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Federal Reserve System (E5)<br />The US banking system established in 1913 to execute the functions of a CENTRAL BANK for the USA. The original aims of the system were to give the country an elastic currency, to provide facilities for DISCOUNTING COMMERCIAL PAPER and to improve the supervision of banking. Heading the system is a Board of Governors in control of twelve district reserve banks with banking responsibility for a region of the USA. District 1 is the Federal Reserve Bank of Boston, District 2 is the Federal Reserve Bank of New York and District 12 the Federal Reserve Bank of San Francisco. Member banks are below the reserve banks in this pyramid of authority with the Board of Governors as its apex. There are also a FEDERAL OPEN MARKET COMMITTEE and a Federal Advisory Council. The seven governors are appointed by the US president, with US Senate approval, and serve for fourteen years: they appoint the directors of the twelve district banks, fix RESERVE and MARGIN requirements and determine DiscouNT RATES and major banking regulations. The principal tasks of the district banks are to supervise member banks in their respective regions, to provide cheque collection services, to supply coin and currency, to lend to member banks at the discount rate and to act as the fiscal agent of the US Treasury, collecting taxes, marketing and redeeming US Treasury securities and paying interest on them. Fewer than 60 per cent of US commercial banks have membership of the Federal Reserve: if they do, they have the advantages of cheaper banking services but the disadvantage of losing profits through having to meet tougher reserve requirements.<br /> The changing monetary policies of the Federal Reserve reflect the dominant economic policy thinking of the decades of its history. The Roosevelt and Truman Administrations of the 1930s and 1940s gave it the task of maintaining FULL EMPLOYMENT and pegging interest rates at a low level. The Reagan Administration of the 1980s asked it to consider MONETARY AGGREGATES as its principal targets.<br /><em>Reference</em><br />Beckhart, B.H. (1972) Federal Reserve System, New York: American Institute of Banking.<br /> Moore, C.H. (1990) The Federal Reserve System: A History of the First 75 Years, Jefferson, NC: McFarland.
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