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Federal Open Market Committee
The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System (the Fed), is charged under the United States law with overseeing

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The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System (the Fed), is charged under the United States law with overseeing the nation's open market operations (e.g., the Fed's buying and selling of United States Treasury securities).[1] This Federal Reserve committee makes key decisions about interest rates and the growth of the United States money supply.[2]

The FOMC is the principal organ of United States national monetary policy. The Committee sets monetary policy by specifying the short-term objective for the Fed's open market operations, which is usually a target level for the federal funds rate (the rate that commercial banks charge between themselves for overnight loans).

The FOMC also directs operations undertaken by the Federal Reserve System in foreign exchange markets, although any intervention in foreign exchange markets is coordinated with the U.S. Treasury, which has responsibility for formulating U.S. policies regarding the exchange value of the dollar.

Contents
  • 1 Membership
  • 2 Meetings
  • 3 Decision-making process
  • 4 Consensus
  • 5 Congressional oversight
  • 6 Interest rate targeting
  • 7 Current members
  • 8 See also
  • 9 References
  • 10 External links
Membership

The Committee consists of the seven members of the Federal Reserve Board, the president of the New York Fed, and four of the other eleven regional Federal Reserve Bank presidents, serving one year terms. The Federal Open Market Committee was formed by the Banking Act of 1933 (codified at 12 U.S.C. § 263), and did not include voting rights for the Federal Reserve Board of Governors. The Banking Act of 1935 revised these protocols to include the Board of Governors and to closely resemble the present-day FOMC, and was amended in 1942 to give the current structure of twelve voting members.[3]

Four of the Federal Reserve Bank presidents serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of banks, one bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. The New York President always has a voting membership.

All of the Reserve Bank presidents, even those who are not currently voting members of the FOMC, attend Committee meetings, participate in discussions, and contribute to the Committee's assessment of the economy and policy options. The Committee meets eight times a year, approximately once every six weeks.

Meetings Modern-day meeting of the Federal Open Market Committee at the Eccles Building, Washington, D.C.

By law, the FOMC must meet at least four times each year in Washington, D.C. Since 1981, eight regularly scheduled meetings have been held each year at intervals of five to eight weeks. If circumstances require consultation or consideration of an action between these regular meetings, members may be called on to participate in a special meeting or a telephone conference, or to vote on a proposed action by proxy. At each regularly scheduled meeting, the Committee votes on the policy to be carried out during the interval between meetings.

Attendance at meetings is restricted because of the confidential nature of the information discussed and is limited to Committee members, nonmember Reserve Bank presidents, staff officers, the Manager of the System Open Market Account, and a small number of Board and Reserve Bank staff.[4]

Decision-making process

Before each regularly scheduled meeting of the FOMC, System staff prepare written reports on past and prospective economic and financial developments that are sent to Committee members and to nonmember Reserve Bank presidents. Reports prepared by the Manager of the System Open Market Account on operations in the domestic open market and in foreign currencies since the last regular meeting are also distributed. At the meeting itself, staff officers present oral reports on the current and prospective business situation, on conditions in financial markets, and on international financial developments.

In its discussions, the Committee considers factors such as trends in prices and wages, employment and production, consumer income and spending, residential and commercial construction, business investment and inventories, foreign exchange markets, interest rates, money and credit aggregates, and fiscal policy. The Manager of the System Open Market Account also reports on account transactions since the previous meeting.

After these reports, the Committee members and other Reserve Bank presidents turn to policy. Typically, each participant expresses his or her own views on the state of the economy and prospects for the future and on the appropriate direction for monetary policy. Then each makes a more explicit recommendation on policy for the coming intermeeting period (and for the longer run, if under consideration).[4]

Consensus

Finally, the Committee must reach a consensus regarding the appropriate course for policy, which is incorporated in a directive to the Federal Reserve Bank of New York—the Bank that executes transactions for the System Open Market Account. The directive is cast in terms designed to provide guidance to the Manager in the conduct of day-to-day open market operations. The directive sets forth the Committee's objectives for long-run growth of certain key monetary and credit aggregates.[4]

It also sets forth operating guidelines for the degree of ease or restraint to be sought in reserve conditions and expectations with regard to short-term rates of growth in the monetary aggregates. Policy is implemented with emphasis on supplying reserves in a manner consistent with these objectives and with the nation's broader economic objectives.[4]

Congressional oversight

Under the Federal Reserve Act, the Chairman of the Board of Governors of the Federal Reserve System must appear before Congressional hearings at least twice per year regarding "the efforts, activities, objectives and plans of the Board and the Federal Open Market Committee with respect to the conduct of monetary policy". The statute requires that the Chairman appear before the House Committee on Financial Services in February and July of odd-numbered years, and before the Senate Committee on Banking, Housing, and Urban Affairs in February and July of even-numbered years.[5]

Interest rate targeting

The committee's practice of interest rate targeting has been criticized by some commentators who argue that it may risk an inflationary bias.

Possible alternative rules that enjoy some support among economists include the traditional monetarist formula of targeting stable growth in an appropriately chosen monetary aggregate, and inflation targeting, now practiced by many central banks. Under inflationary pressure in 1979, the Fed temporarily abandoned interest rate targeting in favor of targeting non-borrowed reserves. It concluded, however, that this approach led to increased volatility in interest rates and monetary growth, and reversed itself in 1982.[6][7][8]

Former Fed Chairman Ben Bernanke spoke sympathetically as a Governor in 2003 of the inflation targeting approach. He explained that even a central bank like the Fed, which does not orient its monetary policies around an explicit, published inflation target, nonetheless takes account of its goal of low and stable inflation in formulating its interest rate targets. Bernanke summed up his overall assessment of inflation targeting as follows:

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Inflation targeting, at least in its best-practice form, consists of two parts: a policy framework of constrained discretion and a communication strategy that attempts to focus expectations and explain the policy framework to the public. Together, these two elements promote both price stability and well-anchored inflation expectations; the latter in turn facilitates more effective stabilization of output and employment. Thus, a well-conceived and well-executed strategy of inflation targeting can deliver good results with respect to output and employment as well as inflation.

Although communication plays several important roles in inflation targeting, perhaps the most important is focusing and anchoring expectations. Clearly there are limits to what talk can achieve; ultimately, talk must be backed up by action, in the form of successful policies. Likewise, for a successful and credible central bank like the Federal Reserve, the immediate benefits of adopting a more explicit communication strategy may be modest. Nevertheless, making the investment now in greater transparency about the central bank's objectives, plans, and assessments of the economy could pay increasing dividends in the future.[9]

In keeping with his 2003 speech as Governor, Bernanke as Chairman has attempted to promote greater transparency in Fed communications. The Fed now publicly indicates the range within which it would like to see future inflation.

Current members

The 2018 Members of the FOMC:[1]

Members
  • Jerome Powell, Board of Governors, Chairman
  • John C. Williams, New York, Vice Chairman
  • Thomas I. Barkin, Richmond
  • Raphael W. Bostic, Atlanta
  • Lael Brainard, Board of Governors
  • Loretta J. Mester, Cleveland
  • Randal K. Quarles, Board of Governors
  • John C. Williams, San Francisco
Alternate Members
  • James Bullard, St. Louis
  • Charles L. Evans, Chicago
  • Esther L. George, Kansas City
  • Eric Rosengren, Boston
  • Michael Strine, First Vice President, New York

Federal Reserve Bank Rotation on the FOMC
Committee membership changes at the first regularly scheduled meeting of the year.

2019 Members - New York, Chicago, Boston, St. Louis, Kansas City

2019 Alternate Members - New York†, Cleveland, Philadelphia, Dallas, Minneapolis

(Note: For the Federal Reserve Bank of New York, the First Vice President is the alternate for the President.)

See also
  • Government of the United States portal
  • Economics portal
  • Federal funds probability
  • Federal funds rate
  • Monetary Policy Committee, the equivalent organ of the United Kingdom's Bank of England, and modeled in part on the FOMC
References
  1. ^ a b "What is the FOMC and when does it meet?". Board of Governors of The Federal Reserve System. December 2015. Retrieved February 23, 2016. 
  2. ^ O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, NJ: Pearson Prentice Hall. p. 418. ISBN 0-13-063085-3. 
  3. ^ Arthur J. Rolnick; David E. Runkle (March 1, 1999). David Fettig, ed. "The Federal Reserve's Beige Book: A better mirror than crystal ball - The Beige Book: An analysis of the purpose and value of the Federal Reserve's Beige Book". Federal Reserve Bank of Minneapolis. 
  4. ^ a b c d "The Federal Open Market Committee". Board of Governors of the Federal Reserve System. January 14, 2011. 
  5. ^ See 12 U.S.C. § 225b(a).
  6. ^ Allen, Larry (October 15, 2009). The encyclopedia of money. ABC-CLIO. p. 242. ISBN 978-1-59884-251-7. Retrieved August 9, 2011. 
  7. ^ Thomas Mayer (1993). The Political Economy of American Monetary Policy. Cambridge University Press. p. 249. ISBN 978-0-521-44651-8. Retrieved August 11, 2011. 
  8. ^ Wood, John H. (2008). A History of Macroeconomic Policy in the United States. Taylor & Francis. p. 142. ISBN 978-0-415-77718-6. Retrieved August 11, 2011. 
  9. ^ Ben S. Bernanke (March 25, 2003). A Perspective on Inflation Targeting (Speech). Annual Washington Policy Conference of the National Association for Business Economics. Washington D.C. 
External links
  • Federal Open Market Committee: official site
  • Federal Reserve Bank of Philadelphia: A Day in the Life of the FOMC
  • University of Rochester: Shadow Open Market Committee
  • Federal Reserve Board: Come with Me to the FOMC
  • What happens to the markets on "Fed Days" Fed Day Charts
  • Minutes of FOMC meetings
  • FOMC Speak, a repository of FOMC participant speeches, testimony, interviews and commentary
  • Historical documents relating to the FOMC, as well as the Open Market Investment Committee and Open Market Policy Conference, predecessors of the FOMC
  • Public Law 305, 74th Congress, H.R. 7617: An Act to Provide for the Sound, Effective, and Uninterrupted Operation of the Banking System [Banking Act of 1935]
  • Public Law 66, 73d Congress, H.R. 5661: an Act to Provide for the Safer and More Effective Use of the Assets of Banks, to Regulate Interbank Control, to Prevent the Undue Diversion of Funds into Speculative Operations [Banking Act of 1933]
  • v
  • t
  • e
Federal Reserve System
  • Federal Open Market Committee
  • Chair
  • Governors
  • Federal Reserve Bank
Banknotes
  • Federal Reserve Note
  • Federal Reserve Bank Note
Reports
  • Beige Book
  • Federal Reserve Statistical Release
  • Monetary Policy Report to the Congress
  • Fedspeak
Federal funds
  • Discount window
  • Federal funds
  • Federal funds rate
  • Primary dealer
HistoryAntecedents
  • Currency Acts (1751; 1764)
  • Bank of North America (1781–1791)
  • First Bank of the United States (1791–1811)
  • Second Bank of the United States (1816–1836)
  • Suffolk Bank (1818–1858)
  • Suffolk System (1824–1858)
  • Bank War (1832–1836)
  • New York Clearing House (1853–1913)
  • National Bank Acts (1863; 1864)
  • Specie Payment Resumption Act (1875)
  • Aldrich–Vreeland Act (1908)
Official
  • Federal Reserve Act (1913)
  • Post–World War I recession (1918–1919)
  • Depression of 1920–21
  • Wall Street Crash of 1929
  • Great Depression (1929–1933)
  • Recession of 1937–38
  • Employment Act of 1946
  • Late 1940s recession (1948–1949)
  • U.S. Treasury Department Accord (1951)
  • Early 1950s recession (1953–1954)
  • Bank Holding Company Act (1956)
  • Late 1950s recession (1957–1958)
  • Recession of 1960–61
  • Federal Open Market Committee actions (1961–2015)
  • Recession of 1969–70
  • 1970s recession (1973–1975)
  • Federal Reserve Reform Act (1977)
  • Humphrey–Hawkins Full Employment Act (1978)
  • Early 1980s recession (1980; 1981–1982)
  • Depository Institutions Deregulation and Monetary Control Act (1980)
  • Board of Governors, FRS v. Investment Co. Institute (1981)
  • Black Monday (1987)
  • Financial Institutions Reform, Recovery, and Enforcement Act (1989)
  • Friday the 13th mini-crash (1989)
  • Early 1990s recession (1990–1991)
  • Federal Deposit Insurance Corporation Improvement Act (1991)
  • 1997 mini-crash
  • Gramm–Leach–Bliley Act (1999)
  • Dot-com bubble bursting (2000–2002)
  • 9/11 economic effects (2001)
  • Stock market downturn of 2002
  • Early 2000s recession (2002–2003)
  • Financial crisis of 2007–2008
  • Great Recession (2007–2009)
  • 2007–2009 U.S. bear market
  • Federal Reserve responses to the subprime crisis (2007–2010)
  • Bloomberg v. Federal Reserve (2009)
  • Flash Crash (2010)
  • August 2011 stock markets fall
  • 2015–16 stock market selloff
Chairs
  • Charles S. Hamlin (1914–1916)
  • William P. G. Harding (1916–1922)
  • Daniel R. Crissinger (1923–1927)
  • Roy A. Young (1927–1930)
  • Eugene Meyer (1930–1933)
  • Eugene R. Black (1933–1934)
  • Marriner S. Eccles (1934–1948)
  • Thomas B. McCabe (1948–1951)
  • William M. Martin (1951–1970)
  • Arthur F. Burns (1970–1978)
  • G. William Miller (1978–1979)
  • Paul Volcker (1979–1987)
  • Alan Greenspan (1987–2006)
  • Ben Bernanke (2006–2014)
  • Janet Yellen (2014–2018)
  • Jerome Powell (2018–)
Current governors
  • Jerome Powell (Chairman)
  • Richard Clarida (Vice Chairman)
  • Randal Quarles (Vice Chairman for Supervision)
  • Lael Brainard
  • 3 seats vacant
Current presidents
  • Eric S. Rosengren (Boston)
  • John C. Williams (New York)
  • Patrick T. Harker (Philadelphia)
  • Loretta J. Mester (Cleveland)
  • Jeffrey M. Lacker (Richmond)
  • Raphael Bostic (Atlanta)
  • Charles L. Evans (Chicago)
  • James B. Bullard (St. Louis)
  • Neel Kashkari (Minneapolis)
  • Esther George (Kansas City)
  • Robert Steven Kaplan (Dallas)
  • Mark A. Gould (Acting - San Francisco)


Janet Yellen June 14, 2017 news conference: Fed Chair speaks to the press after the quarterly FOMC meeting
Janet Yellen June 14, 2017 news conference: Fed Chair speaks to the press after the quarterly FOMC meeting
The complete verbatim transcript of FRB Chair Janet Yellen's news conference June 14, 2017.

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2008 Financial Crisis: Official Federal Reserve Meeting Transcripts Reveal New Details About Crucial Decisions, Bernanke, Yellen, Lehman Collapse, White House Report on 2009 Stimulus
2008 Financial Crisis: Official Federal Reserve Meeting Transcripts Reveal New Details About Crucial Decisions, Bernanke, Yellen, Lehman Collapse, White House Report on 2009 Stimulus
This book presents the complete set of 2008 financial crisis meeting transcripts released by the Federal Reserve System in February 2014. Widely analyzed by the news media, these important, previously secret transcripts reveal vital new information about the thought process of Chairman Ben Bernanke and his fellow board members as they struggled to control the unraveling of the American financial system. In addition to the nearly 1500 pages of flowing-text transcripts, this ebook compilation includes a new report from the Obama Administration assessing the economic impact of the American Recovery and Reinvestment Act (ARRA) of 2009 (commonly known as the Obama stimulus plan) on the nation's economic recovery. The ARRA report states: President Obama took office in the middle of the worst economic crisis since the Great Depression. In the previous year private employers shed 3.8 million jobs. Trillions of dollars of household wealth had been wiped out, and the economy's total output, as measured by real gross domestic product (GDP), was in the midst of its most severe downturn of the postwar era. In the face of this crisis, the President took immediate, bold, and effective action. Five years ago, on February 17, 2009, less than a month into his first term, President Obama signed into law the American Recovery and Reinvestment Act of 2009, also known as the Recovery Act, or ARRA. In the four years following the Recovery Act, the President built on this initial step, signing into law over a dozen fiscal measures aiming to speed job creation, including extending Emergency Unemployment Compensation, measures for teacher jobs, aid to states for Medicaid, a temporary 2 percent payroll tax cut for 160 million working Americans, an even greater allowance for businesses to write off the cost of investments when computing their tax liability (that is, "expensing"), the cash-for-clunkers program, an expanded homebuyer tax credit, additional business tax incentives and small business tax cuts, the HIRE Act tax credit, and incentives to hire veterans. Thanks in significant part to the actions of President Obama, the economic picture today is much brighter. GDP per capita started expanding in the third quarter of 2009 and reached its pre-crisis level in nearly four years, considerably faster than the historical record suggests is the typical pace of recovery following a systemic financial crisis. Since 2010, the U.S. economy has also consistently added over 2 million private-sector jobs a year, bringing the overall unemployment rate down to its lowest level since October 2008. The broad-based growth in jobs across sectors has withstood significant headwinds, including more recent fiscal contraction at all levels of government. As part of the accountability and transparency provisions included in the American Recovery and Reinvestment Act of 2009 (ARRA), the Council of Economic Advisers (CEA) was charged with providing to Congress quarterly reports on the effects of the Recovery Act on overall economic activity, and on employment in particular. In this final report, we provide an assessment of the effects of the Act through the fourth quarter of 2013 as well as an assessment of subsequent jobs measures. Contents: The Economic Impact of the American Recovery and Reinvestment Act * January 9, 2008 Conference Call of the Federal Open Market Committee * January 21, 2008 Conference Call of the Federal Open Market Committee * January 29-30, 2008 Meeting of the Federal Open Market Committee * March 10, 2008 Conference Call of the Federal Open Market Committee * March 18, 2008 Meeting of the Federal Open Market Committee * April 29-30, 2008 Meeting of the Federal Open Market Committee * June 24-25, 2008 Meeting of the Federal Open Market Committee * July 24, 2008 Conference Call of the Federal Open Market Committee * August 5, 2008 Meeting of the Federal Open Market Committee * September 16, 2008 Meeting * more

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Janet Yellen, Federal Reserve Board Chair, press conference, September 20, 2017: (after the latest FOMC meeting)
Janet Yellen, Federal Reserve Board Chair, press conference, September 20, 2017: (after the latest FOMC meeting)
Verbatim transcript of Janet Yellen's news conference September 20, 2017

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Gauging the Ability of the FOMC to Respond to Future Recessions
Gauging the Ability of the FOMC to Respond to Future Recessions
As this note will argue, however, such historical comparisons are misleading for several reasons, including their failure to take account of the demonstrated ability of the FOMC to provide accommodation through large-scale asset purchases and guidance about the future path of the federal funds rate. Given these problems with historical comparisons, this note instead focuses on a different method for gauging the ability of the Federal Reserve to respond to future recessions—model simulations. Specifically, we use FRB/US, a model of the U.S. economy.

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21st Century Complete Guide to the Federal Reserve System, Monetary Policy, Banking, FOMC, Library of Publications, Banking Regulations (Two CD-ROM Set)
21st Century Complete Guide to the Federal Reserve System, Monetary Policy, Banking, FOMC, Library of Publications, Banking Regulations (Two CD-ROM Set)
This incredibly comprehensive superset of two CD-ROMs provides an up-to-date collection of documents and reference sources on the Federal Reserve System and its Board of Governors, including coverage of the current Chairman, Dr. Ben Bernanke. These discs represent the best coverage of the Federal Reserve System and its functions available in any single package! Contents include: Monetary Policy and Regulations of Banking, Controlling the Fed Funds Rate, Open Market Operations, FOMC, Structure and Board Members, Discount Window, Currency, Consumer and Community Affairs, Basel II, Beige Books, Publication Library, and much more! In addition to a thorough collection of speeches and testimony by Dr. Bernanke, there is extensive material from the U.S. House of Representatives, the Financial Services Committee, the Senate Banking Committee, and the White House. There is complete coverage of the roles and functions of the Federal Reserve Board, and the full details of the Emergency Economic Stabilization bill, known as the "Wall Street $700 Billion Bailout" passed by Congress on October 3, 2008. This extraordinary collection of detailed material has 94,978 pages reproduced with Adobe Acrobat PDF software. Overview of the Federal Reserve System; Background; Structure of the System; Board of Governors; Federal Reserve Banks; Federal Open Market Committee; Member Banks; Advisory Committees; Monetary Policy and the Economy; Goals of Monetary Policy; How Monetary Policy Affects the Economy; Limitations of Monetary Policy; Guides to Monetary Policy; Monetary Aggregates; Interest Rates; The Taylor Rule; Foreign Exchange Rates; The Implementation of Monetary Policy; The Market for Federal Reserve Balances; Demand for Federal Reserve Balances; Supply of Federal Reserve Balances; Controlling the Federal Funds Rate; Open Market Operations; Composition of the Federal Reserve s Portfolio; The Conduct of Open Market Operations; A Typical Day in the Conduct of Open Market Operations; Securities Lending; Reserve Requirements; Recent History of Reserve Requirements; Contractual Clearing Balances; The Discount Window; Types of Credit; Eligibility to Borrow; Discount Window Collateral; The Federal Reserve System: Purposes and Functions; The Federal Reserve in the International Sphere; International Linkages; Foreign Currency Operations; Sterilization; U.S. Foreign Currency Resources; International Banking; Supervision and Regulation; Umbrella Supervision and Coordination; Supervision of International Operations; Supervision of U.S. Activities; Responsibilities of the Federal Banking Agencies; Federal Financial Institutions Examination Council; Supervisory Process; Risk-Focused Supervision; Supervisory Rating System; Financial Regulatory Reports; Off-Site Monitoring; Accounting Policy and Disclosure; with Other Functional Regulators; Anti-Money-Laundering Program; Business Continuity; Other Supervisory Activities; Enforcement of U.S. Banking Organizations; Acquisitions and Mergers; Other Changes in Bank Control; Formation and Activities of Financial Holding Companies; Capital Adequacy Standards; Financial Disclosures by State Member Banks; Securities Credit; Consumer and Community Affairs; Consumer Protection; Writing and Interpreting Regulations; Educating Consumers about Consumer Protection Laws; Enforcing Consumer Protection Laws; Consumer Complaint Program; The Federal Reserve in the U.S. Payments System; Financial Services; Retail Services; Wholesale Services; Fiscal Agency Services; International Services; Federal Reserve Intraday Credit Policy

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2009 Federal Reserve System Bernanke, Financial Crisis Intervention, Monetary Policy, Banking, FOMC, Library of Publications, Banking Regulations, Economic Research, Payment Systems (Two CD-ROM Set)
2009 Federal Reserve System Bernanke, Financial Crisis Intervention, Monetary Policy, Banking, FOMC, Library of Publications, Banking Regulations, Economic Research, Payment Systems (Two CD-ROM Set)
This incredibly comprehensive superset of two CD-ROMs provides an up-to-date collection of documents and reference sources on the Federal Reserve System and its Board of Governors, including coverage of the current Chairman, Dr. Ben Bernanke. These discs represent the best coverage of the Federal Reserve System and its functions available in any single package! Contents include: Monetary Policy and Regulations of Banking, Controlling the Fed Funds Rate, Open Market Operations, FOMC, Structure and Board Members, Discount Window, Currency, Consumer and Community Affairs, Basel II, Beige Books, Publication Library, and much more! In addition to a thorough collection of speeches and testimony by Dr. Bernanke, there is extensive material from the U.S. House of Representatives, the Financial Services Committee, the Senate Banking Committee, and the White House. There is complete coverage of the roles and functions of the Federal Reserve Board, and the full details of the Emergency Economic Stabilization bill, known as the "Wall Street $700 Billion Bailout" passed by Congress on October 3, 2008. This extraordinary collection of detailed material has 94,978 pages reproduced with Adobe Acrobat PDF software. Overview of the Federal Reserve System; Background; Structure of the System; Board of Governors; Federal Reserve Banks; Federal Open Market Committee; Member Banks; Advisory Committees; Monetary Policy and the Economy; Goals of Monetary Policy; How Monetary Policy Affects the Economy; Limitations of Monetary Policy; Guides to Monetary Policy; Monetary Aggregates; Interest Rates; The Taylor Rule; Foreign Exchange Rates; The Implementation of Monetary Policy; The Market for Federal Reserve Balances; Demand for Federal Reserve Balances; Supply of Federal Reserve Balances; Controlling the Federal Funds Rate; Open Market Operations; Composition of the Federal Reserve's Portfolio; The Conduct of Open Market Operations; A Typical Day in the Conduct of Open Market Operations; Securities Lending; Reserve Requirements; Recent History of Reserve Requirements; Contractual Clearing Balances; The Discount Window; Types of Credit; Eligibility to Borrow; Discount Window Collateral; The Federal Reserve System: Purposes and Functions; The Federal Reserve in the International Sphere; International Linkages; Foreign Currency Operations; Sterilization; U.S. Foreign Currency Resources; International Banking; Supervision and Regulation; Umbrella Supervision and Coordination; Supervision of International Operations; Supervision of U.S. Activities; Responsibilities of the Federal Banking Agencies; Federal Financial Institutions Examination Council; Supervisory Process; Risk-Focused Supervision; Supervisory Rating System; Financial Regulatory Reports; Off-Site Monitoring; Accounting Policy and Disclosure; with Other Functional Regulators; Anti-Money-Laundering Program; Business Continuity; Other Supervisory Activities; Enforcement of U.S. Banking Organizations; Acquisitions and Mergers; Other Changes in Bank Control; Formation and Activities of Financial Holding Companies; Capital Adequacy Standards; Financial Disclosures by State Member Banks; Securities Credit; Consumer and Community Affairs; Consumer Protection; Writing and Interpreting Regulations; Educating Consumers about Consumer Protection Laws; Enforcing Consumer Protection Laws; Consumer Complaint Program; The Federal Reserve in the U.S. Payments System; Financial Services; Retail Services; Wholesale Services; Fiscal Agency Services; International Services; Federal Reserve Intraday Credit Policy

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