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The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act , after a series of financial panics (particularly the panic of 1907 ) led to the desire for central control of the monetary system in order to alleviate financial crises.
- December 23, 1913 (109 years ago)
Appointment process Federal Reserve Chairs (Left to Right): Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker.Yellen was vice chair when the photograph was taken. As stipulated by the Banking Act of 1935, the president may designate to serve as Chairman of the Board for four-year terms with the advice and consent of the Senate, from among the sitting governors.
- Four years, renewable (as Chair), 14 years, non-renewable (as Governor)
- United States Congress
The twelve Reserve Bank buildings in 1936 The Federal Reserve Banks are the most recent institutions that the United States government has created to provide functions of a central bank. Prior institutions have included the First (1791–1811) and Second (1818–1824) Banks of the United States, the Independent Treasury (1846–1920) and the National Banking System (1863–1935).
The Federal Reserve System, commonly known as "the Fed," has faced various criticisms since its establishment in 1913. Critics have questioned its effectiveness in managing inflation, regulating the banking system, and stabilizing the economy.
Website. frbsf.org. The Federal Reserve Bank of San Francisco is one of 12 regional banks that make up the Federal Reserve System. The Federal Reserve Bank of San Francisco (informally referred to as the San Francisco Fed) is the federal bank for the twelfth district in the United States.
The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all of Connecticut except Fairfield County.
They cannot be dismissed by the president before the end of their term. [2] The position of vice chair is currently held by Philip Jefferson who was sworn in on September 13, 2023. [3] The position of vice chair for supervision is currently held by Michael Barr who was sworn in on July 19, 2022.
