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Essay / Research Paper Abstract
This 6 page paper provides an overview of the Federal Reserve System inclusive of historical information. Events which led up to its inception in 1913 are explained. Keynesianism is touched on and the FRB's actions are discussed philosophically. Bibliography lists 5 sources.
Page Count:
6 pages (~225 words per page)
File: RT13_SA020FRB.rtf
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Unformatted sample text from the term paper:
to as simply "the Fed." And while some think it is a good thing that the Federal Reserve system is in place, others fear its control and do not agree
with its decisions. They do not like the rising interest rates, no matter what the reason. Nevertheless, since 1913, the United States has had a Federal Reserve Board and there
are no calls to do away with it. Some history will help to explain why the FRB was established in the first place and why it is necessary. First, it
must be defined. What is the Federal Reserve Board? The Federal Reserve Board essentially oversees the Federal Reserve Banks which is the entity that bankers
go to when they need cash (Ebersole PG). The New York Fed today holds more than $400 billion worth of currency and gold reserves in a vault that is
actually located 80 feet below street level (Hill 50). Not unlike the Gotham City Batman tries to protect, the FRB really exists in all its complexity and mystery in a
lower area of New York City. It is also physically about half the size of a football field (50). The Feds other reserve banks are located in Boston,
Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Dallas, San Francisco, St. Louis, and Kansas City (50). Each of these banks have their own board of nine outside directors which include representatives
from banks and industries within the district (50). Directors are the ones who appoint the reserve bank presidents and aside from supervising banks, the Fed is also supposed to carry
out a variety of banking laws that range from protecting the customers to mandating disclosures (50). As part of its operations, the Fed has the role of being
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