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The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System.It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States.
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.
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.
SM: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB) NM: Commercial bank, state charter and Fed nonmember, supervised by the FDIC; OI: Insured U.S. branch of a foreign chartered institution (IBA) SA: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Federal Reserve Board, 1917. The Federal Reserve System is the third central banking system in United States history. The First Bank of the United States (1791–1811) and the Second Bank of the United States (1817–1836) each had a 20-year charter.
Federal Reserve Chairs (left to right): Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker.Photo taken 1 May 2014, when Yellen was Chair. As stipulated by the Banking Act of 1935, the Chairman is chosen by the president from among the sitting governors to serve four-year terms with the advice and consent of the Senate.
The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District.The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
The Federal Reserve Bank of Kansas City is located in Kansas City, Missouri, and covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexico.