as collateral against

1952: 1828: 8: 16540: 16456: 16266: 15982: 15667: 15298: 14495: 14281: 14234: 13812: 13739: 13545: 13513: 12654: 12504: 12284: 12016: 11921: 11623: 10874: 10715: 10606: 10552: 10273:

Charting Twentieth-Century Monetary Policy: Herbert Hoover and Benjamin Strong, 1917–1927

8295: 8219: 8194: 7617:"Board authorizes small-value offerings of term deposits under the Term Deposit Facility" 6354: 5987:

Andrews, Edmund L.; de la Merced, Michael J.; Walsh, Mary Williams (September 16, 2008).

3930: 3843: 3696: 3517:

Total Net Worth‍—‌Balance Sheet of Households and Nonprofit Organizations 1949–2012

3409: 3397: 3327: 3311: 2990: 2982: 2953: 2940: 2856: 2599: 2505:. Bloomberg, L.P. won at the trial court and the Fed's appeals were rejected at both the 2084: 1379: 1272: 1241: 816: 737:, maintaining the stability of the financial system, and providing financial services to 703: 347: 9999:

Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890–1913

9667: 9239:"Inflation remains stubbornly high despite Federal Reserve’s efforts to stabilize costs" 9030: 8685: 8146: 7535: 7465: 5922:

Humphrey, Thomas M. (January 1, 1989). "Lender of Last Resort: The Concept in History".

3781:, and like the PCE price index are used as a barometer of the nation's economic health. 3340:

The head of the bipartisan National Monetary Commission was financial expert and Senate

2344: 15780: 15768: 15486: 15476: 15453: 15436: 14832: 14576: 14571: 14443: 14186: 14127: 13702: 13697: 13600: 13595: 13526: 12813: 12541: 12213: 12164: 12149: 10990: 10880: 10576: 10570: 10504: 10054: 9917: 9869: 9861: 9278: 8739: 8588: 8580: 6985: 6957: 6936: 6865: 6223: 5856:

Milton Friedman; Anna Jacobson Schwartz (2008). "B. Bernanke's speech to M. Friedman".

4984: 4914: 4881: 3934: 3748: 3222: 2746: 2695: 2678: 2561: 2544:

Fed's monetary policy influences economic activity by influencing the general level of

2510: 2445: 2228: 2173: 2058: 1097: 1088:

such as savings bonds and Treasury bills, notes and bonds. It also issues the nation's

997: 811:

The primary declared motivation for creating the Federal Reserve System was to address

768: 10330: 9512: 5667: 5454: 5333: 4507:

Marketable securities held in custody for foreign official and international accounts

1149:, vice chairman of the board of governors, summarized the history of this compromise: 297: 16523: 15679: 15031: 14529: 14448: 14433: 14288: 13852: 13489: 13476: 13090: 13080: 12649: 12159: 12091: 12041: 11991: 11966: 11048: 11038: 10904: 10301: 10291: 10211: 10181: 10167: 10135: 10113: 10091: 10072: 10060: 10017: 9947: 9921: 9886: 9873: 9830: 9784: 9758: 9739: 9721: 9134: 8879: 8592: 8572: 8468: 8310: 7517: 6779: 5950: 5923: 5907: 5867: 5533: 5290: 3502: 3218: 2888: 2205: 2193: 1479: 1129:

Federal reserve accounts contain federal reserve credit, which can be converted into

1085: 9282: 8813:"Born of a Panic: Forming the Fed System | Federal Reserve Bank of Minneapolis" 8531: 7799:"Federal Reserve Actions to Support the Flow of Credit to Households and Businesses" 7418: 3773:

United States unemployment rates 1975–2010 showing variance between the fifty states

16439: 16286: 15992: 15812: 14822: 14663: 14646: 14641: 14480: 13249: 12692: 12664: 12419: 12189: 12174: 12001: 11941: 11704: 10965: 10886: 10811: 10600: 10594: 10341: 10105: 10083: 10050: 10005: 9974: 9970: 9909: 9853: 9268: 8564: 8382: 7509: 5775: 3938:

Reserve Banks be transferred to the Treasury as interest on Federal Reserve notes.

3855: 3291: 3249: 3226: 3124: 2909: 2536: 1904: 1625: 1276: 985: 820: 715: 604: 185: 132: 116: 12497: 8614: 8172: 7956: 6245: 5511: 5313: 1286:

and other key economic officials. The Chair also meets from time to time with the

15924: 15822: 15594: 14894: 14827: 14596: 14517: 14463: 14257: 13960: 13500: 13381: 13376: 13084: 13056: 12520: 12490: 12484: 12469: 12200: 12169: 11936: 11931: 11926: 11659: 11654: 11088: 11078: 10985: 10898: 10487: 10153: 9929: 9731: 9600: 9448:(Press release). Board of Governors of the Federal Reserve System. March 26, 2024 9017: 8462: 7559:"Reserve Requirements of Depository Institutions Policy on Payment System Risk", 6902: 6883: 6872: 6468: 6451: 6379: 6337: 4994: 4954: 4729:

As of August 2024, the Fed's total assets on balance sheet are $ 7.139 trillion.

3989:

Securities, unamortized premiums and discounts, repurchase agreements, and loans

3744: 3712: 3581: 3560:, plus accounts at the central bank that can be exchanged for physical currency. 2974: 2932: 2815:, which is usually about 3 percentage points higher than the federal funds rate. 2787: 2770:

To smooth temporary or cyclical changes in the money supply, the desk engages in

2739: 2691: 2666:

The Fed's lending to banks at the discount rate. Helps put a ceiling on the FFR.

2661: 2532: 2262: 2248: 2216: 2169: 2018: 1595: 1336: 1268: 1264: 1036: 981: 855: 734: 729: 719: 707: 500: 477: 128: 112: 10347:

Records of the Federal Reserve System in the National Archives (Record Group 82)

8428: 6059: 5812:"Federal Reserve Board - Monetary Policy: What Are Its Goals? How Does It Work?" 5774:. Board of Governors of the Federal Reserve System. May 14, 2003. Archived from 3256:

ruled. From 1863 to 1913, a system of national banks was instituted by the 1863

16618: 16518: 15901: 15036: 15026: 15021: 15016: 14688: 14551: 14485: 13136: 12184: 12179: 11961: 11946: 11875: 11849: 11839: 11669: 11118: 11108: 11068: 11000: 10916: 10516: 10509: 10039:

Mayhew, Anne. "Ideology and the Great Depression: Monetary History Rewritten".

9982: 9800: 9792: 9780: 9772: 9273: 9256: 8568: 7151:, case no. 1:08-cv-09595-LAP, U.S. District Court for the District of New York. 6794: 6185: 4909: 3877: 3740: 3724: 3569: 3374: 3370: 3345: 3315: 3241: 3202: 2970: 2928: 2896: 2494: 2307:

There is very strong consensus among economists against politicising the FOMC.

2283: 2266: 2220: 2133: 1717: 1681: 1569: 1182:(lower right), former chairman of the Federal Reserve Board of Governors, at a 1146: 10305: 9913: 9844:

Carosso, Vincent P. (1973). "The Wall Street Trust from Pujo through Medina".

9679: 9534: 9416: 8997: 8505: 8353: 5637:"Press Release - Federal Reserve System publishes annual financial statements" 17015: 15599: 14899: 14708: 14343: 14159: 14082: 13800: 13457: 12006: 11956: 11880: 11870: 11783: 11664: 11638: 11098: 11058: 10955: 10934: 10722: 10499: 10254:

The Great Debate on Banking Reform: Nelson Aldrich and the Origins of the Fed

10157: 10013: 9933: 8998:

FRB: Z.1 Release – Flow of Funds Accounts of the United States, Release Dates

8576: 5201: 4959: 4949: 4824: 4765: 4756: 3926: 3893: 3307: 3287: 3269: 3265: 3261: 3245: 3230: 3194: 2703: 2699: 2595: 2568:. The rate that banks charge each other for these loans is determined in the 2545: 2256: 2212: 2189: 2181: 1837: 1651: 1535: 1375: 1134: 1117: 881: 746: 725: 711: 699: 599: 555: 215: 174: 9417:"The Federal Reserve's Balance Sheet and Earnings: A Primer and Projections" 9257:"Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others" 9090:"Remarks by Governor Ben S. Bernanke – A perspective on inflation targeting" 6914:

Michael D. Reagan, "The Political Structure of the Federal Reserve System",

5965: 5070:"The Federal Reserve Bank Discount Window & Payment System Risk Website" 2960:. The final Term Auction Facility auction was carried out on March 8, 2010. 2470:

About 38% of U.S. banks are members of their regional Federal Reserve Bank.

2211:"Obama administration officials regrouped to identify Fed candidates after 2009: 819:, such as "to furnish an elastic currency, to afford means of rediscounting 15906: 15878: 14933: 14192: 13822: 13309: 13094: 12838: 12659: 11814: 11583: 11149: 11128: 10995: 10928: 10922: 10910: 10862: 10588: 9747: 9559: 8245:"Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility" 8079: 7521: 5947:"The Federal Reserve, Monetary Policy and the Economy – Everyday Economics" 4944: 4853: 3769: 3652: 3534: 3359: 3352: 2824: 2738:, or "Treasurys". The Federal Reserve buys Treasurys both directly and via 2236: 2224: 2165: 2093: 1749: 1294:. The Chair has formal responsibilities in the international arena as well. 1179: 1075: 1057: 837: 695: 565: 9700: 9692: 8969:"The Federal Reserve System's Influence on Research in Monetary Economics" 8901: 4182:

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)

16183: 15714: 15051: 14953: 14693: 14556: 14312: 13917: 13664: 13386: 13350: 13015: 13010: 12194: 12154: 10646: 10558: 10351: 10199: 8768:"Paul Warburg's Crusade to Establish a Central Bank in the United States" 8641:"Paul Warburg's Crusade to Establish a Central Bank in the United States" 7335:"Teaching the Linkage Between Banks and the Fed: R.I.P. Money Multiplier" 6693: 6536: 4089: 3858: 3601: 3568:

M0 + those portions of M0 held as reserves or vault cash + the amount in

3419: 3213:

The first U.S. institution with central banking responsibilities was the

3208: 3006:

Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility

2957: 2797: 2591: 2232: 2185: 1800:

Board of governors in April 2019, when two of the seven seats were vacant

1105: 612: 463: 11207: 9469:"The Fed's Remittances to the Treasury: Explaining the 'Deferred Asset'" 8292:"Yahoo Finance - Stock Market Live, Quotes, Business & Finance News" 8270:"Yahoo Finance - Stock Market Live, Quotes, Business & Finance News" 6184:. United States General Accounting Office. July 26, 1996. Archived from 3498:

examines many economic indicators prior to determining monetary policy.

1784:

The chair and vice chair of the board of governors are appointed by the

1362: 15046: 14852: 14678: 14673: 14591: 13827: 13584: 12718:

Financial Institutions Regulatory and Interest Rate Control Act of 1978

10461: 9865: 9587:"Ron Paul Is Hosting A Hearing On Ending The Federal Reserve Right Now" 8923: 8584: 7746:"Reserve Requirements: History, Current Practice, and Potential Reform" 7513: 5585: 5417: 3286:

The main motivation for the third central banking system came from the

2812: 2607: 2603: 742: 594: 10346: 10031:

Marrs, Jim (2000). "Secrets of Money and the Federal Reserve System".

9535:"The Fed - Factors Affecting Reserve Balances - H.4.1 - Release Dates" 7872:"Announcement of the creation of the Term Securities Lending Facility" 7333:

Ihrig, Jane; Weinbach, Gretchen C.; Wolla, Scott A. (September 2021).

6668:"Obama to nominate Stanley Fischer, 2 others to Federal Reserve seats" 5152:. The Federal Reserve Bank of Minneapolis. August 1988. Archived from 3921:

Total combined liabilities for all 12 Federal Reserve Banks, 2007–2009

3508: 803:, perceived lack of transparency, and its role in economic downturns. 16535: 16528: 13539: 12839:

Prohibition Against the Paying of Interest on Demand Deposits (Reg Q)

12444: 11196: 11159: 10492: 7080:"Financial Accounting Manual for Federal Reserve Banks, January 2018" 6962:. Board of Governors of the Federal Reserve System. December 14, 2010 6941:. Board of Governors of the Federal Reserve System. December 14, 2010 5855: 4919: 4832: 3827: 3736: 3732: 3643: 3634: 2866: 2539:

for goods and services) to help promote national economic goals. The

2244: 869: 800: 248: 9857: 9446:"Federal Reserve Board releases annual audited financial statements" 8552: 7850:"Federal Reserve intends to continue term TAF auctions as necessary" 1079:

dollars. Just as an individual might keep an account at a bank, the

14718: 14668: 11164: 10564: 10423: 10266:

A History of Central Banking in Great Britain and the United States

7978: 7149:

Bloomberg, L.P. v. Board of Governors of the Federal Reserve System

6568: 5326:"What is the Federal Reserve's mandate in setting monetary policy?" 4703:

U.S. Treasury, agency debt, and mortgage-backed securities pledged

4160:

Net portfolio holdings of Commercial Paper Funding Facility II LLC

3557: 3453:

Financial Institutions Reform, Recovery and Enforcement Act of 1989

1217: 969: 954: 831: 812: 788: 589: 230: 10324: 9647:

The Myth of Independence: How Congress Governs the Federal Reserve

9173:

Death and Taxes, Including Inflation: the Public versus Economists

5746:"More Than Half of U.S. Wants Fed Curbed or Abolished - Bloomberg" 5643:. Board of Governors of the Federal Reserve System. March 22, 2021 5477: 4747: 3167: 288: 13105: 11169: 9467:

Faria e Castro, Miguel; Jordan-Wood, Samuel (November 21, 2023).

8437:"1995 Annual Report: A Brief History of Our Nation's Paper Money" 6742:"Press Release, Board of Governors of the Federal Reserve System" 5605: 5603: 3913:

Total combined assets for all 12 Federal Reserve Banks, 2007–2009

3761:

Unemployment rate § United States Bureau of Labor Statistics

3625: 2879:, several new tools were created. The first new tool, called the 2734:

Open market operations are done through the sale and purchase of

2415: 1646: 1474: 1345: 702:. It was created on December 23, 1913, with the enactment of the 411: 11552: 7932:"Fed Says Securities Firms Borrow $ 28.8 Bln With New Financing" 6990:. Board of Governors of the Federal Reserve System. May 24, 2018 3660: 3298:

currency and a lack of liquidity. In 1908, Congress enacted the

2891:

into the banking system. Creation of the third tool, called the

2811:

Both the discount rate and the federal funds rate influence the

10010:

America's Bank: The Epic Struggle to Create the Federal Reserve

7979:"Fed Announces Emergency Steps to Ease Credit Crisis – Economy" 6866:

Kennedy C. Scott v. Federal Reserve Bank of Kansas City, et al.

6551:"Yellen, Raskin Win Senate Approval for Fed Board of Governors" 6127:"Speech – Kohn, The Evolving Role of the Federal Reserve Banks" 5975:. Board of Governors of the Federal Reserve. September 16, 2008 4861: 3854:(QT) and selling these assets and taking a loss on them in the 3802: 3302:, which provided for an emergency currency and established the 2269:, was nominated in early 2015 by President Obama to the board. 1676: 1340: 1328: 12851:

Transactions Between Member Banks and Their Affiliates (Reg W)

8709: 8557:

Annals of the American Academy of Political and Social Science

8173:"Term Securities Lending Facility: Frequently Asked Questions" 6708:"Allan Landon, Community Banker, Nominated to Federal Reserve" 5600: 3332: 2159: 1502: 1282:

The Board has regular contact with members of the President's

880:

To maintain the stability of the financial system and contain

14168: 10110:

A History of the Federal Reserve, Volume 2: Book 2, 1969–1985

10088:

A History of the Federal Reserve, Volume 2: Book 1, 1951–1969

9500:. Board of Governors of the Federal Reserve System. June 2009 8732:"Affixes His Signature at 6:02 pm, Using Four Gold Pens" 7230:. Federal Reserve System Publication. August 2021. p. 42 7187:"Fed Releases Discount-Window Loan Records Under Court Order" 6284:

Innovation and Education: Renewing the Northeast Ohio Economy

3458:

Federal Deposit Insurance Corporation Improvement Act of 1991

3447:

Depository Institutions Deregulation and Monetary Control Act

1564: 1530: 1324:

Depository Institutions Deregulation and Monetary Control Act

9693:

Changing the Federal Reserve's Mandate: An Economic Analysis

8277: 6583:"Sole Fed Governor With Close Ties to Conservatives Resigns" 3275: 2837:

make loans and conduct normal business. The bursting of the

2560:

The Federal Reserve sets monetary policy by influencing the

1791: 1620: 1590: 1448: 1422: 1298: 767:(FOMC) sets monetary policy by adjusting the target for the 10288:

Limitless: The Federal Reserve Takes on a New Age of Crisis

8504:. Federal Reserve Bank of Boston. p. 8. Archived from 6355:"Regulatory Monitors: Policing Firms in the Compliance Era" 5120:"Interest on Required Reserve Balances and Excess Balances" 4193:

Net portfolio holdings of Municipal Liquidity Facility LLC

1712: 119:, which serves as the Federal Reserve System's headquarters 11715:

International Centre for Settlement of Investment Disputes

8195:"Federal Reserve Board - Term Securities Lending Facility" 7661:"Why Quantitative Tightening Is on the Fed's Agenda Again" 7583:

GPO Access Serial No. 111–118 Retrieved September 10, 2010

4171:

Net portfolio holdings of Corporate Credit Facilities LLC

14053:

Woodrow Wilson School of Public and International Affairs

9678:

Board of Governors of the Federal Reserve System (2006).

9657:

Board of Governors of the Federal Reserve System (2005).

9466: 9242: 8794:. American Institute of Economic Research. Archived from 8710:"The Federal Reserve Act of 1913 – A Legislative History" 8643:. The Federal Reserve Bank of Minneapolis. Archived from 8611:"A Brief History of Central Banking in the United States" 7687:"Federal Reserve Mortgage Purchase Program: Planet Money" 6922:, p. 153, ed. by S. Mittra (Random House, New York 1970). 6060:

Board of Governors of the Federal Reserve System (2021).

3481:

Dodd–Frank Wall Street Reform and Consumer Protection Act

3217:, chartered by Congress and signed into law by President 2993:

were increased. The TSLF was closed on February 1, 2010.

2643:

Overnight reverse repurchase agreement (ON RRP) facility

2151: 2146: 2116: 2110: 2106: 2076: 2071: 2041: 2035: 2031: 2000: 1994: 1986: 1980: 1943: 1937: 1929: 1923: 1886: 1880: 1875: 1867: 1861: 1856: 1002:

The Federal Reserve System‍—‌Purposes and Functions

826:

Current functions of the Federal Reserve System include:

62:"The Fed" redirects here. For the Welsh trade union, see 12814:

Reserve Requirements for Depository Institutions (Reg D)

12571: 8220:"Federal Reserve Board - Primary Dealer Credit Facility" 7124:"Bloomberg Wins Its Lawsuit Against the Federal Reserve" 5986: 3683:

prices, it is derived from the largest component of the

3252:

there was no formal central bank. From 1846 to 1921, an

3236:

In 1816, however, Madison revived it in the form of the

3178:

The first attempt at a national currency was during the

2956:

were opened so the banks in Europe could have access to

2219:, a potential nominee who was a Treasury official under 1170: 1018:

In the United States, the Federal Reserve serves as the

948: 12873:

Availability of Funds and Collection of Checks (Reg CC)

9827:

The International Origins of the Federal Reserve System

9791:; focuses on the period from 1996 to 2002, emphasizing 9701:

Federal Reserve: Unconventional Monetary Policy Options

9414: 9011:

Balance Sheet of Households and Nonprofit Organizations

8439:. Federal Reserve Bank of San Francisco. Archived from 1744: 1188:

Senate Committee on Banking, Housing, and Urban Affairs

976:

when a bank run does occur. Many economists, following

12121: 9065:"Is the Fed's Definition of Price Stability Evolving?" 8613:. Netherlands: University of Groningen. Archived from 8043:"Fed Boosts Next Two Special Auctions to $ 30 Billion" 7561:

75 Federal Register 86 (May 5, 2010), pp. 24384–24389.

7417:. Federalreserve.gov. January 26, 2010. Archived from 6861: 6859: 6036:"Annual Production Reports | Engraving & Printing" 4073: 4059: 4045: 4031: 3797: 3209:

First Central Bank, 1791 and Second Central Bank, 1816

12800:

Extensions of Credit by Federal Reserve Banks (Reg A)

11710:

International Bank for Reconstruction and Development

10056:

A History of the Federal Reserve, Volume 1: 1913–1951

9214:"Grant Thornton names Diane Swonk as chief economist" 9163: 9070:. Federal Reserve Bank of St. Louis. November 9, 2010 6933:"Section 2.3 Subscription to Stock by National Banks" 6517:

Lanman, Scott; Runningen, Roger (December 27, 2011).

6224:"Advantages of Being/Becoming a State Chartered Bank" 5830: 5150:"Born of a panic: Forming the Federal Reserve System" 2507:

United States Court of Appeals for the Second Circuit

2421:

government, but this interest is not proprietary. In

2055: 17052:

Independent agencies of the United States government

14153:

Woodrow Wilson and the Birth of the American Century

9194:. University of Michigan LSA Department of Economics 8762: 8760: 8758: 6725:"Kathryn Dominguez to Be Nominated for Fed Governor" 6393:

The Federal Reserve, Monetary Policy and the Economy

4990:

List of economic reports by U.S. government agencies

4843: 3488: 3381: 3039: 2781: 2702:

that banks charge each other for overnight loans of

2427:

United States Court of Appeals for the Ninth Circuit

1233:

that are not members of the Federal Reserve System.

1122:

Federal funds are the reserve balances (also called

1040:

discount rate (officially the primary credit rate).

890:

To facilitate the exchange of payments among regions

787:, an entity outside of the central bank, prints the 10802:

Public–Private Investment Program for Legacy Assets

8125:"Fed, top central banks to flood markets with cash" 7499: 7074: 7072: 6918:, Vol. 55 (March 1961), pp. 64–76, as reprinted in 6856: 6149:"Frequently Asked Questions Federal Reserve System" 6093:Cook, Timothy Q.; Laroche, Robert K., eds. (1993). 5257:"The Financial Panic of 1907: Running from History" 4533:Federal agency debt and mortgage-backed securities 3509:

Net worth of households and nonprofit organizations

2963: 1901: 1804:The current members of the board of governors are: 12602:Federal Financial Institutions Examination Council 9939:A Monetary History of the United States, 1867–1960 9660:The Federal Reserve System: Purposes and Functions 9390:"Fed posts record loss of $ 114.3 billion in 2023" 9372: 8022: 7894:"Fed Seeks to Limit Slump by Taking Mortgage Debt" 7332: 6799:Congressional Research Service Library of Congress 6600:"Senator to block quick vote on Fed picks: report" 6100:. Federal Reserve Bank of Richmond. Archived from 5674:. Board of Governors of the Federal Reserve System 5062: 4127:Unamortized discounts on securities held outright 3420:Federal Reserve-Treasury Department Accord of 1951 3392:Key laws affecting the Federal Reserve have been: 2867:Temporary policy tools during the financial crisis 2831: 2792:The Federal Reserve System also directly sets the 2742:, which have accounts at depository institutions. 2015: 12835:Privacy of Consumer Financial Information (Reg P) 10233:Banking Reform and the Federal Reserve, 1863–1923 10193:Monetary Interpretations of the Great Depression. 9718:The Complete Idiot's Guide to the Federal Reserve 9707:The Power and Independence of the Federal Reserve 8755: 8381:. U.S. Currency Education Program. Archived from 8343:"Chapter 1. Early Experiments in Central Banking" 5941: 5939: 5937: 5112: 4294:Federal Reserve notes, net of F.R. Bank holdings 4116:Unamortized premiums on securities held outright 2996: 2130: 17013: 15747:Native American recognition in the United States 14039:Woodrow Wilson International Center for Scholars 9928: 8249:Board of Governors of the Federal Reserve System 8224:Board of Governors of the Federal Reserve System 8199:Board of Governors of the Federal Reserve System 8151:Board of Governors of the Federal Reserve System 7540:Board of Governors of the Federal Reserve System 7466:"Repurchase and Reverse Repurchase Transactions" 7279:Board of Governors of the Federal Reserve System 7254:Board of Governors of the Federal Reserve System 7069: 6226:. Arkansas State Bank Department. March 31, 2009 5816:Board of Governors of the Federal Reserve System 5787: 5785: 5720:"The Latest Fed Criticism? Holding on Too Tight" 5615:Board of Governors of the Federal Reserve System 5437:Board of Governors of the Federal Reserve System 4965:History of Federal Open Market Committee actions 4613: 4443: 4285: 3947: 3943: 3830:interest that it has been receiving back to the 3735:) inflation may reduce the severity of economic 3378:voting "yea" and most Republicans voting "nay". 3197:when Congress refused to renew its charter. The 3064:Timeline of central banking in the United States 2289: 1834: 898:To strengthen U.S. standing in the world economy 756:or Federal Reserve Board (FRB). Twelve regional 13052:History of central banking in the United States 10204:Did Monetary Forces Cause the Great Depression? 9899: 9245:, October 13, 2022. Retrieved October 14, 2022. 8147:"Federal Reserve Board - Term Auction Facility" 7791: 7713: 7536:"Federal Reserve Board - Term Deposit Facility" 7472:. Federal Reserve Bank of New York. August 2007 7221:"The Fed Explained: What the Central Bank Does" 6920:Money and Banking: Theory, Analysis, and Policy 6081:. Federal Reserve Bank of New York. August 2007 4970:History of central banking in the United States 4344:Other deposits held by depository institutions 3225:. This was done despite strong opposition from 3174:History of central banking in the United States 3168:Central banking in the United States, 1791–1913 2709: 1958: 14110:United States one-hundred-thousand-dollar bill 12863:Unfair or Deceptive Acts or Practices (Reg AA) 11813: 9812:Maestro: Greenspan's Fed and the American Boom 9757:. Greenwood Press, 2005. 451 pp, 280 entries; 9424:Finance and Economics Discussion Series (FEDS) 8783: 8781: 8779: 8777: 8499:"Historical Beginnings... The Federal Reserve" 8492: 8490: 8488: 6772: 6484:"Obama to nominate Stein, Powell to Fed board" 6324: 5934: 5806: 5804: 5802: 5800: 5510:. Economic History Association. Archived from 5254: 5000:Securities market participants (United States) 4661:Collateral held against Federal Reserve notes 4330:Term deposits held by depository institutions 2416:Legal status of regional Federal Reserve Banks 862:to achieve the sometimes-conflicting goals of 846:To supervise and regulate banking institutions 16144:Greenhouse gas emissions by the United States 14328: 14100:Woodrow Wilson National Fellowship Foundation 13121: 12557: 12107: 11799: 11763:Central banks and currencies of the Caribbean 11568: 11223: 11192:Personal consumption expenditures price index 10367: 8848:. Scribd.com. December 23, 1913. p. 1468 8833:. Scribd.com. December 22, 1913. p. 1465 8634: 8632: 8604: 8602: 8544: 8015:"US banks borrow $ 50bn via new Fed facility" 7864: 6889: 6714:, January 6, 2015. Retrieved January 6, 2015. 6689:"Jeremy Stein to resign from Federal Reserve" 6519:"Obama to Choose Powell, Stein for Fed Board" 6016:. Federal Reserve Bank of New York. June 2008 5836: 5782: 5416:. Federal Reserve Online. n.d. Archived from 5039: 5037: 4823:Money supply decreased significantly between 3673:Personal consumption expenditures price index 3667:Personal consumption expenditures price index 3661:Personal consumption expenditures price index 1335:system), and beginning in 2023, facilitating 1221:federal supervisors of commercial banks; the 663: 12823:Limitations on Interbank Liabilities (Reg F) 11773:Central banks and currencies of the Americas 11758:Central banks and currencies of Asia-Pacific 9716:Epstein, Lita & Martin, Preston (2003). 9362: 8789:"America's Unknown Enemy: Beyond Conspiracy" 8350:Historical Beginnings... The Federal Reserve 7737: 7395:. New York Federal Reserve Bank. August 2007 7366:Ihrig, Jane; Wolla, Scott A. (August 2020). 7361: 7359: 7357: 7355: 6553:. Bloomberg LP. Retrieved December 27, 2011. 6532:"Obama nominates 3 to Federal Reserve board" 6521:. Bloomberg LP. Retrieved December 27, 2011. 6006: 5447: 4408:Treasury contributions to credit facilities 3702: 3613: 3321: 2871:In order to address problems related to the 2682: 2564:, which is the rate of interbank lending of 2432:Scott v. Federal Reserve Bank of Kansas City 2090: 13788:U.S. Federal Board for Vocational Education 13653:National Advisory Committee for Aeronautics 10791:2009 Supervisory Capital Assessment Program 10708:Federal Reserve v. Investment Co. Institute 9755:The Federal Reserve System: An Encyclopedia 9584: 9578: 9105:"What's The Fuss Over Inflation Targeting?" 8774: 8553:"The Panic of 1907 and Some of Its Lessons" 8485: 7951: 7949: 6665: 6092: 5797: 5433:"Federal Reserve Board - Advisory Councils" 5250: 5248: 5246: 5005:Title 12 of the Code of Federal Regulations 4689:Special drawing rights certificate account 4650:Federal Reserve notes to be collateralized 3789:The Federal Reserve is self-funded. Over 90 2513:. The data was released on March 31, 2011. 2310: 2160:Nominations, confirmations and resignations 1313: 775:and, in turn, US economic activity via the 23: 14342: 14335: 14321: 13128: 13114: 12564: 12550: 12114: 12100: 11806: 11792: 11575: 11561: 11230: 11216: 10796:Term Asset-Backed Securities Loan Facility 10381: 10374: 10360: 10329: 10004: 8926:. Research.stlouisfed.org. August 20, 2011 8902:"Statistics: Releases and Historical Data" 8770:. The Federal Reserve Bank of Minneapolis. 8629: 8599: 7822: 7820: 7365: 6636:"Senate Confirms Yellen as Fed Chairwoman" 5357: 5355: 5223: 5221: 5219: 5202:"Panic of 1907: J.P. Morgan Saves the Day" 5196: 5194: 5192: 5087: 5034: 3715:, and advisor to the Federal Reserve, the 1366:Organization of the Federal Reserve System 670: 656: 296: 24: 15757:Federally recognized Alaska Native tribes 13762:United States Grain Standards Act of 1916 12761:Fair and Accurate Credit Transactions Act 12627:Office of the Comptroller of the Currency 11237: 10247:Federal Reserve Monetary Policy, 1917–33. 9495:"96th Annual Report 2008 Federal Reserve" 9299:. Chicago Federal Reserve. Archived from 9272: 8669:. Jekyllislandhistory.com. Archived from 8638: 8530:Gordon, John Steele (February 19, 2009). 8327: 8118: 8116: 7490:Federal Reserve Bank San Francisco( 2004) 7415:"Monetary Policy, Open Market Operations" 7385: 7352: 7328: 7326: 7324: 7322: 7161:Bradley, Keoun; Kuntz, Phil; et al. 7052:"What would a federal reserve audit show" 6731:, July 20, 2015. Retrieved July 20, 2015. 6697:, April 3, 2014. Retrieved April 3, 2014. 6457: 6440: 5989:"Fed's $ 85 Billion Loan Rescues Insurer" 5231:. The Federal Reserve Bank of Minneapolis 5229:"Born of a Panic: Forming the Fed System" 5167: 5165: 5163: 5144: 5142: 5140: 3967:Special Drawing Rights Certificate Acct. 3276:Creation of Third Central Bank, 1907–1913 2723: 1792:List of members of the board of governors 1299:Regulatory and oversight responsibilities 1223:Office of the Comptroller of the Currency 849:To protect the credit rights of consumers 14069:Celestial Sphere Woodrow Wilson Memorial 12826:International Banking Operations (Reg K) 12732:Competitive Equality Banking Act of 1987 11730:Multilateral Investment Guarantee Agency 10152: 9880: 9363:Wigglesworth, Robin (October 10, 2022). 9254: 9126: 8938: 8608: 8328:Greenspan, Chairman Alan (May 2, 1998). 8308: 8165: 8003:. federalreserve.gov. December 12, 2007. 7946: 7502:Federal Reserve Bank of St. Louis Review 7160: 6812: 6792: 6420: 6418: 6280:"The Role of the Federal Reserve System" 5921: 5243: 4818: 4746: 4419:Other liabilities and accrued dividends 3929:). In accordance with Section 11 of the 3916: 3908: 3876: 3834:. Most of the assets the Fed holds are 3813: 3801: 3768: 3765:List of U.S. states by unemployment rate 3711:favor a low, steady rate of inflation. 3624: 3588:, and small denomination time deposits ( 3512: 3469:Financial Services Regulatory Relief Act 3331: 2915: 2818: 2759: 2484:Generally Accepted Accounting Principles 2444: 2430:purposes." Another relevant decision is 2343: 2334: 2324: 2272:In July 2015, President Obama nominated 1795: 1361: 1174: 1061: 1013: 991: 901: 785:United States Department of the Treasury 32:This is an accepted version of this page 17047:Government agencies established in 1913 17027:1913 establishments in Washington, D.C. 15808:List of counties and county equivalents 14263:Jefferson Literary and Debating Society 13228:Louis Brandeis Supreme Court nomination 10285: 10104: 10082: 10049: 9843: 9814:(2000) study of Greenspan in the 1990s. 9645:Sarah Binder & Mark Spindel. 2017. 9624: 9343: 9315: 9170:Hummel, Jeffrey Rogers (January 2007). 9033:. Federalreserve.gov. November 10, 2005 9023: 8550: 8496: 8061:"A dirty job, but someone has to do it" 7852:. Federalreserve.gov. December 21, 2007 7817: 7743: 7641:. Federalreserve.gov. September 8, 2010 7301:"The Discount Window and Discount Rate" 7121: 7103:. Federal Reserve Bank. August 27, 2012 6786: 6623:, May 30, 2012. Retrieved May 30, 2012. 6478: 6476: 6352: 5662: 5660: 5658: 5475: 5352: 5284: 5216: 5189: 3842:that it has been purchasing as part of 3441:Full Employment and Balanced Growth Act 3260:during which series of bank panics, in 3221:on February 25, 1791, at the urging of 2850: 2845: 1358:Structure of the Federal Reserve System 319:Federal government of the United States 14: 17014: 13982:1910 New Jersey gubernatorial election 13392:American Commission to Negotiate Peace 12854:Borrowers of Securities Credit (Reg X) 11768:Central banks and currencies of Europe 11753:Central banks and currencies of Africa 11603:Basel Committee on Banking Supervision 10472:Monetary Policy Report to the Congress 9596:Book Discussion on The Road to Serfdom 9169: 8532:"A Short History of the National Debt" 8529: 8113: 7929: 7830:. Federalreserve.gov. January 12, 2009 7319: 7250:"Federal Reserve Board - Policy Tools" 7215: 7213: 7211: 7209: 7207: 7184: 7163:"The Fed's Secret Liquidity Lifelines" 6632: 6482:Goldstein, Steve (December 27, 2011). 6129:. Federalreserve.gov. November 3, 2006 5476:Lapidos, Juliet (September 19, 2008). 5385:"What is FRED? | Getting To Know FRED" 5365:. Federalreserve.gov. November 6, 2009 5160: 5137: 4204:Net portfolio holdings of TALF II LLC 2690:The Federal Reserve System implements 2348:The 12 Reserve Banks buildings in 1936 14316: 13795:United States Railroad Administration 13109: 12843:Credit by Brokers and Dealers (Reg T) 12617:Financial Stability Oversight Council 12597:Federal Deposit Insurance Corporation 12545: 12095: 11787: 11720:International Development Association 11556: 11211: 10765:Unfair or Deceptive Acts or Practices 10355: 10226:The Federal Reserve System: A History 10198: 10030: 9960: 9611: 9387: 9346:"It's Official: The Fed's in the Red" 9325:. Federalreserve.gov. August 10, 2011 8966: 8924:"St. Louis Fed: Economic Data – FRED" 8882:. Federalreserve.gov. August 24, 2011 7828:"FRB: Temporary Auction Facility FAQ" 7368:"The Fed's New Monetary Policy Tools" 7049: 6793:Woodward, G. Thomas (July 31, 1996). 6666:Puzzanghera, Jim (January 10, 2014). 6562:Censky, Annalyn (February 10, 2011). 6415: 5455:"FAQ – Who owns the Federal Reserve?" 4617:Federal Reserve Notes and Collateral 3978:Treasury Currency Outstanding (Coin) 3691:, personal consumption expenditures. 3336:Newspaper clipping, December 24, 1913 3282:History of the Federal Reserve System 2672: 2251:to replace Yellen as the vice-chair. 1757: 1227:Federal Deposit Insurance Corporation 1171:Government regulation and supervision 949:Addressing the problem of bank panics 872:rate of 2 percent per year on average 728:established three key objectives for 17032:Bank regulation in the United States 13613:Federal Trade Commission Act of 1914 13327:Occupation of the Dominican Republic 12766:Emergency Economic Stabilization Act 12622:National Credit Union Administration 12587:Consumer Financial Protection Bureau 12573:Bank regulation in the United States 11180:Monetary policy of the United States 10759:Emergency Economic Stabilization Act 10716:Northeast Bancorp v. Federal Reserve 10689:Humphrey–Hawkins Full Employment Act 9981: 9824: 9777:A Term at the Fed: An Insider's View 9681:The Federal Reserve in Plain English 9618: 9592: 9297:"Demonstrating Knowledge of the Fed" 9092:. Federalreserve.gov. March 25, 2003 8122: 7993: 7597:. Federalreserve.gov. April 30, 2010 7010:"Who owns the Federal Reserve Bank?" 6647:from the original on January 2, 2022 6549:Lanman, Scott (September 30, 2010). 6473: 6341:Federal Reserve Bank of Philadelphia 6014:"How Currency Gets into Circulation" 5655: 5552:"Who owns the Federal Reserve Bank?" 5501: 4250:Foreign currency denominated assets 4103: 4087: 4015: 3754: 3689:National Income and Product Accounts 3572:("checking" or "current" accounts). 3496:Federal Open Market Committee (FOMC) 3475:Emergency Economic Stabilization Act 3189:In 1791, the government granted the 2635:Interest on reserve balances (IORB) 2555: 2548:in the economy, which again via the 2523:Monetary policy of the United States 13997:1916 Democratic National Convention 13987:1912 Democratic National Convention 13891:Birthplace and Presidential Library 13686:Federal Employees' Compensation Act 13533:Board of Mediation and Conciliation 12526:Citizens Coinage Advisory Committee 10467:Federal Reserve Statistical Release 9883:American Monetary Policy, 1928–1941 9807:of the September 11, 2001, attacks. 9677: 9656: 9475:. Federal Reserve Bank of St. Louis 9365:"Are central banks going bankrupt?" 9344:Alloway, Tracy (October 10, 2022). 9323:"A–Z Listing of Board Publications" 9051: 8880:"FRB: Economic Research & Data" 8866: 8379:"Timeline of U.S. Currency History" 8021:. February 18, 2008. Archived from 7981:. Cnbc.com. Reuters. March 17, 2008 7731: 7719: 7707: 7204: 6822:. Federalreserve.gov. July 20, 2011 6766: 6501:""Jerome Powell: Visiting Scholar"" 6428:. Federalreserve.gov. July 20, 2011 6266: 6209: 5904:Federal Reserve Bank of Minneapolis 5886: 5791: 5404: 5280: 5255:Abigail Tucker (October 29, 2008). 5183: 5171: 4935:Federal Reserve Statistical Release 4816:and claims that it is ineffective. 4791: Effective Federal Funds Rate 4061:Notes and Bonds, inflation-indexed 3818:Federal Reserve Remittances to the 3806:Federal Reserve remittances to the 3798:Remittance payments to the Treasury 1225:supervises national banks, and the 893:To respond to local liquidity needs 815:. Other purposes are stated in the 56: 13716:Fraudulent Advertising Act of 1916 13607:Emergency Internal Revenue Tax Act 13135: 12612:Federal Reserve Board of Governors 12465:Counterfeit United States currency 12122:United States currency and coinage 11598:Bank for International Settlements 10753:Subprime mortgage crisis responses 10279: 10131:The Secrets of the Federal Reserve 9111:. November 7, 2005. Archived from 8967:White, Lawrence H. (August 2005). 8904:. Federalreserve.gov. May 10, 2010 8609:Flaherty, Edward (June 16, 1997). 8434: 7959:. Newyorkfed.org. February 3, 2009 7779:. Federal Reserve. October 6, 2008 7619:. Federalreserve.gov. May 10, 2010 7031:. Federal Reserve Bank of Richmond 6581:Chan, Sewell (February 10, 2011). 6564:"Fed inflation hawk Warsh resigns" 6404:(Report). May 2006. Archived from 5837:Bernanke, Ben (October 24, 2003). 5332:. January 25, 2012. Archived from 5010:United States Consumer Price Index 4622:Federal Reserve Notes Outstanding 3677:United States Consumer Price Index 3431:Federal Reserve Reform Act of 1977 2516: 2265:, former president and CEO of the 1764:Federal Reserve Board of Governors 1290:and has regular meetings with the 1269:banking supervision and regulation 1184:House Financial Services Committee 1140: 99:Flag of the Federal Reserve System 87:Seal of the Federal Reserve System 57: 17063: 15153:Director of National Intelligence 13772:Wildlife Game Refuges Act of 1916 13727:National Park Service Organic Act 13625:Glacier National Park Act of 1914 13424:Migratory Bird Treaty Act of 1918 13172:President of Princeton University 12684:Interest Rate Control Act of 1966 11725:International Finance Corporation 11582: 11287:East Rutherford Operations Center 10818:Commercial Paper Funding Facility 10771:Commercial Paper Funding Facility 10313: 9388:Derby, Michael (March 26, 2024). 9255:Svensson, Lars E.O. (Fall 2003). 7874:. Federal Reserve. March 11, 2008 7122:Chittum, Ryan (August 25, 2009). 7050:Reddy, Sudeep (August 31, 2009). 6916:American Political Science Review 6820:"Federal Reserve Bank Presidents" 6633:Lowrey, Annie (January 6, 2014). 6288:Federal Reserve Bank of Cleveland 6095:"Instruments of the Money Market" 5584:. August 24, 2011. Archived from 4397:Deferred availability cash items 3489:Measurement of economic variables 3436:International Banking Act of 1978 3382:Federal Reserve era, 1913–present 3046:Commercial Paper Funding Facility 3040:Commercial Paper Funding Facility 2782:Discount window and discount rate 2736:United States Treasury securities 2473: 2465:United States Treasury Department 2449:Plaque marking a bank as a member 2164:In late December 2011, President 1372:independent within the government 1096:. The U.S. Treasury, through its 875:moderate long-term interest rates 868:stable prices, interpreted as an 275:Interest paid on excess reserves? 15309:Government Accountability Office 14297: 14296: 13818:Acadia National Park Act of 1919 13089: 13079: 13070: 13069: 12819:Electronic Fund Transfer (Reg E) 12809:Home Mortgage Disclosure (Reg C) 12804:Equal Credit Opportunity (Reg B) 12209:Bureau of Engraving and Printing 12076: 12075: 11295: 11155:Criticism of the Federal Reserve 10729:Expedited Funds Availability Act 10445: 9593:Lamb, Brian (October 28, 1994). 9552: 9527: 9487: 9460: 9438: 9426:. Federal Reserve Board: 245–246 9408: 9381: 9356: 9337: 9289: 9261:Journal of Economic Perspectives 9248: 9232: 9206: 9180: 9082: 9057: 9045: 9004: 8991: 8960: 8916: 8894: 8872: 8860: 8823: 8805: 8724: 8702: 8659: 8523: 8497:Johnson, Roger (December 1999). 8455: 8419: 8397: 8371: 8339:. Federal reserve education.org. 8337:"History of the Federal Reserve" 8321: 8302: 8284: 8262: 8237: 8212: 8187: 8139: 8123:Robb, Greg (December 12, 2007). 8087: 8053: 8035: 8007: 7971: 7930:Lanman, Scott (March 20, 2008). 7923: 7911:. Newyorkfed.org. March 16, 2008 7901: 7896:. bloomberg.com. March 12, 2008. 7886: 7842: 7769: 7744:Feinman, Joshua N. (June 1993). 7725: 7701: 7679: 7653: 7631: 7609: 7587: 7565: 7553: 7528: 7493: 7484: 7393:"Monetary Policy Implementation" 7185:Torres, Craig (March 31, 2011). 6982:"Section 7 Division of Earnings" 6844:. Law.cornell.edu. June 22, 2010 6617:"Stein sworn in as Fed governor" 6353:Van Loo, Rory (August 1, 2018). 6248:. Law.cornell.edu. June 22, 2010 5859:The Great Contraction, 1929–1933 5095:"Open Market Operations Archive" 5015:United States Bullion Depository 4888: 4874: 4860: 4846: 4739:Criticism of the Federal Reserve 3872: 3600:M2 + all other CDs, deposits of 3425:Bank Holding Company Act of 1956 3318:signed the bill later that day. 3238:Second Bank of the United States 3199:Second Bank of the United States 3115:Second Bank of the United States 3059: 2964:Term securities lending facility 2885:Term Securities Lending Facility 2123: 2083: 2048: 2008: 1989:(as Vice Chair for Supervision) 1983:(as Vice Chair for Supervision) 1951: 1894: 1827: 1197:Government Accountability Office 1111: 1102:Bureau of Engraving and Printing 636: 105: 93: 81: 59:Central banking system of the US 14002:1916 U.S. presidential election 13992:1912 U.S. presidential election 13918:Summer White House (Harlakenden 13372:Committee on Public Information 13333:Army Appropriations Act of 1916 13262:State of the Union Address 1913 12868:Community Reinvestment (Reg BB) 11845:Bank of the Republic (Colombia) 10623:U.S. Treasury Department Accord 9634: 9133:. University of Chicago Press. 8950:www.federalreserveeducation.org 8846:"Congressional Record – Senate" 8639:Whithouse, Michael (May 1989). 7458: 7433: 7407: 7293: 7267: 7242: 7154: 7141: 7115: 7093: 7043: 7002: 6974: 6925: 6908: 6834: 6760: 6734: 6717: 6700: 6681: 6659: 6626: 6609: 6592: 6575: 6556: 6543: 6524: 6511: 6493: 6385: 6369: 6346: 6331:"Is The Fed Public Or Private?" 6272: 6260: 6238: 6215: 6203: 6171: 6141: 6119: 6071: 6053: 6028: 5949:. Dallasfed.org. Archived from 5892: 5880: 5764: 5738: 5712: 5686: 5629: 5570: 5544: 5526: 5502:Toma, Mark (February 1, 2010). 5495: 5478:"Is the Fed Private or Public?" 5469: 5398: 5377: 5318: 5303: 5274: 4636:Less: Notes held by F.R. Banks 4591:Federal agency debt securities 4358:U.S. Treasury, general account 4215:Items in process of collection 3861:. As a result, the nearly $ 100 3528: 3215:First Bank of the United States 3191:First Bank of the United States 3097:First Bank of the United States 2832:Quantitative Easing (QE) policy 2550:monetary transmission mechanism 2453: 1133:. Private banks maintain their 1051: 1030: 777:monetary transmission mechanism 579:Electronic funds transfer (EFT) 16952:Separation of church and state 15168:National Reconnaissance Office 15111:President of the United States 13913:Princeton University president 13908:Boyhood home in South Carolina 13152:President of the United States 12607:Federal Housing Finance Agency 12531:Promotional fake denominations 12475:National Numismatic Collection 12415:Black Eagle Silver Certificate 12275:America the Beautiful (silver) 11629:Contractionary monetary policy 10825:Corner Post v. Federal Reserve 10777:Primary Dealer Credit Facility 9975:10.1080/00213624.1996.11505838 9698:Congressional Research Service 9690:Congressional Research Service 9156:The Inflation-Targeting Debate 9130:The Inflation-Targeting Debate 8831:"Congressional Record – House" 8045:. Bloomberg. January 4, 2008. 7275:"Interest on Reserve Balances" 6780:"Fed Appointments - IGM Forum" 6589:. Retrieved December 27, 2011. 6572:. Retrieved December 27, 2011. 6490:. Retrieved December 27, 2011. 6401:Federal Reserve Bank of Dallas 5408: 5177: 4743:Causes of the Great Depression 4305:Reverse repurchase agreements 4090:Federal Agency Debt Securities 3388:History of the Federal Reserve 2997:Primary dealer credit facility 2893:Primary Dealer Credit Facility 2208:administrations respectively. 1774:president of the United States 1647:https://www.minneapolisfed.org 1475:http://www.philadelphiafed.org 1288:President of the United States 1161:president of the United States 996:Because some banks refused to 64:South Wales Miners' Federation 13: 1: 14201:(daughter, acting first lady) 14145:Backstairs at the White House 14063:Woodrow Wilson Junior College 13823:Grand Canyon Park Act of 1919 13630:Legislative Reference Service 13591:Clayton Antitrust Act of 1914 13414:Selective Service Act of 1917 13397:Armistice of 11 November 1918 11987:Oesterreichische Nationalbank 10414:Federal Open Market Committee 10290:. New York: Alfred A. Knopf. 9818: 8551:Herrick, Myron (March 1908). 6598:Robb, Greg (March 28, 2012). 6530:Robb, Greg (April 29, 2010). 5672:Who Owns the Federal Reserve? 5027: 4868:Business and economics portal 3826:The Federal Reserve has been 3050:Troubled Asset Relief Program 2503:financial crisis of 2007–2008 2296:Federal Open Market Committee 2290:Federal Open Market Committee 1254:Home Mortgage Disclosure Acts 1137:in federal reserve accounts. 1066:Obverse of a Federal Reserve 799:for its approach to managing 771:, which generally influences 765:Federal Open Market Committee 332:Federal Open Market Committee 15314:Government Publishing Office 14782:Technological and industrial 13745:Rural Post Roads Act of 1916 13681:Federal Aid Road Act of 1916 13042:Banking in the United States 12713:Electronic Fund Transfer Act 12703:Home Mortgage Disclosure Act 11855:Central Reserve Bank of Peru 11634:Expansionary monetary policy 10784:Bloomberg v. Federal Reserve 10683:Electronic Fund Transfer Act 10665:Home Mortgage Disclosure Act 10659:Equal Credit Opportunity Act 10547:National Monetary Commission 9881:Chandler, Lester V. (1971). 9829:. Cornell University Press. 7029:"Federal Reserve Membership" 4785: 3 month Treasury Bond 4773: 10 Year Treasury Bond 4732: 4238:Central bank liquidity swaps 3881:Federal reserve assets held 3721:Council of Economic Advisers 3304:National Monetary Commission 2877:United States housing bubble 2839:United States housing bubble 2710:Interest on reserve balances 2204:experience in the Obama and 2200:. Both candidates also have 1677:http://www.kansascityfed.org 1351: 1284:Council of Economic Advisers 1046:American International Group 7: 16786:Women's reproductive health 15752:Federally recognized tribes 15615:Public utilities commission 15519:Public Health Service Corps 15422:Code of Federal Regulations 15304:Congressional Budget Office 15158:Central Intelligence Agency 15064:Water supply and sanitation 14491:Declaration of Independence 13955:When a Man Comes to Himself 13871:Mineral Leasing Act of 1920 13866:Merchant Marine Act of 1920 13756:Stock-Raising Homestead Act 13440:Wartime Measure Act of 1918 13338:Council of National Defense 12899:Federal savings association 12728:Depository Institutions Act 12063:Reserve Bank of New Zealand 11700:International Monetary Fund 10257:Ohio State University Press 10240:Journal of Economic History 9902:Journal of Economic History 9797:1997 Asian financial crisis 9795:'s chairmanship during the 9599:. Milton Friedman. C-SPAN. 9585:Grace Wyler (May 8, 2012). 6606:. Retrieved March 28, 2012. 6540:. Retrieved April 29, 2010. 5582:US Dept of Treasury website 5414:"Federal Reserve Districts" 5017:‍—‌known as Fort Knox 4839: 4779: 2 Year Treasury Bond 4555:Securities lent to dealers 4105:Mortgage-Backed Securities 3731:Low (as opposed to zero or 3717:Congressional Budget Office 3254:Independent Treasury System 3135:Independent Treasury System 2946:Foreign exchange swap lines 2541:Federal Reserve Act of 1913 1503:http://www.clevelandfed.org 528:National Credit Union Share 431:Federal savings association 10: 17068: 15964:Red states and blue states 15869:City commission government 15864:Council–manager government 13676:Cotton Futures Act of 1916 13671:Brush Disposal Act of 1916 13596:Cotton Futures Act of 1914 13509:Federal racial segregation 12708:Community Reinvestment Act 12592:Farm Credit Administration 12367:Discontinued denominations 11972:Central Bank of Luxembourg 11293: 10980:Vice Chair for Supervision 10677:Federal Reserve Reform Act 10671:Community Reinvestment Act 10208:W. W. Norton & Company 10164:Ludwig von Mises Institute 10041:Journal of Economic Issues 9991:Princeton University Press 9963:Journal of Economic Issues 9944:Princeton University Press 9825:Broz, J. Lawrence (1997). 9711:Princeton University Press 9651:Princeton University Press 9274:10.1257/089533003772034934 8569:10.1177/000271620803100203 7128:Columbia Journalism Review 6343:. Retrieved June 29, 2012. 5864:Princeton University Press 4829:Bank Holiday in March 1933 4736: 3850:. In 2022 the Fed started 3848:2007–2008 financial crisis 3840:mortgage-backed securities 3779:Bureau of Labor Statistics 3758: 3664: 3556:The total of all physical 3532: 3427:and the amendments of 1970 3385: 3325: 3279: 3180:American Revolutionary War 3171: 3149: 3129: 3109: 3091: 3055: 2919: 2785: 2763: 2754:2007–2008 financial crisis 2727: 2676: 2527:Fractional-reserve banking 2520: 2328: 2314: 2293: 1761: 1565:http://www.atlantafed.org/ 1531:http://www.richmondfed.org 1527:Charlotte, North Carolina 1355: 1273:consumer credit protection 1242:consumer credit protection 1115: 1086:U.S. government securities 1055: 966:fractional-reserve banking 959:Fractional-reserve banking 952: 830:To address the problem of 806: 202:Vice Chair for Supervision 61: 17037:Banks established in 1913 16973: 16799: 16672: 16604: 16257: 16253: 16244: 16192: 16057: 16048: 15944: 15915: 15892: 15831: 15798: 15789: 15732: 15720:Comparison of governments 15695: 15658: 15635: 15551: 15531: 15462: 15400: 15322: 15245: 15103: 15094: 15090: 15081: 14803: 14794: 14739: 14699:Post-Cold War (1991–2008) 14540:drafting and ratification 14513:Articles of Confederation 14426: 14360: 14351: 14276: 14250: 14179: 14118: 14034:Woodrow Wilson Foundation 14010: 13972: 13941: 13883: 13834:Wheat Price Guarantee Act 13777:Flood Control Act of 1917 13647:Locomotive Inspection Act 13499: 13300: 13255:Woman Suffrage Procession 13182: 13143: 13065: 13034: 13003: 12917: 12886: 12878:Truth in Savings (Reg DD) 12832:Loans to Insiders (Reg O) 12789: 12698:Fair Credit Reporting Act 12635: 12579: 12402: 12366: 12318: 12265: 12222: 12127: 12071: 12058:Reserve Bank of Australia 12050: 11997:National Bank of Slovakia 11894: 11863: 11835:Central Bank of Argentina 11822: 11740: 11688: 11647: 11616: 11608:Financial Stability Board 11590: 11516: 11487: 11458: 11439: 11410: 11391: 11352: 11328: 11304: 11268: 11245: 11142: 11009: 10944: 10835: 10695:International Banking Act 10525: 10480: 10454: 10443: 10437:Federal Reserve Bank Note 10422: 10389: 10275:. Greenwood Press (1999). 10134:, 1952. John McLaughlin. 9914:10.1017/S0022050700033040 9639: 9127:Bernanke, Ben S. (2005). 8467:. Ayer Publishing. 1978. 5457:. Federal Reserve website 4940:Financial risk management 4675:Gold certificate account 4616: 4580:U.S. Treasury securities 4522:U.S. Treasury Securities 4501:(off-balance-sheet items) 4498: 4446: 4288: 4047:Notes and Bonds, nominal 4003:Securities Held Outright 3950: 3784: 3703:Inflation and the economy 3681:U.S. Producer Price Index 3322:Federal Reserve Act, 1913 3158: 3062: 2806:marginal lending facility 2694:largely by targeting the 2488:Cost Accounting Standards 1974: 1957: 1950: 1917: 1900: 1893: 1850: 1833: 1826: 1621:http://www.stlouisfed.org 1591:http://www.chicagofed.org 1499:Pittsburgh, Pennsylvania 1449:http://www.newyorkfed.org 1423:https://www.bostonfed.org 1396: 1376:independent of government 1292:Secretary of the Treasury 521:Federal Deposit Insurance 356: 340: 324: 314: 309: 304: 283: 273: 265: 257: 247: 237: 221: 212:Central bank of 211: 167: 157: 139: 124: 104: 92: 80: 16739:Prescription drug prices 15859:Mayor–council government 15849:Coterminous municipality 15839:Consolidated city-county 15605:Agriculture commissioner 15255:House of Representatives 15163:National Security Agency 14813:Contiguous United States 14189:(wife, 1885–1914, death) 13949:Congressional Government 13859:Federal Power Commission 13618:Federal Trade Commission 13451:Racial Equality Proposal 13429:National War Labor Board 12858:Truth in Lending (Reg Z) 12829:Consumer Leasing (Reg M) 12680:Bank Holding Company Act 12675:Federal Credit Union Act 12645:Independent Treasury Act 12305:American Palladium Eagle 12037:National Bank of Romania 11907:National Bank of Belgium 10629:Bank Holding Company Act 10286:Smialek, Jeanna (2023). 10159:The Case Against the Fed 9738:. Simon & Schuster. 9016:August 11, 2014, at the 7754:Federal Reserve Bulletin 7441:"Open Market Operations" 5534:"Federal Reserve System" 5504:"Federal Reserve System" 5285:Patrick, Sue C. (1993). 4835:across the United States 4831:when there were massive 4757:30 year mortgage average 4018:U.S. Treasury Securities 3903:Mortgage-backed security 2873:subprime mortgage crisis 2613: 2317:Federal Advisory Council 2311:Federal Advisory Council 2176:finance professor and a 1713:http://www.dallasfed.org 1333:automated clearing house 1314:National payments system 1261:congressional committees 1250:Equal Credit Opportunity 1124:Federal Reserve Deposits 686:(often shortened to the 643:United States portal 367:This article is part of 68:The Fed (disambiguation) 39:latest accepted revision 16824:Criticism of government 16169:Social welfare programs 15762:State-recognized tribes 14747:Outline of U.S. history 14459:Continental Association 14268:Woodrow Wilson and race 14089:Woodrow Wilson Monument 13903:Boyhood home in Georgia 13808:War Revenue Act of 1917 13703:Federal Farm Loan Board 13636:Smith–Lever Act of 1914 13558:Rivers and Harbors Acts 13419:Immigration Act of 1918 13409:Immigration Act of 1917 13345:Philippine Autonomy Act 13026:Thrift Financial Report 12440:Continental dollar coin 12310:American Liberty (gold) 12300:American Platinum Eagle 12290:American Buffalo (gold) 12032:National Bank of Poland 12027:Hungarian National Bank 12012:Bulgarian National Bank 11952:Central Bank of Ireland 10147:Business History Review 9987:Wilson: The New Freedom 9934:Schwartz, Anna Jacobson 9846:Business History Review 9589:. Business Insider Inc. 8537:The Wall Street Journal 8095:"Unclogging the system" 7372:research.stlouisfed.org 7339:research.stlouisfed.org 7056:The Wall Street Journal 5900:"Lender of last resort" 4980:Inflation Reduction Act 4925:Federal Home Loan Banks 4905:Consumer leverage ratio 4075:Inflation Compensation 3852:quantitative tightening 3590:certificates of deposit 3364:John D. Rockefeller Jr. 3154:Federal Reserve System 2804:is referred to as the " 1735:Los Angeles, California 1671:Oklahoma City, Oklahoma 1561:New Orleans, Louisiana 1331:(the Federal Reserve's 921: Unemployment rate 739:depository institutions 17022:Federal Reserve System 16886:Environmental movement 16729:Health insurance costs 16624:Educational attainment 16149:Federal Reserve System 16107:Science and technology 15610:Insurance commissioner 15148:Intelligence Community 14843:minor outlying islands 14606:Civil rights movement 13896:papers and manuscripts 13641:War Risk Insurance Act 13445:Paris Peace Conference 13240:1919 Nobel Peace Prize 13223:Supreme Court nominees 13163:Governor of New Jersey 12756:Gramm–Leach–Bliley Act 12460:Canceled denominations 12455:Obsolete denominations 12140:Federal Reserve System 11917:Central Bank of Cyprus 11912:Croatian National Bank 11886:Central Bank of Turkey 10747:Gramm–Leach–Bliley Act 10618:Employment Act of 1946 10383:Federal Reserve System 10338:Federal Reserve System 10271:Wueschner, Silvano A. 9686:from the St. Louis Fed 9539:www.federalreserve.gov 9031:"Discontinuance of M3" 8817:www.minneapolisfed.org 8352:. 1999. Archived from 8027:on December 10, 2022. 7803:Federal Reserve System 7689:. NPR. August 26, 2010 7445:www.federalreserve.gov 7305:www.federalreserve.gov 7228:www.federalreserve.gov 6871:June 14, 2007, at the 6336:June 30, 2014, at the 6062:"2021 Currency Budget" 5641:www.federalreserve.gov 5124:Federal Reserve System 5099:Federal Reserve System 5074:Federal Reserve System 5049:Federal Reserve System 5045:"Reserve Requirements" 4930:Federal Reserve Police 4836: 4809: 4138:Repurchase Agreements 3922: 3914: 3906: 3832:United States Treasury 3823: 3811: 3774: 3685:gross domestic product 3657: 3618: 3518: 3463:Gramm–Leach–Bliley Act 3415:Employment Act of 1946 3337: 3086:Confederation Congress 2906: 2730:Open market operations 2724:Open market operations 2687: 2652:Open market operations 2598:, which again affects 2587: 2450: 2443: 2423:Lewis v. United States 2349: 2341: 2302:open market operations 2274:University of Michigan 1801: 1367: 1311: 1296: 1214:bank holding companies 1191: 1156: 1071: 1011: 945: 684:Federal Reserve System 506:Certificate of deposit 143:December 23, 1913 76:Federal Reserve System 66:. For other uses, see 18:Federal Reserve System 16712:Immigrant health care 16227:Transportation safety 16222:Transportation policy 16212:Public transportation 15282:President pro tempore 15138:Executive departments 14907:National Park Service 14562:Territorial evolution 14282:← William Howard Taft 14223:Joseph Ruggles Wilson 14211:Eleanor Wilson McAdoo 14095:Woodrow Wilson Bridge 14029:Woodrow Wilson Awards 13767:Warehouse Act of 1916 13733:National Park Service 13692:Federal Farm Loan Act 13659:Occupancy Permits Act 13404:Espionage Act of 1917 13315:Bryan–Chamorro Treaty 13218:Judicial appointments 12887:Types of bank charter 12435:Continental banknotes 12280:American Silver Eagle 12022:Danmarks Nationalbank 11982:De Nederlandsche Bank 11977:Central Bank of Malta 11902:European Central Bank 11748:List of central banks 11680:Sovereign wealth fund 11675:Open market operation 11249:Federal Reserve Banks 11239:Federal Reserve Banks 11175:Lender of last resort 10851:William P. G. Harding 10653:Smithsonian Agreement 10583:Emergency Banking Act 10409:Federal Reserve Banks 10046:(June 1983): 353–360. 9736:Secrets of the Temple 9377:on December 10, 2022. 8407:. Avalon.law.yale.edu 8330:"Our banking history" 8280:on December 16, 2008. 6901:May 15, 2010, at the 6882:May 17, 2010, at the 6706:Appelbaum, Binyamin, 6507:on December 21, 2011. 6067:. federalreserve.gov. 5772:"Federal Reserve Act" 5021:List of central banks 4822: 4766:30 Year Treasury Bond 4750: 4717:Other assets pledged 4609:Federal Reserve Notes 3920: 3912: 3880: 3817: 3805: 3772: 3759:Further information: 3709:mainstream economists 3665:Further information: 3628: 3617: 3606:repurchase agreements 3592:of under $ 100,000). 3586:money market accounts 3533:Further information: 3516: 3335: 3084:(de facto, under the 3082:Bank of North America 2987:European Central Bank 2979:European Central Bank 2950:European Central Bank 2937:European Central Bank 2922:Term auction facility 2920:Further information: 2916:Term auction facility 2901: 2881:Term auction facility 2819:Term Deposit facility 2802:European Central Bank 2786:Further information: 2772:repurchase agreements 2764:Further information: 2760:Repurchase agreements 2728:Further information: 2686: 2677:Further information: 2582: 2521:Further information: 2493:On November 7, 2008, 2486:(GAAP) or government 2448: 2439: 2347: 2338: 2325:Federal Reserve Banks 1799: 1776:and confirmed by the 1613:Little Rock, Arkansas 1555:Jacksonville, Florida 1394:Federal Reserve Bank 1365: 1346:Fedwire Funds Service 1306: 1279:, and other matters. 1209: 1178: 1163:and confirmed by the 1151: 1131:federal reserve notes 1065: 1056:Further information: 1020:lender of last resort 1014:Lender of last resort 1006: 992:Check clearing system 974:lender of last resort 953:Further information: 905: 860:market interest rates 840:for the United States 773:market interest rates 758:Federal Reserve Banks 718:in the 1930s and the 530:Insurance Fund (NCUA) 16881:Environmental issues 16546:Political ideologies 16445:Indigenous languages 15645:List of legislatures 15442:separation of powers 15143:Independent agencies 15069:World Heritage Sites 14704:September 11 attacks 14627:Spanish–American War 14567:Mexican–American War 14523:Confederation period 14454:Continental Congress 14193:Edith Bolling Wilson 14045:The Wilson Quarterly 13928:Woodrow Wilson House 13846:Railroad Labor Board 13464:Treaty of Versailles 13435:Sedition Act of 1918 13047:Fair debt collection 13021:CAMELS rating system 12746:Truth in Savings Act 12723:Monetary Control Act 12688:Truth in Lending Act 12516:Replacement banknote 12410:Bicentennial coinage 12145:Federal Reserve Note 10857:Daniel R. Crissinger 10741:FDIC Improvement Act 10641:Truth in Lending Act 10612:Bretton Woods system 10541:Aldrich–Vreeland Act 10432:Federal Reserve Note 10242:(1966) 26: 223–238. 10231:West, Robert Craig. 10128:Mullins, Eustace C. 9885:. Harper & Row. 9705:Conti-Brown, Peter. 9673:on January 11, 2014. 9218:www.businesswire.com 8801:on January 10, 2022. 8511:on December 25, 2010 8443:on February 27, 2010 8359:on December 25, 2010 8298:on October 15, 2015. 6426:"FRB: Board Members" 6155:on February 17, 2010 5953:on December 22, 2007 5578:"Coins and Currency" 5508:EH. Net Encyclopedia 5261:Smithsonian Magazine 4975:Independent Treasury 4896:United States portal 3749:monetary authorities 3300:Aldrich–Vreeland Act 3258:National Banking Act 2851:Reserve requirements 2846:Expired policy tools 2766:Repurchase agreement 2717:market interest rate 2331:Federal Reserve Bank 2278:Kathryn M. Dominguez 1745:http://www.frbsf.org 1741:Seattle, Washington 1739:Salt Lake City, Utah 1615:Louisville, Kentucky 1559:Nashville, Tennessee 942:Inverted yield curve 915:Inverted yield curve 884:in financial markets 706:, after a series of 545:Payment and transfer 426:Federal savings bank 266:Interest on reserves 258:Interest rate target 238:Reserve requirements 226:United States dollar 145: (110 years ago) 16724:Health care finance 16217:Rail transportation 15983:Imperial presidency 15705:State constitutions 15650:List of legislators 15600:Auditor/Comptroller 15573:Lieutenant governor 15299:Library of Congress 15190:Diplomatic Security 14833:Indian reservations 14496:American Revolution 14289:Warren G. Harding → 14237:(cousin, secretary) 14235:Helen Woodrow Bones 14205:Jessie Wilson Sayre 14137:Profiles in Courage 14105:U.S. Postage stamps 13813:Revenue Act of 1918 13740:Revenue Act of 1916 13546:Revenue Act of 1913 13514:Federal Reserve Act 13321:Occupation of Haiti 12655:Federal Reserve Act 12580:Federal authorities 12505:Novus ordo seclorum 12450:Large denominations 12320:Current paper money 12295:First Spouse (gold) 12285:American Gold Eagle 12017:Czech National Bank 11922:Deutsche Bundesbank 11624:Capital requirement 10607:Banking Act of 1935 10553:Federal Reserve Act 10149:(1998) 72: 585–603. 9997:Livingston, James. 9993:. pp. 199–240. 9805:financial aftermath 9564:fred.stlouisfed.org 9473:On The Economy Blog 8956:on January 5, 2010. 8743:. December 24, 1913 8153:. November 24, 2015 8101:. December 13, 2007 8067:. December 13, 2007 7579:on October 7, 2010. 7016:on October 26, 2010 6987:Federal Reserve Act 6959:Federal Reserve Act 6938:Federal Reserve Act 6748:. February 10, 2017 6729:Wall Street Journal 6359:Faculty Scholarship 6312:on December 8, 2015 5910:on January 25, 2010 5588:on December 3, 2010 5420:on February 8, 2012 5336:on January 26, 2012 3931:Federal Reserve Act 3844:quantitative easing 3836:U.S. Treasury bonds 3697:inflation targeting 3655:increases Year/Year 3410:Banking Act of 1935 3398:Federal Reserve Act 3328:Federal Reserve Act 3312:Federal Reserve Act 2991:Swiss National Bank 2983:Swiss National Bank 2954:Swiss National Bank 2941:Swiss National Bank 2889:treasury securities 2857:reserve requirement 2600:private consumption 2202:Treasury Department 1617:Memphis, Tennessee 1553:Birmingham, Alabama 1525:Baltimore, Maryland 1380:Federal Reserve Act 1074:In its role as the 817:Federal Reserve Act 704:Federal Reserve Act 348:Federal Reserve Act 77: 29:Page version status 16834:affirmative action 16807:Capital punishment 16766:Poverty and health 16761:Physician shortage 16734:Health care prices 16664:Standard of living 16347:standard of living 16154:Financial position 15781:Hawaiian home land 15769:Indian reservation 15742:Tribal sovereignty 15585:Secretary of state 15454:United States Code 15370:Territorial courts 15342:Associate Justices 15227:Inspector generals 14714:War in Afghanistan 14577:Reconstruction era 14444:Stamp Act Congress 14187:Ellen Axson Wilson 14156:(2002 documentary) 13698:Farm Credit System 13601:Cutter Service Act 13551:Federal income tax 13527:Newlands Labor Act 12670:Glass–Steagall Act 12430:Confederate dollar 12214:Mutilated currency 11010:Current presidents 10991:Christopher Waller 10881:Marriner S. Eccles 10595:Glass–Steagall Act 10505:Federal funds rate 10191:Steindl, Frank G. 9773:Meyer, Laurence H. 9612:Bundled references 8973:Econ Journal Watch 8740:The New York Times 8385:on October 4, 2016 7514:10.3886/ICPSR01278 6712:The New York Times 6687:Goldstein, Steve, 6641:The New York Times 6587:The New York Times 5993:The New York Times 5700:. January 27, 2015 5617:. January 11, 2016 5443:on April 13, 2015. 5407:, pp. v (See 5330:Federalreserve.gov 4985:Legal Tender Cases 4915:Farm Credit System 4882:Numismatics portal 4837: 4810: 4715: 4701: 4687: 4673: 4648: 4634: 4567: 4520: 4430:Total liabilities 4384: 4370: 4356: 4342: 4328: 4001: 3935:board of governors 3923: 3915: 3907: 3886: Other assets 3824: 3812: 3775: 3658: 3619: 3519: 3404:Glass–Steagall Act 3338: 3223:Alexander Hamilton 2747:federal funds rate 2696:federal funds rate 2688: 2679:Federal funds rate 2673:Federal funds rate 2562:federal funds rate 2511:U.S. Supreme Court 2451: 2350: 2342: 2229:Sarah Bloom Raskin 2174:Harvard University 2147:September 13, 2023 2059:Christopher Waller 1924:September 13, 2023 1802: 1758:Board of governors 1708:San Antonio, Texas 1587:Detroit, Michigan 1403:Current president 1368: 1192: 1098:Bureau of the Mint 1072: 946: 940:minus 2 year bond 865:maximum employment 797:criticized by some 769:federal funds rate 754:board of governors 710:(particularly the 523:Corporation (FDIC) 162:Board of Governors 75: 35: 17009: 17008: 16969: 16968: 16965: 16964: 16935:National security 16644:Income inequality 16524:Statue of Liberty 16327:income inequality 16240: 16239: 16232:Trucking industry 16044: 16043: 16040: 16039: 15971:Foreign relations 15959:Electoral College 15940: 15939: 15728: 15727: 15680:District attorney 15527: 15526: 15354:Courts of appeals 15077: 15076: 14790: 14789: 14731:COVID-19 pandemic 14684:Feminist Movement 14530:American frontier 14449:Thirteen Colonies 14310: 14309: 14217:Francis Sayre Jr. 14195:(wife, 1915–1924) 14148:(1979 miniseries) 13879: 13878: 13853:Federal Power Act 13490:Wilsonian Armenia 13477:League of Nations 13208:1917 inauguration 13203:1913 inauguration 13103: 13102: 12918:State authorities 12793:Board regulations 12751:Riegle-Neal IBBEA 12650:National Bank Act 12539: 12538: 12252:Half dollar (50¢) 12089: 12088: 12042:Sveriges Riksbank 11992:Banco de Portugal 11967:Bank of Lithuania 11781: 11780: 11550: 11549: 11263:have no branches. 11205: 11204: 11049:Loretta J. Mester 11039:Patrick T. Harker 10905:G. William Miller 10893:William M. Martin 10845:Charles S. Hamlin 10224:Wells, Donald R. 10119:978-0-226-51994-4 10106:Meltzer, Allan H. 10097:978-0-226-52001-8 10084:Meltzer, Allan H. 10077:978-0-226-52000-1 10066:978-0-226-51999-9 10051:Meltzer, Allan H. 10006:Lowenstein, Roger 9801:stock market boom 9566:. August 22, 2024 9515:. Federal Reserve 9220:. January 8, 2018 9140:978-0-226-04471-2 8474:978-0-405-11212-6 8274:finance.yahoo.com 8127:. Marketwatch.com 7667:. January 5, 2022 7421:on April 13, 2001 7173:on March 15, 2012 7147:Docket entry 31, 6294:on March 15, 2013 6107:on March 25, 2009 5873:978-0-691-13794-0 5296:978-0-8153-0970-3 4727: 4726: 4605: 4604: 4601: 4600: 4544:Other securities 4502: 4450: 4440: 4439: 4372:Foreign official 4282: 4281: 3927:balance statement 3755:Unemployment rate 3612: 3611: 3503:Lawrence H. White 3219:George Washington 3203:President Jackson 3195:President Madison 3165: 3164: 2670: 2669: 2556:Interbank lending 2206:George H. W. Bush 2194:The Carlyle Group 2157: 2156: 2072:December 18, 2020 2032:November 26, 2018 1972:for Supervision) 1930:September 7, 2027 1813:Current governor 1755: 1754: 1480:Patrick T. Harker 1277:financial markets 680: 679: 625: 624: 536: 535: 514:Account insurance 384: 360: 359: 47:19 September 2024 26: 16:(Redirected from 17059: 16989: 16982: 16869:African American 16751:Health insurance 16639:Household income 16509:National symbols 16440:American English 16413:Federal holidays 16322:household income 16255: 16254: 16251: 16250: 16055: 16054: 15993:Anti-Americanism 15917:Special district 15844:Independent city 15813:County executive 15796: 15795: 15590:Attorney general 15549: 15548: 15538:Federal District 15121:Executive Office 15101: 15100: 15092: 15091: 15088: 15087: 14848:populated places 14828:federal enclaves 14823:federal district 14801: 14800: 14664:American Century 14647:Great Depression 14642:Roaring Twenties 14602:Women's suffrage 14481:Halifax Resolves 14474:Founding Fathers 14469:military history 14434:Pre-colonial era 14358: 14357: 14337: 14330: 14323: 14314: 14313: 14300: 14299: 13840:Esch–Cummins Act 13782:Smith–Hughes Act 13721:Keating–Owen Act 13298: 13297: 13250:Silent Sentinels 13175: 13166: 13155: 13130: 13123: 13116: 13107: 13106: 13093: 13083: 13073: 13072: 12848: 12791:Federal Reserve 12693:Bank Secrecy Act 12665:1933 Banking Act 12566: 12559: 12552: 12543: 12542: 12420:Brasher Doubloon 12116: 12109: 12102: 12093: 12092: 12079: 12078: 12002:Bank of Slovenia 11942:Banque de France 11808: 11801: 11794: 11785: 11784: 11705:World Bank Group 11577: 11570: 11563: 11554: 11553: 11299: 11298: 11232: 11225: 11218: 11209: 11208: 10966:Philip Jefferson 10887:Thomas B. McCabe 10812:Durbin amendment 10601:Gold Reserve Act 10449: 10448: 10376: 10369: 10362: 10353: 10352: 10342:Federal Register 10333: 10328: 10327: 10325:Official website 10309: 10221: 10177: 10154:Rothbard, Murray 10123: 10101: 10070: 10036: 10027: 9994: 9978: 9957: 9930:Friedman, Milton 9925: 9896: 9877: 9840: 9732:Greider, William 9685: 9674: 9672: 9666:. Archived from 9665: 9628: 9622: 9605: 9604: 9590: 9582: 9576: 9575: 9573: 9571: 9556: 9550: 9549: 9547: 9545: 9531: 9525: 9524: 9522: 9520: 9509: 9507: 9505: 9499: 9491: 9485: 9484: 9482: 9480: 9464: 9458: 9457: 9455: 9453: 9442: 9436: 9435: 9433: 9431: 9421: 9412: 9406: 9405: 9403: 9401: 9385: 9379: 9378: 9376: 9371:. Archived from 9360: 9354: 9353: 9341: 9335: 9334: 9332: 9330: 9319: 9313: 9312: 9310: 9308: 9293: 9287: 9286: 9276: 9252: 9246: 9236: 9230: 9229: 9227: 9225: 9210: 9204: 9203: 9201: 9199: 9188:"Diane C. Swonk" 9184: 9178: 9177: 9167: 9161: 9160: 9151: 9149: 9147: 9124: 9122: 9120: 9115:on July 28, 2011 9109:Businessweek.com 9101: 9099: 9097: 9086: 9080: 9079: 9077: 9075: 9069: 9061: 9055: 9049: 9043: 9042: 9040: 9038: 9027: 9021: 9008: 9002: 8995: 8989: 8988: 8986: 8984: 8964: 8958: 8957: 8952:. Archived from 8942: 8936: 8935: 8933: 8931: 8920: 8914: 8913: 8911: 8909: 8898: 8892: 8891: 8889: 8887: 8876: 8870: 8864: 8858: 8857: 8855: 8853: 8842: 8840: 8838: 8827: 8821: 8820: 8809: 8803: 8802: 8800: 8793: 8785: 8772: 8771: 8764: 8753: 8752: 8750: 8748: 8736: 8728: 8722: 8721: 8719: 8717: 8706: 8700: 8699: 8697: 8695: 8690: 8682: 8680: 8678: 8673:on June 11, 2012 8663: 8657: 8656: 8654: 8652: 8636: 8627: 8626: 8624: 8622: 8617:on July 28, 2012 8606: 8597: 8596: 8548: 8542: 8541: 8527: 8521: 8520: 8518: 8516: 8510: 8503: 8494: 8483: 8482: 8459: 8453: 8452: 8450: 8448: 8432: 8426: 8423: 8417: 8416: 8414: 8412: 8401: 8395: 8394: 8392: 8390: 8375: 8369: 8368: 8366: 8364: 8358: 8347: 8340: 8333: 8325: 8319: 8318: 8306: 8300: 8299: 8294:. Archived from 8288: 8282: 8281: 8276:. Archived from 8266: 8260: 8259: 8257: 8255: 8241: 8235: 8234: 8232: 8230: 8216: 8210: 8209: 8207: 8205: 8191: 8185: 8184: 8182: 8180: 8175:. Newyorkfed.org 8169: 8163: 8162: 8160: 8158: 8143: 8137: 8136: 8134: 8132: 8120: 8111: 8110: 8108: 8106: 8091: 8085: 8084: 8074: 8072: 8057: 8051: 8050: 8039: 8033: 8032: 8026: 8011: 8005: 8004: 7997: 7991: 7990: 7988: 7986: 7975: 7969: 7968: 7966: 7964: 7953: 7944: 7943: 7941: 7939: 7927: 7921: 7920: 7918: 7916: 7905: 7899: 7897: 7890: 7884: 7883: 7881: 7879: 7868: 7862: 7861: 7859: 7857: 7846: 7840: 7839: 7837: 7835: 7824: 7815: 7814: 7812: 7810: 7805:. March 15, 2020 7795: 7789: 7788: 7786: 7784: 7773: 7767: 7766: 7764: 7762: 7750: 7741: 7735: 7729: 7723: 7717: 7711: 7705: 7699: 7698: 7696: 7694: 7683: 7677: 7676: 7674: 7672: 7657: 7651: 7650: 7648: 7646: 7635: 7629: 7628: 7626: 7624: 7613: 7607: 7606: 7604: 7602: 7591: 7585: 7580: 7575:. Archived from 7569: 7563: 7557: 7551: 7550: 7548: 7546: 7532: 7526: 7525: 7497: 7491: 7488: 7482: 7481: 7479: 7477: 7462: 7456: 7455: 7453: 7451: 7437: 7431: 7430: 7428: 7426: 7411: 7405: 7404: 7402: 7400: 7389: 7383: 7382: 7380: 7378: 7363: 7350: 7349: 7347: 7345: 7330: 7317: 7316: 7314: 7312: 7297: 7291: 7290: 7288: 7286: 7281:. August 9, 2023 7271: 7265: 7264: 7262: 7260: 7246: 7240: 7239: 7237: 7235: 7225: 7217: 7202: 7201: 7199: 7197: 7182: 7180: 7178: 7169:. Archived from 7158: 7152: 7145: 7139: 7138: 7136: 7134: 7119: 7113: 7112: 7110: 7108: 7097: 7091: 7090: 7088: 7086: 7076: 7067: 7066: 7064: 7062: 7047: 7041: 7040: 7038: 7036: 7025: 7023: 7021: 7012:. Archived from 7006: 7000: 6999: 6997: 6995: 6978: 6972: 6971: 6969: 6967: 6950: 6948: 6946: 6929: 6923: 6912: 6906: 6905:(9th Cir. 1982). 6893: 6887: 6886:(8th Cir. 2005). 6863: 6854: 6853: 6851: 6849: 6838: 6832: 6831: 6829: 6827: 6816: 6810: 6809: 6807: 6805: 6790: 6784: 6783: 6776: 6770: 6769:, pp. 11–12 6764: 6758: 6757: 6755: 6753: 6738: 6732: 6723:Leubsdorf, Ben, 6721: 6715: 6704: 6698: 6685: 6679: 6678: 6676: 6674: 6663: 6657: 6656: 6654: 6652: 6638: 6630: 6624: 6613: 6607: 6596: 6590: 6579: 6573: 6560: 6554: 6547: 6541: 6528: 6522: 6515: 6509: 6508: 6503:. Archived from 6497: 6491: 6480: 6471: 6461: 6455: 6444: 6438: 6437: 6435: 6433: 6422: 6413: 6412: 6411:on May 23, 2022. 6410: 6397: 6389: 6383: 6373: 6367: 6366: 6350: 6344: 6328: 6322: 6321: 6319: 6317: 6308:. Archived from 6303: 6301: 6299: 6290:. Archived from 6276: 6270: 6269:, pp. 83–85 6264: 6258: 6257: 6255: 6253: 6242: 6236: 6235: 6233: 6231: 6219: 6213: 6207: 6201: 6200: 6198: 6196: 6190: 6183: 6175: 6169: 6168: 6162: 6160: 6151:. Archived from 6145: 6139: 6138: 6136: 6134: 6123: 6117: 6116: 6114: 6112: 6106: 6099: 6090: 6088: 6086: 6075: 6069: 6068: 6066: 6057: 6051: 6050: 6048: 6046: 6032: 6026: 6025: 6023: 6021: 6010: 6004: 6003: 6001: 5999: 5984: 5982: 5980: 5969: 5963: 5962: 5960: 5958: 5943: 5932: 5931: 5919: 5917: 5915: 5906:. Archived from 5896: 5890: 5884: 5878: 5877: 5862:(New ed.). 5849: 5847: 5843:, Dallas, Texas" 5834: 5828: 5827: 5825: 5823: 5808: 5795: 5789: 5780: 5779: 5778:on May 17, 2008. 5768: 5762: 5761: 5759: 5757: 5742: 5736: 5735: 5733: 5731: 5716: 5710: 5709: 5707: 5705: 5690: 5684: 5683: 5681: 5679: 5664: 5653: 5652: 5650: 5648: 5633: 5627: 5626: 5624: 5622: 5607: 5598: 5597: 5595: 5593: 5574: 5568: 5567: 5565: 5563: 5558:. March 31, 2008 5548: 5542: 5541: 5530: 5524: 5523: 5521: 5519: 5499: 5493: 5492: 5490: 5488: 5473: 5467: 5466: 5464: 5462: 5451: 5445: 5444: 5439:. Archived from 5429: 5427: 5425: 5402: 5396: 5395: 5393: 5391: 5381: 5375: 5374: 5372: 5370: 5359: 5350: 5349: 5343: 5341: 5322: 5316: 5307: 5301: 5300: 5278: 5272: 5271: 5269: 5267: 5252: 5241: 5240: 5238: 5236: 5225: 5214: 5213: 5211: 5209: 5204:. US-history.com 5198: 5187: 5181: 5175: 5169: 5158: 5157: 5156:on May 16, 2008. 5146: 5135: 5134: 5132: 5130: 5116: 5110: 5109: 5107: 5105: 5091: 5085: 5084: 5082: 5080: 5066: 5060: 5059: 5057: 5055: 5041: 4898: 4893: 4892: 4891: 4884: 4879: 4878: 4877: 4870: 4865: 4864: 4856: 4851: 4850: 4849: 4805: 4796: 4790: 4784: 4778: 4772: 4763: 4754: 4716: 4702: 4688: 4674: 4649: 4635: 4614: 4568: 4521: 4500: 4455:Capital Paid In 4449:(AKA Net Equity) 4448: 4444: 4385: 4371: 4357: 4343: 4329: 4286: 4104: 4088: 4074: 4060: 4046: 4032: 4016: 4002: 3948: 3944: 3900: 3891: 3885: 3864: 3792: 3650: 3641: 3632: 3582:savings accounts 3542: 3541: 3494:Data) page. The 3292:financial panics 3250:Free Banking Era 3227:Thomas Jefferson 3161: 3125:Free Banking Era 3106:No central bank 3065: 3060: 2910:Great Depression 2624: 2623: 2594:and in currency 2570:interbank market 2566:reserve balances 2153: 2152:January 31, 2026 2148: 2138: 2137: 2136: 2127: 2118: 2117:January 31, 2038 2113:(reappointment) 2112: 2111:February 1, 2024 2108: 2098: 2097: 2096: 2087: 2078: 2077:January 31, 2030 2073: 2063: 2062: 2061: 2052: 2043: 2042:January 31, 2034 2038:(reappointment) 2037: 2036:February 1, 2020 2033: 2023: 2022: 2021: 2012: 2002: 2001:January 31, 2032 1996: 1988: 1982: 1966: 1965: 1964: 1955: 1945: 1944:January 31, 2036 1939: 1932:(as Vice Chair) 1931: 1926:(as Vice Chair) 1925: 1909: 1908: 1907: 1905:Philip Jefferson 1898: 1888: 1887:January 31, 2028 1883:(reappointment) 1882: 1877: 1869: 1864:(reappointment) 1863: 1858: 1857:February 5, 2018 1842: 1841: 1840: 1831: 1807: 1806: 1737:Portland, Oregon 1673:Omaha, Nebraska 1669:Denver, Colorado 1643:Helena, Montana 1626:James B. Bullard 1497:Cincinnati, Ohio 1454:John C. Williams 1428:Susan M. Collins 1385: 1384: 1337:instant payments 1263:on the economy, 1246:Truth in Lending 1025:Free Banking Era 986:Great Depression 935: 927: Inflation 926: 920: 836:To serve as the 821:commercial paper 735:regulating banks 716:Great Depression 708:financial panics 672: 665: 658: 645: 641: 640: 639: 605:Substitute check 580: 549: 548: 485: 484: 480: 479:Deposit accounts 414: 413:Banking charters 387: 382: 374: 371: 362: 361: 300: 295: 292: 290: 186:Philip Jefferson 153: 151: 146: 133:Washington, D.C. 117:Washington, D.C. 109: 97: 85: 78: 74: 21: 17067: 17066: 17062: 17061: 17060: 17058: 17057: 17056: 17012: 17011: 17010: 17005: 16992: 16985: 16978: 16961: 16947:Opioid epidemic 16864:Native American 16844:intersex rights 16795: 16791:Life expectancy 16781:Medical deserts 16771:Race and health 16668: 16654:Personal income 16600: 16504:National anthem 16337:personal income 16302:Economic issues 16236: 16188: 16036: 15936: 15925:School district 15911: 15894:Minor divisions 15888: 15827: 15785: 15724: 15710:Statutory codes 15691: 15654: 15631: 15541: 15536: 15523: 15458: 15415:civil liberties 15396: 15387:Other tribunals 15366:District courts 15318: 15277:current members 15260:current members 15241: 15175:Law enforcement 15073: 14786: 14735: 14726:Great Recession 14597:Progressive Era 14587:Native genocide 14518:Perpetual Union 14506:Treaty of Paris 14464:United Colonies 14422: 14347: 14341: 14311: 14306: 14272: 14258:Progressive Era 14246: 14199:Margaret Wilson 14175: 14120: 14114: 14079:(Austin statue) 14012: 14006: 13968: 13962:The New Freedom 13937: 13875: 13520:Federal Reserve 13495: 13382:Fourteen Points 13377:Four Minute Men 13296: 13186: 13178: 13169: 13158: 13147: 13139: 13134: 13104: 13099: 13085:Business portal 13061: 13057:Wildcat banking 13030: 12999: 12913: 12882: 12846: 12794: 12792: 12785: 12771:Credit CARD Act 12637: 12631: 12575: 12570: 12540: 12535: 12521:Sales tax token 12491:E pluribus unum 12485:In God We Trust 12480:Coin production 12398: 12362: 12314: 12267:Bullion coinage 12261: 12224:Current coinage 12218: 12201:The Dalles Mint 12123: 12120: 12090: 12085: 12067: 12046: 11937:Bank of Finland 11932:Bank of England 11927:Bank of Estonia 11890: 11859: 11830:Federal Reserve 11818: 11812: 11782: 11777: 11736: 11691: 11684: 11655:Capital control 11643: 11612: 11586: 11581: 11551: 11546: 11512: 11483: 11454: 11435: 11406: 11387: 11348: 11324: 11300: 11296: 11291: 11264: 11241: 11236: 11206: 11201: 11138: 11089:Alberto Musalem 11079:Austan Goolsbee 11011: 11005: 10986:Michelle Bowman 10947: 10940: 10899:Arthur F. Burns 10875:Eugene R. Black 10831: 10529: 10521: 10488:Discount window 10476: 10450: 10446: 10441: 10418: 10385: 10380: 10323: 10322: 10316: 10298: 10282: 10280:Further reading 10252:Wicker, Elmus. 10245:Wicker, Elmus. 10218: 10174: 10120: 10098: 10067: 10033:Rule by Secrecy 10024: 9954: 9893: 9858:10.2307/3113365 9837: 9821: 9810:Woodward, Bob. 9720:. Alpha Books. 9670: 9663: 9642: 9637: 9632: 9631: 9625: 9619: 9614: 9609: 9608: 9583: 9579: 9569: 9567: 9558: 9557: 9553: 9543: 9541: 9533: 9532: 9528: 9518: 9516: 9511: 9503: 9501: 9497: 9493: 9492: 9488: 9478: 9476: 9465: 9461: 9451: 9449: 9444: 9443: 9439: 9429: 9427: 9419: 9413: 9409: 9399: 9397: 9386: 9382: 9369:Financial Times 9361: 9357: 9342: 9338: 9328: 9326: 9321: 9320: 9316: 9306: 9304: 9303:on May 28, 2008 9295: 9294: 9290: 9253: 9249: 9237: 9233: 9223: 9221: 9212: 9211: 9207: 9197: 9195: 9186: 9185: 9181: 9168: 9164: 9153: 9145: 9143: 9141: 9118: 9116: 9103: 9095: 9093: 9088: 9087: 9083: 9073: 9071: 9067: 9063: 9062: 9058: 9050: 9046: 9036: 9034: 9029: 9028: 9024: 9018:Wayback Machine 9009: 9005: 8996: 8992: 8982: 8980: 8965: 8961: 8944: 8943: 8939: 8929: 8927: 8922: 8921: 8917: 8907: 8905: 8900: 8899: 8895: 8885: 8883: 8878: 8877: 8873: 8865: 8861: 8851: 8849: 8844: 8836: 8834: 8829: 8828: 8824: 8811: 8810: 8806: 8798: 8791: 8787: 8786: 8775: 8766: 8765: 8756: 8746: 8744: 8734: 8730: 8729: 8725: 8715: 8713: 8708: 8707: 8703: 8693: 8691: 8688: 8684: 8676: 8674: 8665: 8664: 8660: 8650: 8648: 8647:on May 16, 2008 8637: 8630: 8620: 8618: 8607: 8600: 8549: 8545: 8528: 8524: 8514: 8512: 8508: 8501: 8495: 8486: 8475: 8461: 8460: 8456: 8446: 8444: 8435:Flamme, Karen. 8433: 8429: 8424: 8420: 8410: 8408: 8403: 8402: 8398: 8388: 8386: 8377: 8376: 8372: 8362: 8360: 8356: 8345: 8341: 8335: 8326: 8322: 8307: 8303: 8290: 8289: 8285: 8268: 8267: 8263: 8253: 8251: 8243: 8242: 8238: 8228: 8226: 8218: 8217: 8213: 8203: 8201: 8193: 8192: 8188: 8178: 8176: 8171: 8170: 8166: 8156: 8154: 8145: 8144: 8140: 8130: 8128: 8121: 8114: 8104: 8102: 8093: 8092: 8088: 8070: 8068: 8059: 8058: 8054: 8041: 8040: 8036: 8030:of bank failure 8019:Financial Times 8013: 8012: 8008: 7999: 7998: 7994: 7984: 7982: 7977: 7976: 7972: 7962: 7960: 7955: 7954: 7947: 7937: 7935: 7934:. Bloomberg.com 7928: 7924: 7914: 7912: 7907: 7906: 7902: 7892: 7891: 7887: 7877: 7875: 7870: 7869: 7865: 7855: 7853: 7848: 7847: 7843: 7833: 7831: 7826: 7825: 7818: 7808: 7806: 7797: 7796: 7792: 7782: 7780: 7775: 7774: 7770: 7760: 7758: 7748: 7742: 7738: 7730: 7726: 7718: 7714: 7706: 7702: 7692: 7690: 7685: 7684: 7680: 7670: 7668: 7659: 7658: 7654: 7644: 7642: 7637: 7636: 7632: 7622: 7620: 7615: 7614: 7610: 7600: 7598: 7593: 7592: 7588: 7571: 7570: 7566: 7558: 7554: 7544: 7542: 7534: 7533: 7529: 7498: 7494: 7489: 7485: 7475: 7473: 7464: 7463: 7459: 7449: 7447: 7439: 7438: 7434: 7424: 7422: 7413: 7412: 7408: 7398: 7396: 7391: 7390: 7386: 7376: 7374: 7364: 7353: 7343: 7341: 7331: 7320: 7310: 7308: 7307:. July 11, 2023 7299: 7298: 7294: 7284: 7282: 7273: 7272: 7268: 7258: 7256: 7248: 7247: 7243: 7233: 7231: 7223: 7219: 7218: 7205: 7195: 7193: 7176: 7174: 7159: 7155: 7146: 7142: 7132: 7130: 7120: 7116: 7106: 7104: 7099: 7098: 7094: 7084: 7082: 7078: 7077: 7070: 7060: 7058: 7048: 7044: 7034: 7032: 7027: 7019: 7017: 7008: 7007: 7003: 6993: 6991: 6980: 6979: 6975: 6965: 6963: 6952: 6944: 6942: 6931: 6930: 6926: 6913: 6909: 6903:Wayback Machine 6894: 6890: 6884:Wayback Machine 6873:Wayback Machine 6864: 6857: 6847: 6845: 6840: 6839: 6835: 6825: 6823: 6818: 6817: 6813: 6803: 6801: 6791: 6787: 6778: 6777: 6773: 6765: 6761: 6751: 6749: 6746:Federal Reserve 6740: 6739: 6735: 6722: 6718: 6705: 6701: 6686: 6682: 6672: 6670: 6664: 6660: 6650: 6648: 6631: 6627: 6614: 6610: 6597: 6593: 6580: 6576: 6561: 6557: 6548: 6544: 6529: 6525: 6516: 6512: 6499: 6498: 6494: 6481: 6474: 6462: 6458: 6445: 6441: 6431: 6429: 6424: 6423: 6416: 6408: 6395: 6391: 6390: 6386: 6374: 6370: 6351: 6347: 6338:Wayback Machine 6329: 6325: 6315: 6313: 6304: 6297: 6295: 6278: 6277: 6273: 6265: 6261: 6251: 6249: 6244: 6243: 6239: 6229: 6227: 6222: 6220: 6216: 6208: 6204: 6194: 6192: 6191:on July 9, 2011 6188: 6181: 6177: 6176: 6172: 6158: 6156: 6147: 6146: 6142: 6132: 6130: 6125: 6124: 6120: 6110: 6108: 6104: 6097: 6084: 6082: 6079:"Federal Funds" 6077: 6076: 6072: 6064: 6058: 6054: 6044: 6042: 6034: 6033: 6029: 6019: 6017: 6012: 6011: 6007: 5997: 5995: 5978: 5976: 5971: 5970: 5966: 5956: 5954: 5945: 5944: 5935: 5913: 5911: 5898: 5897: 5893: 5885: 5881: 5874: 5866:. p. 247. 5845: 5835: 5831: 5821: 5819: 5818:. July 29, 2021 5810: 5809: 5798: 5790: 5783: 5770: 5769: 5765: 5755: 5753: 5750:web.archive.org 5744: 5743: 5739: 5729: 5727: 5726:. June 22, 2024 5718: 5717: 5713: 5703: 5701: 5698:web.archive.org 5692: 5691: 5687: 5677: 5675: 5666: 5665: 5656: 5646: 5644: 5635: 5634: 5630: 5620: 5618: 5609: 5608: 5601: 5591: 5589: 5576: 5575: 5571: 5561: 5559: 5550: 5549: 5545: 5532: 5531: 5527: 5517: 5515: 5514:on May 13, 2011 5500: 5496: 5486: 5484: 5474: 5470: 5460: 5458: 5453: 5452: 5448: 5431: 5423: 5421: 5412: 5403: 5399: 5389: 5387: 5383: 5382: 5378: 5368: 5366: 5361: 5360: 5353: 5339: 5337: 5324: 5323: 5319: 5308: 5304: 5297: 5279: 5275: 5265: 5263: 5253: 5244: 5234: 5232: 5227: 5226: 5217: 5207: 5205: 5200: 5199: 5190: 5182: 5178: 5170: 5161: 5148: 5147: 5138: 5128: 5126: 5118: 5117: 5113: 5103: 5101: 5093: 5092: 5088: 5078: 5076: 5068: 5067: 5063: 5053: 5051: 5043: 5042: 5035: 5030: 5025: 4995:Risk management 4955:Government debt 4894: 4889: 4887: 4880: 4875: 4873: 4866: 4859: 4852: 4847: 4845: 4842: 4803: 4802: 4794: 4792: 4788: 4786: 4782: 4780: 4776: 4774: 4770: 4768: 4761: 4759: 4752: 4745: 4737:Main articles: 4735: 4714: 4700: 4686: 4672: 4647: 4633: 4566: 4519: 4386:Other Deposits 4383: 4369: 4355: 4341: 4327: 4102: 4086: 4072: 4058: 4044: 4030: 4014: 4000: 3905: 3898: 3896: 3889: 3887: 3883: 3875: 3862: 3800: 3790: 3787: 3767: 3757: 3745:monetary policy 3713:Chief economist 3705: 3669: 3663: 3656: 3653:M2 money supply 3648: 3646: 3639: 3637: 3630: 3570:demand accounts 3537: 3531: 3511: 3491: 3486: 3390: 3384: 3330: 3324: 3284: 3278: 3211: 3176: 3170: 3159: 3063: 3058: 3042: 3008: 2999: 2975:Bank of England 2966: 2933:Bank of England 2924: 2918: 2897:primary dealers 2869: 2853: 2848: 2834: 2821: 2790: 2788:Discount window 2784: 2768: 2762: 2740:primary dealers 2732: 2726: 2712: 2692:monetary policy 2681: 2675: 2662:Discount window 2621: 2616: 2558: 2533:monetary policy 2529: 2519: 2517:Monetary policy 2476: 2456: 2418: 2333: 2327: 2319: 2313: 2298: 2292: 2263:Allan R. Landon 2249:Stanley Fischer 2217:Richard Clarida 2170:Jeremy C. Stein 2162: 2132: 2131: 2109: 2092: 2091: 2057: 2056: 2034: 2019:Michelle Bowman 2017: 2016: 1967: 1960: 1959: 1910: 1903: 1902: 1879: 1860: 1843: 1836: 1835: 1794: 1766: 1760: 1740: 1738: 1736: 1706: 1702: 1672: 1670: 1616: 1614: 1596:Austan Goolsbee 1560: 1558: 1556: 1554: 1526: 1508:Beth M. Hammack 1498: 1374:" rather than " 1360: 1354: 1316: 1301: 1265:monetary policy 1173: 1143: 1141:Bank regulation 1120: 1114: 1060: 1054: 1037:discount window 1033: 1016: 994: 982:Milton Friedman 961: 951: 944: 933: 931: 924: 922: 918: 858:by influencing 856:monetary policy 809: 730:monetary policy 720:Great Recession 696:central banking 688:Federal Reserve 676: 637: 635: 634: 627: 626: 609: 578: 572: 546: 538: 537: 532: 529: 525: 522: 482: 478: 470: 469: 468: 458: 450: 449: 448: 416: 412: 401:Monetary policy 385: 381: 369: 366: 352: 336: 310:Agency overview 305:Federal Reserve 291:.federalreserve 287: 228: 207: 199: 188: 177: 149: 147: 144: 129:Eccles Building 120: 113:Eccles Building 100: 88: 71: 60: 55: 54: 53: 52: 51: 50: 34: 22: 15: 12: 11: 5: 17065: 17055: 17054: 17049: 17044: 17039: 17034: 17029: 17024: 17007: 17006: 17004: 17003: 16998: 16991: 16990: 16983: 16975: 16974: 16971: 16970: 16967: 16966: 16963: 16962: 16960: 16959: 16954: 16949: 16944: 16943: 16942: 16932: 16931: 16930: 16920: 16915: 16910: 16905: 16903:Mass shootings 16900: 16895: 16894: 16893: 16891:Climate change 16888: 16878: 16873: 16872: 16871: 16866: 16861: 16856: 16851: 16846: 16841: 16836: 16829:Discrimination 16826: 16821: 16820: 16819: 16809: 16803: 16801: 16797: 16796: 16794: 16793: 16788: 16783: 16778: 16773: 16768: 16763: 16758: 16753: 16748: 16743: 16742: 16741: 16736: 16731: 16721: 16720: 16719: 16714: 16709: 16704: 16699: 16694: 16684: 16678: 16676: 16670: 16669: 16667: 16666: 16661: 16656: 16651: 16646: 16641: 16636: 16631: 16626: 16621: 16619:American Dream 16616: 16610: 16608: 16602: 16601: 16599: 16598: 16593: 16588: 16586:Transportation 16583: 16578: 16573: 16568: 16563: 16558: 16553: 16548: 16543: 16538: 16533: 16532: 16531: 16526: 16521: 16519:Mount Rushmore 16516: 16506: 16501: 16496: 16491: 16490: 16489: 16484: 16479: 16474: 16469: 16459: 16454: 16453: 16452: 16447: 16442: 16432: 16427: 16422: 16417: 16416: 16415: 16405: 16400: 16399: 16398: 16388: 16383: 16378: 16377: 16376: 16371: 16361: 16360: 16359: 16354: 16349: 16344: 16339: 16334: 16329: 16324: 16319: 16314: 16309: 16299: 16294: 16289: 16284: 16279: 16274: 16269: 16263: 16261: 16248: 16242: 16241: 16238: 16237: 16235: 16234: 16229: 16224: 16219: 16214: 16209: 16204: 16198: 16196: 16190: 16189: 16187: 16186: 16181: 16176: 16171: 16166: 16161: 16156: 16151: 16146: 16141: 16139:Federal budget 16136: 16131: 16126: 16125: 16124: 16119: 16114: 16109: 16104: 16099: 16094: 16089: 16084: 16079: 16077:Communications 16074: 16069: 16058: 16052: 16046: 16045: 16042: 16041: 16038: 16037: 16035: 16034: 16029: 16028: 16027: 16022: 16017: 16007: 16006: 16005: 16000: 15998:exceptionalism 15995: 15985: 15980: 15979: 15978: 15976:foreign policy 15968: 15967: 15966: 15961: 15951: 15945: 15942: 15941: 15938: 15937: 15935: 15934: 15933: 15932: 15921: 15919: 15913: 15912: 15910: 15909: 15904: 15898: 15896: 15890: 15889: 15887: 15886: 15881: 15876: 15871: 15866: 15861: 15856: 15851: 15846: 15841: 15835: 15833: 15829: 15828: 15826: 15825: 15820: 15815: 15810: 15804: 15802: 15793: 15787: 15786: 15784: 15783: 15778: 15777: 15776: 15766: 15765: 15764: 15759: 15754: 15744: 15738: 15736: 15730: 15729: 15726: 15725: 15723: 15722: 15717: 15712: 15707: 15701: 15699: 15693: 15692: 15690: 15689: 15688: 15687: 15677: 15676: 15675: 15673:Chief justices 15668:Supreme courts 15664: 15662: 15656: 15655: 15653: 15652: 15647: 15641: 15639: 15633: 15632: 15630: 15629: 15628: 15627: 15617: 15612: 15607: 15602: 15597: 15592: 15587: 15582: 15581: 15580: 15570: 15569: 15568: 15557: 15555: 15546: 15529: 15528: 15525: 15524: 15522: 15521: 15516: 15511: 15510: 15509: 15507:National Guard 15504: 15499: 15494: 15489: 15484: 15479: 15468: 15466: 15460: 15459: 15457: 15456: 15451: 15450: 15449: 15444: 15439: 15434: 15424: 15419: 15418: 15417: 15410:Bill of Rights 15406: 15404: 15398: 15397: 15395: 15394: 15389: 15384: 15383: 15382: 15380:list of judges 15377: 15375:list of courts 15363: 15362: 15361: 15359:list of judges 15351: 15350: 15349: 15344: 15339: 15328: 15326: 15320: 15319: 15317: 15316: 15311: 15306: 15301: 15296: 15294:Capitol Police 15291: 15290: 15289: 15284: 15279: 15269: 15268: 15267: 15262: 15251: 15249: 15243: 15242: 15240: 15239: 15234: 15229: 15224: 15223: 15222: 15217: 15215:Secret Service 15212: 15207: 15202: 15197: 15192: 15187: 15182: 15172: 15171: 15170: 15165: 15160: 15155: 15145: 15140: 15135: 15130: 15128:Vice President 15125: 15124: 15123: 15118: 15107: 15105: 15098: 15085: 15079: 15078: 15075: 15074: 15072: 15071: 15066: 15061: 15056: 15055: 15054: 15049: 15044: 15039: 15034: 15029: 15024: 15019: 15008: 15007: 15006: 15001: 14996: 14991: 14986: 14981: 14976: 14971: 14966: 14961: 14956: 14951: 14946: 14941: 14936: 14931: 14926: 14916: 14915: 14914: 14912:National Parks 14904: 14903: 14902: 14897: 14892: 14887: 14882: 14872: 14867: 14865:Extreme points 14862: 14857: 14856: 14855: 14850: 14845: 14840: 14835: 14830: 14825: 14820: 14815: 14804: 14798: 14792: 14791: 14788: 14787: 14785: 14784: 14779: 14774: 14769: 14764: 14759: 14754: 14749: 14743: 14741: 14737: 14736: 14734: 14733: 14728: 14723: 14722: 14721: 14716: 14706: 14701: 14696: 14691: 14686: 14681: 14676: 14671: 14666: 14661: 14660: 14659: 14649: 14644: 14639: 14634: 14629: 14624: 14623: 14622: 14617: 14612: 14604: 14599: 14594: 14589: 14584: 14579: 14574: 14569: 14564: 14559: 14554: 14552:Federalist Era 14549: 14548: 14547: 14545:Bill of Rights 14542: 14532: 14527: 14526: 14525: 14520: 14510: 14509: 14508: 14503: 14493: 14488: 14486:Lee Resolution 14483: 14478: 14477: 14476: 14471: 14466: 14461: 14456: 14451: 14446: 14436: 14430: 14428: 14424: 14423: 14421: 14420: 14415: 14410: 14405: 14400: 14395: 14390: 14385: 14380: 14375: 14370: 14364: 14362: 14355: 14349: 14348: 14346: articles 14340: 14339: 14332: 14325: 14317: 14308: 14307: 14305: 14304: 14293: 14292: 14285: 14277: 14274: 14273: 14271: 14270: 14265: 14260: 14254: 14252: 14248: 14247: 14245: 14244: 14241:William McAdoo 14238: 14232: 14226: 14220: 14214: 14208: 14202: 14196: 14190: 14183: 14181: 14177: 14176: 14174: 14173: 14172:(2022 musical) 14165: 14157: 14149: 14141: 14133: 14124: 14122: 14116: 14115: 14113: 14112: 14107: 14102: 14097: 14092: 14086: 14080: 14076:Woodrow Wilson 14072: 14065: 14060: 14055: 14050: 14049: 14048: 14036: 14031: 14026: 14020: 14018: 14008: 14007: 14005: 14004: 13999: 13994: 13989: 13984: 13978: 13976: 13970: 13969: 13967: 13966: 13958: 13952: 13945: 13943: 13939: 13938: 13936: 13935: 13930: 13925: 13920: 13915: 13910: 13905: 13900: 13899: 13898: 13887: 13885: 13881: 13880: 13877: 13876: 13874: 13873: 13868: 13863: 13862: 13861: 13850: 13849: 13848: 13837: 13831: 13825: 13820: 13815: 13810: 13805: 13804: 13803: 13792: 13791: 13790: 13779: 13774: 13769: 13764: 13759: 13753: 13747: 13742: 13737: 13736: 13735: 13724: 13718: 13713: 13707: 13706: 13705: 13700: 13689: 13683: 13678: 13673: 13668: 13662: 13656: 13650: 13644: 13638: 13633: 13627: 13622: 13621: 13620: 13610: 13604: 13598: 13593: 13588: 13582: 13581: 13580: 13575: 13570: 13565: 13555: 13554: 13553: 13543: 13537: 13536: 13535: 13524: 13523: 13522: 13511: 13505: 13503: 13497: 13496: 13494: 13493: 13487: 13486: 13485: 13474: 13473: 13472: 13461: 13455: 13454: 13453: 13442: 13437: 13432: 13426: 13421: 13416: 13411: 13406: 13401: 13400: 13399: 13394: 13389: 13384: 13379: 13374: 13369: 13364: 13359: 13348: 13342: 13341: 13340: 13330: 13324: 13318: 13312: 13306: 13304: 13302:Foreign policy 13295: 13294: 13289: 13284: 13279: 13274: 13269: 13264: 13259: 13258: 13257: 13252: 13245:19th Amendment 13242: 13237: 13232: 13231: 13230: 13225: 13215: 13213:Roosevelt desk 13210: 13205: 13200: 13194: 13192: 13180: 13179: 13177: 13176: 13167: 13156: 13144: 13141: 13140: 13137:Woodrow Wilson 13133: 13132: 13125: 13118: 13110: 13101: 13100: 13098: 13097: 13087: 13077: 13066: 13063: 13062: 13060: 13059: 13054: 13049: 13044: 13038: 13036: 13032: 13031: 13029: 13028: 13023: 13018: 13013: 13007: 13005: 13001: 13000: 12998: 12997: 12992: 12987: 12982: 12977: 12972: 12967: 12962: 12957: 12952: 12947: 12942: 12937: 12932: 12927: 12921: 12919: 12915: 12914: 12912: 12911: 12906: 12901: 12896: 12890: 12888: 12884: 12883: 12881: 12880: 12875: 12870: 12865: 12860: 12855: 12852: 12849: 12844: 12841: 12836: 12833: 12830: 12827: 12824: 12821: 12816: 12811: 12806: 12801: 12797: 12795: 12790: 12787: 12786: 12784: 12783: 12778: 12773: 12768: 12763: 12758: 12753: 12748: 12743: 12738: 12733: 12730: 12725: 12720: 12715: 12710: 12705: 12700: 12695: 12690: 12685: 12682: 12677: 12672: 12667: 12662: 12657: 12652: 12647: 12641: 12639: 12636:Major federal 12633: 12632: 12630: 12629: 12624: 12619: 12614: 12609: 12604: 12599: 12594: 12589: 12583: 12581: 12577: 12576: 12569: 12568: 12561: 12554: 12546: 12537: 12536: 12534: 12533: 12528: 12523: 12518: 12513: 12508: 12501: 12494: 12487: 12482: 12477: 12472: 12467: 12462: 12457: 12452: 12447: 12442: 12437: 12432: 12427: 12425:Commemoratives 12422: 12417: 12412: 12406: 12404: 12400: 12399: 12397: 12396: 12391: 12386: 12381: 12376: 12370: 12368: 12364: 12363: 12361: 12360: 12355: 12350: 12345: 12340: 12335: 12330: 12324: 12322: 12316: 12315: 12313: 12312: 12307: 12302: 12297: 12292: 12287: 12282: 12277: 12271: 12269: 12263: 12262: 12260: 12259: 12254: 12249: 12244: 12239: 12234: 12228: 12226: 12220: 12219: 12217: 12216: 12211: 12206: 12205: 12204: 12197: 12192: 12187: 12182: 12177: 12172: 12167: 12162: 12157: 12147: 12142: 12137: 12131: 12129: 12125: 12124: 12119: 12118: 12111: 12104: 12096: 12087: 12086: 12084: 12083: 12072: 12069: 12068: 12066: 12065: 12060: 12054: 12052: 12048: 12047: 12045: 12044: 12039: 12034: 12029: 12024: 12019: 12014: 12009: 12004: 11999: 11994: 11989: 11984: 11979: 11974: 11969: 11964: 11962:Bank of Latvia 11959: 11954: 11949: 11947:Bank of Greece 11944: 11939: 11934: 11929: 11924: 11919: 11914: 11909: 11904: 11898: 11896: 11892: 11891: 11889: 11888: 11883: 11878: 11876:Bank of Israel 11873: 11867: 11865: 11861: 11860: 11858: 11857: 11852: 11850:Bank of Mexico 11847: 11842: 11840:Bank of Canada 11837: 11832: 11826: 11824: 11820: 11819: 11811: 11810: 11803: 11796: 11788: 11779: 11778: 11776: 11775: 11770: 11765: 11760: 11755: 11750: 11744: 11742: 11738: 11737: 11735: 11734: 11733: 11732: 11727: 11722: 11717: 11712: 11702: 11696: 11694: 11686: 11685: 11683: 11682: 11677: 11672: 11670:Money creation 11667: 11665:Interest rates 11662: 11657: 11651: 11649: 11648:Implementation 11645: 11644: 11642: 11641: 11636: 11631: 11626: 11620: 11618: 11614: 11613: 11611: 11610: 11605: 11600: 11594: 11592: 11588: 11587: 11580: 11579: 11572: 11565: 11557: 11548: 11547: 11545: 11544: 11539: 11537:Salt Lake City 11534: 11529: 11523: 11521: 11514: 11513: 11511: 11510: 11505: 11500: 11494: 11492: 11485: 11484: 11482: 11481: 11476: 11471: 11465: 11463: 11456: 11455: 11453: 11452: 11446: 11444: 11437: 11436: 11434: 11433: 11428: 11423: 11417: 11415: 11408: 11407: 11405: 11404: 11398: 11396: 11389: 11388: 11386: 11385: 11380: 11375: 11370: 11365: 11359: 11357: 11350: 11349: 11347: 11346: 11341: 11335: 11333: 11326: 11325: 11323: 11322: 11317: 11311: 11309: 11302: 11301: 11294: 11292: 11290: 11289: 11284: 11275: 11273: 11266: 11265: 11246: 11243: 11242: 11235: 11234: 11227: 11220: 11212: 11203: 11202: 11200: 11199: 11194: 11189: 11188: 11187: 11177: 11172: 11167: 11162: 11157: 11152: 11146: 11144: 11140: 11139: 11137: 11136: 11126: 11116: 11106: 11096: 11086: 11076: 11069:Raphael Bostic 11066: 11056: 11046: 11036: 11026: 11015: 11013: 11007: 11006: 11004: 11003: 11001:Adriana Kugler 10998: 10993: 10988: 10983: 10973: 10963: 10952: 10950: 10942: 10941: 10939: 10938: 10937:(2018–present) 10932: 10926: 10920: 10917:Alan Greenspan 10914: 10908: 10902: 10896: 10890: 10884: 10878: 10872: 10866: 10860: 10854: 10848: 10841: 10839: 10833: 10832: 10830: 10829: 10821: 10815: 10808:Dodd–Frank Act 10805: 10799: 10793: 10788: 10780: 10774: 10768: 10762: 10756: 10750: 10744: 10738: 10732: 10726: 10720: 10712: 10704: 10698: 10692: 10686: 10680: 10674: 10668: 10662: 10656: 10650: 10644: 10638: 10637:(1961–present) 10632: 10626: 10620: 10615: 10609: 10604: 10598: 10592: 10586: 10580: 10574: 10568: 10562: 10556: 10550: 10544: 10537: 10535: 10523: 10522: 10520: 10519: 10517:Primary dealer 10514: 10513: 10512: 10510:Overnight rate 10502: 10497: 10496: 10495: 10484: 10482: 10478: 10477: 10475: 10474: 10469: 10464: 10458: 10456: 10452: 10451: 10444: 10442: 10440: 10439: 10434: 10428: 10426: 10420: 10419: 10417: 10416: 10411: 10406: 10401: 10396: 10390: 10387: 10386: 10379: 10378: 10371: 10364: 10356: 10350: 10349: 10344: 10320: 10319: 10315: 10314:External links 10312: 10311: 10310: 10296: 10281: 10278: 10277: 10276: 10269: 10264:Wood, John H. 10262: 10261: 10260: 10250: 10236: 10229: 10222: 10217:978-0393092097 10216: 10196: 10189: 10178: 10173:978-1467934893 10172: 10150: 10143: 10126: 10125: 10124: 10118: 10102: 10096: 10065: 10047: 10037: 10028: 10023:978-0143109846 10022: 10002: 9995: 9979: 9969:(3): 829–842. 9958: 9953:978-0691003542 9952: 9926: 9897: 9891: 9878: 9841: 9835: 9820: 9817: 9816: 9815: 9808: 9793:Alan Greenspan 9781:HarperBusiness 9770: 9766: 9751: 9729: 9714: 9703: 9695: 9687: 9675: 9654: 9641: 9638: 9636: 9633: 9630: 9629: 9623: 9616: 9615: 9613: 9610: 9607: 9606: 9577: 9551: 9526: 9486: 9459: 9437: 9407: 9380: 9355: 9336: 9314: 9288: 9267:(4): 145–166. 9247: 9231: 9205: 9179: 9162: 9139: 9081: 9056: 9044: 9022: 9020:, June 5, 2014 9003: 8990: 8959: 8946:"We Apologize" 8937: 8915: 8893: 8871: 8859: 8822: 8804: 8773: 8754: 8723: 8701: 8658: 8628: 8598: 8543: 8522: 8484: 8473: 8454: 8427: 8418: 8396: 8370: 8320: 8301: 8283: 8261: 8236: 8211: 8186: 8164: 8138: 8112: 8086: 8052: 8034: 8006: 7992: 7970: 7945: 7922: 7900: 7885: 7863: 7841: 7816: 7790: 7768: 7736: 7724: 7712: 7700: 7678: 7652: 7630: 7608: 7586: 7564: 7552: 7527: 7492: 7483: 7457: 7432: 7406: 7384: 7351: 7318: 7292: 7266: 7241: 7203: 7153: 7140: 7114: 7092: 7068: 7042: 7001: 6973: 6924: 6907: 6888: 6855: 6833: 6811: 6785: 6771: 6759: 6733: 6716: 6699: 6680: 6658: 6625: 6608: 6591: 6574: 6555: 6542: 6523: 6510: 6492: 6472: 6465:12 U.S.C. 6456: 6448:12 U.S.C. 6439: 6414: 6384: 6376:12 U.S.C. 6368: 6345: 6323: 6271: 6259: 6237: 6214: 6212:, pp. 4–5 6202: 6170: 6140: 6118: 6070: 6052: 6027: 6005: 5964: 5933: 5891: 5879: 5872: 5850:; FRB Speech: 5841:Free to Choose 5829: 5796: 5781: 5763: 5752:. May 14, 2022 5737: 5711: 5685: 5654: 5628: 5599: 5569: 5543: 5525: 5494: 5468: 5446: 5397: 5376: 5363:"FRB: Mission" 5351: 5317: 5310:12 U.S.C. 5302: 5295: 5273: 5242: 5215: 5188: 5186:, pp. 1–2 5176: 5159: 5136: 5111: 5086: 5061: 5032: 5031: 5029: 5026: 5024: 5023: 5018: 5012: 5007: 5002: 4997: 4992: 4987: 4982: 4977: 4972: 4967: 4962: 4957: 4952: 4947: 4942: 4937: 4932: 4927: 4922: 4917: 4912: 4910:Core inflation 4907: 4901: 4900: 4899: 4885: 4871: 4857: 4841: 4838: 4793: 4787: 4781: 4775: 4769: 4760: 4751: 4734: 4731: 4725: 4724: 4721: 4718: 4711: 4710: 4707: 4704: 4697: 4696: 4693: 4690: 4683: 4682: 4679: 4676: 4669: 4668: 4665: 4662: 4658: 4657: 4654: 4651: 4644: 4643: 4640: 4637: 4630: 4629: 4626: 4623: 4619: 4618: 4603: 4602: 4599: 4598: 4595: 4592: 4588: 4587: 4584: 4581: 4577: 4576: 4573: 4570: 4563: 4562: 4559: 4556: 4552: 4551: 4548: 4545: 4541: 4540: 4537: 4534: 4530: 4529: 4526: 4523: 4515: 4514: 4511: 4508: 4504: 4503: 4496: 4495: 4492: 4489: 4488:Total Capital 4485: 4484: 4481: 4478: 4477:Other Capital 4474: 4473: 4470: 4467: 4463: 4462: 4459: 4456: 4452: 4451: 4441: 4438: 4437: 4434: 4431: 4427: 4426: 4423: 4420: 4416: 4415: 4412: 4409: 4405: 4404: 4401: 4398: 4394: 4393: 4390: 4387: 4380: 4379: 4376: 4373: 4366: 4365: 4362: 4359: 4352: 4351: 4348: 4345: 4338: 4337: 4334: 4331: 4324: 4323: 4320: 4317: 4313: 4312: 4309: 4306: 4302: 4301: 4298: 4295: 4291: 4290: 4283: 4280: 4279: 4276: 4273: 4269: 4268: 4265: 4262: 4258: 4257: 4254: 4251: 4247: 4246: 4243: 4240: 4234: 4233: 4230: 4227: 4226:Bank premises 4223: 4222: 4219: 4216: 4212: 4211: 4208: 4205: 4201: 4200: 4197: 4194: 4190: 4189: 4186: 4183: 4179: 4178: 4175: 4172: 4168: 4167: 4164: 4161: 4157: 4156: 4153: 4150: 4146: 4145: 4142: 4139: 4135: 4134: 4131: 4128: 4124: 4123: 4120: 4117: 4113: 4112: 4109: 4106: 4099: 4098: 4095: 4092: 4083: 4082: 4079: 4076: 4069: 4068: 4065: 4062: 4055: 4054: 4051: 4048: 4041: 4040: 4037: 4034: 4027: 4026: 4023: 4020: 4011: 4010: 4007: 4004: 3997: 3996: 3993: 3990: 3986: 3985: 3982: 3979: 3975: 3974: 3971: 3968: 3964: 3963: 3960: 3957: 3953: 3952: 3897: 3888: 3882: 3874: 3871: 3799: 3796: 3786: 3783: 3756: 3753: 3741:liquidity trap 3725:Diane C. Swonk 3704: 3701: 3662: 3659: 3647: 3638: 3629: 3610: 3609: 3598: 3594: 3593: 3578: 3574: 3573: 3566: 3562: 3561: 3554: 3550: 3549: 3546: 3530: 3527: 3510: 3507: 3490: 3487: 3485: 3484: 3478: 3472: 3466: 3460: 3455: 3450: 3444: 3438: 3433: 3428: 3422: 3417: 3412: 3407: 3401: 3394: 3386:Main article: 3383: 3380: 3371:Woodrow Wilson 3346:Nelson Aldrich 3326:Main article: 3323: 3320: 3316:Woodrow Wilson 3280:Main article: 3277: 3274: 3242:Andrew Jackson 3210: 3207: 3172:Main article: 3169: 3166: 3163: 3162: 3156: 3155: 3152: 3148: 3147: 3145:National Banks 3142: 3138: 3137: 3132: 3128: 3127: 3122: 3118: 3117: 3112: 3108: 3107: 3104: 3100: 3099: 3094: 3090: 3089: 3079: 3075: 3074: 3071: 3067: 3066: 3057: 3054: 3041: 3038: 3037: 3036: 3033: 3030: 3026: 3023: 3007: 3004: 2998: 2995: 2971:Bank of Canada 2965: 2962: 2929:Bank of Canada 2917: 2914: 2868: 2865: 2852: 2849: 2847: 2844: 2833: 2830: 2820: 2817: 2783: 2780: 2761: 2758: 2725: 2722: 2711: 2708: 2698:. This is the 2674: 2671: 2668: 2667: 2664: 2658: 2657: 2654: 2648: 2647: 2644: 2640: 2639: 2636: 2632: 2631: 2628: 2615: 2612: 2596:exchange rates 2557: 2554: 2546:interest rates 2537:overall demand 2518: 2515: 2495:Bloomberg L.P. 2475: 2474:Accountability 2472: 2455: 2452: 2417: 2414: 2329:Main article: 2326: 2323: 2315:Main article: 2312: 2309: 2294:Main article: 2291: 2288: 2284:Daniel Tarullo 2267:Bank of Hawaii 2221:George W. Bush 2184:, formerly of 2161: 2158: 2155: 2154: 2149: 2144: 2139: 2134:Adriana Kugler 2128: 2120: 2119: 2114: 2104: 2099: 2088: 2080: 2079: 2074: 2069: 2064: 2053: 2045: 2044: 2039: 2029: 2024: 2013: 2005: 2004: 2003:(as Governor) 1998: 1997:(as Governor) 1991: 1990: 1984: 1978: 1973: 1956: 1948: 1947: 1946:(as Governor) 1941: 1940:(as Governor) 1934: 1933: 1927: 1921: 1916: 1899: 1891: 1890: 1889:(as Governor) 1884: 1872: 1871: 1865: 1854: 1849: 1832: 1824: 1823: 1820: 1817: 1814: 1811: 1793: 1790: 1762:Main article: 1759: 1756: 1753: 1752: 1747: 1742: 1733: 1728: 1725: 1721: 1720: 1718:Lorie K. Logan 1715: 1710: 1704:Houston, Texas 1700:El Paso, Texas 1697: 1692: 1689: 1685: 1684: 1682:Jeffrey Schmid 1679: 1674: 1667: 1662: 1659: 1655: 1654: 1649: 1644: 1641: 1636: 1633: 1629: 1628: 1623: 1618: 1611: 1606: 1603: 1599: 1598: 1593: 1588: 1585: 1580: 1577: 1573: 1572: 1570:Raphael Bostic 1567: 1562: 1557:Miami, Florida 1551: 1546: 1543: 1539: 1538: 1533: 1528: 1523: 1518: 1515: 1511: 1510: 1505: 1500: 1495: 1490: 1487: 1483: 1482: 1477: 1472: 1469: 1464: 1461: 1457: 1456: 1451: 1446: 1443: 1438: 1435: 1431: 1430: 1425: 1420: 1417: 1412: 1409: 1405: 1404: 1401: 1398: 1395: 1392: 1389: 1356:Main article: 1353: 1350: 1315: 1312: 1300: 1297: 1244:, such as the 1172: 1169: 1147:Donald L. Kohn 1142: 1139: 1116:Main article: 1113: 1110: 1094:paper currency 1070:issued in 2009 1053: 1050: 1032: 1029: 1015: 1012: 993: 990: 950: 947: 936: 10 year 932: 923: 917: 900: 899: 896: 895: 894: 891: 885: 878: 877: 876: 873: 866: 852: 851: 850: 847: 841: 834: 832:banking panics 813:banking panics 808: 805: 698:system of the 678: 677: 675: 674: 667: 660: 652: 649: 648: 647: 646: 629: 628: 623: 622: 621: 620: 615: 608: 607: 602: 597: 592: 586: 583: 582: 574: 573: 571: 570: 569: 568: 563: 552: 547: 544: 543: 540: 539: 534: 533: 526: 519: 516: 515: 511: 510: 509: 508: 503: 498: 493: 483: 476: 475: 472: 471: 467: 466: 460: 459: 456: 455: 452: 451: 447: 446: 441: 435: 434: 433: 428: 423: 417: 410: 409: 406: 405: 404: 403: 398: 390: 389: 383:Banking in the 377: 376: 358: 357: 354: 353: 351: 350: 344: 342: 338: 337: 335: 334: 328: 326: 322: 321: 316: 312: 311: 307: 306: 302: 301: 285: 281: 280: 277: 271: 270: 267: 263: 262: 259: 255: 254: 251: 245: 244: 239: 235: 234: 223: 219: 218: 213: 209: 208: 206: 205: 194: 183: 171: 169: 165: 164: 159: 158:Governing body 155: 154: 141: 137: 136: 126: 122: 121: 110: 102: 101: 98: 90: 89: 86: 58: 36: 30: 27: 25: 9: 6: 4: 3: 2: 17064: 17053: 17050: 17048: 17045: 17043: 17042:Central banks 17040: 17038: 17035: 17033: 17030: 17028: 17025: 17023: 17020: 17019: 17017: 17002: 16999: 16997: 16994: 16993: 16988: 16984: 16981: 16977: 16976: 16972: 16958: 16955: 16953: 16950: 16948: 16945: 16941: 16938: 16937: 16936: 16933: 16929: 16926: 16925: 16924: 16921: 16919: 16916: 16914: 16911: 16909: 16906: 16904: 16901: 16899: 16896: 16892: 16889: 16887: 16884: 16883: 16882: 16879: 16877: 16876:Energy policy 16874: 16870: 16867: 16865: 16862: 16860: 16857: 16855: 16852: 16850: 16847: 16845: 16842: 16840: 16837: 16835: 16832: 16831: 16830: 16827: 16825: 16822: 16818: 16817:incarceration 16815: 16814: 16813: 16810: 16808: 16805: 16804: 16802: 16798: 16792: 16789: 16787: 16784: 16782: 16779: 16777: 16774: 16772: 16769: 16767: 16764: 16762: 16759: 16757: 16754: 16752: 16749: 16747: 16744: 16740: 16737: 16735: 16732: 16730: 16727: 16726: 16725: 16722: 16718: 16715: 16713: 16710: 16708: 16705: 16703: 16702:Prenatal care 16700: 16698: 16697:Birth control 16695: 16693: 16690: 16689: 16688: 16685: 16683: 16680: 16679: 16677: 16675: 16671: 16665: 16662: 16660: 16657: 16655: 16652: 16650: 16647: 16645: 16642: 16640: 16637: 16635: 16634:Homeownership 16632: 16630: 16627: 16625: 16622: 16620: 16617: 16615: 16612: 16611: 16609: 16607: 16603: 16597: 16594: 16592: 16589: 16587: 16584: 16582: 16579: 16577: 16574: 16572: 16569: 16567: 16564: 16562: 16559: 16557: 16554: 16552: 16549: 16547: 16544: 16542: 16539: 16537: 16534: 16530: 16527: 16525: 16522: 16520: 16517: 16515: 16512: 16511: 16510: 16507: 16505: 16502: 16500: 16497: 16495: 16492: 16488: 16485: 16483: 16480: 16478: 16475: 16473: 16470: 16468: 16465: 16464: 16463: 16460: 16458: 16455: 16451: 16448: 16446: 16443: 16441: 16438: 16437: 16436: 16433: 16431: 16428: 16426: 16423: 16421: 16418: 16414: 16411: 16410: 16409: 16406: 16404: 16401: 16397: 16394: 16393: 16392: 16389: 16387: 16384: 16382: 16379: 16375: 16372: 16370: 16367: 16366: 16365: 16362: 16358: 16357:working class 16355: 16353: 16350: 16348: 16345: 16343: 16340: 16338: 16335: 16333: 16330: 16328: 16325: 16323: 16320: 16318: 16317:homeownership 16315: 16313: 16310: 16308: 16305: 16304: 16303: 16300: 16298: 16295: 16293: 16290: 16288: 16285: 16283: 16280: 16278: 16275: 16273: 16270: 16268: 16265: 16264: 16262: 16260: 16256: 16252: 16249: 16247: 16243: 16233: 16230: 16228: 16225: 16223: 16220: 16218: 16215: 16213: 16210: 16208: 16205: 16203: 16200: 16199: 16197: 16195: 16191: 16185: 16182: 16180: 16177: 16175: 16172: 16170: 16167: 16165: 16162: 16160: 16157: 16155: 16152: 16150: 16147: 16145: 16142: 16140: 16137: 16135: 16132: 16130: 16127: 16123: 16120: 16118: 16115: 16113: 16110: 16108: 16105: 16103: 16100: 16098: 16097:Manufacturing 16095: 16093: 16090: 16088: 16085: 16083: 16080: 16078: 16075: 16073: 16070: 16068: 16065: 16064: 16063: 16060: 16059: 16056: 16053: 16051: 16047: 16033: 16030: 16026: 16025:Third parties 16023: 16021: 16018: 16016: 16013: 16012: 16011: 16008: 16004: 16001: 15999: 15996: 15994: 15991: 15990: 15989: 15986: 15984: 15981: 15977: 15974: 15973: 15972: 15969: 15965: 15962: 15960: 15957: 15956: 15955: 15952: 15950: 15947: 15946: 15943: 15931: 15928: 15927: 15926: 15923: 15922: 15920: 15918: 15914: 15908: 15905: 15903: 15900: 15899: 15897: 15895: 15891: 15885: 15882: 15880: 15877: 15875: 15872: 15870: 15867: 15865: 15862: 15860: 15857: 15855: 15852: 15850: 15847: 15845: 15842: 15840: 15837: 15836: 15834: 15830: 15824: 15821: 15819: 15816: 15814: 15811: 15809: 15806: 15805: 15803: 15801: 15797: 15794: 15792: 15788: 15782: 15779: 15775: 15772: 15771: 15770: 15767: 15763: 15760: 15758: 15755: 15753: 15750: 15749: 15748: 15745: 15743: 15740: 15739: 15737: 15735: 15731: 15721: 15718: 15716: 15713: 15711: 15708: 15706: 15703: 15702: 15700: 15698: 15694: 15686: 15683: 15682: 15681: 15678: 15674: 15671: 15670: 15669: 15666: 15665: 15663: 15661: 15657: 15651: 15648: 15646: 15643: 15642: 15640: 15638: 15634: 15626: 15623: 15622: 15621: 15618: 15616: 15613: 15611: 15608: 15606: 15603: 15601: 15598: 15596: 15593: 15591: 15588: 15586: 15583: 15579: 15576: 15575: 15574: 15571: 15567: 15564: 15563: 15562: 15559: 15558: 15556: 15554: 15550: 15547: 15545: 15539: 15534: 15530: 15520: 15517: 15515: 15512: 15508: 15505: 15503: 15500: 15498: 15495: 15493: 15490: 15488: 15485: 15483: 15480: 15478: 15475: 15474: 15473: 15470: 15469: 15467: 15465: 15461: 15455: 15452: 15448: 15445: 15443: 15440: 15438: 15435: 15433: 15430: 15429: 15428: 15425: 15423: 15420: 15416: 15413: 15412: 15411: 15408: 15407: 15405: 15403: 15399: 15393: 15392:U.S. attorney 15390: 15388: 15385: 15381: 15378: 15376: 15373: 15372: 15371: 15367: 15364: 15360: 15357: 15356: 15355: 15352: 15348: 15345: 15343: 15340: 15338: 15337:Chief Justice 15335: 15334: 15333: 15332:Supreme Court 15330: 15329: 15327: 15325: 15321: 15315: 15312: 15310: 15307: 15305: 15302: 15300: 15297: 15295: 15292: 15288: 15285: 15283: 15280: 15278: 15275: 15274: 15273: 15270: 15266: 15263: 15261: 15258: 15257: 15256: 15253: 15252: 15250: 15248: 15244: 15238: 15237:Public policy 15235: 15233: 15232:Civil service 15230: 15228: 15225: 15221: 15218: 15216: 15213: 15211: 15208: 15206: 15203: 15201: 15198: 15196: 15193: 15191: 15188: 15186: 15183: 15181: 15178: 15177: 15176: 15173: 15169: 15166: 15164: 15161: 15159: 15156: 15154: 15151: 15150: 15149: 15146: 15144: 15141: 15139: 15136: 15134: 15131: 15129: 15126: 15122: 15119: 15117: 15114: 15113: 15112: 15109: 15108: 15106: 15102: 15099: 15097: 15093: 15089: 15086: 15084: 15080: 15070: 15067: 15065: 15062: 15060: 15057: 15053: 15050: 15048: 15045: 15043: 15040: 15038: 15035: 15033: 15030: 15028: 15025: 15023: 15020: 15018: 15015: 15014: 15013: 15009: 15005: 15002: 15000: 14997: 14995: 14992: 14990: 14987: 14985: 14982: 14980: 14977: 14975: 14972: 14970: 14967: 14965: 14962: 14960: 14957: 14955: 14952: 14950: 14947: 14945: 14942: 14940: 14937: 14935: 14932: 14930: 14927: 14925: 14922: 14921: 14920: 14917: 14913: 14910: 14909: 14908: 14905: 14901: 14900:Sierra Nevada 14898: 14896: 14893: 14891: 14888: 14886: 14883: 14881: 14878: 14877: 14876: 14873: 14871: 14868: 14866: 14863: 14861: 14858: 14854: 14851: 14849: 14846: 14844: 14841: 14839: 14838:insular zones 14836: 14834: 14831: 14829: 14826: 14824: 14821: 14819: 14816: 14814: 14811: 14810: 14809: 14806: 14805: 14802: 14799: 14797: 14793: 14783: 14780: 14778: 14775: 14773: 14770: 14768: 14765: 14763: 14760: 14758: 14755: 14753: 14750: 14748: 14745: 14744: 14742: 14738: 14732: 14729: 14727: 14724: 14720: 14717: 14715: 14712: 14711: 14710: 14709:War on Terror 14707: 14705: 14702: 14700: 14697: 14695: 14692: 14690: 14689:LGBT Movement 14687: 14685: 14682: 14680: 14677: 14675: 14672: 14670: 14667: 14665: 14662: 14658: 14655: 14654: 14653: 14650: 14648: 14645: 14643: 14640: 14638: 14635: 14633: 14630: 14628: 14625: 14621: 14618: 14616: 14613: 14611: 14608: 14607: 14605: 14603: 14600: 14598: 14595: 14593: 14590: 14588: 14585: 14583: 14580: 14578: 14575: 14573: 14570: 14568: 14565: 14563: 14560: 14558: 14555: 14553: 14550: 14546: 14543: 14541: 14538: 14537: 14536: 14533: 14531: 14528: 14524: 14521: 14519: 14516: 14515: 14514: 14511: 14507: 14504: 14502: 14499: 14498: 14497: 14494: 14492: 14489: 14487: 14484: 14482: 14479: 14475: 14472: 14470: 14467: 14465: 14462: 14460: 14457: 14455: 14452: 14450: 14447: 14445: 14442: 14441: 14440: 14437: 14435: 14432: 14431: 14429: 14425: 14419: 14416: 14414: 14411: 14409: 14406: 14404: 14401: 14399: 14396: 14394: 14391: 14389: 14386: 14384: 14381: 14379: 14376: 14374: 14371: 14369: 14366: 14365: 14363: 14359: 14356: 14354: 14350: 14345: 14344:United States 14338: 14333: 14331: 14326: 14324: 14319: 14318: 14315: 14303: 14295: 14294: 14291: 14290: 14286: 14284: 14283: 14279: 14278: 14275: 14269: 14266: 14264: 14261: 14259: 14256: 14255: 14253: 14249: 14242: 14239: 14236: 14233: 14231:(grandfather) 14230: 14227: 14224: 14221: 14218: 14215: 14212: 14209: 14206: 14203: 14200: 14197: 14194: 14191: 14188: 14185: 14184: 14182: 14178: 14171: 14170: 14166: 14163: 14162: 14158: 14155: 14154: 14150: 14147: 14146: 14142: 14140:(1965 series) 14139: 14138: 14134: 14131: 14130: 14126: 14125: 14123: 14117: 14111: 14108: 14106: 14103: 14101: 14098: 14096: 14093: 14090: 14087: 14084: 14083:Wilson Square 14081: 14078: 14077: 14073: 14071: 14070: 14066: 14064: 14061: 14059: 14056: 14054: 14051: 14047: 14046: 14042: 14041: 14040: 14037: 14035: 14032: 14030: 14027: 14025: 14022: 14021: 14019: 14016: 14009: 14003: 14000: 13998: 13995: 13993: 13990: 13988: 13985: 13983: 13980: 13979: 13977: 13975: 13971: 13965: 13963: 13959: 13956: 13953: 13950: 13947: 13946: 13944: 13940: 13934: 13931: 13929: 13926: 13924: 13921: 13919: 13916: 13914: 13911: 13909: 13906: 13904: 13901: 13897: 13894: 13893: 13892: 13889: 13888: 13886: 13882: 13872: 13869: 13867: 13864: 13860: 13856: 13855: 13854: 13851: 13847: 13843: 13842: 13841: 13838: 13835: 13832: 13829: 13826: 13824: 13821: 13819: 13816: 13814: 13811: 13809: 13806: 13802: 13801:USRA standard 13798: 13797: 13796: 13793: 13789: 13785: 13784: 13783: 13780: 13778: 13775: 13773: 13770: 13768: 13765: 13763: 13760: 13757: 13754: 13751: 13748: 13746: 13743: 13741: 13738: 13734: 13730: 13729: 13728: 13725: 13722: 13719: 13717: 13714: 13711: 13708: 13704: 13701: 13699: 13695: 13694: 13693: 13690: 13687: 13684: 13682: 13679: 13677: 13674: 13672: 13669: 13666: 13663: 13660: 13657: 13654: 13651: 13648: 13645: 13642: 13639: 13637: 13634: 13631: 13628: 13626: 13623: 13619: 13616: 13615: 13614: 13611: 13608: 13605: 13602: 13599: 13597: 13594: 13592: 13589: 13586: 13583: 13579: 13576: 13574: 13571: 13569: 13566: 13564: 13561: 13560: 13559: 13556: 13552: 13549: 13548: 13547: 13544: 13541: 13538: 13534: 13530: 13529: 13528: 13525: 13521: 13517: 13516: 13515: 13512: 13510: 13507: 13506: 13504: 13502: 13498: 13491: 13488: 13484: 13480: 13479: 13478: 13475: 13471: 13467: 13466: 13465: 13462: 13459: 13458:Pueblo speech 13456: 13452: 13448: 13447: 13446: 13443: 13441: 13438: 13436: 13433: 13430: 13427: 13425: 13422: 13420: 13417: 13415: 13412: 13410: 13407: 13405: 13402: 13398: 13395: 13393: 13390: 13388: 13385: 13383: 13380: 13378: 13375: 13373: 13370: 13368: 13365: 13363: 13360: 13358: 13354: 13353: 13352: 13349: 13346: 13343: 13339: 13336: 13335: 13334: 13331: 13328: 13325: 13322: 13319: 13316: 13313: 13311: 13308: 13307: 13305: 13303: 13299: 13293: 13290: 13288: 13285: 13283: 13280: 13278: 13275: 13273: 13270: 13268: 13265: 13263: 13260: 13256: 13253: 13251: 13248: 13247: 13246: 13243: 13241: 13238: 13236: 13233: 13229: 13226: 13224: 13221: 13220: 13219: 13216: 13214: 13211: 13209: 13206: 13204: 13201: 13199: 13196: 13195: 13193: 13190: 13185: 13181: 13173: 13168: 13164: 13161: 13157: 13153: 13150: 13146: 13145: 13142: 13138: 13131: 13126: 13124: 13119: 13117: 13112: 13111: 13108: 13096: 13092: 13088: 13086: 13082: 13078: 13076: 13068: 13067: 13064: 13058: 13055: 13053: 13050: 13048: 13045: 13043: 13040: 13039: 13037: 13033: 13027: 13024: 13022: 13019: 13017: 13014: 13012: 13009: 13008: 13006: 13002: 12996: 12993: 12991: 12988: 12986: 12983: 12981: 12978: 12976: 12973: 12971: 12968: 12966: 12963: 12961: 12958: 12956: 12955:New Hampshire 12953: 12951: 12948: 12946: 12943: 12941: 12938: 12936: 12933: 12931: 12928: 12926: 12923: 12922: 12920: 12916: 12910: 12907: 12905: 12904:National bank 12902: 12900: 12897: 12895: 12892: 12891: 12889: 12885: 12879: 12876: 12874: 12871: 12869: 12866: 12864: 12861: 12859: 12856: 12853: 12850: 12845: 12842: 12840: 12837: 12834: 12831: 12828: 12825: 12822: 12820: 12817: 12815: 12812: 12810: 12807: 12805: 12802: 12799: 12798: 12796: 12788: 12782: 12779: 12777: 12774: 12772: 12769: 12767: 12764: 12762: 12759: 12757: 12754: 12752: 12749: 12747: 12744: 12742: 12739: 12737: 12734: 12731: 12729: 12726: 12724: 12721: 12719: 12716: 12714: 12711: 12709: 12706: 12704: 12701: 12699: 12696: 12694: 12691: 12689: 12686: 12683: 12681: 12678: 12676: 12673: 12671: 12668: 12666: 12663: 12661: 12658: 12656: 12653: 12651: 12648: 12646: 12643: 12642: 12640: 12634: 12628: 12625: 12623: 12620: 12618: 12615: 12613: 12610: 12608: 12605: 12603: 12600: 12598: 12595: 12593: 12590: 12588: 12585: 12584: 12582: 12578: 12574: 12567: 12562: 12560: 12555: 12553: 12548: 12547: 12544: 12532: 12529: 12527: 12524: 12522: 12519: 12517: 12514: 12512: 12509: 12507: 12506: 12502: 12500: 12499: 12498:Annuit cœptis 12495: 12493: 12492: 12488: 12486: 12483: 12481: 12478: 12476: 12473: 12471: 12468: 12466: 12463: 12461: 12458: 12456: 12453: 12451: 12448: 12446: 12443: 12441: 12438: 12436: 12433: 12431: 12428: 12426: 12423: 12421: 12418: 12416: 12413: 12411: 12408: 12407: 12405: 12401: 12395: 12392: 12390: 12387: 12385: 12382: 12380: 12377: 12375: 12372: 12371: 12369: 12365: 12359: 12356: 12354: 12351: 12349: 12346: 12344: 12341: 12339: 12336: 12334: 12331: 12329: 12326: 12325: 12323: 12321: 12317: 12311: 12308: 12306: 12303: 12301: 12298: 12296: 12293: 12291: 12288: 12286: 12283: 12281: 12278: 12276: 12273: 12272: 12270: 12268: 12264: 12258: 12255: 12253: 12250: 12248: 12247:Quarter (25¢) 12245: 12243: 12240: 12238: 12235: 12233: 12230: 12229: 12227: 12225: 12221: 12215: 12212: 12210: 12207: 12203: 12202: 12198: 12196: 12193: 12191: 12188: 12186: 12183: 12181: 12178: 12176: 12173: 12171: 12168: 12166: 12165:San Francisco 12163: 12161: 12158: 12156: 12153: 12152: 12151: 12148: 12146: 12143: 12141: 12138: 12136: 12133: 12132: 12130: 12126: 12117: 12112: 12110: 12105: 12103: 12098: 12097: 12094: 12082: 12081:Central banks 12074: 12073: 12070: 12064: 12061: 12059: 12056: 12055: 12053: 12049: 12043: 12040: 12038: 12035: 12033: 12030: 12028: 12025: 12023: 12020: 12018: 12015: 12013: 12010: 12008: 12007:Bank of Spain 12005: 12003: 12000: 11998: 11995: 11993: 11990: 11988: 11985: 11983: 11980: 11978: 11975: 11973: 11970: 11968: 11965: 11963: 11960: 11958: 11957:Bank of Italy 11955: 11953: 11950: 11948: 11945: 11943: 11940: 11938: 11935: 11933: 11930: 11928: 11925: 11923: 11920: 11918: 11915: 11913: 11910: 11908: 11905: 11903: 11900: 11899: 11897: 11893: 11887: 11884: 11882: 11881:Bank of Korea 11879: 11877: 11874: 11872: 11871:Bank of Japan 11869: 11868: 11866: 11862: 11856: 11853: 11851: 11848: 11846: 11843: 11841: 11838: 11836: 11833: 11831: 11828: 11827: 11825: 11821: 11816: 11815:Central Banks 11809: 11804: 11802: 11797: 11795: 11790: 11789: 11786: 11774: 11771: 11769: 11766: 11764: 11761: 11759: 11756: 11754: 11751: 11749: 11746: 11745: 11743: 11739: 11731: 11728: 11726: 11723: 11721: 11718: 11716: 11713: 11711: 11708: 11707: 11706: 11703: 11701: 11698: 11697: 11695: 11693: 11690:Bretton Woods 11687: 11681: 11678: 11676: 11673: 11671: 11668: 11666: 11663: 11661: 11660:Discount rate 11658: 11656: 11653: 11652: 11650: 11646: 11640: 11639:Basel Accords 11637: 11635: 11632: 11630: 11627: 11625: 11622: 11621: 11619: 11615: 11609: 11606: 11604: 11601: 11599: 11596: 11595: 11593: 11589: 11585: 11584:Central banks 11578: 11573: 11571: 11566: 11564: 11559: 11558: 11555: 11543: 11540: 11538: 11535: 11533: 11530: 11528: 11525: 11524: 11522: 11519: 11518:San Francisco 11515: 11509: 11506: 11504: 11501: 11499: 11496: 11495: 11493: 11490: 11486: 11480: 11477: 11475: 11474:Oklahoma City 11472: 11470: 11467: 11466: 11464: 11461: 11457: 11451: 11448: 11447: 11445: 11442: 11438: 11432: 11429: 11427: 11424: 11422: 11419: 11418: 11416: 11413: 11409: 11403: 11400: 11399: 11397: 11394: 11390: 11384: 11381: 11379: 11376: 11374: 11371: 11369: 11366: 11364: 11361: 11360: 11358: 11355: 11351: 11345: 11342: 11340: 11337: 11336: 11334: 11331: 11327: 11321: 11318: 11316: 11313: 11312: 11310: 11307: 11303: 11288: 11285: 11283: 11280: 11277: 11276: 11274: 11271: 11267: 11262: 11261: 11256: 11255: 11250: 11244: 11240: 11233: 11228: 11226: 11221: 11219: 11214: 11213: 11210: 11198: 11195: 11193: 11190: 11186: 11183: 11182: 11181: 11178: 11176: 11173: 11171: 11168: 11166: 11163: 11161: 11158: 11156: 11153: 11151: 11148: 11147: 11145: 11141: 11134: 11133:San Francisco 11130: 11127: 11124: 11120: 11117: 11114: 11110: 11107: 11104: 11100: 11099:Neel Kashkari 11097: 11094: 11090: 11087: 11084: 11080: 11077: 11074: 11070: 11067: 11064: 11060: 11059:Thomas Barkin 11057: 11054: 11050: 11047: 11044: 11040: 11037: 11034: 11030: 11029:John Williams 11027: 11024: 11020: 11019:Susan Collins 11017: 11016: 11014: 11012:(by district) 11008: 11002: 10999: 10997: 10994: 10992: 10989: 10987: 10984: 10981: 10977: 10974: 10971: 10967: 10964: 10961: 10957: 10956:Jerome Powell 10954: 10953: 10951: 10949: 10943: 10936: 10935:Jerome Powell 10933: 10930: 10927: 10924: 10921: 10918: 10915: 10912: 10909: 10906: 10903: 10900: 10897: 10894: 10891: 10888: 10885: 10882: 10879: 10876: 10873: 10870: 10867: 10864: 10861: 10858: 10855: 10852: 10849: 10846: 10843: 10842: 10840: 10838: 10834: 10827: 10826: 10822: 10819: 10816: 10813: 10809: 10806: 10803: 10800: 10797: 10794: 10792: 10789: 10786: 10785: 10781: 10778: 10775: 10772: 10769: 10766: 10763: 10760: 10757: 10754: 10751: 10748: 10745: 10742: 10739: 10736: 10733: 10730: 10727: 10724: 10723:Greenspan put 10721: 10718: 10717: 10713: 10710: 10709: 10705: 10702: 10699: 10696: 10693: 10690: 10687: 10684: 10681: 10678: 10675: 10672: 10669: 10666: 10663: 10660: 10657: 10654: 10651: 10648: 10645: 10642: 10639: 10636: 10633: 10630: 10627: 10624: 10621: 10619: 10616: 10613: 10610: 10608: 10605: 10602: 10599: 10596: 10593: 10590: 10587: 10584: 10581: 10578: 10575: 10572: 10569: 10566: 10563: 10560: 10557: 10554: 10551: 10548: 10545: 10542: 10539: 10538: 10536: 10533: 10528: 10524: 10518: 10515: 10511: 10508: 10507: 10506: 10503: 10501: 10500:Federal funds 10498: 10494: 10491: 10490: 10489: 10486: 10485: 10483: 10481:Federal funds 10479: 10473: 10470: 10468: 10465: 10463: 10460: 10459: 10457: 10453: 10438: 10435: 10433: 10430: 10429: 10427: 10425: 10421: 10415: 10412: 10410: 10407: 10405: 10402: 10400: 10397: 10395: 10392: 10391: 10388: 10384: 10377: 10372: 10370: 10365: 10363: 10358: 10357: 10354: 10348: 10345: 10343: 10339: 10336: 10335: 10334: 10332: 10326: 10318: 10317: 10307: 10303: 10299: 10297:9780593320235 10293: 10289: 10284: 10283: 10274: 10270: 10267: 10263: 10258: 10255: 10251: 10248: 10244: 10243: 10241: 10237: 10234: 10230: 10227: 10223: 10219: 10213: 10209: 10205: 10201: 10197: 10194: 10190: 10187: 10186:1-56720-624-7 10183: 10179: 10175: 10169: 10165: 10161: 10160: 10155: 10151: 10148: 10144: 10141: 10140:0-9656492-1-0 10137: 10133: 10132: 10127: 10121: 10115: 10111: 10107: 10103: 10099: 10093: 10089: 10085: 10081: 10080: 10078: 10074: 10068: 10062: 10058: 10057: 10052: 10048: 10045: 10042: 10038: 10034: 10029: 10025: 10019: 10015: 10014:Penguin Press 10011: 10007: 10003: 10000: 9996: 9992: 9988: 9984: 9980: 9976: 9972: 9968: 9964: 9959: 9955: 9949: 9945: 9941: 9940: 9935: 9931: 9927: 9923: 9919: 9915: 9911: 9907: 9903: 9898: 9894: 9892:9780060412272 9888: 9884: 9879: 9875: 9871: 9867: 9863: 9859: 9855: 9851: 9847: 9842: 9838: 9836:9780801433320 9832: 9828: 9823: 9822: 9813: 9809: 9806: 9802: 9798: 9794: 9790: 9789:0-06-054270-5 9786: 9782: 9778: 9774: 9771: 9767: 9764: 9763:0-313-32839-0 9760: 9756: 9753:Hafer, R. W. 9752: 9749: 9745: 9744:0-671-67556-7 9741: 9737: 9733: 9730: 9727: 9726:0-02-864323-2 9723: 9719: 9715: 9712: 9708: 9704: 9702: 9699: 9696: 9694: 9691: 9688: 9683: 9682: 9676: 9669: 9662: 9661: 9655: 9652: 9648: 9644: 9643: 9627: 9621: 9617: 9603: 9598: 9597: 9588: 9581: 9565: 9561: 9555: 9540: 9536: 9530: 9514: 9496: 9490: 9474: 9470: 9463: 9447: 9441: 9425: 9418: 9411: 9395: 9394:Macro Matters 9391: 9384: 9375: 9370: 9366: 9359: 9351: 9347: 9340: 9324: 9318: 9302: 9298: 9292: 9284: 9280: 9275: 9270: 9266: 9262: 9258: 9251: 9244: 9240: 9235: 9219: 9215: 9209: 9193: 9192:lsa.umich.edu 9189: 9183: 9176:. p. 56. 9175: 9174: 9166: 9158: 9157: 9142: 9136: 9132: 9131: 9114: 9110: 9106: 9091: 9085: 9066: 9060: 9054:, pp. 10 9053: 9048: 9032: 9026: 9019: 9015: 9012: 9007: 8999: 8994: 8978: 8974: 8970: 8963: 8955: 8951: 8947: 8941: 8925: 8919: 8903: 8897: 8881: 8875: 8868: 8863: 8847: 8832: 8826: 8818: 8814: 8808: 8797: 8790: 8784: 8782: 8780: 8778: 8769: 8763: 8761: 8759: 8742: 8741: 8733: 8727: 8711: 8705: 8687: 8672: 8668: 8662: 8646: 8642: 8635: 8633: 8616: 8612: 8605: 8603: 8594: 8590: 8586: 8582: 8578: 8574: 8570: 8566: 8562: 8558: 8554: 8547: 8539: 8538: 8533: 8526: 8507: 8500: 8493: 8491: 8489: 8481: 8476: 8470: 8466: 8465: 8458: 8442: 8438: 8431: 8422: 8406: 8400: 8384: 8380: 8374: 8355: 8351: 8344: 8338: 8331: 8324: 8316: 8312: 8305: 8297: 8293: 8287: 8279: 8275: 8271: 8265: 8250: 8246: 8240: 8225: 8221: 8215: 8200: 8196: 8190: 8174: 8168: 8152: 8148: 8142: 8126: 8119: 8117: 8100: 8099:economist.com 8096: 8090: 8083: 8081: 8080:money markets 8066: 8065:economist.com 8062: 8056: 8049: 8044: 8038: 8031: 8025: 8020: 8016: 8010: 8002: 7996: 7980: 7974: 7958: 7952: 7950: 7933: 7926: 7910: 7904: 7895: 7889: 7873: 7867: 7851: 7845: 7829: 7823: 7821: 7804: 7800: 7794: 7778: 7772: 7756: 7755: 7747: 7740: 7734:, pp. 31 7733: 7728: 7722:, pp. 27 7721: 7716: 7710:, pp. 30 7709: 7704: 7688: 7682: 7666: 7662: 7656: 7640: 7634: 7618: 7612: 7596: 7590: 7584: 7578: 7574: 7568: 7562: 7556: 7541: 7537: 7531: 7523: 7519: 7515: 7511: 7507: 7503: 7496: 7487: 7471: 7467: 7461: 7446: 7442: 7436: 7420: 7416: 7410: 7394: 7388: 7373: 7369: 7362: 7360: 7358: 7356: 7340: 7336: 7329: 7327: 7325: 7323: 7306: 7302: 7296: 7280: 7276: 7270: 7255: 7251: 7245: 7229: 7222: 7216: 7214: 7212: 7210: 7208: 7192: 7188: 7172: 7168: 7164: 7157: 7150: 7144: 7129: 7125: 7118: 7102: 7096: 7085:September 19, 7081: 7075: 7073: 7057: 7053: 7046: 7030: 7015: 7011: 7005: 6989: 6988: 6983: 6977: 6961: 6960: 6955: 6940: 6939: 6934: 6928: 6921: 6917: 6911: 6904: 6900: 6897: 6896:680 F.2d 1239 6892: 6885: 6881: 6878: 6874: 6870: 6867: 6862: 6860: 6843: 6837: 6821: 6815: 6800: 6796: 6789: 6781: 6775: 6768: 6763: 6747: 6743: 6737: 6730: 6726: 6720: 6713: 6709: 6703: 6696: 6695: 6690: 6684: 6669: 6662: 6646: 6642: 6637: 6629: 6622: 6618: 6612: 6605: 6601: 6595: 6588: 6584: 6578: 6571: 6570: 6565: 6559: 6552: 6546: 6539: 6538: 6533: 6527: 6520: 6514: 6506: 6502: 6496: 6489: 6485: 6479: 6477: 6470: 6466: 6460: 6453: 6449: 6443: 6427: 6421: 6419: 6407: 6403: 6402: 6394: 6388: 6381: 6377: 6372: 6364: 6360: 6356: 6349: 6342: 6339: 6335: 6332: 6327: 6311: 6307: 6293: 6289: 6285: 6281: 6275: 6268: 6263: 6247: 6241: 6225: 6221:See example: 6218: 6211: 6206: 6187: 6180: 6174: 6167: 6154: 6150: 6144: 6128: 6122: 6103: 6096: 6080: 6074: 6063: 6056: 6041: 6037: 6031: 6015: 6009: 5998:September 17, 5994: 5990: 5974: 5968: 5952: 5948: 5942: 5940: 5938: 5929: 5925: 5909: 5905: 5901: 5895: 5889:, pp. 83 5888: 5883: 5875: 5869: 5865: 5861: 5860: 5853: 5844: 5842: 5833: 5817: 5813: 5807: 5805: 5803: 5801: 5793: 5788: 5786: 5777: 5773: 5767: 5751: 5747: 5741: 5725: 5724:Bloomberg.com 5721: 5715: 5699: 5695: 5689: 5673: 5669: 5663: 5661: 5659: 5642: 5638: 5632: 5616: 5612: 5606: 5604: 5587: 5583: 5579: 5573: 5557: 5553: 5547: 5539: 5535: 5529: 5513: 5509: 5505: 5498: 5483: 5479: 5472: 5456: 5450: 5442: 5438: 5434: 5419: 5415: 5410: 5406: 5401: 5390:September 16, 5386: 5380: 5364: 5358: 5356: 5348: 5335: 5331: 5327: 5321: 5315: 5311: 5306: 5298: 5292: 5288: 5282: 5277: 5262: 5258: 5251: 5249: 5247: 5230: 5224: 5222: 5220: 5203: 5197: 5195: 5193: 5185: 5180: 5173: 5168: 5166: 5164: 5155: 5151: 5145: 5143: 5141: 5129:September 19, 5125: 5121: 5115: 5104:September 19, 5100: 5096: 5090: 5079:September 19, 5075: 5071: 5065: 5050: 5046: 5040: 5038: 5033: 5022: 5019: 5016: 5013: 5011: 5008: 5006: 5003: 5001: 4998: 4996: 4993: 4991: 4988: 4986: 4983: 4981: 4978: 4976: 4973: 4971: 4968: 4966: 4963: 4961: 4960:Greenspan put 4958: 4956: 4953: 4951: 4950:Gold standard 4948: 4946: 4943: 4941: 4938: 4936: 4933: 4931: 4928: 4926: 4923: 4921: 4918: 4916: 4913: 4911: 4908: 4906: 4903: 4902: 4897: 4886: 4883: 4872: 4869: 4863: 4858: 4855: 4844: 4834: 4830: 4826: 4825:Black Tuesday 4821: 4817: 4815: 4808: 4800: 4799:CPI inflation 4767: 4758: 4749: 4744: 4740: 4730: 4722: 4719: 4713: 4712: 4708: 4705: 4699: 4698: 4694: 4691: 4685: 4684: 4680: 4677: 4671: 4670: 4666: 4663: 4660: 4659: 4655: 4652: 4646: 4645: 4641: 4638: 4632: 4631: 4627: 4624: 4621: 4620: 4615: 4612: 4610: 4596: 4593: 4590: 4589: 4585: 4582: 4579: 4578: 4574: 4571: 4565: 4564: 4560: 4557: 4554: 4553: 4549: 4546: 4543: 4542: 4538: 4535: 4532: 4531: 4527: 4524: 4517: 4516: 4512: 4509: 4506: 4505: 4497: 4493: 4490: 4487: 4486: 4482: 4479: 4476: 4475: 4471: 4468: 4465: 4464: 4460: 4457: 4454: 4453: 4445: 4442: 4435: 4432: 4429: 4428: 4424: 4421: 4418: 4417: 4413: 4410: 4407: 4406: 4402: 4399: 4396: 4395: 4391: 4388: 4382: 4381: 4377: 4374: 4368: 4367: 4363: 4360: 4354: 4353: 4349: 4346: 4340: 4339: 4335: 4332: 4326: 4325: 4321: 4318: 4315: 4314: 4310: 4307: 4304: 4303: 4299: 4296: 4293: 4292: 4289:LIABILITIES: 4287: 4284: 4277: 4274: 4272:Total Assets 4271: 4270: 4266: 4263: 4261:Other Assets 4260: 4259: 4255: 4252: 4249: 4248: 4244: 4241: 4239: 4236: 4235: 4231: 4228: 4225: 4224: 4220: 4217: 4214: 4213: 4209: 4206: 4203: 4202: 4198: 4195: 4192: 4191: 4187: 4184: 4181: 4180: 4176: 4173: 4170: 4169: 4165: 4162: 4159: 4158: 4154: 4151: 4148: 4147: 4143: 4140: 4137: 4136: 4132: 4129: 4126: 4125: 4121: 4118: 4115: 4114: 4110: 4107: 4101: 4100: 4096: 4093: 4091: 4085: 4084: 4080: 4077: 4071: 4070: 4066: 4063: 4057: 4056: 4052: 4049: 4043: 4042: 4038: 4035: 4029: 4028: 4024: 4021: 4019: 4013: 4012: 4008: 4005: 3999: 3998: 3994: 3991: 3988: 3987: 3983: 3980: 3977: 3976: 3972: 3969: 3966: 3965: 3961: 3958: 3955: 3954: 3949: 3946: 3945: 3942: 3939: 3936: 3932: 3928: 3919: 3911: 3904: 3895: 3894:US Treasuries 3879: 3873:Balance sheet 3870: 3866: 3860: 3857: 3853: 3849: 3845: 3841: 3837: 3833: 3829: 3821: 3816: 3809: 3808:U.S. Treasury 3804: 3795: 3782: 3780: 3771: 3766: 3762: 3752: 3750: 3746: 3742: 3738: 3734: 3729: 3726: 3722: 3718: 3714: 3710: 3700: 3698: 3692: 3690: 3687:in the BEA's 3686: 3682: 3678: 3674: 3668: 3654: 3645: 3636: 3627: 3623: 3616: 3607: 3603: 3599: 3596: 3595: 3591: 3587: 3583: 3579: 3576: 3575: 3571: 3567: 3564: 3563: 3559: 3555: 3552: 3551: 3547: 3544: 3543: 3540: 3536: 3526: 3524: 3523:Flow of Funds 3515: 3506: 3504: 3499: 3497: 3482: 3479: 3476: 3473: 3470: 3467: 3464: 3461: 3459: 3456: 3454: 3451: 3448: 3445: 3442: 3439: 3437: 3434: 3432: 3429: 3426: 3423: 3421: 3418: 3416: 3413: 3411: 3408: 3405: 3402: 3399: 3396: 3395: 3393: 3389: 3379: 3376: 3372: 3367: 3365: 3361: 3356: 3354: 3349: 3347: 3343: 3334: 3329: 3319: 3317: 3313: 3309: 3308:Jekyll Island 3305: 3301: 3297: 3293: 3289: 3288:Panic of 1907 3283: 3273: 3271: 3267: 3263: 3259: 3255: 3251: 3247: 3246:Panic of 1837 3243: 3239: 3234: 3232: 3231:James Madison 3228: 3224: 3220: 3216: 3206: 3204: 3200: 3196: 3192: 3187: 3185: 3181: 3175: 3157: 3153: 3151:1913–present 3150: 3146: 3143: 3140: 3139: 3136: 3133: 3130: 3126: 3123: 3120: 3119: 3116: 3113: 3110: 3105: 3102: 3101: 3098: 3095: 3092: 3087: 3083: 3080: 3077: 3076: 3072: 3069: 3068: 3061: 3053: 3051: 3047: 3034: 3031: 3027: 3024: 3021: 3020: 3019: 3016: 3012: 3003: 2994: 2992: 2988: 2984: 2980: 2976: 2972: 2961: 2959: 2955: 2951: 2947: 2942: 2938: 2934: 2930: 2923: 2913: 2911: 2905: 2900: 2898: 2894: 2890: 2886: 2882: 2878: 2874: 2864: 2860: 2858: 2843: 2840: 2829: 2826: 2825:term deposits 2816: 2814: 2809: 2807: 2803: 2799: 2795: 2794:discount rate 2789: 2779: 2777: 2773: 2767: 2757: 2755: 2750: 2748: 2743: 2741: 2737: 2731: 2721: 2718: 2707: 2705: 2704:federal funds 2701: 2700:interest rate 2697: 2693: 2685: 2680: 2665: 2663: 2660: 2659: 2655: 2653: 2650: 2649: 2645: 2642: 2641: 2637: 2634: 2633: 2629: 2626: 2625: 2622: 2619: 2611: 2609: 2605: 2601: 2597: 2593: 2586: 2581: 2578: 2576: 2571: 2567: 2563: 2553: 2551: 2547: 2542: 2538: 2534: 2528: 2524: 2514: 2512: 2508: 2504: 2500: 2496: 2491: 2489: 2485: 2480: 2471: 2468: 2466: 2460: 2447: 2442: 2438: 2435: 2433: 2428: 2424: 2413: 2409: 2408:reappointed. 2405: 2401: 2399: 2398:San Francisco 2395: 2391: 2387: 2383: 2379: 2375: 2371: 2367: 2363: 2359: 2355: 2346: 2337: 2332: 2322: 2318: 2308: 2305: 2303: 2297: 2287: 2285: 2281: 2279: 2275: 2270: 2268: 2264: 2260: 2258: 2257:Lael Brainard 2252: 2250: 2246: 2242: 2238: 2234: 2230: 2226: 2222: 2218: 2214: 2213:Peter Diamond 2209: 2207: 2203: 2199: 2195: 2191: 2190:Bankers Trust 2187: 2183: 2182:Jerome Powell 2179: 2175: 2171: 2167: 2150: 2145: 2143: 2140: 2135: 2129: 2126: 2122: 2121: 2115: 2105: 2103: 2100: 2095: 2089: 2086: 2082: 2081: 2075: 2070: 2068: 2065: 2060: 2054: 2051: 2047: 2046: 2040: 2030: 2028: 2025: 2020: 2014: 2011: 2007: 2006: 1999: 1995:July 19, 2022 1993: 1992: 1987:July 13, 2026 1985: 1981:July 19, 2022 1979: 1977: 1971: 1963: 1954: 1949: 1942: 1936: 1935: 1928: 1922: 1920: 1914: 1906: 1897: 1892: 1885: 1881:June 16, 2014 1878:(as Governor) 1874: 1873: 1866: 1855: 1853: 1847: 1839: 1838:Jerome Powell 1830: 1825: 1822:Term expires 1821: 1818: 1815: 1812: 1809: 1808: 1805: 1798: 1789: 1787: 1782: 1779: 1775: 1770: 1765: 1751: 1748: 1746: 1743: 1734: 1732: 1731:San Francisco 1729: 1726: 1723: 1722: 1719: 1716: 1714: 1711: 1709: 1705: 1701: 1698: 1696: 1693: 1690: 1687: 1686: 1683: 1680: 1678: 1675: 1668: 1666: 1663: 1660: 1657: 1656: 1653: 1652:Neel Kashkari 1650: 1648: 1645: 1642: 1640: 1637: 1634: 1631: 1630: 1627: 1624: 1622: 1619: 1612: 1610: 1607: 1604: 1601: 1600: 1597: 1594: 1592: 1589: 1586: 1584: 1581: 1578: 1575: 1574: 1571: 1568: 1566: 1563: 1552: 1550: 1547: 1544: 1541: 1540: 1537: 1536:Thomas Barkin 1534: 1532: 1529: 1524: 1522: 1519: 1516: 1513: 1512: 1509: 1506: 1504: 1501: 1496: 1494: 1491: 1488: 1485: 1484: 1481: 1478: 1476: 1473: 1470: 1468: 1465: 1462: 1459: 1458: 1455: 1452: 1450: 1447: 1444: 1442: 1441:New York City 1439: 1436: 1433: 1432: 1429: 1426: 1424: 1421: 1418: 1416: 1413: 1410: 1407: 1406: 1402: 1399: 1393: 1390: 1387: 1386: 1383: 1381: 1377: 1373: 1364: 1359: 1349: 1347: 1342: 1338: 1334: 1330: 1325: 1320: 1310: 1305: 1295: 1293: 1289: 1285: 1280: 1278: 1274: 1270: 1266: 1262: 1257: 1255: 1251: 1247: 1243: 1239: 1234: 1232: 1228: 1224: 1219: 1215: 1208: 1204: 1200: 1198: 1189: 1185: 1181: 1177: 1168: 1166: 1162: 1155: 1150: 1148: 1138: 1136: 1135:bank reserves 1132: 1127: 1125: 1119: 1118:Federal funds 1112:Federal funds 1109: 1107: 1103: 1099: 1095: 1091: 1087: 1082: 1081:U.S. Treasury 1077: 1069: 1064: 1059: 1049: 1047: 1041: 1038: 1028: 1026: 1021: 1010: 1005: 1003: 999: 989: 987: 983: 979: 975: 971: 967: 960: 956: 943: 939: 930: 916: 912: 908: 904: 897: 892: 889: 888: 886: 883: 882:systemic risk 879: 874: 871: 867: 864: 863: 861: 857: 853: 848: 845: 844: 842: 839: 835: 833: 829: 828: 827: 824: 822: 818: 814: 804: 802: 798: 792: 790: 786: 782: 778: 774: 770: 766: 761: 759: 755: 750: 748: 747:FRED database 744: 740: 736: 731: 727: 723: 721: 717: 713: 712:panic of 1907 709: 705: 701: 700:United States 697: 693: 689: 685: 673: 668: 666: 661: 659: 654: 653: 651: 650: 644: 633: 632: 631: 630: 619: 616: 614: 611: 610: 606: 603: 601: 600:Wire transfer 598: 596: 593: 591: 588: 587: 585: 584: 581: 576: 575: 567: 564: 562: 559: 558: 557: 554: 553: 551: 550: 542: 541: 531: 524: 518: 517: 513: 512: 507: 504: 502: 499: 497: 494: 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council 15879:City manager 15620:State police 15482:Marine Corps 15472:Armed Forces 15447:civil rights 15427:Constitution 14999:Southwestern 14994:Southeastern 14984:Northwestern 14979:Northeastern 14944:Mid-Atlantic 14934:Great Plains 14652:World War II 14535:Constitution 14439:Colonial era 14418:2008–present 14287: 14280: 14243:(son-in-law) 14229:James Wilson 14167: 14160: 14151: 14143: 14136: 14128: 14074: 14067: 14058:High schools 14043: 14024:Bibliography 13961: 13954: 13948: 13923:Shadow Lawn) 13519: 13310:Wilsonianism 13095:Banks portal 13035:Other topics 12985:Pennsylvania 12894:Credit union 12660:McFadden Act 12503: 12496: 12489: 12257:Dollar ($ 1) 12199: 12160:Philadelphia 12139: 11829: 11817:of the World 11368:Jacksonville 11281: 11260:Philadelphia 11258: 11252: 11150:Central bank 11129:Mary C. Daly 11043:Philadelphia 10996:Lisa D. Cook 10976:Michael Barr 10929:Janet Yellen 10923:Ben Bernanke 10911:Paul Volcker 10869:Eugene Meyer 10863:Roy A. Young 10823: 10782: 10714: 10706: 10635:FOMC actions 10589:Regulation Q 10577:Regulation D 10382: 10321: 10287: 10272: 10265: 10253: 10246: 10239: 10232: 10225: 10203: 10200:Temin, Peter 10192: 10158: 10146: 10129: 10109: 10087: 10071:(cloth) and 10055: 10043: 10040: 10032: 10009: 9998: 9986: 9983:Link, Arthur 9966: 9962: 9938: 9905: 9901: 9882: 9849: 9845: 9826: 9811: 9776: 9754: 9748:Paul Volcker 9735: 9717: 9706: 9680: 9668:the original 9659: 9646: 9635:Bibliography 9626: 9620: 9602:performance. 9595: 9580: 9568:. Retrieved 9563: 9554: 9542:. Retrieved 9538: 9529: 9517:. Retrieved 9502:. Retrieved 9489: 9477:. Retrieved 9472: 9462: 9450:. Retrieved 9440: 9428:. Retrieved 9423: 9410: 9398:. Retrieved 9393: 9383: 9374:the original 9368: 9358: 9349: 9339: 9327:. Retrieved 9317: 9305:. 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Morgan 3357: 3353:Paul Warburg 3350: 3339: 3285: 3235: 3212: 3188: 3184:Continentals 3177: 3043: 3017: 3013: 3009: 3000: 2967: 2958:U.S. dollars 2925: 2907: 2902: 2870: 2861: 2854: 2835: 2822: 2810: 2798:basis points 2793: 2791: 2769: 2751: 2744: 2733: 2713: 2689: 2630:Description 2620: 2617: 2592:asset prices 2588: 2583: 2574: 2559: 2530: 2492: 2481: 2477: 2469: 2461: 2457: 2454:Member banks 2440: 2436: 2431: 2422: 2419: 2410: 2406: 2402: 2362:Philadelphia 2351: 2320: 2306: 2299: 2282: 2271: 2261: 2253: 2237:David Vitter 2225:Janet Yellen 2210: 2166:Barack Obama 2163: 2107:May 23, 2022 1962:Michael Barr 1938:May 23, 2022 1876:May 25, 2012 1868:May 15, 2026 1862:May 23, 2022 1803: 1783: 1769: 1767: 1750:Mary C. Daly 1467:Philadelphia 1369: 1321: 1317: 1307: 1302: 1281: 1258: 1235: 1210: 1205: 1201: 1193: 1180:Ben Bernanke 1157: 1152: 1144: 1128: 1121: 1076:central bank 1073: 1058:Central bank 1052:Central bank 1042: 1035:Through its 1034: 1031:Fluctuations 1017: 1007: 1004:as follows: 1001: 995: 962: 907:Unemployment 838:central bank 825: 810: 793: 781:New York Fed 762: 751: 724: 691: 690:, or simply 687: 683: 681: 618:Bill payment 566:Check 21 Act 496:Money-market 421:Credit union 365: 341:Key document 325:Child agency 315:Jurisdiction 197:Michael Barr 125:Headquarters 72: 46: 37:This is the 31: 16923:Immigration 16854:LGBT rights 16756:Food safety 16591:Video games 16184:Wall Street 16164:Public debt 16067:Agriculture 16003:nationalism 15715:Uniform act 15637:Legislative 15544:Territorial 15502:Coast Guard 15497:Space Force 15247:Legislative 15042:Red (South) 15032:Mississippi 14954:New England 14890:Appalachian 14860:Earthquakes 14757:Discoveries 14752:Demographic 14694:Vietnam War 14637:World War I 14632:Imperialism 14582:Indian Wars 14557:War of 1812 14164:(2013 book) 14132:(1944 film) 13665:Adamson Act 13501:New Freedom 13449:1919–1920; 13387:The Inquiry 13355:1917–1918; 13351:World War I 13329:(1916–1924) 13323:(1915–1934) 13174:(1902–1910) 13165:(1911–1913) 13154:(1913–1921) 13016:CAEL Rating 13011:Call report 12638:legislation 12237:Nickel (5¢) 12195:Manila Mint 12190:New Orleans 12175:Carson City 12135:U.S. dollar 11527:Los Angeles 11508:San Antonio 11460:Kansas City 11441:Minneapolis 11421:Little Rock 11383:New Orleans 11119:Lorie Logan 11113:Kansas City 11109:Jeff Schmid 11103:Minneapolis 10931:(2014–2018) 10925:(2006–2014) 10919:(1987–2006) 10913:(1979–1987) 10907:(1978–1979) 10901:(1970–1978) 10895:(1951–1970) 10889:(1948–1951) 10883:(1934–1948) 10877:(1933–1934) 10871:(1930–1933) 10865:(1927–1930) 10859:(1923–1927) 10853:(1916–1922) 10847:(1914–1916) 10820:(2020–2021) 10798:(2009–2010) 10779:(2008–2010) 10773:(2008–2010) 10755:(2007–2010) 10647:Nixon shock 10614:(1944–1971) 10559:Pittman Act 10549:(1909–1912) 10532:Antecedents 9908:: 957–984. 9852:: 421–437. 9544:October 15, 9224:February 2, 9198:October 14, 8712:. 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Garland. 5266:December 6, 5235:December 6, 5208:December 6, 3956:Gold Stock 3859:bond market 3602:eurodollars 3548:Definition 3375:Robert Owen 2459:standards. 2390:Kansas City 2386:Minneapolis 2233:Kevin Warsh 2186:Dillon Read 1870:(as Chair) 1819:Term start 1665:Kansas City 1639:Minneapolis 1388:District # 1238:state banks 1231:state banks 1229:supervises 1106:Fiscal Year 854:To conduct 613:ACH Network 464:Credit card 140:Established 17016:Categories 16957:Xenophobia 16746:Disability 16687:Healthcare 16596:Visual art 16541:Philosophy 16487:television 16477:newspapers 16467:journalism 16457:Literature 16369:attainment 16020:Republican 16015:Democratic 15988:Ideologies 15949:Corruption 15514:NOAA Corps 15437:preemption 15432:federalism 15047:Rio Grande 14949:Midwestern 14929:West Coast 14924:East Coast 14767:Inventions 14679:Space Race 14674:Korean War 14657:home front 14592:Gilded Age 14219:(grandson) 14213:(daughter) 14207:(daughter) 13828:Red Summer 13585:Sabath Act 13367:home front 13198:Transition 13184:Presidency 12960:New Jersey 12925:California 12909:State bank 12776:Dodd–Frank 12242:Dime (10¢) 12232:Penny (1¢) 12170:West Point 11426:Louisville 11363:Birmingham 11320:Pittsburgh 11315:Cincinnati 10970:Vice Chair 10571:Phelan Act 10462:Beige Book 10399:Vice Chair 10306:1322058230 9819:Historical 9570:August 27, 9504:August 29, 9329:August 29, 9146:August 29, 9119:August 29, 9096:August 29, 9037:August 29, 8983:August 29, 8930:August 29, 8908:August 29, 8886:August 29, 8852:August 29, 8837:August 29, 8651:August 29, 8447:August 26, 8229:August 11, 8204:August 11, 8157:August 11, 8131:August 29, 8105:August 29, 8071:August 29, 7985:August 29, 7963:August 29, 7938:August 29, 7915:August 29, 7878:August 29, 7856:August 29, 7834:August 29, 7783:August 29, 7761:August 29, 7693:August 29, 7645:August 29, 7623:August 29, 7601:August 29, 7476:August 29, 7470:Ny.frb.org 7450:August 10, 7425:August 29, 7377:August 10, 7344:August 10, 7311:August 10, 7285:August 10, 7234:August 10, 7061:August 29, 6994:August 23, 6848:August 29, 6826:August 29, 6651:January 6, 6469:§ 241 6452:§ 242 6432:August 29, 6380:§ 247 6252:August 29, 6230:August 29, 6195:August 29, 6166:activities 6133:August 29, 6111:August 29, 6085:August 29, 6045:January 6, 6020:August 29, 5979:August 29, 5957:August 29, 5822:August 10, 5756:August 22, 5730:August 22, 5704:August 22, 5647:January 4, 5592:August 29, 5487:August 29, 5424:August 29, 5028:References 4807:Recessions 4569:Overnight 4518:Marketable 3846:since the 3810:(annually) 3737:recessions 3580:M1 + most 3342:Republican 3272:occurred. 3141:1863–1913 3131:1846–1921 3121:1837–1862 3111:1816–1836 3103:1811–1816 3093:1791–1811 3078:1782–1791 2981:, and the 2939:, and the 2813:prime rate 2776:collateral 2752:Until the 2608:net export 2604:investment 2531:The term " 2276:economist 2198:Republican 2168:nominated 2142:Democratic 2102:Democratic 2067:Republican 2027:Republican 1976:Democratic 1970:Vice Chair 1919:Democratic 1913:Vice Chair 1859:(as Chair) 1852:Republican 1339:using the 743:Beige Book 595:Debit card 444:State bank 396:Regulation 261:4.75–5.00% 229:USD ( 191:Vice Chair 168:Key people 150:1913-12-23 16940:Terrorism 16717:Rationing 16614:Affluence 16561:Sexuality 16529:Uncle Sam 16435:Languages 16364:Education 16307:affluence 16267:Americana 16194:Transport 16092:Insurance 16082:Companies 16062:By sector 15954:Elections 15595:Treasurer 15553:Executive 15492:Air Force 15464:Uniformed 15287:President 15104:Executive 14875:Mountains 14808:Territory 14796:Geography 14620:1954–1968 14615:1896–1954 14610:1865–1896 14572:Civil War 14413:1991–2008 14408:1980–1991 14403:1964–1980 14398:1945–1964 14393:1917–1945 14388:1865–1917 14383:1849–1865 14378:1815–1849 14373:1789–1815 14368:1776–1789 14361:By period 14015:memorials 13974:Elections 13933:Gravesite 13750:Smith Act 13540:Raker Act 13362:campaigns 12990:Tennessee 12511:Nicknames 12445:Funnyback 12394:$ 100,000 12185:Dahlonega 12180:Charlotte 12150:U.S. Mint 11412:St. Louis 11378:Nashville 11344:Charlotte 11339:Baltimore 11306:Cleveland 11197:Sahm rule 11160:Fed model 11093:St. Louis 11053:Cleveland 10948:governors 10735:FIRRE Act 10701:DIDMC Act 10579:(c. 1930) 10493:Bank rate 10424:Banknotes 10404:Governors 10079:(paper). 9922:154187176 9874:154895813 9519:March 20, 9479:March 27, 9452:March 27, 9430:March 27, 9400:March 27, 9396:. Reuters 9350:Bloomberg 9307:March 17, 8747:April 30, 8716:April 30, 8694:April 30, 8677:April 30, 8593:144195201 8577:0002-7162 8411:April 30, 7757:: 569–589 7665:Bloomberg 7177:March 17, 7167:Bloomberg 7035:April 30, 6752:March 27, 6365:(2): 369. 5621:March 12, 5556:FactCheck 5409:structure 5340:April 30, 4920:Fed model 4833:bank runs 4801:year/year 4733:Criticism 4316:Deposits 3856:secondary 3828:remitting 3743:prevents 3644:Deflation 3635:Inflation 3296:inelastic 2948:with the 2499:a lawsuit 2382:St. Louis 2366:Cleveland 2094:Lisa Cook 1810:Portrait 1786:president 1609:St. Louis 1493:Cleveland 1397:Branches 1352:Structure 1207:Reserve: 980:laureate 911:Inflation 870:inflation 801:inflation 694:) is the 249:Bank rate 16996:Category 16692:Abortion 16556:Religion 16514:Columbia 16472:internet 16408:Holidays 16403:Folklore 16374:literacy 16312:eviction 16202:Aviation 16174:Taxation 16129:Currency 16122:by state 16032:Scandals 15902:Township 15660:Judicial 15561:Governor 15324:Judicial 15210:Marshals 15083:Politics 15037:Missouri 15027:Columbia 15022:Colorado 15017:Arkansas 15010:Longest 14989:Southern 14974:Northern 14818:counties 14772:Military 14762:Economic 14740:By topic 14719:Iraq War 14669:Cold War 14427:By event 14302:Category 14225:(father) 14091:(Prague) 14085:(Warsaw) 13710:Flag Day 13470:Big Four 13189:timeline 13075:Category 12995:Virginia 12975:Oklahoma 12965:New York 12950:Michigan 12945:Maryland 12940:Illinois 12930:Colorado 12389:$ 10,000 11823:Americas 11617:Policies 11532:Portland 11520:branches 11503:Houston 11491:branches 11462:branches 11443:branches 11414:branches 11395:branches 11356:branches 11332:branches 11330:Richmond 11308:branches 11282:(closed) 11272:branches 11270:New York 11165:Fedspeak 11063:Richmond 11033:New York 10565:Edge Act 10202:(1976). 10156:(2007). 10108:(2009). 10086:(2009). 10053:(2004). 10035:: 64–78. 10008:(2015). 9985:(1956). 9936:(1963). 9803:and the 9775:(2004). 9734:(1987). 9713:, 2016). 9283:17420811 9052:BoG 2006 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