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District Reserve Banks
Other Depository Institutions (17,000)
Still under Federal Reserve Regulations
Credit Unions
Savings and Loan Associations
Savings Banks
Non Member Commercial Banks
Member Commercial Banks (3,000)
Medium
Large
JP Morgan
Bank of America
CitiBank
Goldman Sachs
Small
State Chartered Banks Can Become Members if Qualified
Cannot Sell Fed Stock
National Banks Have to Be Members
38% of the 8,039 Commercial Banks are Members of the Federal Reserve System
Must hold 3 percent of captial as stock of Reserve Bank
All member banks hold stock in reserve banks of corresponding district and receive dividends from them.
Nine Directors per District Bank 6 Elected By Member Banks 3 Appointed By Board of Governors
Supervise Commercial Banks
Conduct Research on Econmic Activity
Handle Treasury payments, securities, cash management invesment activities.
Sells Treasury Notes for the US Treasury
Provide Financial Services to Banks In District
President and Vice President must be Approved By Federal Reserve B.O.G
Each Reserve Bank Have Board Of Directors
Make loans available at discount to other banks
12 Reserve Banks and Their Districts
Boston
Philadelphia
New York
Owns 1/4 of assets in Fed System
Chicago
Kansas City
Cleveland
Dallas
Sanfrancisco
St. Louis
Atlanta
Minneapolis
Richmond
Conduct Open Market Operations (Quantitative Easing, Purchasing or Selling of Securities)
Distric Bank Directors Apparently Bring in the influence of the private sector persepective.
Meets about 8 Times a year in Disctric of Columbia
The Chairman of the Board Of Governors Chairs the FOMC
Manages the Nations Money Supply
Voting Members Consist Board of Governors(majority), President from the District Bank of New York and 4 other presidents of District Banks.
Influences Federal Funds Rate through open market operations.
Sets Monitary Policy
Represents United States in negotiations with foreign goverments
Approves Discount Rate (interest rate at which Banks can borrow from Federal Reserve Banks in their district)
Set the interest rate on required reserves (interest that federal reserve banks pay to other banks for the money held as required reserves)
Set the interest rate on excess reserves (interest that federal reserve banks pay to other banks for the money held as excess reserves)
3 Different Version of the Discount Rate 1. Primary Credit Rate 2. Secondary Credit Rate 3. Seasonal Credit Rate
Sets Margin Requirements
Sets Reserve Requirements
Located in Washington D.C.
Oversee Reserve Banks and Approve Directors
Go to All FOMC Meetings and Have Majority Vote
Chairman and Vice-Chairman Serve 4 year terms
Serve 14 Year Terms, staggered
Members Appointed By President and Confirmed By Senate
