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Essay / Research Paper Abstract
A 6 page paper that discusses the Federal Reserve System, which is the central bank for the nation. A short background on when it was established is provided, along with its structure, functions and goals. Examples of Federal Reserve actions over the past year are offered to illustrate how the Federal Reserve uses the tools at its disposal to fulfill its goals. Bibliography lists 6 sources.
Page Count:
6 pages (~225 words per page)
File: MM12_PGfedrs.rtf
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at its disposal to fulfill its goals. Bibliography lists 6 sources. PGfedrs.rtf THE FEDERAL RESERVE , December, 2001 for more information
on using this paper properly! The Federal Reserve is the central bank of the United States. It was founded in 1913 by Congress for the purpose of providing a
safer, more stable, more flexible monetary and financial system. The duties of the Federal Reserve are to: conduct the nations monetary policy; supervise and regulate banking institutions and protect the
credit rights of consumers; maintain the stability of the financial system; and to provide certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions (Board
of Governors of the Federal Reserve System, 2001). There are twelve Federal Reserve Districts (Federal Reserve, nd). The 12 District banks are the actual operating arm of the Federal Reserve
System. Each performs numerous functions, such as distributing the nations currency and coin, supervising certain financial institutions, operating a nationwide payment system and serving as a banker for commercial banks
and the U.S. Treasury (Saxton, 1997). The importance of the Federal Reserve System cannot be overstated. It "monopolizes the issuance of paper money, serves as banker for both
the government and commercial banks, and acts as lender of last resort. The latter, in turn, calls for bank regulatory responsibilities" (Saxton, 1997). In times of economic crisis, the Federal
Reserve is the lender of last resort and in this position, the Reserve can stabilize the nations entire financial system (Saxton, 1997). The goals of the central bank are "sustainable
growth, price stability and maintaining the integrity of the countrys financial system" (Smith, 2001, p. TEM01276019). The bank has a number of strategies it uses to stabilize the economy. These
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