Federal Reserve Bank
Commonly called the Fed, The Federal Reserve Bank is a semiautonomous organization composed of 12 regional banks. The Federal Reserve Bank is the central bank of the United States. A central bank is a type of banker's bank. The central bank conducts monetary policy and acts as a financial advisor to the government. It is the ability to create money that gives the central bank the power to control monetary policy.
Congress founded the Federal Reserve, the central bank of the United States, in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve's duties fall in to four general areas: 1) conducting the nation's monetary policy; 2) supervising and regulating banking institutions and protecting the credit rights of consumers; 3) maintaining the stability of the financial system; and 4) providing certain financial services to the U.S. government, the public financial institutions, and foreign official institutions.
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FOMC Meetings
The Federal Open Market Committee consists of twelve members: the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and, for the remaining four memberships, which carry a one year term, a rotating selection of the presidents of the eleven other Reserve Banks. The FOMC holds eight regularly scheduled meetings per year to direct the conduct of open market operations by the Federal Reserve Bank of New York in a manner designed to foster the long-run objectives of price stability and sustainable economic growth. The FOMC also establishes policy relating to system operations in the foreign exchange markets.
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Fed Board Member Testimony
Humphrey-Hawkins Report
Semiannual report on monetary policy and U.S. economic performance. Monetary Policy Report to the Congress. Pursuant to the Full Employment and Balanced Growth Act of 1978. The FOMC's Humphrey-Hawkins reports are delivered to the Congress semiannually in February and July pursuant to the Full Employment and Balanced Growth Act of 1978. The name Humphrey-Hawkins refers to the legislation's original sponsors, Senator Hubert Humphrey and Representative Augustus Hawkins. The reports address monetary policy in the context of the recent and prospective performance of the U.S. economy.
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Beige Book
Summary of Commentary on Current Economic Conditions by Federal Reserve District
Commonly known as the Beige Book (due to the color of the cover of the report), this report is published eight times a year in preparation for the FOMC Meeting. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts and other sources. The Beige Book summarizes this information by District and sector.
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