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Essay / Research Paper Abstract
This 9 page report discusses various aspects of the United States' Federal Reserve System. How and why Federal Reserve Banks were created, what their role is in government and banking, as well as the role of the Chairman and the Board of Governors are covered. Bibliography lists 9 sources.
Page Count:
9 pages (~225 words per page)
File: D0_Frbank.doc
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Unformatted sample text from the term paper:
policy, and plays a major role in the supervision and regulation of banks and bank holding companies. In the U.S. these functions are the responsibilities of key officials of the
Federal Reserve System: the Board of Governors, located in Washington, D.C., and the top officers of the 12 district Federal Reserve banks, located throughout the nation.
For well over a century, laws requiring banks and other depository institutions in the United States to retain a specific portion or percentage of their deposits in reserve, in
very safe, secure assets, have been a part of the countrys banking history. The logic behind such stipulations has changed throughout the history of the U.S., however, as the nations
financial system has evolved, so has the basic awareness of the importance of reserve requirements and how they affect the overall system. Prior to the creation of the Federal Reserve
System, reserve requirements were primarily thought of as helping guarantee the liquidity of bank notes and deposits, especially in the midst of national financial difficulties. As bank runs and financial
panics continued periodically to plague the banking system despite the presence of reserve requirements, it became apparent that these requirements really had limited use in assuring liquidity (Feinman 569).
Since the creation of the Federal Reserve System as a "lender of last resort," capable of meeting the liquidity needs of the entire
banking system, the notion of and need for reserve requirements as a source of liquidity has all but vanished (Holland and Tomo 660). Instead, reserve requirements have evolved into a
supplemental tool of monetary policy, a tool that reinforces the effects of open market operations and discount policy on overall monetary and credit conditions and thereby helps the Federal Reserve
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