Board members are called to testify before Congress, and they maintain regular contact with other government organizations as well. The chairman reports twice a year to Congress on the Fed's monetary policy objectives, testifies on numerous other issues, and meets periodically with the Secretary of the Treasury.
The Board funds its operations by assessing the Federal Reserve Banks rather than through Congressional appropriation. Its financial accounts are audited annually by a public accounting firm, and these accounts are also subject to audit by the General Accounting Office.
Reserve Banks are the operating arms of the central bank. Each of the 12 Reserve Banks serves its region of the country, and all but three have other offices within their Districts to help provide services to depository institutions and the public. The Reserve Banks serve banks, the U. Treasury, and, indirectly, the public.
A Reserve Bank is often called a "banker's bank," storing currency and coin, and processing checks and electronic payments. Reserve Banks also supervise commercial banks in their regions. As the bank for the U.
Reserve Banks conduct research on regional, national and international economic issues. Research plays a critical role in bringing broad economic perspectives to the national policymaking arena and supports Reserve Bank presidents who all attend meetings of the Federal Open Market Committee FOMC. Each Reserve Bank's board of directors oversees the management and activities of the District bank. Reflecting the diverse interests of each District, these directors contribute local business experience, community involvement and leadership.
The board imparts a private-sector perspective to the Reserve Bank. Board of Governors. Introduction to the Board of Governors. Chair of the Federal Reserve Board. Federal Reserve Banks. Introduction to the Federal Reserve Banks. The Fed's Regional Structure. The Federal Reserve Banks and Currency. Who Owns the Federal Reserve Banks? Reserve Bank Board of Directors.
Reserve Banks and Policy. Federal Open Market Committee. Introduction to the FOMC. The Fed and the Dual Mandate. The Fed Implements Monetary Policy. The opacity of the Wall Street bailout, via its takeover of American International Group, in particular elicited calls for more transparency. The bank has moved toward greater openness.
Minutes of New York Fed board meetings, for example, are now published — though often heavily redacted and long after the fact. The bank also releases the minutes of various advisory committee meetings that the New York Fed president oversees to keep apprised of market and economic developments.
The daily schedules of the president are published too. In the service of increased transparency, the New York Fed tracked on its website the process it was undertaking to select a new president in , explaining with some detail the qualifications it was seeking, naming the search firms it had engaged, and detailing the winnowing of candidates. Critics applauded.
And the newly elected New York Fed president, former San Francisco Fed president John Williams, in one of his first statements pledged openness and transparency. Wall Street bashed Williams for an early communications misstep.
A tide of Twitter-based criticism from the White House may be having an impact. The New York Fed needs goodwill right now. Opening the books on who owns its stock is not a bad way of getting some. This content is from: Culture. October 02,
0コメント