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id="toc-Addressing_the_problem_of_bank_panics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Addressing_the_problem_of_bank_panics"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Addressing the problem of bank panics</span> </div> </a> <ul id="toc-Addressing_the_problem_of_bank_panics-sublist" class="vector-toc-list"> <li id="toc-Check_clearing_system" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Check_clearing_system"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1.1</span> <span>Check clearing system</span> </div> </a> <ul id="toc-Check_clearing_system-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Lender_of_last_resort" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Lender_of_last_resort"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1.2</span> <span>Lender of last resort</span> </div> </a> <ul id="toc-Lender_of_last_resort-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fluctuations" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Fluctuations"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1.3</span> <span>Fluctuations</span> </div> </a> <ul id="toc-Fluctuations-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Central_bank" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Central_bank"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Central bank</span> </div> </a> <ul id="toc-Central_bank-sublist" class="vector-toc-list"> <li id="toc-Federal_funds" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Federal_funds"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2.1</span> <span>Federal funds</span> </div> </a> <ul id="toc-Federal_funds-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Bank_regulation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bank_regulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Bank regulation</span> </div> </a> <ul id="toc-Bank_regulation-sublist" class="vector-toc-list"> <li id="toc-Government_regulation_and_supervision" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Government_regulation_and_supervision"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3.1</span> <span>Government regulation and supervision</span> </div> </a> <ul id="toc-Government_regulation_and_supervision-sublist" class="vector-toc-list"> <li id="toc-Regulatory_and_oversight_responsibilities" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Regulatory_and_oversight_responsibilities"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3.1.1</span> <span>Regulatory and oversight responsibilities</span> </div> </a> <ul id="toc-Regulatory_and_oversight_responsibilities-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-National_payments_system" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#National_payments_system"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>National payments system</span> </div> </a> <ul id="toc-National_payments_system-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Structure" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Structure"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Structure</span> </div> </a> <button aria-controls="toc-Structure-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Structure subsection</span> </button> <ul id="toc-Structure-sublist" class="vector-toc-list"> <li id="toc-Board_of_governors" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Board_of_governors"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Board of governors</span> </div> </a> <ul id="toc-Board_of_governors-sublist" class="vector-toc-list"> <li id="toc-List_of_members_of_the_board_of_governors" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#List_of_members_of_the_board_of_governors"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.1</span> <span>List of members of the board of governors</span> </div> </a> <ul id="toc-List_of_members_of_the_board_of_governors-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Nominations,_confirmations_and_resignations" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Nominations,_confirmations_and_resignations"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1.2</span> <span>Nominations, confirmations and resignations</span> </div> </a> <ul id="toc-Nominations,_confirmations_and_resignations-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Federal_Open_Market_Committee" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Federal_Open_Market_Committee"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Federal Open Market Committee</span> </div> </a> <ul id="toc-Federal_Open_Market_Committee-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Federal_Advisory_Council" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Federal_Advisory_Council"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Federal Advisory Council</span> </div> </a> <ul id="toc-Federal_Advisory_Council-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Federal_Reserve_Banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Federal_Reserve_Banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Federal Reserve Banks</span> </div> </a> <ul id="toc-Federal_Reserve_Banks-sublist" class="vector-toc-list"> <li id="toc-Legal_status_of_regional_Federal_Reserve_Banks" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Legal_status_of_regional_Federal_Reserve_Banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4.1</span> <span>Legal status of regional Federal Reserve Banks</span> </div> </a> <ul id="toc-Legal_status_of_regional_Federal_Reserve_Banks-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Member_banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Member_banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Member banks</span> </div> </a> <ul id="toc-Member_banks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Accountability" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Accountability"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Accountability</span> </div> </a> <ul id="toc-Accountability-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Monetary_policy" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Monetary_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Monetary policy</span> </div> </a> <button aria-controls="toc-Monetary_policy-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Monetary policy subsection</span> </button> <ul id="toc-Monetary_policy-sublist" class="vector-toc-list"> <li id="toc-Interbank_lending" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Interbank_lending"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Interbank lending</span> </div> </a> <ul id="toc-Interbank_lending-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Tools" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Tools"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Tools</span> </div> </a> <ul id="toc-Tools-sublist" class="vector-toc-list"> <li id="toc-Federal_funds_rate" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Federal_funds_rate"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.1</span> <span>Federal funds rate</span> </div> </a> <ul id="toc-Federal_funds_rate-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Interest_on_reserve_balances" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Interest_on_reserve_balances"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.2</span> <span>Interest on reserve balances</span> </div> </a> <ul id="toc-Interest_on_reserve_balances-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Open_market_operations" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Open_market_operations"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.3</span> <span>Open market operations</span> </div> </a> <ul id="toc-Open_market_operations-sublist" class="vector-toc-list"> <li id="toc-Repurchase_agreements" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Repurchase_agreements"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.3.1</span> <span>Repurchase agreements</span> </div> </a> <ul id="toc-Repurchase_agreements-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Discount_window_and_discount_rate" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Discount_window_and_discount_rate"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.4</span> <span>Discount window and discount rate</span> </div> </a> <ul id="toc-Discount_window_and_discount_rate-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Term_Deposit_facility" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Term_Deposit_facility"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.5</span> <span>Term Deposit facility</span> </div> </a> <ul id="toc-Term_Deposit_facility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Quantitative_easing_(QE)_policy" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Quantitative_easing_(QE)_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.6</span> <span>Quantitative easing (QE) policy</span> </div> </a> <ul id="toc-Quantitative_easing_(QE)_policy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Expired_policy_tools" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Expired_policy_tools"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.7</span> <span>Expired policy tools</span> </div> </a> <ul id="toc-Expired_policy_tools-sublist" class="vector-toc-list"> <li id="toc-Reserve_requirements" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Reserve_requirements"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.7.1</span> <span>Reserve requirements</span> </div> </a> <ul id="toc-Reserve_requirements-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Temporary_policy_tools_during_the_financial_crisis" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Temporary_policy_tools_during_the_financial_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.7.2</span> <span>Temporary policy tools during the financial crisis</span> </div> </a> <ul id="toc-Temporary_policy_tools_during_the_financial_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Term_auction_facility" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Term_auction_facility"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.7.3</span> <span>Term auction facility</span> </div> </a> <ul id="toc-Term_auction_facility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Term_securities_lending_facility" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Term_securities_lending_facility"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.7.4</span> <span>Term securities lending facility</span> </div> </a> <ul id="toc-Term_securities_lending_facility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Primary_dealer_credit_facility" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Primary_dealer_credit_facility"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.7.5</span> <span>Primary dealer credit facility</span> </div> </a> <ul id="toc-Primary_dealer_credit_facility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Asset_Backed_Commercial_Paper_Money_Market_Mutual_Fund_Liquidity_Facility" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Asset_Backed_Commercial_Paper_Money_Market_Mutual_Fund_Liquidity_Facility"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.7.6</span> <span>Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility</span> </div> </a> <ul id="toc-Asset_Backed_Commercial_Paper_Money_Market_Mutual_Fund_Liquidity_Facility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Commercial_Paper_Funding_Facility" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Commercial_Paper_Funding_Facility"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.7.7</span> <span>Commercial Paper Funding Facility</span> </div> </a> <ul id="toc-Commercial_Paper_Funding_Facility-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> </ul> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>History</span> </div> </a> <button aria-controls="toc-History-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle History subsection</span> </button> <ul id="toc-History-sublist" class="vector-toc-list"> <li id="toc-Central_banking_in_the_United_States,_1791–1913" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Central_banking_in_the_United_States,_1791–1913"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Central banking in the United States, 1791–1913</span> </div> </a> <ul id="toc-Central_banking_in_the_United_States,_1791–1913-sublist" class="vector-toc-list"> <li id="toc-First_Central_Bank,_1791_and_Second_Central_Bank,_1816" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#First_Central_Bank,_1791_and_Second_Central_Bank,_1816"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.1</span> <span>First Central Bank, 1791 and Second Central Bank, 1816</span> </div> </a> <ul id="toc-First_Central_Bank,_1791_and_Second_Central_Bank,_1816-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Creation_of_Third_Central_Bank,_1907–1913" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Creation_of_Third_Central_Bank,_1907–1913"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2</span> <span>Creation of Third Central Bank, 1907–1913</span> </div> </a> <ul id="toc-Creation_of_Third_Central_Bank,_1907–1913-sublist" class="vector-toc-list"> <li id="toc-Federal_Reserve_Act,_1913" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Federal_Reserve_Act,_1913"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2.1</span> <span>Federal Reserve Act, 1913</span> </div> </a> <ul id="toc-Federal_Reserve_Act,_1913-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Federal_Reserve_era,_1913–present" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Federal_Reserve_era,_1913–present"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Federal Reserve era, 1913–present</span> </div> </a> <ul id="toc-Federal_Reserve_era,_1913–present-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Measurement_of_economic_variables" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Measurement_of_economic_variables"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Measurement of economic variables</span> </div> </a> <button aria-controls="toc-Measurement_of_economic_variables-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Measurement of economic variables subsection</span> </button> <ul id="toc-Measurement_of_economic_variables-sublist" class="vector-toc-list"> <li id="toc-Net_worth_of_households_and_nonprofit_organizations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Net_worth_of_households_and_nonprofit_organizations"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Net worth of households and nonprofit organizations</span> </div> </a> <ul id="toc-Net_worth_of_households_and_nonprofit_organizations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Money_supply" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Money_supply"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Money supply</span> </div> </a> <ul id="toc-Money_supply-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Personal_consumption_expenditures_price_index" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Personal_consumption_expenditures_price_index"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Personal consumption expenditures price index</span> </div> </a> <ul id="toc-Personal_consumption_expenditures_price_index-sublist" class="vector-toc-list"> <li id="toc-Inflation_and_the_economy" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Inflation_and_the_economy"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3.1</span> <span>Inflation and the economy</span> </div> </a> <ul id="toc-Inflation_and_the_economy-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Unemployment_rate" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Unemployment_rate"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.4</span> <span>Unemployment rate</span> </div> </a> <ul id="toc-Unemployment_rate-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Budget" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Budget"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Budget</span> </div> </a> <button aria-controls="toc-Budget-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Budget subsection</span> </button> <ul id="toc-Budget-sublist" class="vector-toc-list"> <li id="toc-Remittance_payments_to_the_Treasury" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Remittance_payments_to_the_Treasury"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Remittance payments to the Treasury</span> </div> </a> <ul id="toc-Remittance_payments_to_the_Treasury-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Balance_sheet" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Balance_sheet"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Balance sheet</span> </div> </a> <ul id="toc-Balance_sheet-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Criticism</span> </div> </a> <ul id="toc-Criticism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>References</span> </div> </a> <button aria-controls="toc-References-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle References subsection</span> </button> <ul id="toc-References-sublist" class="vector-toc-list"> <li id="toc-Bundled_references" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bundled_references"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.1</span> <span>Bundled references</span> </div> </a> <ul id="toc-Bundled_references-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Bibliography" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Bibliography"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Bibliography</span> </div> </a> <button aria-controls="toc-Bibliography-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Bibliography subsection</span> </button> <ul id="toc-Bibliography-sublist" class="vector-toc-list"> <li id="toc-Recent" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Recent"> <div class="vector-toc-text"> <span class="vector-toc-numb">11.1</span> <span>Recent</span> </div> </a> <ul id="toc-Recent-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Historical" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Historical"> <div class="vector-toc-text"> <span class="vector-toc-numb">11.2</span> <span>Historical</span> </div> </a> <ul id="toc-Historical-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Federal Reserve</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 67 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-67" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">67 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%86%D8%B8%D8%A7%D9%85_%D8%A7%D9%84%D8%A7%D8%AD%D8%AA%D9%8A%D8%A7%D8%B7%D9%8A_%D8%A7%D9%84%D9%81%D8%AF%D8%B1%D8%A7%D9%84%D9%8A" title="نظام الاحتياطي الفدرالي – Arabic" lang="ar" hreflang="ar" data-title="نظام الاحتياطي الفدرالي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Sistema_de_la_Reserva_Federal" title="Sistema de la Reserva Federal – Asturian" lang="ast" hreflang="ast" data-title="Sistema de la Reserva Federal" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Federal_Ehtiyat_Sistemi" title="Federal Ehtiyat Sistemi – Azerbaijani" lang="az" hreflang="az" data-title="Federal Ehtiyat Sistemi" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D9%81%D8%AF%D8%B1%D8%A7%D9%84_%D8%B1%D8%B2%D8%B1%D9%88" title="فدرال رزرو – South Azerbaijani" lang="azb" hreflang="azb" data-title="فدرال رزرو" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AB%E0%A7%87%E0%A6%A1%E0%A6%BE%E0%A6%B0%E0%A7%87%E0%A6%B2_%E0%A6%B0%E0%A6%BF%E0%A6%9C%E0%A6%BE%E0%A6%B0%E0%A7%8D%E0%A6%AD" title="ফেডারেল রিজার্ভ – Bangla" lang="bn" hreflang="bn" data-title="ফেডারেল রিজার্ভ" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A4%D0%B5%D0%B4%D0%B5%D1%80%D0%B0%D0%BB%D0%B5%D0%BD_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2" title="Федерален резерв – Bulgarian" lang="bg" hreflang="bg" data-title="Федерален резерв" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Sistema_de_la_Reserva_Federal" title="Sistema de la Reserva Federal – Catalan" lang="ca" hreflang="ca" data-title="Sistema de la Reserva Federal" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Feder%C3%A1ln%C3%AD_rezervn%C3%AD_syst%C3%A9m" title="Federální rezervní systém – Czech" lang="cs" hreflang="cs" data-title="Federální rezervní systém" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Y_Gronfa_Ffederal" title="Y Gronfa Ffederal – Welsh" lang="cy" hreflang="cy" data-title="Y Gronfa Ffederal" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target"><span>Cymraeg</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/USA%27s_centralbank" title="USA's centralbank – Danish" lang="da" hreflang="da" data-title="USA's centralbank" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Federal_Reserve_System" title="Federal Reserve System – German" lang="de" hreflang="de" data-title="Federal Reserve System" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/F%C3%B6deraalreservi_S%C3%BCsteem" title="Föderaalreservi Süsteem – Estonian" lang="et" hreflang="et" data-title="Föderaalreservi Süsteem" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%9F%CE%BC%CE%BF%CF%83%CF%80%CE%BF%CE%BD%CE%B4%CE%B9%CE%B1%CE%BA%CE%AE_%CE%A4%CF%81%CE%AC%CF%80%CE%B5%CE%B6%CE%B1_%CF%84%CF%89%CE%BD_%CE%97%CE%A0%CE%91" title="Ομοσπονδιακή Τράπεζα των ΗΠΑ – Greek" lang="el" hreflang="el" data-title="Ομοσπονδιακή Τράπεζα των ΗΠΑ" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Sistema_de_la_Reserva_Federal" title="Sistema de la Reserva Federal – Spanish" lang="es" hreflang="es" data-title="Sistema de la Reserva Federal" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Federacia_Rezerva_Sistemo_(Usono)" title="Federacia Rezerva Sistemo (Usono) – Esperanto" lang="eo" hreflang="eo" data-title="Federacia Rezerva Sistemo (Usono)" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Erreserba_Federalaren_Sistema" title="Erreserba Federalaren Sistema – Basque" lang="eu" hreflang="eu" data-title="Erreserba Federalaren Sistema" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%81%D8%AF%D8%B1%D8%A7%D9%84_%D8%B1%D8%B2%D8%B1%D9%88" title="فدرال رزرو – Persian" lang="fa" hreflang="fa" data-title="فدرال رزرو" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/R%C3%A9serve_f%C3%A9d%C3%A9rale_des_%C3%89tats-Unis" title="Réserve fédérale des États-Unis – French" lang="fr" hreflang="fr" data-title="Réserve fédérale des États-Unis" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-hak mw-list-item"><a href="https://hak.wikipedia.org/wiki/Li%C3%A8n-p%C3%A2ng_Ch%C3%BAn-phi_Ne-th%C3%BAng" title="Lièn-pâng Chún-phi Ne-thúng – Hakka Chinese" lang="hak" hreflang="hak" data-title="Lièn-pâng Chún-phi Ne-thúng" data-language-autonym="客家語 / Hak-kâ-ngî" data-language-local-name="Hakka Chinese" class="interlanguage-link-target"><span>客家語 / Hak-kâ-ngî</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%97%B0%EB%B0%A9%EC%A4%80%EB%B9%84%EC%A0%9C%EB%8F%84" title="연방준비제도 – Korean" lang="ko" hreflang="ko" data-title="연방준비제도" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B4%D5%A1%D5%B7%D5%B6%D5%A1%D5%B5%D5%AB%D5%B6_%D5%BA%D5%A1%D5%B0%D5%B8%D6%82%D5%BD%D5%BF%D5%B6%D5%A5%D6%80%D5%AB_%D5%B0%D5%A1%D5%B4%D5%A1%D5%AF%D5%A1%D6%80%D5%A3" title="Դաշնային պահուստների համակարգ – Armenian" lang="hy" hreflang="hy" data-title="Դաշնային պահուստների համակարգ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AB%E0%A5%87%E0%A4%A1%E0%A4%B0%E0%A4%B2_%E0%A4%B0%E0%A4%BF%E0%A4%9C%E0%A4%BC%E0%A4%B0%E0%A5%8D%E0%A4%B5_%E0%A4%B8%E0%A4%BF%E0%A4%B8%E0%A5%8D%E0%A4%9F%E0%A4%AE" title="फेडरल रिज़र्व सिस्टम – Hindi" lang="hi" hreflang="hi" data-title="फेडरल रिज़र्व सिस्टम" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Sustav_federalnih_rezervi" title="Sustav federalnih rezervi – Croatian" lang="hr" hreflang="hr" data-title="Sustav federalnih rezervi" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Sistemo_di_Federala_Reservo" title="Sistemo di Federala Reservo – Ido" lang="io" hreflang="io" data-title="Sistemo di Federala Reservo" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target"><span>Ido</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Federal_Reserve_System" title="Federal Reserve System – Indonesian" lang="id" hreflang="id" data-title="Federal Reserve System" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Se%C3%B0labanki_Bandar%C3%ADkjanna" title="Seðlabanki Bandaríkjanna – Icelandic" lang="is" hreflang="is" data-title="Seðlabanki Bandaríkjanna" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Federal_Reserve_System" title="Federal Reserve System – Italian" lang="it" hreflang="it" data-title="Federal Reserve System" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A4%D7%93%D7%A8%D7%9C_%D7%A8%D7%99%D7%96%D7%A8%D7%91" title="פדרל ריזרב – Hebrew" lang="he" hreflang="he" data-title="פדרל ריזרב" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%A4%E1%83%94%E1%83%93%E1%83%94%E1%83%A0%E1%83%90%E1%83%9A%E1%83%A3%E1%83%A0%E1%83%98_%E1%83%A1%E1%83%90%E1%83%A0%E1%83%94%E1%83%96%E1%83%94%E1%83%A0%E1%83%95%E1%83%9D_%E1%83%A1%E1%83%98%E1%83%A1%E1%83%A2%E1%83%94%E1%83%9B%E1%83%90" title="ფედერალური სარეზერვო სისტემა – Georgian" lang="ka" hreflang="ka" data-title="ფედერალური სარეზერვო სისტემა" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Systema_aerarium_foederale" title="Systema aerarium foederale – Latin" lang="la" hreflang="la" data-title="Systema aerarium foederale" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Feder%C4%81l%C4%81_rezervju_sist%C4%93ma" title="Federālā rezervju sistēma – Latvian" lang="lv" hreflang="lv" data-title="Federālā rezervju sistēma" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Federalin%C4%97_rezerv%C5%B3_sistema" title="Federalinė rezervų sistema – Lithuanian" lang="lt" hreflang="lt" data-title="Federalinė rezervų sistema" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Federal_Reserve_System" title="Federal Reserve System – Hungarian" lang="hu" hreflang="hu" data-title="Federal Reserve System" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%A4%D0%B5%D0%B4%D0%B5%D1%80%D0%B0%D0%BB%D0%BD%D0%B8_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D0%B8_%D0%BD%D0%B0_%D0%A1%D0%90%D0%94" title="Федерални резерви на САД – Macedonian" lang="mk" hreflang="mk" data-title="Федерални резерви на САД" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%AB%E0%A5%87%E0%A4%A1%E0%A4%B0%E0%A4%B2_%E0%A4%B0%E0%A4%BF%E0%A4%9D%E0%A4%B0%E0%A5%8D%E0%A4%B5_%E0%A4%B8%E0%A4%BF%E0%A4%B8%E0%A5%8D%E0%A4%9F%E0%A4%AE" title="फेडरल रिझर्व सिस्टम – Marathi" lang="mr" hreflang="mr" data-title="फेडरल रिझर्व सिस्टम" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Rizab_Persekutuan" title="Rizab Persekutuan – Malay" lang="ms" hreflang="ms" data-title="Rizab Persekutuan" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%90%D0%9D%D0%A3-%D1%8B%D0%BD_%D0%A5%D0%BE%D0%BB%D0%B1%D0%BE%D0%BE%D0%BD%D1%8B_%D0%BD%D3%A9%D3%A9%D1%86%D0%B8%D0%B9%D0%BD_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC" title="АНУ-ын Холбооны нөөцийн систем – Mongolian" lang="mn" hreflang="mn" data-title="АНУ-ын Холбооны нөөцийн систем" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Federal_Reserve" title="Federal Reserve – Dutch" lang="nl" hreflang="nl" data-title="Federal Reserve" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%AB%E0%A5%87%E0%A4%A1%E0%A4%B0%E0%A4%B2_%E0%A4%B0%E0%A4%BF%E0%A4%9C%E0%A4%B0%E0%A5%8D%E0%A4%AD" title="फेडरल रिजर्भ – Nepali" lang="ne" hreflang="ne" data-title="फेडरल रिजर्भ" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E9%80%A3%E9%82%A6%E6%BA%96%E5%82%99%E5%88%B6%E5%BA%A6" title="連邦準備制度 – Japanese" lang="ja" hreflang="ja" data-title="連邦準備制度" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://no.wikipedia.org/wiki/Federal_Reserve" title="Federal Reserve – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Federal Reserve" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Federal_Reserve_System" title="Federal Reserve System – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Federal Reserve System" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-pnb mw-list-item"><a href="https://pnb.wikipedia.org/wiki/%D9%81%DB%8C%DA%88%D8%B1%D9%84_%D8%B1%DB%8C%D8%B2%D8%B1%DA%A1" title="فیڈرل ریزرڡ – Western Punjabi" lang="pnb" hreflang="pnb" data-title="فیڈرل ریزرڡ" data-language-autonym="پنجابی" data-language-local-name="Western Punjabi" class="interlanguage-link-target"><span>پنجابی</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%AF_%D9%81%DA%89%D8%B1%D8%A7%D9%84_%D8%B2%DB%90%D8%B1%D9%85%D9%88_%D8%B3%D9%8A%D8%B3%D8%AA%D9%85" title="د فډرال زېرمو سيستم – Pashto" lang="ps" hreflang="ps" data-title="د فډرال زېرمو سيستم" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/System_Rezerwy_Federalnej" title="System Rezerwy Federalnej – Polish" lang="pl" hreflang="pl" data-title="System Rezerwy Federalnej" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Sistema_de_Reserva_Federal_dos_Estados_Unidos" title="Sistema de Reserva Federal dos Estados Unidos – Portuguese" lang="pt" hreflang="pt" data-title="Sistema de Reserva Federal dos Estados Unidos" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Sistemul_Federal_de_Rezerve_al_Statelor_Unite_ale_Americii" title="Sistemul Federal de Rezerve al Statelor Unite ale Americii – Romanian" lang="ro" hreflang="ro" data-title="Sistemul Federal de Rezerve al Statelor Unite ale Americii" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A4%D0%B5%D0%B4%D0%B5%D1%80%D0%B0%D0%BB%D1%8C%D0%BD%D0%B0%D1%8F_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D0%BD%D0%B0%D1%8F_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0" title="Федеральная резервная система – Russian" lang="ru" hreflang="ru" data-title="Федеральная резервная система" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Federal_Reserve" title="Federal Reserve – Simple English" lang="en-simple" hreflang="en-simple" data-title="Federal Reserve" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Federal_Reserve_System" title="Federal Reserve System – Slovak" lang="sk" hreflang="sk" data-title="Federal Reserve System" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A4%D0%B5%D0%B4%D0%B5%D1%80%D0%B0%D0%BB%D0%BD%D0%B5_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D0%B5" title="Федералне резерве – Serbian" lang="sr" hreflang="sr" data-title="Федералне резерве" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Federal_Reserve_System" title="Federal Reserve System – Finnish" lang="fi" hreflang="fi" data-title="Federal Reserve System" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Federal_Reserve_System" title="Federal Reserve System – Swedish" lang="sv" hreflang="sv" data-title="Federal Reserve System" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Federal_Reserve_System" title="Federal Reserve System – Tagalog" lang="tl" hreflang="tl" data-title="Federal Reserve System" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%95%E0%AF%82%E0%AE%9F%E0%AF%8D%E0%AE%9F%E0%AE%BE%E0%AE%9F%E0%AF%8D%E0%AE%9A%E0%AE%BF%E0%AE%AF%E0%AE%B0%E0%AE%9A%E0%AE%BF%E0%AE%A9%E0%AF%8D_%E0%AE%A8%E0%AE%BF%E0%AE%A4%E0%AE%BF%E0%AE%95%E0%AE%BE%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AF%81_%E0%AE%AE%E0%AF%81%E0%AE%B1%E0%AF%88%E0%AE%AF%E0%AE%AE%E0%AF%8D" title="கூட்டாட்சியரசின் நிதிகாப்பு முறையம் – Tamil" lang="ta" hreflang="ta" data-title="கூட்டாட்சியரசின் நிதிகாப்பு முறையம்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="https://te.wikipedia.org/wiki/%E0%B0%AB%E0%B1%86%E0%B0%A1%E0%B0%B0%E0%B0%B2%E0%B1%8D_%E0%B0%B0%E0%B0%BF%E0%B0%9C%E0%B0%B0%E0%B1%8D%E0%B0%B5%E0%B1%8D" title="ఫెడరల్ రిజర్వ్ – Telugu" lang="te" hreflang="te" data-title="ఫెడరల్ రిజర్వ్" data-language-autonym="తెలుగు" data-language-local-name="Telugu" class="interlanguage-link-target"><span>తెలుగు</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%A3%E0%B8%B0%E0%B8%9A%E0%B8%9A%E0%B8%98%E0%B8%99%E0%B8%B2%E0%B8%84%E0%B8%B2%E0%B8%A3%E0%B8%81%E0%B8%A5%E0%B8%B2%E0%B8%87%E0%B8%AA%E0%B8%AB%E0%B8%A3%E0%B8%B1%E0%B8%90" title="ระบบธนาคารกลางสหรัฐ – Thai" lang="th" hreflang="th" data-title="ระบบธนาคารกลางสหรัฐ" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%91%D0%BE%D0%BD%D0%BA%D0%B8_%D0%A4%D0%B5%D0%B4%D0%B5%D1%80%D0%B0%D0%BB%D0%B8%D0%B8_%D0%90%D0%BC%D1%80%D0%B8%D0%BA%D0%BE" title="Бонки Федералии Амрико – Tajik" lang="tg" hreflang="tg" data-title="Бонки Федералии Амрико" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target"><span>Тоҷикӣ</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Merkez_Bankalar%C4%B1_Sistemi" title="Merkez Bankaları Sistemi – Turkish" lang="tr" hreflang="tr" data-title="Merkez Bankaları Sistemi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A4%D0%B5%D0%B4%D0%B5%D1%80%D0%B0%D0%BB%D1%8C%D0%BD%D0%B0_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D0%BD%D0%B0_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0" title="Федеральна резервна система – Ukrainian" lang="uk" hreflang="uk" data-title="Федеральна резервна система" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D9%81%DB%8C%DA%88%D8%B1%D9%84_%D8%B1%DB%8C%D8%B2%D8%B1%D9%88" title="فیڈرل ریزرو – Urdu" lang="ur" hreflang="ur" data-title="فیڈرل ریزرو" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-ug mw-list-item"><a href="https://ug.wikipedia.org/wiki/%D9%81%DB%90%D8%AF%D9%89%D8%B1%D8%A7%D8%AA%D8%B3%D9%89%D9%8A%DB%95_%D8%B2%D8%A7%D9%BE%D9%89%D8%B3%D9%89_(%D8%A6%D8%A7%D9%85%DB%90%D8%B1%D9%89%D9%83%D8%A7_%D9%85%DB%95%D8%B1%D9%83%D9%89%D8%B2%D9%89_%D8%A8%D8%A7%D9%86%D9%83%D9%89%D8%B3%D9%89)" title="فېدىراتسىيە زاپىسى (ئامېرىكا مەركىزى بانكىسى) – Uyghur" lang="ug" hreflang="ug" data-title="فېدىراتسىيە زاپىسى (ئامېرىكا مەركىزى بانكىسى)" data-language-autonym="ئۇيغۇرچە / Uyghurche" data-language-local-name="Uyghur" class="interlanguage-link-target"><span>ئۇيغۇرچە / Uyghurche</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/C%E1%BB%A5c_D%E1%BB%B1_tr%E1%BB%AF_Li%C3%AAn_bang_(Hoa_K%E1%BB%B3)" title="Cục Dự trữ Liên bang (Hoa Kỳ) – Vietnamese" lang="vi" hreflang="vi" data-title="Cục Dự trữ Liên bang (Hoa Kỳ)" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E8%81%94%E9%82%A6%E5%82%A8%E5%A4%87%E7%B3%BB%E7%BB%9F" title="联邦储备系统 – Wu" lang="wuu" hreflang="wuu" data-title="联邦储备系统" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-yi mw-list-item"><a href="https://yi.wikipedia.org/wiki/%D7%A4%D7%A2%D7%93%D7%A2%D7%A8%D7%90%D7%9C%D7%A2_%D7%A8%D7%A2%D7%96%D7%A2%D7%A8%D7%95%D7%95" title="פעדעראלע רעזערוו – Yiddish" lang="yi" hreflang="yi" data-title="פעדעראלע רעזערוו" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target"><span>ייִדיש</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E8%81%AF%E9%82%A6%E5%84%B2%E5%82%99%E5%B1%80" title="聯邦儲備局 – Cantonese" lang="yue" hreflang="yue" data-title="聯邦儲備局" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E8%81%94%E9%82%A6%E5%82%A8%E5%A4%87%E7%B3%BB%E7%BB%9F" title="联邦储备系统 – Chinese" lang="zh" hreflang="zh" data-title="联邦储备系统" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q53536#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet 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For the Welsh trade union, see <a href="/wiki/South_Wales_Miners%27_Federation" title="South Wales Miners' Federation">South Wales Miners' Federation</a>. For other uses, see <a href="/wiki/The_Fed_(disambiguation)" class="mw-redirect mw-disambig" title="The Fed (disambiguation)">The Fed (disambiguation)</a>.</div><style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><style data-mw-deduplicate="TemplateStyles:r1151960987">body.skin-minerva .mw-parser-output .infobox table{display:table}body.skin-minerva .mw-parser-output .infobox caption{display:table-caption}</style><table class="infobox vcard"><caption class="infobox-title fn org">Federal Reserve System</caption><tbody><tr><td colspan="2" class="infobox-image"><span typeof="mw:File"><a href="/wiki/File:Seal_of_the_United_States_Federal_Reserve_System.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/150px-Seal_of_the_United_States_Federal_Reserve_System.svg.png" decoding="async" width="150" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/225px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/300px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 2x" data-file-width="249" data-file-height="249" /></a></span><div class="infobox-caption">Seal of the Federal Reserve System</div></td></tr><tr><td colspan="2" class="infobox-image"><span typeof="mw:File"><a href="/wiki/File:Flag_of_the_United_States_Federal_Reserve.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/71/Flag_of_the_United_States_Federal_Reserve.svg/250px-Flag_of_the_United_States_Federal_Reserve.svg.png" decoding="async" width="250" height="149" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/71/Flag_of_the_United_States_Federal_Reserve.svg/375px-Flag_of_the_United_States_Federal_Reserve.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/71/Flag_of_the_United_States_Federal_Reserve.svg/500px-Flag_of_the_United_States_Federal_Reserve.svg.png 2x" data-file-width="821" data-file-height="489" /></a></span><div class="infobox-caption">Flag of the Federal Reserve System</div></td></tr><tr><td colspan="2" class="infobox-image"><span typeof="mw:File"><a href="/wiki/File:Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg/250px-Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg" decoding="async" width="250" height="139" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg/375px-Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg/500px-Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg 2x" data-file-width="2978" data-file-height="1652" /></a></span><div class="infobox-caption">The <a href="/wiki/Eccles_Building" title="Eccles Building">Eccles Building</a> in <a href="/wiki/Washington,_D.C." title="Washington, D.C.">Washington, D.C.</a>, which serves as the Federal Reserve System's headquarters</div></td></tr><tr class="label"><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data"><a href="/wiki/Eccles_Building" title="Eccles Building">Eccles Building</a>, <a href="/wiki/Washington,_D.C." title="Washington, D.C.">Washington, D.C.</a>, U.S.</td></tr><tr><th scope="row" class="infobox-label">Established</th><td class="infobox-data">December 23, 1913<span class="noprint"> (111 years ago)</span><span style="display:none"> (<span class="bday dtstart published updated">1913-12-23</span>)</span></td></tr><tr><th scope="row" class="infobox-label">Governing body</th><td class="infobox-data"><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Board of Governors</a></td></tr><tr><th scope="row" class="infobox-label">Key people</th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><div class="plainlist"> <ul><li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a><br />(<a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair</a>)</li> <li><a href="/wiki/Philip_Jefferson" title="Philip Jefferson">Philip Jefferson</a><br />(<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a>)</li> <li><a href="/wiki/Michael_Barr_(Treasury_official)" class="mw-redirect" title="Michael Barr (Treasury official)">Michael Barr</a><br />(<a href="/wiki/Vice_Chair_of_the_Federal_Reserve#Vice_Chair_for_Supervision" title="Vice Chair of the Federal Reserve">Vice Chair for Supervision</a>)</li></ul> </div></td></tr><tr><th scope="row" class="infobox-label">Central bank of</th><td class="infobox-data"><a href="/wiki/United_States" title="United States">United States</a></td></tr><tr><th scope="row" class="infobox-label">Currency</th><td class="infobox-data"><a href="/wiki/United_States_dollar" title="United States dollar">United States dollar</a><br />USD (<a href="/wiki/ISO_4217" title="ISO 4217">ISO 4217</a>)</td></tr><tr><th scope="row" class="infobox-label">Reserve requirements</th><td class="infobox-data"><a href="/wiki/Reserve_requirement#United_States" title="Reserve requirement">None</a><sup id="cite_ref-fed-zero-rr_1-0" class="reference"><a href="#cite_note-fed-zero-rr-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Bank_rate" title="Bank rate">Bank rate</a></th><td class="infobox-data">4.50%<sup id="cite_ref-fed-discount-window_2-0" class="reference"><a href="#cite_note-fed-discount-window-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Interest rate target</th><td class="infobox-data">4.25–4.50%<sup id="cite_ref-fomc-target_3-0" class="reference"><a href="#cite_note-fomc-target-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Interest on reserves</th><td class="infobox-data">4.40%<sup id="cite_ref-interestonreserves_4-0" class="reference"><a href="#cite_note-interestonreserves-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label"><a href="/wiki/Interest_on_excess_reserves" class="mw-redirect" title="Interest on excess reserves">Interest paid on excess reserves?</a></th><td class="infobox-data">Yes</td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/">www<wbr />.federalreserve<wbr />.gov</a></span> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q53536#P856" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></td></tr><tr><td colspan="2" class="infobox-full-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1257001546">Federal Reserve</td></tr><tr><th colspan="2" class="infobox-header" style="background-color: #efefef">Agency overview</th></tr><tr><th scope="row" class="infobox-label">Jurisdiction</th><td class="infobox-data"><a href="/wiki/Federal_government_of_the_United_States" title="Federal government of the United States">Federal government of the United States</a></td></tr><tr><th scope="row" class="infobox-label">Child agency</th><td class="infobox-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"><ul><li style="text-indent: -1em; padding-left: 1em;"><a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a></li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Key document</th><td class="infobox-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"><ul><li style="text-indent: -1em; padding-left: 1em;"><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a></li></ul></div></td></tr><tr style="display:none"><td colspan="2"> </td></tr></tbody></table> <style 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class="sidebar sidebar-collapse nomobile nowraplinks vcard hlist" style="width:22.0em; border:4px double #d69d36; background:#ffffff;"><tbody><tr><td class="sidebar-pretitle"><b><span style="color:#000000;">This article is part of <a href="/wiki/Category:United_States" title="Category:United States"><span style="color:#000000;">a series</span></a> on</span></b></td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#002868; background-clip:padding-box;"><a href="/wiki/Banking_in_the_United_States" title="Banking in the United States"><span style="color:#ffffff;"><small>Banking in the</small><br />United States</span></a></th></tr><tr><td class="sidebar-above" style="display:block; padding-top:0.2em; border-top:1px solid #d69d36; border-bottom:1px solid #d69d36; margin-top:0.25em; margin-bottom:0.85em;"> <ul><li><a href="/wiki/Bank_regulation_in_the_United_States" title="Bank regulation in the United States">Regulation</a></li> <li><a href="/wiki/Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#bf0a30; color:#fff; text-align:center;;color: var(--color-base)"><a href="/wiki/Charter" title="Charter"><span style="color:#ffffff;">Banking charters</span></a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Credit_unions_in_the_United_States" title="Credit unions in the United States">Credit union</a></li> <li><a href="/wiki/Federal_savings_bank" class="mw-redirect" title="Federal savings bank">Federal savings bank</a></li> <li><a href="/wiki/Federal_savings_association" title="Federal savings association">Federal savings association</a></li></ul> <div class="hlist"> <ul><li><a href="/wiki/National_bank_(United_States)" title="National bank (United States)">National bank</a></li> <li><a href="/wiki/State_bank_(United_States)" title="State bank (United States)">State bank</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#bf0a30; color:#fff; text-align:center;;color: var(--color-base)">Lending</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"> <ul><li><a href="/wiki/Credit_card" title="Credit card">Credit card</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#bf0a30; color:#fff; text-align:center;;color: var(--color-base)"><a href="/wiki/Deposit_account" title="Deposit account"><span style="color:#ffffff;">Deposit accounts</span></a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Transactional_account" class="mw-redirect" title="Transactional account">Checking</a></li> <li><a href="/wiki/Money_market_account" title="Money market account">Money-market</a></li> <li><a href="/wiki/Savings_account" title="Savings account">Savings</a></li> <li><a href="/wiki/Certificate_of_deposit" title="Certificate of deposit">Certificate of deposit</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="border:1px double #bf0a30; background:#aaa; color:#ffffff; font-style:italic; font-weight:normal;"> Account insurance</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em;"><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance<br />Corporation (FDIC)</a></div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em;"><a href="/wiki/National_Credit_Union_Share_Insurance_Fund" title="National Credit Union Share Insurance Fund">National Credit Union Share<br />Insurance Fund (NCUA)</a></div></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#bf0a30; color:#fff; text-align:center;;color: var(--color-base)">Payment and transfer</div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content" style="padding-top:0.15em;"> <div class="hlist"> <ul><li><a href="/wiki/Cheque#United_States" title="Cheque">Check</a> <ul><li><a href="/wiki/Federal_Reserve_System#Check_clearing_system" class="mw-redirect" title="Federal Reserve System">clearing</a></li> <li><a href="/wiki/Check_21_Act" title="Check 21 Act">Check 21 Act</a></li></ul></li></ul> </div></td> </tr><tr><th class="sidebar-heading" style="background:#aaa; border:1px double #bf0a30; font-style:italic; font-weight:normal;"> <a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer"><span style="color:#ffffff;">Electronic funds transfer (EFT)</span></a></th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <div class="hlist"> <ul><li><a href="/wiki/ATM_card" title="ATM card">ATM card</a></li> <li><a href="/wiki/Debit_card" title="Debit card">Debit card</a></li> <li><a href="/wiki/Wire_transfer" title="Wire transfer">Wire transfer</a></li> <li><a href="/wiki/Substitute_check" title="Substitute check">Substitute check</a></li></ul> </div> <ul><li><a href="/wiki/ACH_Network" title="ACH Network">ACH Network</a></li> <li><a href="/wiki/Electronic_bill_payment" title="Electronic bill payment">Bill payment</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="nowrap"><span class="mw-image-border noviewer" typeof="mw:File"><span><img alt="flag" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/16px-Flag_of_the_United_States.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/24px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/32px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /></span></span> </span><a href="/wiki/Portal:United_States" title="Portal:United States">United States portal</a></span></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Banking_in_the_United_States" title="Template:Banking in the United States"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Banking_in_the_United_States" title="Template talk:Banking in the United States"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Banking_in_the_United_States" title="Special:EditPage/Template:Banking in the United States"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>The <b>Federal Reserve System</b> (often shortened to the <b>Federal Reserve</b>, or simply <b>the Fed</b>) is the <a href="/wiki/Central_bank" title="Central bank">central banking</a> system of the <a href="/wiki/United_States" title="United States">United States</a>. It was created on December 23, 1913, with the enactment of the <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a>, after a series of <a href="/wiki/Financial_panic" class="mw-redirect" title="Financial panic">financial panics</a> (particularly the <a href="/wiki/Panic_of_1907" title="Panic of 1907">panic of 1907</a>) led to the desire for central control of the monetary system in order to alleviate financial crises.<sup id="cite_ref-need_11-0" class="reference"><a href="#cite_note-need-11"><span class="cite-bracket">[</span>list 1<span class="cite-bracket">]</span></a></sup> Over the years, events such as the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> in the 1930s and the <a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.<sup id="cite_ref-initial_6-1" class="reference"><a href="#cite_note-initial-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/U.S._Congress" class="mw-redirect" title="U.S. Congress">Congress</a> established three key objectives for <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> The first two objectives are sometimes referred to as the Federal Reserve's dual mandate.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Its duties have expanded over the years, and currently also include supervising and <a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">regulating banks</a>, maintaining the stability of the financial system, and providing financial services to <a href="/wiki/Depository_institution" title="Depository institution">depository institutions</a>, the U.S. government, and foreign official institutions.<sup id="cite_ref-mission_15-0" class="reference"><a href="#cite_note-mission-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The Fed also conducts research into the economy and provides numerous publications, such as the <a href="/wiki/Beige_Book" title="Beige Book">Beige Book</a> and the <a href="/wiki/FRED_database" class="mw-redirect" title="FRED database">FRED database</a>.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>The Federal Reserve System is composed of several layers. It is governed by the presidentially-appointed <a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">board of governors</a> or Federal Reserve Board (FRB). Twelve regional <a href="/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank">Federal Reserve Banks</a>, located in cities throughout the nation, regulate and oversee privately owned commercial banks.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Nationally chartered commercial banks are required to hold stock in, and can elect some board members of, the Federal Reserve Bank of their region. </p><p>The <a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a> (FOMC) sets monetary policy by adjusting the target for the <a href="/wiki/Federal_funds_rate" title="Federal funds rate">federal funds rate</a>, which generally influences <a href="/wiki/Market_interest_rate" class="mw-redirect" title="Market interest rate">market interest rates</a> and, in turn, US economic activity via the <a href="/wiki/Monetary_transmission_mechanism" title="Monetary transmission mechanism">monetary transmission mechanism</a>. The FOMC consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time—the president of the <a href="/wiki/New_York_Fed" class="mw-redirect" title="New York Fed">New York Fed</a> and four others who rotate through one-year voting terms. There are also various advisory councils.<sup id="cite_ref-pubpriv_23-0" class="reference"><a href="#cite_note-pubpriv-23"><span class="cite-bracket">[</span>list 2<span class="cite-bracket">]</span></a></sup> It has a structure unique among central banks, and is also unusual in that the <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">United States Department of the Treasury</a>, an entity outside of the central bank, prints the <a href="/wiki/Currency" title="Currency">currency</a> used.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>The federal government sets the salaries of the board's seven governors, and it receives all the system's annual profits after dividends on member banks' capital investments are paid, and an account surplus is maintained. In 2015, the Federal Reserve earned a net income of $100.2 billion and transferred $97.7 billion to the U.S. Treasury,<sup id="cite_ref-frs_bog_net_income_press_lease_25-0" class="reference"><a href="#cite_note-frs_bog_net_income_press_lease-25"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> and 2020 earnings were approximately $88.6 billion with remittances to the U.S. Treasury of $86.9 billion.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms."<sup id="cite_ref-auto_27-0" class="reference"><a href="#cite_note-auto-27"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> The Federal Reserve has been <a href="/wiki/Criticism_of_the_Federal_Reserve" title="Criticism of the Federal Reserve">criticized by some</a> for its approach to managing <a href="/wiki/Inflation" title="Inflation">inflation</a>, perceived lack of transparency, and its role in economic downturns.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Purpose">Purpose</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=1" title="Edit section: Purpose"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The primary declared motivation for creating the Federal Reserve System was to address <a href="/wiki/Bank_run" title="Bank run">banking panics</a>.<sup id="cite_ref-initial_6-2" class="reference"><a href="#cite_note-initial-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Other purposes are stated in the <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a>, such as "to furnish an elastic currency, to afford means of rediscounting <a href="/wiki/Commercial_paper" title="Commercial paper">commercial paper</a>, to establish a more effective supervision of banking in the United States, and for other purposes".<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Before the founding of the Federal Reserve System, the United States underwent several financial crises. A particularly severe crisis in 1907 led Congress to enact the Federal Reserve Act in 1913. Today the Federal Reserve System has responsibilities in addition to stabilizing the financial system.<sup id="cite_ref-BoG_2006_pp=1_32-0" class="reference"><a href="#cite_note-BoG_2006_pp=1-32"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>Current functions of the Federal Reserve System include:<sup id="cite_ref-mission_15-1" class="reference"><a href="#cite_note-mission-15"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-BoG_2006_pp=1_32-1" class="reference"><a href="#cite_note-BoG_2006_pp=1-32"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <ul><li>To address the problem of <a href="/wiki/Bank_run" title="Bank run">banking panics</a></li> <li>To serve as the <a href="/wiki/Central_bank" title="Central bank">central bank</a> for the United States</li> <li>To strike a balance between private interests of banks and the centralized responsibility of government <ul><li>To supervise and regulate banking institutions</li> <li>To protect the credit rights of consumers</li></ul></li> <li>To conduct <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> by influencing <a href="/wiki/Market_interest_rate" class="mw-redirect" title="Market interest rate">market interest rates</a> to achieve the sometimes-conflicting goals of <ul><li>maximum employment</li> <li>stable prices, interpreted as an <a href="/wiki/Inflation" title="Inflation">inflation</a> rate of 2 percent per year on average<sup id="cite_ref-goals_of_MP_33-0" class="reference"><a href="#cite_note-goals_of_MP-33"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup></li> <li>moderate long-term interest rates</li></ul></li> <li>To maintain the stability of the financial system and contain <a href="/wiki/Systemic_risk" title="Systemic risk">systemic risk</a> in financial markets</li> <li>To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system <ul><li>To facilitate the exchange of payments among regions</li> <li>To respond to local liquidity needs</li></ul></li> <li>To strengthen U.S. standing in the world economy</li></ul> <figure class="mw-halign-center" typeof="mw:File/Thumb"><a href="/wiki/File:Unemployment_vs_Inflation_vs_Inverted_yield_curve.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Unemployment_vs_Inflation_vs_Inverted_yield_curve.webp/650px-Unemployment_vs_Inflation_vs_Inverted_yield_curve.webp.png" decoding="async" width="650" height="204" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/79/Unemployment_vs_Inflation_vs_Inverted_yield_curve.webp/975px-Unemployment_vs_Inflation_vs_Inverted_yield_curve.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/79/Unemployment_vs_Inflation_vs_Inverted_yield_curve.webp/1300px-Unemployment_vs_Inflation_vs_Inverted_yield_curve.webp.png 2x" data-file-width="1417" data-file-height="445" /></a><figcaption><a href="/wiki/Unemployment_in_the_United_States" title="Unemployment in the United States">Unemployment</a> vs <a href="/wiki/United_States_Consumer_Price_Index" title="United States Consumer Price Index">Inflation</a> vs <a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted yield curve</a> <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#AA4643 solid 3px;"> </span> Unemployment rate</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#89A54E solid 3px;"> </span> Inflation <a href="/wiki/United_States_Consumer_Price_Index" title="United States Consumer Price Index">CPI</a> </div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#4572A7 solid 3px;"> </span> 10 year <a href="/wiki/United_States_Treasury_security" title="United States Treasury security">bond</a> minus 2 year bond <a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted yield curve</a> </div> </figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Addressing_the_problem_of_bank_panics">Addressing the problem of bank panics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=2" title="Edit section: Addressing the problem of bank panics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Bank_run" title="Bank run">Bank run</a> and <a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve banking</a></div> <p>Banking institutions in the United States are required to hold reserves‍—‌amounts of currency and deposits in other banks‍—‌equal to only a fraction of the amount of the bank's deposit liabilities owed to customers. This practice is called <a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">fractional-reserve banking</a>. As a result, banks usually invest the majority of the funds received from depositors. On rare occasions, too many of the bank's customers will withdraw their savings and the bank will need help from another institution to continue operating; this is called a <a href="/wiki/Bank_run" title="Bank run">bank run</a>. Bank runs can lead to a multitude of social and economic problems. The Federal Reserve System was designed as an attempt to prevent or minimize the occurrence of bank runs, and possibly act as a <a href="/wiki/Lender_of_last_resort" title="Lender of last resort">lender of last resort</a> when a bank run does occur. Many economists, following <a href="/wiki/List_of_Nobel_Memorial_Prize_laureates_in_Economics" class="mw-redirect" title="List of Nobel Memorial Prize laureates in Economics">Nobel</a> laureate <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a>, believe that the Federal Reserve inappropriately refused to lend money to small banks during the bank runs of 1929; Friedman argued that this contributed to the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>.<sup id="cite_ref-Federal_Reserve_Board_34-0" class="reference"><a href="#cite_note-Federal_Reserve_Board-34"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Check_clearing_system">Check clearing system</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=3" title="Edit section: Check clearing system"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Because some banks refused to <a href="/wiki/Clearing_(finance)" title="Clearing (finance)">clear</a> checks from certain other banks during times of economic uncertainty, a check-clearing system was created in the Federal Reserve System. It is briefly described in <i>The Federal Reserve System‍—‌Purposes and Functions</i> as follows:<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>By creating the Federal Reserve System, Congress intended to eliminate the severe financial crises that had periodically swept the nation, especially the sort of financial panic that occurred in 1907. During that episode, payments were disrupted throughout the country because many banks and clearinghouses refused to clear checks drawn on certain other banks, a practice that contributed to the failure of otherwise solvent banks. To address these problems, Congress gave the Federal Reserve System the authority to establish a nationwide check-clearing system. The System, then, was to provide not only an elastic currency‍—‌that is, a currency that would expand or shrink in amount as economic conditions warranted‍—‌but also an efficient and equitable check-collection system.</p></blockquote> <div class="mw-heading mw-heading4"><h4 id="Lender_of_last_resort">Lender of last resort</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=4" title="Edit section: Lender of last resort"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the United States, the Federal Reserve serves as the <a href="/wiki/Lender_of_last_resort" title="Lender of last resort">lender of last resort</a> to those institutions that cannot obtain credit elsewhere and the collapse of which would have serious implications for the economy. It took over this role from the private sector "clearing houses" which operated during the <a href="/wiki/History_of_central_banking_in_the_United_States#1837–1862:_"Free_Banking"_Era" title="History of central banking in the United States">Free Banking Era</a>; whether public or private, the availability of liquidity was intended to prevent bank runs.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Fluctuations">Fluctuations</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=5" title="Edit section: Fluctuations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Through its <a href="/wiki/Discount_window" title="Discount window">discount window</a> and credit operations, Reserve Banks provide liquidity to banks to meet short-term needs stemming from seasonal fluctuations in deposits or unexpected withdrawals. Longer-term liquidity may also be provided in exceptional circumstances. The rate the Fed charges banks for these loans is called the discount rate (officially the primary credit rate). </p><p>By making these loans, the Fed serves as a buffer against unexpected day-to-day fluctuations in reserve demand and supply. This contributes to the effective functioning of the banking system, alleviates pressure in the reserves market and reduces the extent of unexpected movements in the interest rates.<sup id="cite_ref-dfeverydayecon_37-0" class="reference"><a href="#cite_note-dfeverydayecon-37"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> For example, on September 16, 2008, the Federal Reserve Board authorized an $85 billion loan to stave off the bankruptcy of international insurance giant <a href="/wiki/American_International_Group" title="American International Group">American International Group</a> (AIG).<sup id="cite_ref-Federal_Reserve-AIG_Press_Release-2008-09-16_38-0" class="reference"><a href="#cite_note-Federal_Reserve-AIG_Press_Release-2008-09-16-38"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Central_bank">Central bank</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=6" title="Edit section: Central bank"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Central_bank" title="Central bank">Central bank</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:US_one_dollar_bill,_obverse,_series_2009.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/23/US_one_dollar_bill%2C_obverse%2C_series_2009.jpg/220px-US_one_dollar_bill%2C_obverse%2C_series_2009.jpg" decoding="async" width="220" height="94" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/23/US_one_dollar_bill%2C_obverse%2C_series_2009.jpg/330px-US_one_dollar_bill%2C_obverse%2C_series_2009.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/23/US_one_dollar_bill%2C_obverse%2C_series_2009.jpg/440px-US_one_dollar_bill%2C_obverse%2C_series_2009.jpg 2x" data-file-width="1216" data-file-height="519" /></a><figcaption>Obverse of a Federal Reserve <a href="/wiki/United_States_one-dollar_bill" title="United States one-dollar bill">$1 note</a> issued in 2009</figcaption></figure> <p>In its role as the <a href="/wiki/Central_bank" title="Central bank">central bank</a> of the United States, the Fed serves as a banker's bank and as the government's bank. As the banker's bank, it helps to assure the safety and efficiency of the payments system. As the government's bank or fiscal agent, the Fed processes a variety of financial transactions involving trillions of dollars. Just as an individual might keep an account at a bank, the <a href="/wiki/U.S._Treasury" class="mw-redirect" title="U.S. Treasury">U.S. Treasury</a> keeps a checking account with the Federal Reserve, through which incoming federal tax deposits and outgoing government payments are handled. As part of this service relationship, the Fed sells and redeems <a href="/wiki/Treasury_security" class="mw-redirect" title="Treasury security">U.S. government securities</a> such as savings bonds and Treasury bills, notes and bonds. It also issues the nation's <a href="/wiki/Coins_of_the_United_States_dollar" title="Coins of the United States dollar">coin</a> and <a href="/wiki/Federal_Reserve_note" class="mw-redirect" title="Federal Reserve note">paper currency</a>. The U.S. Treasury, through its <a href="/wiki/Bureau_of_the_Mint" class="mw-redirect" title="Bureau of the Mint">Bureau of the Mint</a> and <a href="/wiki/Bureau_of_Engraving_and_Printing" title="Bureau of Engraving and Printing">Bureau of Engraving and Printing</a>, actually produces the nation's cash supply and, in effect, sells the paper currency to the Federal Reserve Banks at manufacturing cost, and the coins at face value. The Federal Reserve Banks then distribute it to other financial institutions in various ways.<sup id="cite_ref-Fed_currency_39-0" class="reference"><a href="#cite_note-Fed_currency-39"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> During the <a href="/wiki/Fiscal_Year" class="mw-redirect" title="Fiscal Year">Fiscal Year</a> 2020, the Bureau of Engraving and Printing delivered 57.95 billion notes at an average cost of 7.4 cents per note.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Federal_funds">Federal funds</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=7" title="Edit section: Federal funds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Federal_funds" title="Federal funds">Federal funds</a></div> <p>Federal funds are the reserve balances (also called <a href="/wiki/Federal_Reserve_Deposits" title="Federal Reserve Deposits">Federal Reserve Deposits</a>) that private banks keep at their local Federal Reserve Bank.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> These balances are the namesake reserves of the Federal Reserve System. The purpose of keeping funds at a Federal Reserve Bank is to have a mechanism for private banks to lend funds to one another. This market for funds plays an important role in the Federal Reserve System as it is the basis for its monetary policy work. Monetary policy is put into effect partly by influencing how much interest the private banks charge each other for the lending of these funds. </p><p>Federal reserve accounts contain federal reserve credit, which can be converted into <a href="/wiki/Federal_reserve_note" class="mw-redirect" title="Federal reserve note">federal reserve notes</a>. Private banks maintain their <a href="/wiki/Bank_reserves" title="Bank reserves">bank reserves</a> in federal reserve accounts. </p> <div class="mw-heading mw-heading3"><h3 id="Bank_regulation">Bank regulation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=8" title="Edit section: Bank regulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Federal Reserve regulates private banks. The system was designed out of a compromise between the competing philosophies of privatization and government regulation. In 2006 <a href="/wiki/Donald_L._Kohn" class="mw-redirect" title="Donald L. Kohn">Donald L. Kohn</a>, vice chairman of the board of governors, summarized the history of this compromise:<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Agrarian and progressive interests, led by William Jennings Bryan, favored a central bank under public, rather than banker, control. However, the vast majority of the nation's bankers, concerned about government intervention in the banking business, opposed a central bank structure directed by political appointees. The legislation that Congress ultimately adopted in 1913 reflected a hard-fought battle to balance these two competing views and created the hybrid public-private, centralized-decentralized structure that we have today.</p></blockquote> <p>The balance between private interests and government can also be seen in the structure of the system. Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the board of governors are selected by the <a href="/wiki/President_of_the_United_States" title="President of the United States">president of the United States</a> and confirmed by the <a href="/wiki/United_States_Senate" title="United States Senate">Senate</a>. </p> <div class="mw-heading mw-heading4"><h4 id="Government_regulation_and_supervision">Government regulation and supervision</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=9" title="Edit section: Government regulation and supervision"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:House_Financial_Services_Committee_hearing_with_Ben_Bernanke.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e4/House_Financial_Services_Committee_hearing_with_Ben_Bernanke.jpg/220px-House_Financial_Services_Committee_hearing_with_Ben_Bernanke.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e4/House_Financial_Services_Committee_hearing_with_Ben_Bernanke.jpg/330px-House_Financial_Services_Committee_hearing_with_Ben_Bernanke.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/e/e4/House_Financial_Services_Committee_hearing_with_Ben_Bernanke.jpg 2x" data-file-width="334" data-file-height="250" /></a><figcaption><a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> (lower right), former chairman of the Federal Reserve Board of Governors, at a <a href="/wiki/House_Financial_Services_Committee" class="mw-redirect" title="House Financial Services Committee">House Financial Services Committee</a> hearing on February 10, 2009. Members of the board frequently testify before congressional committees such as this one. The Senate equivalent of the House Financial Services Committee is the <a href="/wiki/Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs" class="mw-redirect" title="Senate Committee on Banking, Housing, and Urban Affairs">Senate Committee on Banking, Housing, and Urban Affairs</a>.</figcaption></figure> <p>The Federal Banking Agency Audit Act, enacted in 1978 as Public Law 95-320 and 31 U.S.C. section 714 establish that the board of governors of the Federal Reserve System and the Federal Reserve banks may be audited by the <a href="/wiki/Government_Accountability_Office" title="Government Accountability Office">Government Accountability Office</a> (GAO).<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>The GAO has authority to audit check-processing, currency storage and shipments, and some regulatory and bank examination functions–though there are restrictions to what the GAO may audit. Under the Federal Banking Agency Audit Act, 31 U.S.C. section 714(b), audits of the Federal Reserve Board and Federal Reserve banks do not include (1) transactions for or with a foreign central bank or government or non-private international financing organization; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; or (4) a part of a discussion or communication among or between members of the board of governors and officers and employees of the Federal Reserve System related to items (1), (2), or (3). See Federal Reserve System Audits: Restrictions on GAO's Access (GAO/T-GGD-94-44), statement of Charles A. Bowsher.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>The board of governors in the Federal Reserve System has a number of supervisory and regulatory responsibilities in the U.S. banking system, but not complete responsibility. A general description of the types of regulation and supervision involved in the U.S. banking system is given by the Federal Reserve:<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>The Board also plays a major role in the supervision and regulation of the U.S. banking system. It has supervisory responsibilities for state-chartered banks<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> that are members of the Federal Reserve System, <a href="/wiki/Bank_holding_companies" class="mw-redirect" title="Bank holding companies">bank holding companies</a> (companies that control banks), the foreign activities of member banks, the U.S. activities of foreign banks, and <a href="/wiki/Edge_Act" title="Edge Act">Edge Act</a> and "agreement corporations" (limited-purpose institutions that engage in a foreign banking business). The Board and, under delegated authority, the Federal Reserve Banks, supervise approximately 900 state member banks and 5,000 bank holding companies. Other federal agencies also serve as the primary federal supervisors of commercial banks; the <a href="/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency">Office of the Comptroller of the Currency</a> supervises national banks, and the <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a> supervises <a href="/wiki/State_bank_(United_States)" title="State bank (United States)">state banks</a> that are not members of the Federal Reserve System. </p><p>Some regulations issued by the Board apply to the entire banking industry, whereas others apply only to member banks, that is, <a href="/wiki/State_bank_(United_States)" title="State bank (United States)">state banks</a> that have chosen to join the Federal Reserve System and national banks, which by law must be members of the System. The Board also issues regulations to carry out major federal laws governing <a href="/wiki/Consumer_protection" title="Consumer protection">consumer credit protection</a>, such as the <a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending</a>, <a href="/wiki/Equal_Credit_Opportunity_Act" title="Equal Credit Opportunity Act">Equal Credit Opportunity</a>, and <a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure Acts</a>. Many of these consumer protection regulations apply to various lenders outside the banking industry as well as to banks. </p><p>Members of the Board of Governors are in continual contact with other policy makers in government. They frequently testify before <a href="/wiki/Congressional_committee" class="mw-redirect" title="Congressional committee">congressional committees</a> on the economy, <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>, <a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">banking supervision and regulation</a>, <a href="/wiki/Consumer_protection" title="Consumer protection">consumer credit protection</a>, <a href="/wiki/Financial_market" title="Financial market">financial markets</a>, and other matters. </p><p> The Board has regular contact with members of the President's <a href="/wiki/Council_of_Economic_Advisers" title="Council of Economic Advisers">Council of Economic Advisers</a> and other key economic officials. The Chair also meets from time to time with the <a href="/wiki/President_of_the_United_States" title="President of the United States">President of the United States</a> and has regular meetings with the <a href="/wiki/Secretary_of_the_Treasury" class="mw-redirect" title="Secretary of the Treasury">Secretary of the Treasury</a>. The Chair has formal responsibilities in the international arena as well.</p></blockquote> <div class="mw-heading mw-heading5"><h5 id="Regulatory_and_oversight_responsibilities">Regulatory and oversight responsibilities</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=10" title="Edit section: Regulatory and oversight responsibilities"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The board of directors of each Federal Reserve Bank District also has regulatory and supervisory responsibilities. If the board of directors of a district bank has judged that a member bank is performing or behaving poorly, it will report this to the board of governors. This policy is described in law: </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading3"><h3 id="National_payments_system">National payments system</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=11" title="Edit section: National payments system"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Federal Reserve plays a role in the U.S. payments system. The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government. For depository institutions, they maintain accounts and provide various payment services, including collecting checks, electronically transferring funds, and distributing and receiving currency and coin. For the federal government, the Reserve Banks act as fiscal agents, paying Treasury checks; processing electronic payments; and issuing, transferring, and redeeming U.S. government securities.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p><p>In the <a href="/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act" title="Depository Institutions Deregulation and Monetary Control Act">Depository Institutions Deregulation and Monetary Control Act</a> of 1980, Congress reaffirmed that the Federal Reserve should promote an efficient nationwide payments system. The act subjects all depository institutions, not just member commercial banks, to reserve requirements and grants them equal access to Reserve Bank payment services. The Federal Reserve plays a role in the nation's retail and wholesale payments systems by providing financial services to depository institutions. Retail payments are generally for relatively small-dollar amounts and often involve a depository institution's retail clients‍—‌individuals and smaller businesses. The Reserve Banks' retail services include distributing currency and coin, collecting checks, electronically transferring funds through <a href="/wiki/FedACH" title="FedACH">FedACH</a> (the Federal Reserve's <a href="/wiki/Automated_clearing_house" title="Automated clearing house">automated clearing house</a> system), and beginning in 2023, facilitating <a href="/wiki/Instant_payment" title="Instant payment">instant payments</a> using the <a href="/wiki/FedNow" title="FedNow">FedNow</a> service. By contrast, wholesale payments are generally for large-dollar amounts and often involve a depository institution's large corporate customers or counterparties, including other financial institutions. The Reserve Banks' wholesale services include electronically transferring funds through the <a href="/wiki/Fedwire" title="Fedwire">Fedwire Funds Service</a> and transferring securities issued by the U.S. government, its agencies, and certain other entities through the <a href="/wiki/Fedwire_Securities_Service" title="Fedwire Securities Service">Fedwire Securities Service</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Structure">Structure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=12" title="Edit section: Structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Structure_of_the_Federal_Reserve_System" title="Structure of the Federal Reserve System">Structure of the Federal Reserve System</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:FederalReserve_System.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/FederalReserve_System.png/310px-FederalReserve_System.png" decoding="async" width="310" height="198" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/FederalReserve_System.png/465px-FederalReserve_System.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1e/FederalReserve_System.png/620px-FederalReserve_System.png 2x" data-file-width="1108" data-file-height="706" /></a><figcaption>Organization of the Federal Reserve System</figcaption></figure> <p>The Federal Reserve System has a "unique structure that is both public and private"<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> and is described as "<a href="/wiki/Independent_agencies_of_the_United_States_government" class="mw-redirect" title="Independent agencies of the United States government">independent within the government</a>" rather than "<a href="/wiki/Privatization" title="Privatization">independent of government</a>".<sup id="cite_ref-auto_27-1" class="reference"><a href="#cite_note-auto-27"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> The System does not require public funding, and derives its authority and purpose from the <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a>, which was passed by Congress in 1913 and is subject to Congressional modification or repeal.<sup id="cite_ref-FRBPhilPubPriv_51-0" class="reference"><a href="#cite_note-FRBPhilPubPriv-51"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> The four main components of the Federal Reserve System are (1) the board of governors, (2) the Federal Open Market Committee, (3) the twelve regional Federal Reserve Banks, and (4) the member banks throughout the country. </p> <table class="wikitable"> <tbody><tr> <th>District # </th> <th>Letter </th> <th>Federal Reserve Bank </th> <th width="200">Branches </th> <th>Website </th> <th>Current president </th></tr> <tr> <td>1 </td> <td>A </td> <td><a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a> </td> <td>  </td> <td><a rel="nofollow" class="external free" href="https://www.bostonfed.org">https://www.bostonfed.org</a> </td> <td><a href="/wiki/Susan_M._Collins_(economist)" title="Susan M. Collins (economist)">Susan M. Collins</a> </td></tr> <tr> <td>2 </td> <td>B </td> <td><a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York City</a> </td> <td>  </td> <td><a rel="nofollow" class="external free" href="http://www.newyorkfed.org">http://www.newyorkfed.org</a> </td> <td><a href="/wiki/John_C._Williams_(economist)" title="John C. Williams (economist)">John C. Williams</a> </td></tr> <tr> <td>3 </td> <td>C </td> <td><a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a> </td> <td>  </td> <td><a rel="nofollow" class="external free" href="http://www.philadelphiafed.org">http://www.philadelphiafed.org</a> </td> <td><a href="/wiki/Patrick_T._Harker" title="Patrick T. Harker">Patrick T. Harker</a> </td></tr> <tr> <td>4 </td> <td>D </td> <td><a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a> </td> <td>Cincinnati, Ohio<br />Pittsburgh, Pennsylvania </td> <td><a rel="nofollow" class="external free" href="http://www.clevelandfed.org">http://www.clevelandfed.org</a> </td> <td><a href="/wiki/Beth_M._Hammack" title="Beth M. Hammack">Beth M. Hammack</a> </td></tr> <tr> <td>5 </td> <td>E </td> <td><a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a> </td> <td>Baltimore, Maryland<br />Charlotte, North Carolina </td> <td><a rel="nofollow" class="external free" href="http://www.richmondfed.org">http://www.richmondfed.org</a> </td> <td><a href="/wiki/Thomas_Barkin" title="Thomas Barkin">Thomas Barkin</a> </td></tr> <tr> <td>6 </td> <td>F </td> <td><a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a> </td> <td>Birmingham, Alabama<br />Jacksonville, Florida<br />Miami, Florida<br />Nashville, Tennessee<br />New Orleans, Louisiana </td> <td><a rel="nofollow" class="external free" href="http://www.atlantafed.org/">http://www.atlantafed.org/</a> </td> <td><a href="/wiki/Raphael_Bostic" title="Raphael Bostic">Raphael Bostic</a> </td></tr> <tr> <td>7 </td> <td>G </td> <td><a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a> </td> <td>Detroit, Michigan </td> <td><a rel="nofollow" class="external free" href="http://www.chicagofed.org">http://www.chicagofed.org</a> </td> <td><a href="/wiki/Austan_Goolsbee" title="Austan Goolsbee">Austan Goolsbee</a> </td></tr> <tr> <td>8 </td> <td>H </td> <td><a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a> </td> <td>Little Rock, Arkansas<br />Louisville, Kentucky<br />Memphis, Tennessee </td> <td><a rel="nofollow" class="external free" href="http://www.stlouisfed.org">http://www.stlouisfed.org</a> </td> <td><a href="/wiki/James_B._Bullard" title="James B. Bullard">James B. Bullard</a> </td></tr> <tr> <td>9 </td> <td>I </td> <td><a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a> </td> <td>Helena, Montana </td> <td><a rel="nofollow" class="external free" href="https://www.minneapolisfed.org">https://www.minneapolisfed.org</a> </td> <td><a href="/wiki/Neel_Kashkari" title="Neel Kashkari">Neel Kashkari</a> </td></tr> <tr> <td>10 </td> <td>J </td> <td><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a> </td> <td>Denver, Colorado<br />Oklahoma City, Oklahoma<br />Omaha, Nebraska </td> <td><a rel="nofollow" class="external free" href="http://www.kansascityfed.org">http://www.kansascityfed.org</a> </td> <td><a href="/wiki/Jeffrey_Schmid" title="Jeffrey Schmid">Jeffrey Schmid</a> </td></tr> <tr> <td>11 </td> <td>K </td> <td><a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a> </td> <td><a href="/wiki/Federal_Reserve_Bank_of_Dallas_El_Paso_Branch" title="Federal Reserve Bank of Dallas El Paso Branch">El Paso, Texas</a><br /><a href="/wiki/Federal_Reserve_Bank_of_Dallas_Houston_Branch" title="Federal Reserve Bank of Dallas Houston Branch">Houston, Texas</a><br /><a href="/wiki/Federal_Reserve_Bank_of_Dallas_San_Antonio_Branch" title="Federal Reserve Bank of Dallas San Antonio Branch">San Antonio, Texas</a> </td> <td><a rel="nofollow" class="external free" href="http://www.dallasfed.org">http://www.dallasfed.org</a> </td> <td><a href="/wiki/Lorie_K._Logan" title="Lorie K. Logan">Lorie K. Logan</a> </td></tr> <tr> <td>12 </td> <td>L </td> <td><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a> </td> <td>Los Angeles, California<br />Portland, Oregon<br />Salt Lake City, Utah<br />Seattle, Washington </td> <td><a rel="nofollow" class="external free" href="http://www.frbsf.org">http://www.frbsf.org</a> </td> <td><a href="/wiki/Mary_C._Daly" title="Mary C. Daly">Mary C. Daly</a> </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Board_of_governors">Board of governors</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=13" title="Edit section: Board of governors"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Federal Reserve Board of Governors</a></div> <p>The seven-member board of governors is a large federal agency that functions in business oversight by examining national banks.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup><b><sup class="reference nowrap"><span title="Page / location: 12, 15">: 12, 15 </span></sup></b> It is charged with the overseeing of the 12 District Reserve Banks and setting national monetary policy. It also supervises and regulates the U.S. banking system in general.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> Governors are appointed by the <a href="/wiki/President_of_the_United_States" title="President of the United States">president of the United States</a> and confirmed by the <a href="/wiki/United_States_Senate" title="United States Senate">Senate</a> for staggered 14-year terms.<sup id="cite_ref-dfeverydayecon_37-1" class="reference"><a href="#cite_note-dfeverydayecon-37"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> One term begins every two years, on February 1 of even-numbered years, and members serving a full term cannot be renominated for a second term.<sup id="cite_ref-FRB01_55-0" class="reference"><a href="#cite_note-FRB01-55"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> "[U]pon the expiration of their terms of office, members of the Board shall continue to serve until their successors are appointed and have qualified." The law provides for the removal of a member of the board by the president "for cause".<sup id="cite_ref-usc12-242_56-0" class="reference"><a href="#cite_note-usc12-242-56"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> The board is required to make an annual report of operations to the Speaker of the U.S. House of Representatives. </p><p>The chair and vice chair of the board of governors are appointed by the <a href="/wiki/President_of_the_United_States" title="President of the United States">president</a> from among the sitting governors. They both serve a four-year term and they can be renominated as many times as the president chooses, until their terms on the board of governors expire.<sup id="cite_ref-usc12-241_57-0" class="reference"><a href="#cite_note-usc12-241-57"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="List_of_members_of_the_board_of_governors">List of members of the board of governors</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=14" title="Edit section: List of members of the board of governors"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Federal_Reserve_Governors_meeting_April_2019_(47679887231).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Federal_Reserve_Governors_meeting_April_2019_%2847679887231%29.jpg/310px-Federal_Reserve_Governors_meeting_April_2019_%2847679887231%29.jpg" decoding="async" width="310" height="207" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Federal_Reserve_Governors_meeting_April_2019_%2847679887231%29.jpg/465px-Federal_Reserve_Governors_meeting_April_2019_%2847679887231%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0e/Federal_Reserve_Governors_meeting_April_2019_%2847679887231%29.jpg/620px-Federal_Reserve_Governors_meeting_April_2019_%2847679887231%29.jpg 2x" data-file-width="1200" data-file-height="800" /></a><figcaption>Board of governors in April 2019, when two of the seven seats were vacant</figcaption></figure> <p>The current members of the board of governors are:<sup id="cite_ref-FRB01_55-1" class="reference"><a href="#cite_note-FRB01-55"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable sortable"> <tbody><tr> <th class="unsortable">Portrait </th> <th>Current governor </th> <th>Party </th> <th>Term start </th> <th>Term expires </th></tr> <tr> <td rowspan="2"><span typeof="mw:File"><a href="/wiki/File:Jerome_H._Powell,_Federal_Reserve_Chair.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Jerome_H._Powell%2C_Federal_Reserve_Chair.jpg/75px-Jerome_H._Powell%2C_Federal_Reserve_Chair.jpg" decoding="async" width="75" height="94" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Jerome_H._Powell%2C_Federal_Reserve_Chair.jpg/113px-Jerome_H._Powell%2C_Federal_Reserve_Chair.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Jerome_H._Powell%2C_Federal_Reserve_Chair.jpg/150px-Jerome_H._Powell%2C_Federal_Reserve_Chair.jpg 2x" data-file-width="1024" data-file-height="1280" /></a></span> </td> <td rowspan="2"><span data-sort-value="Powell, Jerome"><span class="vcard"><span class="fn"><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a></span></span></span><br />(<a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair</a>) </td> <td rowspan="2"><a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">Republican</a> </td> <td><span data-sort-value="000000002018-02-05-0000" style="white-space:nowrap">February 5, 2018</span> (as Chair)<br /><span data-sort-value="000000002022-05-23-0000" style="white-space:nowrap">May 23, 2022</span> (reappointment) </td> <td><span data-sort-value="000000002026-05-15-0000" style="white-space:nowrap">May 15, 2026</span> (as Chair) </td></tr> <tr> <td><span data-sort-value="000000002012-05-25-0000" style="white-space:nowrap">May 25, 2012</span> (as Governor)<br /><span data-sort-value="000000002014-06-16-0000" style="white-space:nowrap">June 16, 2014</span> (reappointment) </td> <td><span data-sort-value="000000002028-01-31-0000" style="white-space:nowrap">January 31, 2028</span> (as Governor) </td></tr> <tr> <td rowspan="2"><span typeof="mw:File"><a href="/wiki/File:Jefferson_Philip_BDM_June_16_22-091_8x10_(52247534443).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/02/Jefferson_Philip_BDM_June_16_22-091_8x10_%2852247534443%29.jpg/75px-Jefferson_Philip_BDM_June_16_22-091_8x10_%2852247534443%29.jpg" decoding="async" width="75" height="94" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/02/Jefferson_Philip_BDM_June_16_22-091_8x10_%2852247534443%29.jpg/113px-Jefferson_Philip_BDM_June_16_22-091_8x10_%2852247534443%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/02/Jefferson_Philip_BDM_June_16_22-091_8x10_%2852247534443%29.jpg/150px-Jefferson_Philip_BDM_June_16_22-091_8x10_%2852247534443%29.jpg 2x" data-file-width="2400" data-file-height="3000" /></a></span> </td> <td rowspan="2"><span data-sort-value="Jefferson, Philip"><span class="vcard"><span class="fn"><a href="/wiki/Philip_Jefferson" title="Philip Jefferson">Philip Jefferson</a></span></span></span><br />(<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a>) </td> <td rowspan="2"><a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">Democratic</a> </td> <td><span data-sort-value="000000002023-09-13-0000" style="white-space:nowrap">September 13, 2023</span> (as Vice Chair) </td> <td><span data-sort-value="000000002027-09-07-0000" style="white-space:nowrap">September 7, 2027</span> (as Vice Chair) </td></tr> <tr> <td><span data-sort-value="000000002022-05-23-0000" style="white-space:nowrap">May 23, 2022</span> (as Governor) </td> <td><span data-sort-value="000000002036-01-31-0000" style="white-space:nowrap">January 31, 2036</span> (as Governor) </td></tr> <tr> <td><span typeof="mw:File"><a href="/wiki/File:Michelle_Bowman_(cropped).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/Michelle_Bowman_%28cropped%29.jpg/75px-Michelle_Bowman_%28cropped%29.jpg" decoding="async" width="75" height="101" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/25/Michelle_Bowman_%28cropped%29.jpg/113px-Michelle_Bowman_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/25/Michelle_Bowman_%28cropped%29.jpg/150px-Michelle_Bowman_%28cropped%29.jpg 2x" data-file-width="895" data-file-height="1210" /></a></span> </td> <td><span data-sort-value="Bowman, Michelle"><span class="vcard"><span class="fn"><a href="/wiki/Michelle_Bowman" title="Michelle Bowman">Michelle Bowman</a></span></span></span> </td> <td><a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">Republican</a> </td> <td><span data-sort-value="000000002018-11-26-0000" style="white-space:nowrap">November 26, 2018</span><br /><span data-sort-value="000000002020-02-01-0000" style="white-space:nowrap">February 1, 2020</span> (reappointment) </td> <td><span data-sort-value="000000002034-01-31-0000" style="white-space:nowrap">January 31, 2034</span> </td></tr> <tr> <td><span typeof="mw:File"><a href="/wiki/File:Christopher_J._Waller,_Federal_Reserve_Governor_2.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Christopher_J._Waller%2C_Federal_Reserve_Governor_2.jpg/75px-Christopher_J._Waller%2C_Federal_Reserve_Governor_2.jpg" decoding="async" width="75" height="94" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Christopher_J._Waller%2C_Federal_Reserve_Governor_2.jpg/113px-Christopher_J._Waller%2C_Federal_Reserve_Governor_2.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/52/Christopher_J._Waller%2C_Federal_Reserve_Governor_2.jpg/150px-Christopher_J._Waller%2C_Federal_Reserve_Governor_2.jpg 2x" data-file-width="2400" data-file-height="3000" /></a></span> </td> <td><span data-sort-value="Waller, Christopher"><span class="vcard"><span class="fn"><a href="/wiki/Christopher_Waller" title="Christopher Waller">Christopher Waller</a></span></span></span> </td> <td><a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">Republican</a> </td> <td><span data-sort-value="000000002020-12-18-0000" style="white-space:nowrap">December 18, 2020</span> </td> <td><span data-sort-value="000000002030-01-31-0000" style="white-space:nowrap">January 31, 2030</span> </td></tr> <tr> <td><span typeof="mw:File"><a href="/wiki/File:Lisa_D._Cook,_Federal_Reserve_Governor.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/97/Lisa_D._Cook%2C_Federal_Reserve_Governor.jpg/75px-Lisa_D._Cook%2C_Federal_Reserve_Governor.jpg" decoding="async" width="75" height="94" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/97/Lisa_D._Cook%2C_Federal_Reserve_Governor.jpg/113px-Lisa_D._Cook%2C_Federal_Reserve_Governor.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/97/Lisa_D._Cook%2C_Federal_Reserve_Governor.jpg/150px-Lisa_D._Cook%2C_Federal_Reserve_Governor.jpg 2x" data-file-width="2400" data-file-height="3000" /></a></span> </td> <td><span data-sort-value="Cook, Lisa"><span class="vcard"><span class="fn"><a href="/wiki/Lisa_D._Cook" title="Lisa D. Cook">Lisa Cook</a></span></span></span> </td> <td><a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">Democratic</a> </td> <td><span data-sort-value="000000002022-05-23-0000" style="white-space:nowrap">May 23, 2022</span><br /><span data-sort-value="000000002024-02-01-0000" style="white-space:nowrap">February 1, 2024</span> (reappointment) </td> <td><span data-sort-value="000000002038-01-31-0000" style="white-space:nowrap">January 31, 2038</span> </td></tr> <tr> <td><span typeof="mw:File"><a href="/wiki/File:Michael_S._Barr,_Federal_Reserve_Member.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Michael_S._Barr%2C_Federal_Reserve_Member.jpg/75px-Michael_S._Barr%2C_Federal_Reserve_Member.jpg" decoding="async" width="75" height="94" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Michael_S._Barr%2C_Federal_Reserve_Member.jpg/113px-Michael_S._Barr%2C_Federal_Reserve_Member.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b4/Michael_S._Barr%2C_Federal_Reserve_Member.jpg/150px-Michael_S._Barr%2C_Federal_Reserve_Member.jpg 2x" data-file-width="2400" data-file-height="3000" /></a></span> </td> <td><span data-sort-value="Barr, Michael"><span class="vcard"><span class="fn"><a href="/wiki/Michael_Barr_(U.S._official)" title="Michael Barr (U.S. official)">Michael Barr</a></span></span></span> </td> <td><a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">Democratic</a> </td> <td><span data-sort-value="000000002022-07-19-0000" style="white-space:nowrap">July 19, 2022</span> </td> <td><span data-sort-value="000000002032-01-31-0000" style="white-space:nowrap">January 31, 2032</span> </td></tr> <tr> <td><span typeof="mw:File"><a href="/wiki/File:Adriana_D._Kugler,_Federal_Reserve_Governor.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/Adriana_D._Kugler%2C_Federal_Reserve_Governor.jpg/75px-Adriana_D._Kugler%2C_Federal_Reserve_Governor.jpg" decoding="async" width="75" height="98" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/Adriana_D._Kugler%2C_Federal_Reserve_Governor.jpg/113px-Adriana_D._Kugler%2C_Federal_Reserve_Governor.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/27/Adriana_D._Kugler%2C_Federal_Reserve_Governor.jpg/150px-Adriana_D._Kugler%2C_Federal_Reserve_Governor.jpg 2x" data-file-width="2400" data-file-height="3150" /></a></span> </td> <td><span data-sort-value="Kugler, Adriana"><span class="vcard"><span class="fn"><a href="/wiki/Adriana_Kugler" title="Adriana Kugler">Adriana Kugler</a></span></span></span> </td> <td><a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">Democratic</a> </td> <td><span data-sort-value="000000002023-09-13-0000" style="white-space:nowrap">September 13, 2023</span> </td> <td><span data-sort-value="000000002026-01-31-0000" style="white-space:nowrap">January 31, 2026</span> </td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> </div> <div class="mw-heading mw-heading4"><h4 id="Nominations,_confirmations_and_resignations"><span id="Nominations.2C_confirmations_and_resignations"></span>Nominations, confirmations and resignations</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=15" title="Edit section: Nominations, confirmations and resignations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In late December 2011, President <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a> nominated <a href="/wiki/Jeremy_C._Stein" title="Jeremy C. Stein">Jeremy C. Stein</a>, a <a href="/wiki/Harvard_University" title="Harvard University">Harvard University</a> finance professor and a <a href="/wiki/Democratic_Party_of_the_United_States" class="mw-redirect" title="Democratic Party of the United States">Democrat</a>, and <a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a>, formerly of <a href="/wiki/Dillon_Read" class="mw-redirect" title="Dillon Read">Dillon Read</a>, <a href="/wiki/Bankers_Trust" title="Bankers Trust">Bankers Trust</a><sup id="cite_ref-MW01_58-0" class="reference"><a href="#cite_note-MW01-58"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/The_Carlyle_Group" title="The Carlyle Group">The Carlyle Group</a><sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> and a <a href="/wiki/Republican_Party_of_the_United_States" class="mw-redirect" title="Republican Party of the United States">Republican</a>. Both candidates also have <a href="/wiki/United_States_Treasury" class="mw-redirect" title="United States Treasury">Treasury Department</a> experience in the Obama and <a href="/wiki/George_H._W._Bush" title="George H. W. Bush">George H. W. Bush</a> administrations respectively.<sup id="cite_ref-MW01_58-1" class="reference"><a href="#cite_note-MW01-58"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> </p><p>"Obama administration officials [had] regrouped to identify Fed candidates after <a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a>, a Nobel Prize-winning economist, withdrew his nomination to the board in June [2011] in the face of Republican opposition. <a href="/wiki/Richard_Clarida" title="Richard Clarida">Richard Clarida</a>, a potential nominee who was a Treasury official under <a href="/wiki/George_W._Bush" title="George W. Bush">George W. Bush</a>, pulled out of consideration in August [2011]", one account of the December nominations noted.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> The two other Obama nominees in 2011, <a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a> and <a href="/wiki/Sarah_Bloom_Raskin" title="Sarah Bloom Raskin">Sarah Bloom Raskin</a>,<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> were confirmed in September.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> One of the vacancies was created in 2011 with the resignation of <a href="/wiki/Kevin_Warsh" title="Kevin Warsh">Kevin Warsh</a>, who took office in 2006 to fill the unexpired term ending January 31, 2018, and resigned his position effective March 31, 2011.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> In March 2012, U.S. Senator <a href="/wiki/David_Vitter" title="David Vitter">David Vitter</a> (<a href="/wiki/Republican_Party_of_the_United_States" class="mw-redirect" title="Republican Party of the United States">R</a>, <a href="/wiki/Louisiana" title="Louisiana">LA</a>) said he would oppose Obama's Stein and Powell nominations, dampening near-term hopes for approval.<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> However, Senate leaders reached a deal, paving the way for affirmative votes on the two nominees in May 2012 and bringing the board to full strength for the first time since 2006<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> with Duke's service after term end. Later, on January 6, 2014, the United States Senate confirmed Yellen's nomination to be chair of the Federal Reserve Board of Governors; she was the first woman to hold the position.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> Subsequently, President Obama nominated <a href="/wiki/Stanley_Fischer" title="Stanley Fischer">Stanley Fischer</a> to replace Yellen as the vice-chair.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> </p><p>In April 2014, Stein announced he was leaving to return to Harvard on May 28 with four years remaining on his term. At the time of the announcement, the FOMC "already is down three members as it awaits the Senate confirmation of ... Fischer and <a href="/wiki/Lael_Brainard" title="Lael Brainard">Lael Brainard</a>, and as [President] Obama has yet to name a replacement for ... Duke. ... Powell is still serving as he awaits his confirmation for a second term."<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Allan_R._Landon" class="mw-redirect" title="Allan R. Landon">Allan R. Landon</a>, former president and CEO of the <a href="/wiki/Bank_of_Hawaii" title="Bank of Hawaii">Bank of Hawaii</a>, was nominated in early 2015 by President Obama to the board.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> </p><p>In July 2015, President Obama nominated <a href="/wiki/University_of_Michigan" title="University of Michigan">University of Michigan</a> economist <a href="/wiki/Kathryn_M._Dominguez" title="Kathryn M. Dominguez">Kathryn M. Dominguez</a> to fill the second vacancy on the board. The Senate had not yet acted on Landon's confirmation by the time of the second nomination.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Daniel_Tarullo" title="Daniel Tarullo">Daniel Tarullo</a> submitted his resignation from the board on February 10, 2017, effective on or around April 5, 2017.<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Federal_Open_Market_Committee">Federal Open Market Committee</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=16" title="Edit section: Federal Open Market Committee"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a></div> <p>The Federal Open Market Committee (FOMC) consists of 12 members, seven from the board of governors and 5 of the regional Federal Reserve Bank presidents. The FOMC oversees and sets policy on <a href="/wiki/Open_market_operations" class="mw-redirect" title="Open market operations">open market operations</a>, the principal tool of national monetary policy. These operations affect the amount of Federal Reserve balances available to depository institutions, thereby influencing overall monetary and credit conditions. The FOMC also directs operations undertaken by the Federal Reserve in foreign exchange markets. The FOMC must reach consensus on all decisions. The president of the Federal Reserve Bank of New York is a permanent member of the FOMC; the presidents of the other banks rotate membership at two- and three-year intervals. All Regional Reserve Bank presidents contribute to the committee's assessment of the economy and of policy options, but only the five presidents who are then members of the FOMC vote on policy decisions. The FOMC determines its own internal organization and, by tradition, elects the chair of the board of governors as its chair and the president of the Federal Reserve Bank of New York as its vice chair. Formal meetings typically are held eight times each year in Washington, D.C. Nonvoting Reserve Bank presidents also participate in Committee deliberations and discussion. The FOMC generally meets eight times a year in telephone consultations and other meetings are held when needed.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> </p><p>There is very strong consensus among economists against politicising the FOMC.<sup id="cite_ref-igmchicago.org_74-0" class="reference"><a href="#cite_note-igmchicago.org-74"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Federal_Advisory_Council">Federal Advisory Council</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=17" title="Edit section: Federal Advisory Council"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Federal_Advisory_Council" title="Federal Advisory Council">Federal Advisory Council</a></div> <p>The Federal Advisory Council, composed of twelve representatives of the banking industry, advises the board on all matters within its jurisdiction. </p> <div class="mw-heading mw-heading3"><h3 id="Federal_Reserve_Banks">Federal Reserve Banks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=18" title="Edit section: Federal Reserve Banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank">Federal Reserve Bank</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8a/Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png/400px-Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png" decoding="async" width="400" height="254" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8a/Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png/600px-Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8a/Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png/800px-Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png 2x" data-file-width="2000" data-file-height="1272" /></a><figcaption>Map of the 12 Federal Reserve Districts, with the 12 Federal Reserve Banks marked as black squares, and all Branches within each district (24 total) marked as red circles. The Washington, DC, headquarters is marked with a star. (Also, a 25th branch in Buffalo, NY, was closed in 2008.)</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:US_Federal_Reserve_Banks_collage_1936.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/US_Federal_Reserve_Banks_collage_1936.jpg/220px-US_Federal_Reserve_Banks_collage_1936.jpg" decoding="async" width="220" height="162" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/US_Federal_Reserve_Banks_collage_1936.jpg/330px-US_Federal_Reserve_Banks_collage_1936.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6b/US_Federal_Reserve_Banks_collage_1936.jpg/440px-US_Federal_Reserve_Banks_collage_1936.jpg 2x" data-file-width="7134" data-file-height="5249" /></a><figcaption>The 12 Reserve Banks buildings in 1936</figcaption></figure> <p>There are 12 Federal Reserve Banks, each of which is responsible for member banks located in its district. They are located in <a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a>, <a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York</a>, <a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a>, <a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a>, <a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a>, <a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a>, <a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a>, <a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a>, <a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a>, <a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a>, <a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a>, and <a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a>. The size of each district was set based upon the population distribution of the United States when the Federal Reserve Act was passed. </p><p>The charter and organization of each bank is established by law and cannot be altered by the member banks. Member banks do, however, elect six of the nine members of the Federal Reserve Banks' boards of directors.<sup id="cite_ref-dfeverydayecon_37-2" class="reference"><a href="#cite_note-dfeverydayecon-37"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-R000107_75-0" class="reference"><a href="#cite_note-R000107-75"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> </p><p>Each regional bank has a president, who is the chief executive officer of their bank. Each president is nominated by their bank's board of directors, but the nomination is contingent upon approval by the board of governors. Presidents serve five-year terms and may be reappointed.<sup id="cite_ref-FRB_pres_76-0" class="reference"><a href="#cite_note-FRB_pres-76"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> </p><p>Each regional bank's board has nine members. Members are of three classes: A, B, and C. There are three board members in each class. Class A members are chosen by the regional Bank's shareholders, and are intended to represent member banks' interests. Member banks are divided into three categories: large, medium, and small. Each category elects one of the three class A board members. Class B board members are also nominated by the region's member banks, but class B board members are supposed to represent the interests of the public. Lastly, class C board members are appointed by the board of governors, and are also intended to represent the interests of the public.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Legal_status_of_regional_Federal_Reserve_Banks">Legal status of regional Federal Reserve Banks</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=19" title="Edit section: Legal status of regional Federal Reserve Banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Federal Reserve Banks have an intermediate legal status, with some features of private corporations and some features of public federal agencies. The United States has an interest in the Federal Reserve Banks as tax-exempt federally created instrumentalities whose profits belong to the federal government, but this interest is not proprietary.<sup id="cite_ref-Scott_8th_Cir._2005_78-0" class="reference"><a href="#cite_note-Scott_8th_Cir._2005-78"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> In <i>Lewis v. United States</i>,<sup id="cite_ref-Lewis-vs-U.S._79-0" class="reference"><a href="#cite_note-Lewis-vs-U.S.-79"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> the <a href="/wiki/United_States_Court_of_Appeals_for_the_Ninth_Circuit" title="United States Court of Appeals for the Ninth Circuit">United States Court of Appeals for the Ninth Circuit</a> stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA [the <a href="/wiki/Federal_Tort_Claims_Act" title="Federal Tort Claims Act">Federal Tort Claims Act</a>], but are independent, privately owned and locally controlled corporations." The opinion went on to say, however, that: "The Reserve Banks have properly been held to be federal instrumentalities for some purposes." Another relevant decision is <i>Scott v. Federal Reserve Bank of Kansas City</i>,<sup id="cite_ref-Scott_8th_Cir._2005_78-1" class="reference"><a href="#cite_note-Scott_8th_Cir._2005-78"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> in which the distinction is made between Federal Reserve Banks, which are federally created instrumentalities, and the board of governors, which is a federal agency. </p><p>Regarding the structural relationship between the twelve Federal Reserve banks and the various commercial (member) banks, political science professor Michael D. Reagan has written:<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>... the "ownership" of the Reserve Banks by the commercial banks is symbolic; they do not exercise the proprietary control associated with the concept of ownership nor share, beyond the statutory dividend, in Reserve Bank "profits." … Bank ownership and election at the base are therefore devoid of substantive significance, despite the superficial appearance of private bank control that the formal arrangement creates.</p></blockquote> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Member_Federal_Reserve_System_plaque.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Member_Federal_Reserve_System_plaque.png/220px-Member_Federal_Reserve_System_plaque.png" decoding="async" width="220" height="135" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Member_Federal_Reserve_System_plaque.png/330px-Member_Federal_Reserve_System_plaque.png 1.5x, //upload.wikimedia.org/wikipedia/commons/a/a0/Member_Federal_Reserve_System_plaque.png 2x" data-file-width="423" data-file-height="259" /></a><figcaption>Plaque marking a bank as a member</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Member_banks">Member banks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=20" title="Edit section: Member banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A member bank is a private institution and owns stock in its regional Federal Reserve Bank. All nationally chartered banks hold stock in one of the Federal Reserve Banks. State chartered banks may choose to be members (and hold stock in their regional Federal Reserve bank) upon meeting certain standards. </p><p>The amount of stock a member bank must own is equal to 3% of its combined capital and surplus.<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> However, holding stock in a Federal Reserve bank is not like owning stock in a publicly traded company. These stocks cannot be sold or traded, and member banks do not control the Federal Reserve Bank as a result of owning this stock. From their Regional Bank, member banks with $10 billion or less in assets receive a dividend of 6%, while member banks with more than $10 billion in assets receive the lesser of 6% or the current 10-year Treasury auction rate.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> The remainder of the regional Federal Reserve Banks' profits is given over to the <a href="/wiki/United_States_Treasury_Department" class="mw-redirect" title="United States Treasury Department">United States Treasury Department</a>. In 2015, the Federal Reserve Banks made a profit of $100.2 billion and distributed $2.5 billion in dividends to member banks as well as returning $97.7 billion to the U.S. Treasury.<sup id="cite_ref-frs_bog_net_income_press_lease_25-1" class="reference"><a href="#cite_note-frs_bog_net_income_press_lease-25"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>About 38% of U.S. banks are members of their regional Federal Reserve Bank.<sup id="cite_ref-auto_27-2" class="reference"><a href="#cite_note-auto-27"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Accountability">Accountability</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=21" title="Edit section: Accountability"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An external auditor selected by the audit committee of the Federal Reserve System regularly audits the Board of Governors and the Federal Reserve Banks. The GAO will audit some activities of the Board of Governors. These audits do not cover "most of the Fed's monetary policy actions or decisions, including discount window lending (direct loans to financial institutions), open-market operations and any other transactions made under the direction of the Federal Open Market Committee" ...[nor may the GAO audit] "dealings with foreign governments and other central banks."<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> </p><p>The annual and quarterly financial statements prepared by the Federal Reserve System conform to a basis of accounting that is set by the Federal Reserve Board and does not conform to <a href="/wiki/Generally_Accepted_Accounting_Principles_(United_States)" title="Generally Accepted Accounting Principles (United States)">Generally Accepted Accounting Principles</a> (GAAP) or government <a href="/wiki/Cost_Accounting_Standards" title="Cost Accounting Standards">Cost Accounting Standards</a> (CAS). The financial reporting standards are defined in the Financial Accounting Manual for the Federal Reserve Banks.<sup id="cite_ref-AccountingManual_85-0" class="reference"><a href="#cite_note-AccountingManual-85"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> The cost accounting standards are defined in the Planning and Control System Manual.<sup id="cite_ref-AccountingManual_85-1" class="reference"><a href="#cite_note-AccountingManual-85"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> As of 27 August 2012<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Federal_Reserve&action=edit">[update]</a></sup>, the Federal Reserve Board has been publishing unaudited financial reports for the Federal Reserve banks every quarter.<sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> </p><p>On November 7, 2008, <a href="/wiki/Bloomberg_L.P." title="Bloomberg L.P.">Bloomberg L.P.</a> brought <a href="/wiki/Bloomberg_L.P._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Bloomberg L.P. v. Board of Governors of the Federal Reserve System">a lawsuit</a> against the board of governors of the Federal Reserve System to force the board to reveal the identities of firms for which it provided guarantees during the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a>.<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> Bloomberg, L.P. won at the trial court<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> and the Fed's appeals were rejected at both the <a href="/wiki/United_States_Court_of_Appeals_for_the_Second_Circuit" title="United States Court of Appeals for the Second Circuit">United States Court of Appeals for the Second Circuit</a> and the <a href="/wiki/U.S._Supreme_Court" class="mw-redirect" title="U.S. Supreme Court">U.S. Supreme Court</a>. The data was released on March 31, 2011.<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Monetary_policy">Monetary policy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=22" title="Edit section: Monetary policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy of the United States</a> and <a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve banking</a></div> <p>The term "<a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>" refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence economic activity (the <a href="/wiki/Aggregate_demand" title="Aggregate demand">overall demand</a> for goods and services) to help promote national economic goals. The <a href="/wiki/Federal_Reserve_Act_of_1913" class="mw-redirect" title="Federal Reserve Act of 1913">Federal Reserve Act of 1913</a> gave the Federal Reserve authority to set monetary policy in the United States. The Fed's mandate for monetary policy is commonly known as the dual mandate of promoting maximum employment and stable prices, the latter being interpreted as a stable inflation rate of 2 percent per year on average. The Fed's monetary policy influences economic activity by influencing the general level of <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a> in the economy, which again via the <a href="/wiki/Monetary_transmission_mechanism" title="Monetary transmission mechanism">monetary transmission mechanism</a> affects households' and firms' demand for goods and services and in turn employment and inflation.<sup id="cite_ref-goals_of_MP_33-1" class="reference"><a href="#cite_note-goals_of_MP-33"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Interbank_lending">Interbank lending</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=23" title="Edit section: Interbank lending"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Federal Reserve sets monetary policy by influencing the <a href="/wiki/Federal_funds_rate" title="Federal funds rate">federal funds rate</a>, which is the rate of interbank lending of <a href="/wiki/Federal_Reserve_Deposits" title="Federal Reserve Deposits">reserve balances</a>. The rate that banks charge each other for these loans is determined in the <a href="/wiki/Interbank_lending_market" title="Interbank lending market">interbank market</a>, and the Federal Reserve influences this rate through the "tools" of monetary policy described in the <a href="/wiki/Federal_Reserve_System#Monetary_policy" class="mw-redirect" title="Federal Reserve System"><i>Tools</i> section</a> below. The federal funds rate is a short-term interest rate that the FOMC focuses on, which affects the longer-term interest rates throughout the economy. The Federal Reserve explained the implementation of its monetary policy in 2021: </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>The FOMC has the ability to influence the federal funds rate–and thus the cost of short-term interbank credit–by changing the rate of interest the Fed pays on reserve balances that banks hold at the Fed. A bank is unlikely to lend to another bank (or to any of its customers) at an interest rate lower than the rate that the bank can earn on reserve balances held at the Fed. And because overall reserve balances are currently abundant, if a bank wants to borrow reserve balances, it likely will be able to do so without having to pay a rate much above the rate of interest paid by the Fed.<sup id="cite_ref-goals_of_MP_33-2" class="reference"><a href="#cite_note-goals_of_MP-33"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Changes in the target for the federal funds rate affect overall financial conditions through various channels, including subsequent changes in the market interest rates that commercial banks and other lenders charge on short-term and longer-term loans, and changes in <a href="/wiki/Asset_price" class="mw-redirect" title="Asset price">asset prices</a> and in currency <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rates</a>, which again affects <a href="/wiki/Private_consumption" class="mw-redirect" title="Private consumption">private consumption</a>, <a href="/wiki/Investment" title="Investment">investment</a> and <a href="/wiki/Net_export" class="mw-redirect" title="Net export">net export</a>. By easening or tightening the stance of monetary policy, i.e. lowering or raising its target for the federal funds rate, the Fed can either spur or restrain growth in the overall US demand for goods and services.<sup id="cite_ref-goals_of_MP_33-3" class="reference"><a href="#cite_note-goals_of_MP-33"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Tools">Tools</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=24" title="Edit section: Tools"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are four main tools of monetary policy that the Federal Reserve uses to implement its monetary policy:<sup id="cite_ref-Fed_90-0" class="reference"><a href="#cite_note-Fed-90"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <tbody><tr> <th>Tool </th> <th>Description </th></tr> <tr> <td>Interest on reserve balances (IORB) </td> <td>Interest paid on funds that banks hold in their reserve balance accounts at their Federal Reserve Bank.<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> IORB is the primary tool for moving the federal funds rate within the target range.<sup id="cite_ref-Fed_90-1" class="reference"><a href="#cite_note-Fed-90"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td>Overnight reverse repurchase agreement (ON RRP) facility </td> <td>The Fed's standing offer to many large nonbank financial institutions to deposit funds at the Fed and earn interest. Acts as a supplementary tool for moving the FFR within the target range.<sup id="cite_ref-Fed_90-2" class="reference"><a href="#cite_note-Fed-90"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Open_market_operations" class="mw-redirect" title="Open market operations">Open market operations</a> </td> <td>Purchases and sales of U.S. Treasury and federal agency securities. Used to maintain an ample supply of reserves.<sup id="cite_ref-Fed_90-3" class="reference"><a href="#cite_note-Fed-90"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </td></tr> <tr> <td><a href="/wiki/Discount_window" title="Discount window">Discount window</a> </td> <td>The Fed's lending to banks at the discount rate.<sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> Helps put a ceiling on the FFR.<sup id="cite_ref-Fed_90-4" class="reference"><a href="#cite_note-Fed-90"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </td></tr></tbody></table> <div class="mw-heading mw-heading4"><h4 id="Federal_funds_rate">Federal funds rate</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=25" title="Edit section: Federal funds rate"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Federal_funds_rate" title="Federal funds rate">Federal funds rate</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Frameless"><a href="/wiki/File:Federal_funds_rate_history_and_recessions.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3f/Federal_funds_rate_history_and_recessions.png/610px-Federal_funds_rate_history_and_recessions.png" decoding="async" width="610" height="208" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3f/Federal_funds_rate_history_and_recessions.png/915px-Federal_funds_rate_history_and_recessions.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3f/Federal_funds_rate_history_and_recessions.png/1220px-Federal_funds_rate_history_and_recessions.png 2x" data-file-width="1318" data-file-height="450" /></a><figcaption></figcaption></figure> <p>The Federal Reserve System implements <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> largely by targeting the <a href="/wiki/Federal_funds_rate" title="Federal funds rate">federal funds rate</a>. This is the <a href="/wiki/Interest_rate" title="Interest rate">interest rate</a> that banks charge each other for overnight loans of <a href="/wiki/Federal_funds" title="Federal funds">federal funds</a>, which are the reserves held by banks at the Fed. This rate is actually determined by the market and is not explicitly mandated by the Fed. The Fed therefore tries to align the effective federal funds rate with the targeted rate, mainly by adjusting its IORB rate.<sup id="cite_ref-RIP_MM_94-0" class="reference"><a href="#cite_note-RIP_MM-94"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> The Federal Reserve System usually adjusts the federal funds rate target by 0.25% or 0.50% at a time. </p> <div class="mw-heading mw-heading4"><h4 id="Interest_on_reserve_balances">Interest on reserve balances</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=26" title="Edit section: Interest on reserve balances"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The interest on reserve balances (IORB) is the interest that the Fed pays on funds held by commercial banks in their reserve balance accounts at the individual Federal Reserve System banks. It is an administrated interest rate (i.e. set directly by the Fed as opposed to a <a href="/wiki/Market_interest_rate" class="mw-redirect" title="Market interest rate">market interest rate</a> which is determined by the forces of supply and demand).<sup id="cite_ref-RIP_MM_94-1" class="reference"><a href="#cite_note-RIP_MM-94"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> As banks are unlikely to lend their reserves in the FFR market for less than they get paid by the Fed, the IORB guides the effective FFR and is used as the primary tool of the Fed's monetary policy.<sup id="cite_ref-new_tools_95-0" class="reference"><a href="#cite_note-new_tools-95"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-RIP_MM_94-2" class="reference"><a href="#cite_note-RIP_MM-94"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Open_market_operations">Open market operations</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=27" title="Edit section: Open market operations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Open_market_operations" class="mw-redirect" title="Open market operations">Open market operations</a></div> <p>Open market operations are done through the sale and purchase of <a href="/wiki/United_States_Treasury_securities" class="mw-redirect" title="United States Treasury securities">United States Treasury securities</a>, or "Treasurys". The Federal Reserve buys Treasurys both directly and via <a href="/wiki/Primary_dealers" class="mw-redirect" title="Primary dealers">primary dealers</a>, which have accounts at depository institutions.<sup id="cite_ref-FRB_of_NY_96-0" class="reference"><a href="#cite_note-FRB_of_NY-96"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> </p><p>The Federal Reserve's objective for open market operations has varied over the years. During the 1980s, the focus gradually shifted toward attaining a specified level of the <a href="/wiki/Federal_funds_rate" title="Federal funds rate">federal funds rate</a> (the rate that banks charge each other for overnight loans of federal funds, which are the reserves held by banks at the Fed), a process that was largely complete by the end of the decade.<sup id="cite_ref-97" class="reference"><a href="#cite_note-97"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup> </p><p>Until the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a>, the Fed used open market operations as its primary tool to adjust the supply of reserve balances in order to keep the federal funds rate around the Fed's target.<sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup> This regime is also known as a limited reserves regime.<sup id="cite_ref-new_tools_95-1" class="reference"><a href="#cite_note-new_tools-95"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> After the financial crisis, the Federal Reserve has adopted a so-called ample reserves regime where open market operations leading to modest changes in the supply of reserves are no longer effective in influencing the FFR. Instead the Fed uses its administered rates, in particular the IORB rate, to influence the FFR.<sup id="cite_ref-new_tools_95-2" class="reference"><a href="#cite_note-new_tools-95"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-RIP_MM_94-3" class="reference"><a href="#cite_note-RIP_MM-94"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> However, open market operations are still an important maintenance tool in the overall framework of the conduct of monetary policy as they are used for ensuring that reserves remain ample.<sup id="cite_ref-new_tools_95-3" class="reference"><a href="#cite_note-new_tools-95"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Repurchase_agreements">Repurchase agreements</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=28" title="Edit section: Repurchase agreements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Repurchase_agreement" title="Repurchase agreement">Repurchase agreement</a></div> <p>To smooth temporary or cyclical changes in the money supply, the desk engages in <a href="/wiki/Repurchase_agreement" title="Repurchase agreement">repurchase agreements</a> (repos) with its primary dealers. Repos are essentially secured, short-term lending by the Fed. On the day of the transaction, the Fed deposits money in a primary dealer's reserve account, and receives the promised securities as <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a>. When the transaction matures, the process unwinds: the Fed returns the collateral and charges the primary dealer's reserve account for the principal and accrued interest. The term of the repo (the time between settlement and maturity) can vary from 1 day (called an overnight repo) to 65 days.<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Discount_window_and_discount_rate">Discount window and discount rate</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=29" title="Edit section: Discount window and discount rate"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Discount_window" title="Discount window">Discount window</a></div> <p>The Federal Reserve System also directly sets the <b>discount rate</b>, which is the interest rate for "discount window lending", overnight loans that member banks borrow directly from the Fed. This rate is generally set at a rate close to 100 <a href="/wiki/Basis_point" title="Basis point">basis points</a> above the target federal funds rate. The idea is to encourage banks to seek alternative funding before using the "discount rate" option.<sup id="cite_ref-100" class="reference"><a href="#cite_note-100"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> The equivalent operation by the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> is referred to as the "<a href="/wiki/Marginal_lending_facility" class="mw-redirect" title="Marginal lending facility">marginal lending facility</a>".<sup id="cite_ref-101" class="reference"><a href="#cite_note-101"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup> </p><p>Both the discount rate and the federal funds rate influence the <a href="/wiki/Prime_rate" title="Prime rate">prime rate</a>, which is usually about 3 percentage points higher than the federal funds rate. </p> <div class="mw-heading mw-heading4"><h4 id="Term_Deposit_facility">Term Deposit facility</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=30" title="Edit section: Term Deposit facility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Term Deposit facility is a program through which the Federal Reserve Banks offer interest-bearing <a href="/wiki/Term_deposits" class="mw-redirect" title="Term deposits">term deposits</a> to eligible institutions.<sup id="cite_ref-102" class="reference"><a href="#cite_note-102"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup> It is intended to facilitate the implementation of monetary policy by providing a tool by which the Federal Reserve can manage the aggregate quantity of reserve balances held by depository institutions. Funds placed in term deposits are removed from the accounts of participating institutions for the life of the term deposit and thus drain reserve balances from the banking system. The program was announced December 9, 2009, and approved April 30, 2010, with an effective date of June 4, 2010.<sup id="cite_ref-103" class="reference"><a href="#cite_note-103"><span class="cite-bracket">[</span>101<span class="cite-bracket">]</span></a></sup> Fed Chair Ben S. Bernanke, testifying before the House Committee on Financial Services, stated that the Term Deposit Facility would be used to reverse the expansion of credit during the Great Recession, by drawing funds out of the money markets into the Federal Reserve Banks.<sup id="cite_ref-104" class="reference"><a href="#cite_note-104"><span class="cite-bracket">[</span>102<span class="cite-bracket">]</span></a></sup> It would therefore result in increased market interest rates, acting as a brake on economic activity and inflation.<sup id="cite_ref-105" class="reference"><a href="#cite_note-105"><span class="cite-bracket">[</span>103<span class="cite-bracket">]</span></a></sup> The Federal Reserve authorized up to five "small-value offerings" in 2010 as a pilot program.<sup id="cite_ref-106" class="reference"><a href="#cite_note-106"><span class="cite-bracket">[</span>104<span class="cite-bracket">]</span></a></sup> After three of the offering auctions were successfully completed, it was announced that small-value auctions would continue on an ongoing basis.<sup id="cite_ref-107" class="reference"><a href="#cite_note-107"><span class="cite-bracket">[</span>105<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Quantitative_easing_(QE)_policy"><span id="Quantitative_easing_.28QE.29_policy"></span>Quantitative easing (QE) policy</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=31" title="Edit section: Quantitative easing (QE) policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A little-used tool of the Federal Reserve is the quantitative easing policy.<sup id="cite_ref-108" class="reference"><a href="#cite_note-108"><span class="cite-bracket">[</span>106<span class="cite-bracket">]</span></a></sup> Under that policy, the Federal Reserve buys back corporate bonds and mortgage backed securities held by banks or other financial institutions. This in effect puts money back into the financial institutions and allows them to make loans and conduct normal business. The bursting of the <a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">United States housing bubble</a> prompted the Fed to buy mortgage-backed securities for the first time in November 2008. Over six weeks, a total of $1.25 trillion were purchased in order to stabilize the housing market, about one-fifth of all U.S. government-backed mortgages.<sup id="cite_ref-109" class="reference"><a href="#cite_note-109"><span class="cite-bracket">[</span>107<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Expired_policy_tools">Expired policy tools</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=32" title="Edit section: Expired policy tools"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading5"><h5 id="Reserve_requirements">Reserve requirements</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=33" title="Edit section: Reserve requirements"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An instrument of monetary policy adjustment historically employed by the Federal Reserve System was the fractional <a href="/wiki/Reserve_requirement" title="Reserve requirement">reserve requirement</a>, also known as the required reserve ratio.<sup id="cite_ref-110" class="reference"><a href="#cite_note-110"><span class="cite-bracket">[</span>108<span class="cite-bracket">]</span></a></sup> The required reserve ratio set the balance that the Federal Reserve System required a depository institution to hold in the Federal Reserve Banks.<sup id="cite_ref-BoG_2005_pp=27_111-0" class="reference"><a href="#cite_note-BoG_2005_pp=27-111"><span class="cite-bracket">[</span>109<span class="cite-bracket">]</span></a></sup> The required reserve ratio was set by the board of governors of the Federal Reserve System.<sup id="cite_ref-112" class="reference"><a href="#cite_note-112"><span class="cite-bracket">[</span>110<span class="cite-bracket">]</span></a></sup> The reserve requirements have changed over time and some history of these changes is published by the Federal Reserve.<sup id="cite_ref-hist_resreq_113-0" class="reference"><a href="#cite_note-hist_resreq-113"><span class="cite-bracket">[</span>111<span class="cite-bracket">]</span></a></sup> </p><p>As a response to the financial crisis of 2008, the Federal Reserve started making interest payments on depository institutions' required and excess reserve balances. The payment of interest on excess reserves gave the central bank greater opportunity to address credit market conditions while maintaining the federal funds rate close to the target rate set by the FOMC.<sup id="cite_ref-114" class="reference"><a href="#cite_note-114"><span class="cite-bracket">[</span>112<span class="cite-bracket">]</span></a></sup> The reserve requirement did not play a significant role in the post-2008 interest-on-excess-reserves regime,<sup id="cite_ref-fed-zero-rr-pr_115-0" class="reference"><a href="#cite_note-fed-zero-rr-pr-115"><span class="cite-bracket">[</span>113<span class="cite-bracket">]</span></a></sup> and in March 2020, the reserve ratio was set to zero for all banks, which meant that no bank was required to hold any reserves, and hence the reserve requirement effectively ceased to exist.<sup id="cite_ref-fed-zero-rr_1-1" class="reference"><a href="#cite_note-fed-zero-rr-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Temporary_policy_tools_during_the_financial_crisis">Temporary policy tools during the financial crisis</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=34" title="Edit section: Temporary policy tools during the financial crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In order to address problems related to the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a> and <a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">United States housing bubble</a>, several new tools were created. The first new tool, called the <a href="/wiki/Term_auction_facility" title="Term auction facility">Term auction facility</a>, was added on December 12, 2007. It was announced as a temporary tool,<sup id="cite_ref-taffaq_116-0" class="reference"><a href="#cite_note-taffaq-116"><span class="cite-bracket">[</span>114<span class="cite-bracket">]</span></a></sup> but remained in place for a prolonged period of time.<sup id="cite_ref-117" class="reference"><a href="#cite_note-117"><span class="cite-bracket">[</span>115<span class="cite-bracket">]</span></a></sup> Creation of the second new tool, called the <a href="/wiki/Term_Securities_Lending_Facility" title="Term Securities Lending Facility">Term Securities Lending Facility</a>, was announced on March 11, 2008.<sup id="cite_ref-tslfannounce_118-0" class="reference"><a href="#cite_note-tslfannounce-118"><span class="cite-bracket">[</span>116<span class="cite-bracket">]</span></a></sup> The main difference between these two facilities was that the Term auction Facility was used to inject cash into the banking system whereas the Term securities Lending Facility was used to inject <a href="/wiki/Treasury_securities" class="mw-redirect" title="Treasury securities">treasury securities</a> into the banking system.<sup id="cite_ref-119" class="reference"><a href="#cite_note-119"><span class="cite-bracket">[</span>117<span class="cite-bracket">]</span></a></sup> Creation of the third tool, called the <a href="/wiki/Primary_Dealer_Credit_Facility" title="Primary Dealer Credit Facility">Primary Dealer Credit Facility</a> (PDCF), was announced on March 16, 2008.<sup id="cite_ref-120" class="reference"><a href="#cite_note-120"><span class="cite-bracket">[</span>118<span class="cite-bracket">]</span></a></sup> The PDCF was a fundamental change in Federal Reserve policy because it enabled the Fed to lend directly to <a href="/wiki/Primary_dealer" title="Primary dealer">primary dealers</a>, which was previously against Fed policy.<sup id="cite_ref-121" class="reference"><a href="#cite_note-121"><span class="cite-bracket">[</span>119<span class="cite-bracket">]</span></a></sup> The differences between these three facilities was described by the Federal Reserve:<sup id="cite_ref-pdcffaq_122-0" class="reference"><a href="#cite_note-pdcffaq-122"><span class="cite-bracket">[</span>120<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>The Term auction Facility program offers term funding to depository institutions via a bi-weekly auction, for fixed amounts of credit. The Term securities Lending Facility will be an auction for a fixed amount of lending of Treasury general collateral in exchange for OMO-eligible and AAA/Aaa rated private-label residential mortgage-backed securities. The Primary Dealer Credit Facility now allows eligible primary dealers to borrow at the existing Discount Rate for up to 120 days.</p></blockquote> <p>Some measures taken by the Federal Reserve to address the financial crisis had not been used since the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>.<sup id="cite_ref-123" class="reference"><a href="#cite_note-123"><span class="cite-bracket">[</span>121<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Term_auction_facility">Term auction facility</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=35" title="Edit section: Term auction facility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Term_auction_facility" title="Term auction facility">Term auction facility</a></div> <p>The Term auction Facility was a program in which the Federal Reserve auctioned term funds to depository institutions.<sup id="cite_ref-taffaq_116-1" class="reference"><a href="#cite_note-taffaq-116"><span class="cite-bracket">[</span>114<span class="cite-bracket">]</span></a></sup> The creation of this facility was announced by the Federal Reserve on December 12, 2007, and was done in conjunction with the <a href="/wiki/Bank_of_Canada" title="Bank of Canada">Bank of Canada</a>, the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>, and the <a href="/wiki/Swiss_National_Bank" title="Swiss National Bank">Swiss National Bank</a> to address elevated pressures in short-term funding markets.<sup id="cite_ref-taf_124-0" class="reference"><a href="#cite_note-taf-124"><span class="cite-bracket">[</span>122<span class="cite-bracket">]</span></a></sup> The reason it was created was that banks were not lending funds to one another and banks in need of funds were refusing to go to the discount window. Banks were not lending money to each other because there was a fear that the loans would not be paid back. Banks refused to go to the discount window because it was usually associated with the stigma of bank failure.<sup id="cite_ref-125" class="reference"><a href="#cite_note-125"><span class="cite-bracket">[</span>123<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-126" class="reference"><a href="#cite_note-126"><span class="cite-bracket">[</span>124<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-127" class="reference"><a href="#cite_note-127"><span class="cite-bracket">[</span>125<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-128" class="reference"><a href="#cite_note-128"><span class="cite-bracket">[</span>126<span class="cite-bracket">]</span></a></sup> Under the Term auction Facility, the identity of the banks in need of funds was protected in order to avoid the stigma of bank failure.<sup id="cite_ref-mwtaf_129-0" class="reference"><a href="#cite_note-mwtaf-129"><span class="cite-bracket">[</span>127<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Central_bank_liquidity_swap" title="Central bank liquidity swap">Foreign exchange swap lines</a> with the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> and <a href="/wiki/Swiss_National_Bank" title="Swiss National Bank">Swiss National Bank</a> were opened so the banks in Europe could have access to <a href="/wiki/U.S._dollar" class="mw-redirect" title="U.S. dollar">U.S. dollars</a>.<sup id="cite_ref-mwtaf_129-1" class="reference"><a href="#cite_note-mwtaf-129"><span class="cite-bracket">[</span>127<span class="cite-bracket">]</span></a></sup> The final Term Auction Facility auction was carried out on March 8, 2010.<sup id="cite_ref-130" class="reference"><a href="#cite_note-130"><span class="cite-bracket">[</span>128<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Term_securities_lending_facility">Term securities lending facility</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=36" title="Edit section: Term securities lending facility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Term securities Lending Facility was a 28-day facility that offered Treasury general collateral to the Federal Reserve Bank of New York's primary dealers in exchange for other program-eligible collateral. It was intended to promote liquidity in the financing markets for Treasury and other collateral and thus to foster the functioning of financial markets more generally.<sup id="cite_ref-tslffaq_131-0" class="reference"><a href="#cite_note-tslffaq-131"><span class="cite-bracket">[</span>129<span class="cite-bracket">]</span></a></sup> Like the Term auction Facility, the TSLF was done in conjunction with the <a href="/wiki/Bank_of_Canada" title="Bank of Canada">Bank of Canada</a>, the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>, the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>, and the <a href="/wiki/Swiss_National_Bank" title="Swiss National Bank">Swiss National Bank</a>. The resource allowed dealers to switch debt that was less liquid for U.S. government securities that were easily tradable. The currency swap lines with the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> and <a href="/wiki/Swiss_National_Bank" title="Swiss National Bank">Swiss National Bank</a> were increased. The TSLF was closed on February 1, 2010.<sup id="cite_ref-132" class="reference"><a href="#cite_note-132"><span class="cite-bracket">[</span>130<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Primary_dealer_credit_facility">Primary dealer credit facility</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=37" title="Edit section: Primary dealer credit facility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Primary Dealer Credit Facility (PDCF) was an overnight loan facility that provided funding to primary dealers in exchange for a specified range of eligible collateral and was intended to foster the functioning of financial markets more generally.<sup id="cite_ref-pdcffaq_122-1" class="reference"><a href="#cite_note-pdcffaq-122"><span class="cite-bracket">[</span>120<span class="cite-bracket">]</span></a></sup> It ceased extending credit on March 31, 2021.<sup id="cite_ref-133" class="reference"><a href="#cite_note-133"><span class="cite-bracket">[</span>131<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Asset_Backed_Commercial_Paper_Money_Market_Mutual_Fund_Liquidity_Facility">Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=38" title="Edit section: Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (ABCPMMMFLF) was also called the AMLF. The Facility began operations on September 22, 2008, and was closed on February 1, 2010.<sup id="cite_ref-134" class="reference"><a href="#cite_note-134"><span class="cite-bracket">[</span>132<span class="cite-bracket">]</span></a></sup> </p><p>All U.S. depository institutions, bank holding companies (parent companies or U.S. broker-dealer affiliates), or U.S. branches and agencies of foreign banks were eligible to borrow under this facility pursuant to the discretion of the FRBB. </p><p>Collateral eligible for pledge under the Facility was required to meet the following criteria: </p> <ul><li>was purchased by Borrower on or after September 19, 2008, from a registered investment company that held itself out as a money market mutual fund;</li> <li>was purchased by Borrower at the Fund's acquisition cost as adjusted for amortization of premium or accretion of discount on the ABCP through the date of its purchase by Borrower;</li> <li>was rated at the time pledged to FRBB, not lower than A1, F1, or P1 by at least two major rating agencies or, if rated by only one major rating agency, the ABCP must have been rated within the top rating category by that agency;</li> <li>was issued by an entity organized under the laws of the United States or a political subdivision thereof under a program that was in existence on September 18, 2008; and</li> <li>had stated maturity that did not exceed 120 days if the Borrower was a bank or 270 days for non-bank Borrowers.</li></ul> <div class="mw-heading mw-heading5"><h5 id="Commercial_Paper_Funding_Facility">Commercial Paper Funding Facility</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=39" title="Edit section: Commercial Paper Funding Facility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On October 7, 2008, the Federal Reserve further expanded the collateral it would loan against to include commercial paper using the <a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (CPFF). The action made the Fed a crucial source of credit for non-financial businesses in addition to commercial banks and investment firms. Fed officials said they would buy as much of the debt as necessary to get the market functioning again. They refused to say how much that might be, but they noted that around $1.3 trillion worth of commercial paper would qualify. There was $1.61 trillion in outstanding commercial paper, seasonally adjusted, on the market as of 1 October 2008<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Federal_Reserve&action=edit">[update]</a></sup>, according to the most recent data from the Fed. That was down from $1.70 trillion in the previous week. Since the summer of 2007, the market had shrunk from more than $2.2 trillion.<sup id="cite_ref-135" class="reference"><a href="#cite_note-135"><span class="cite-bracket">[</span>133<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-136" class="reference"><a href="#cite_note-136"><span class="cite-bracket">[</span>134<span class="cite-bracket">]</span></a></sup> This program lent out a total $738 billion before it was closed. Forty-five out of 81 of the companies participating in this program were foreign firms. Research shows that <a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a> (TARP) recipients were twice as likely to participate in the program than other commercial paper issuers who did not take advantage of the TARP bailout. The Fed incurred no losses from the CPFF.<sup id="cite_ref-137" class="reference"><a href="#cite_note-137"><span class="cite-bracket">[</span>135<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=40" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="floatright" cellpadding="3" style="margin:0.2em 0 0.2em 1em; border:1px #bbb solid; border-collapse:collapse; font-size:85%;"> <tbody><tr style="text-align:center; background:steelblue; white-space: nowrap;"> <th colspan="2"><span style="width:100%; font-size: 1.25em; white-space: nowrap;color:white;padding:.2em;">Timeline of central banking in the United States</span> </th></tr> <tr style="border-bottom:solid 1px;margin-bottom:.2em;width:66%;text-align:left;color:black;font-weight:bold;"> <td>Dates </td> <td>System </td></tr> <tr style="text-align:left; background:#ccc;"> <td>1782–1791 </td> <td><a href="/wiki/Bank_of_North_America" title="Bank of North America">Bank of North America</a> (de facto, under the <a href="/wiki/Confederation_Congress" class="mw-redirect" title="Confederation Congress">Confederation Congress</a>) </td></tr> <tr align="left"> <td>1791–1811 </td> <td><a href="/wiki/First_Bank_of_the_United_States" title="First Bank of the United States">First Bank of the United States</a> </td></tr> <tr style="text-align:left; background:#ccc;"> <td>1811–1816 </td> <td>No central bank </td></tr> <tr align="left"> <td>1816–1836 </td> <td><a href="/wiki/Second_Bank_of_the_United_States" title="Second Bank of the United States">Second Bank of the United States</a> </td></tr> <tr style="text-align:left; background:#ccc;"> <td>1837–1862 </td> <td><a href="/wiki/Free_Banking_Era" class="mw-redirect" title="Free Banking Era">Free Banking Era</a> </td></tr> <tr align="left"> <td>1846–1921 </td> <td><a href="/wiki/Independent_Treasury_System" class="mw-redirect" title="Independent Treasury System">Independent Treasury System</a> </td></tr> <tr style="text-align:left; background:#ccc;"> <td>1863–1913 </td> <td><a href="/wiki/History_of_central_banking_in_the_United_States#1863–1913:_National_Banks" title="History of central banking in the United States">National Banks</a> </td></tr> <tr align="left"> <td>1913–present </td> <td>Federal Reserve System </td></tr> <tr style="text-align:left; background:#ccc;"> <th colspan="2"><span style="font-size:92%;">Sources:<sup id="cite_ref-138" class="reference"><a href="#cite_note-138"><span class="cite-bracket">[</span>136<span class="cite-bracket">]</span></a></sup></span> </th></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Central_banking_in_the_United_States,_1791–1913"><span id="Central_banking_in_the_United_States.2C_1791.E2.80.931913"></span>Central banking in the United States, 1791–1913</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=41" title="Edit section: Central banking in the United States, 1791–1913"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">History of central banking in the United States</a></div> <p>The first attempt at a national currency was during the <a href="/wiki/American_Revolutionary_War" title="American Revolutionary War">American Revolutionary War</a>. In 1775, the Continental Congress, as well as the states, began issuing paper currency, calling the bills "<a href="/wiki/Early_American_currency" title="Early American currency">Continentals</a>".<sup id="cite_ref-139" class="reference"><a href="#cite_note-139"><span class="cite-bracket">[</span>137<span class="cite-bracket">]</span></a></sup> The Continentals were backed only by future tax revenue, and were used to help finance the Revolutionary War. Overprinting, as well as British counterfeiting, caused the value of the Continental to diminish quickly. This experience with paper money led the United States to strip the power to issue Bills of Credit (paper money) from a draft of the new Constitution on August 16, 1787,<sup id="cite_ref-140" class="reference"><a href="#cite_note-140"><span class="cite-bracket">[</span>138<span class="cite-bracket">]</span></a></sup> as well as banning such issuance by the various states, and limiting the states' ability to make anything but gold or silver coin legal tender on August 28.<sup id="cite_ref-141" class="reference"><a href="#cite_note-141"><span class="cite-bracket">[</span>139<span class="cite-bracket">]</span></a></sup> </p><p>In 1791, the government granted the <a href="/wiki/First_Bank_of_the_United_States" title="First Bank of the United States">First Bank of the United States</a> a charter to operate as the U.S. central bank until 1811.<sup id="cite_ref-A_Brief_History_of_Our_Nation's_Paper_Money_142-0" class="reference"><a href="#cite_note-A_Brief_History_of_Our_Nation's_Paper_Money-142"><span class="cite-bracket">[</span>140<span class="cite-bracket">]</span></a></sup> The First Bank of the United States came to an end under <a href="/wiki/President_Madison" class="mw-redirect" title="President Madison">President Madison</a> when Congress refused to renew its charter. The <a href="/wiki/Second_Bank_of_the_United_States" title="Second Bank of the United States">Second Bank of the United States</a> was established in 1816, and lost its authority to be the central bank of the U.S. twenty years later under <a href="/wiki/President_Jackson" class="mw-redirect" title="President Jackson">President Jackson</a> when its charter expired. Both banks were based upon the Bank of England.<sup id="cite_ref-143" class="reference"><a href="#cite_note-143"><span class="cite-bracket">[</span>141<span class="cite-bracket">]</span></a></sup> Ultimately, a third national bank, known as the Federal Reserve, was established in 1913 and still exists to this day. </p> <div class="mw-heading mw-heading4"><h4 id="First_Central_Bank,_1791_and_Second_Central_Bank,_1816"><span id="First_Central_Bank.2C_1791_and_Second_Central_Bank.2C_1816"></span>First Central Bank, 1791 and Second Central Bank, 1816</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=42" title="Edit section: First Central Bank, 1791 and Second Central Bank, 1816"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The first U.S. institution with central banking responsibilities was the <a href="/wiki/First_Bank_of_the_United_States" title="First Bank of the United States">First Bank of the United States</a>, chartered by Congress and signed into law by President <a href="/wiki/George_Washington" title="George Washington">George Washington</a> on February 25, 1791, at the urging of <a href="/wiki/Alexander_Hamilton" title="Alexander Hamilton">Alexander Hamilton</a>. This was done despite strong opposition from <a href="/wiki/Thomas_Jefferson" title="Thomas Jefferson">Thomas Jefferson</a> and <a href="/wiki/James_Madison" title="James Madison">James Madison</a>, among numerous others. The charter was for twenty years and expired in 1811 under President Madison, when Congress refused to renew it.<sup id="cite_ref-boshistory_144-0" class="reference"><a href="#cite_note-boshistory-144"><span class="cite-bracket">[</span>142<span class="cite-bracket">]</span></a></sup> </p><p>In 1816, however, Madison revived it in the form of the <a href="/wiki/Second_Bank_of_the_United_States" title="Second Bank of the United States">Second Bank of the United States</a>. Years later, early renewal of the bank's charter became the primary issue in the reelection of President <a href="/wiki/Andrew_Jackson" title="Andrew Jackson">Andrew Jackson</a>. After Jackson, who was opposed to the central bank, was reelected, he pulled the government's funds out of the bank. Jackson was the only President to completely pay off the national debt<sup id="cite_ref-145" class="reference"><a href="#cite_note-145"><span class="cite-bracket">[</span>143<span class="cite-bracket">]</span></a></sup> but his efforts to close the bank contributed to the <a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a>. The bank's charter was not renewed in 1836, and it would fully dissolve after several years as a private corporation. From 1837 to 1862, in the <a href="/wiki/Free_Banking_Era" class="mw-redirect" title="Free Banking Era">Free Banking Era</a> there was no formal central bank. From 1846 to 1921, an <a href="/wiki/Independent_Treasury_System" class="mw-redirect" title="Independent Treasury System">Independent Treasury System</a> ruled. From 1863 to 1913, a system of national banks was instituted by the 1863 <a href="/wiki/National_Banking_Act" class="mw-redirect" title="National Banking Act">National Banking Act</a> during which series of bank panics, in <a href="/wiki/Panic_of_1873" title="Panic of 1873">1873</a>, <a href="/wiki/Panic_of_1893" title="Panic of 1893">1893</a>, and <a href="/wiki/Panic_of_1907" title="Panic of 1907">1907</a> occurred.<sup id="cite_ref-FDS-H-04_8-1" class="reference"><a href="#cite_note-FDS-H-04-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FDS-H-05_9-1" class="reference"><a href="#cite_note-FDS-H-05-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FDS-H-06_10-1" class="reference"><a href="#cite_note-FDS-H-06-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Creation_of_Third_Central_Bank,_1907–1913"><span id="Creation_of_Third_Central_Bank.2C_1907.E2.80.931913"></span>Creation of Third Central Bank, 1907–1913</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=43" title="Edit section: Creation of Third Central Bank, 1907–1913"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">History of the Federal Reserve System</a></div> <p>The main motivation for the third central banking system came from the <a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a>, which caused a renewed desire among legislators, economists, and bankers for an overhaul of the monetary system.<sup id="cite_ref-FDS-H-04_8-2" class="reference"><a href="#cite_note-FDS-H-04-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FDS-H-05_9-2" class="reference"><a href="#cite_note-FDS-H-05-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FDS-H-06_10-2" class="reference"><a href="#cite_note-FDS-H-06-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-herrickpanic_146-0" class="reference"><a href="#cite_note-herrickpanic-146"><span class="cite-bracket">[</span>144<span class="cite-bracket">]</span></a></sup> During the last quarter of the 19th century and the beginning of the 20th century, the United States economy went through a series of <a href="/wiki/Financial_panics" class="mw-redirect" title="Financial panics">financial panics</a>.<sup id="cite_ref-EFlaherty_147-0" class="reference"><a href="#cite_note-EFlaherty-147"><span class="cite-bracket">[</span>145<span class="cite-bracket">]</span></a></sup> According to many economists, the previous national banking system had two main weaknesses: an <a href="/wiki/Inelastic" class="mw-redirect" title="Inelastic">inelastic</a> currency and a lack of liquidity.<sup id="cite_ref-EFlaherty_147-1" class="reference"><a href="#cite_note-EFlaherty-147"><span class="cite-bracket">[</span>145<span class="cite-bracket">]</span></a></sup> In 1908, Congress enacted the <a href="/wiki/Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich–Vreeland Act</a>, which provided for an emergency currency and established the <a href="/wiki/National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> to study banking and currency reform.<sup id="cite_ref-mnwarburg_148-0" class="reference"><a href="#cite_note-mnwarburg-148"><span class="cite-bracket">[</span>146<span class="cite-bracket">]</span></a></sup> The National Monetary Commission returned with recommendations which were repeatedly rejected by Congress. A revision crafted during a secret meeting on <a href="/wiki/Jekyll_Island" title="Jekyll Island">Jekyll Island</a> by Senator Aldrich and representatives of the nation's top finance and industrial groups later became the basis of the <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a>.<sup id="cite_ref-149" class="reference"><a href="#cite_note-149"><span class="cite-bracket">[</span>147<span class="cite-bracket">]</span></a></sup> The House voted on December 22, 1913, with 298 voting yes to 60 voting no. The Senate voted 43–25 on December 23, 1913.<sup id="cite_ref-150" class="reference"><a href="#cite_note-150"><span class="cite-bracket">[</span>148<span class="cite-bracket">]</span></a></sup> President <a href="/wiki/Woodrow_Wilson" title="Woodrow Wilson">Woodrow Wilson</a> signed the bill later that day.<sup id="cite_ref-151" class="reference"><a href="#cite_note-151"><span class="cite-bracket">[</span>149<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Federal_Reserve_Act,_1913"><span id="Federal_Reserve_Act.2C_1913"></span>Federal Reserve Act, 1913</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=44" title="Edit section: Federal Reserve Act, 1913"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Fed_Reserve.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7a/Fed_Reserve.JPG/300px-Fed_Reserve.JPG" decoding="async" width="300" height="432" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7a/Fed_Reserve.JPG/450px-Fed_Reserve.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7a/Fed_Reserve.JPG/600px-Fed_Reserve.JPG 2x" data-file-width="1330" data-file-height="1914" /></a><figcaption>Newspaper clipping, December 24, 1913</figcaption></figure> <p>The head of the bipartisan National Monetary Commission was financial expert and Senate <a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">Republican</a> leader <a href="/wiki/Nelson_Aldrich" class="mw-redirect" title="Nelson Aldrich">Nelson Aldrich</a>. Aldrich set up two commissions – one to study the American monetary system in depth and the other, headed by Aldrich himself, to study the European central banking systems and report on them.<sup id="cite_ref-mnwarburg_148-1" class="reference"><a href="#cite_note-mnwarburg-148"><span class="cite-bracket">[</span>146<span class="cite-bracket">]</span></a></sup> </p><p>In early November 1910, Aldrich met with five well known members of the New York banking community to devise a central banking bill. <a href="/wiki/Paul_Warburg" title="Paul Warburg">Paul Warburg</a>, an attendee of the meeting and longtime advocate of central banking in the U.S., later wrote that Aldrich was "bewildered at all that he had absorbed abroad and he was faced with the difficult task of writing a highly technical bill while being harassed by the daily grind of his parliamentary duties".<sup id="cite_ref-Warburg_document_152-0" class="reference"><a href="#cite_note-Warburg_document-152"><span class="cite-bracket">[</span>150<span class="cite-bracket">]</span></a></sup> After ten days of deliberation, the bill, which would later be referred to as the "Aldrich Plan", was agreed upon. It had several key components, including a central bank with a Washington-based headquarters and fifteen branches located throughout the U.S. in geographically strategic locations, and a uniform elastic currency based on gold and commercial paper. Aldrich believed a central banking system with no political involvement was best, but was convinced by Warburg that a plan with no public control was not politically feasible.<sup id="cite_ref-Warburg_document_152-1" class="reference"><a href="#cite_note-Warburg_document-152"><span class="cite-bracket">[</span>150<span class="cite-bracket">]</span></a></sup> The compromise involved representation of the public sector on the board of directors.<sup id="cite_ref-ecresearch_153-0" class="reference"><a href="#cite_note-ecresearch-153"><span class="cite-bracket">[</span>151<span class="cite-bracket">]</span></a></sup> </p><p>Aldrich's bill met much opposition from politicians. Critics charged Aldrich of being biased due to his close ties to wealthy bankers such as <a href="/wiki/J._P._Morgan" title="J. P. Morgan">J. P. Morgan</a> and <a href="/wiki/John_D._Rockefeller_Jr." title="John D. Rockefeller Jr.">John D. Rockefeller Jr.</a>, Aldrich's son-in-law. Most Republicans favored the Aldrich Plan,<sup id="cite_ref-ecresearch_153-1" class="reference"><a href="#cite_note-ecresearch-153"><span class="cite-bracket">[</span>151<span class="cite-bracket">]</span></a></sup> but it lacked enough support in Congress to pass because rural and western states viewed it as favoring the "eastern establishment".<sup id="cite_ref-mnglass_5-1" class="reference"><a href="#cite_note-mnglass-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-154" class="reference"><a href="#cite_note-154"><span class="cite-bracket">[</span>152<span class="cite-bracket">]</span></a></sup> In contrast, progressive Democrats favored a reserve system owned and operated by the government; they believed that public ownership of the central bank would end Wall Street's control of the American currency supply.<sup id="cite_ref-ecresearch_153-2" class="reference"><a href="#cite_note-ecresearch-153"><span class="cite-bracket">[</span>151<span class="cite-bracket">]</span></a></sup> Conservative Democrats fought for a privately owned, yet decentralized, reserve system, which would still be free of Wall Street's control.<sup id="cite_ref-ecresearch_153-3" class="reference"><a href="#cite_note-ecresearch-153"><span class="cite-bracket">[</span>151<span class="cite-bracket">]</span></a></sup> </p><p>The original Aldrich Plan was dealt a fatal blow in 1912, when Democrats won the White House and Congress.<sup id="cite_ref-Warburg_document_152-2" class="reference"><a href="#cite_note-Warburg_document-152"><span class="cite-bracket">[</span>150<span class="cite-bracket">]</span></a></sup> Nonetheless, President <a href="/wiki/Woodrow_Wilson" title="Woodrow Wilson">Woodrow Wilson</a> believed that the Aldrich plan would suffice with a few modifications. The plan became the basis for the Federal Reserve Act, which was proposed by Senator <a href="/wiki/Robert_L._Owen" title="Robert L. Owen">Robert Owen</a> in May 1913. The primary difference between the two bills was the transfer of control of the board of directors (called the Federal Open Market Committee in the Federal Reserve Act) to the government.<sup id="cite_ref-mnglass_5-2" class="reference"><a href="#cite_note-mnglass-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-boshistory_144-1" class="reference"><a href="#cite_note-boshistory-144"><span class="cite-bracket">[</span>142<span class="cite-bracket">]</span></a></sup> The bill passed Congress on December 23, 1913,<sup id="cite_ref-155" class="reference"><a href="#cite_note-155"><span class="cite-bracket">[</span>153<span class="cite-bracket">]</span></a></sup> on a mostly partisan basis, with most Democrats voting "yea" and most Republicans voting "nay".<sup id="cite_ref-boshistory_144-2" class="reference"><a href="#cite_note-boshistory-144"><span class="cite-bracket">[</span>142<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Federal_Reserve_era,_1913–present"><span id="Federal_Reserve_era.2C_1913.E2.80.93present"></span>Federal Reserve era, 1913–present</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=45" title="Edit section: Federal Reserve era, 1913–present"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_the_Federal_Reserve" class="mw-redirect" title="History of the Federal Reserve">History of the Federal Reserve</a></div> <p>Key laws affecting the Federal Reserve have been:<sup id="cite_ref-156" class="reference"><a href="#cite_note-156"><span class="cite-bracket">[</span>154<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a>, 1913</li> <li><a href="/wiki/Glass%E2%80%93Steagall_Act" class="mw-redirect" title="Glass–Steagall Act">Glass–Steagall Act</a>, 1933</li> <li><a href="/wiki/Banking_Act_of_1935" title="Banking Act of 1935">Banking Act of 1935</a></li> <li><a href="/wiki/Employment_Act_of_1946" title="Employment Act of 1946">Employment Act of 1946</a></li> <li><a href="/wiki/1951_Accord" class="mw-redirect" title="1951 Accord">Federal Reserve-Treasury Department Accord of 1951</a></li> <li><a href="/wiki/Bank_Holding_Company_Act_of_1956" class="mw-redirect" title="Bank Holding Company Act of 1956">Bank Holding Company Act of 1956</a> and the amendments of 1970</li> <li><a href="/wiki/Federal_Reserve_Reform_Act_of_1977" title="Federal Reserve Reform Act of 1977">Federal Reserve Reform Act of 1977</a></li> <li><a href="/wiki/International_Banking_Act_of_1978" title="International Banking Act of 1978">International Banking Act of 1978</a></li> <li><a href="/wiki/Full_Employment_and_Balanced_Growth_Act" class="mw-redirect" title="Full Employment and Balanced Growth Act">Full Employment and Balanced Growth Act</a> (1978)</li> <li><a href="/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act" title="Depository Institutions Deregulation and Monetary Control Act">Depository Institutions Deregulation and Monetary Control Act</a> (1980)</li> <li><a href="/wiki/Financial_Institutions_Reform,_Recovery_and_Enforcement_Act_of_1989" class="mw-redirect" title="Financial Institutions Reform, Recovery and Enforcement Act of 1989">Financial Institutions Reform, Recovery and Enforcement Act of 1989</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation_Improvement_Act_of_1991" title="Federal Deposit Insurance Corporation Improvement Act of 1991">Federal Deposit Insurance Corporation Improvement Act of 1991</a></li> <li><a href="/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act" title="Gramm–Leach–Bliley Act">Gramm–Leach–Bliley Act</a> (1999)</li> <li><a href="/w/index.php?title=Financial_Services_Regulatory_Relief_Act&action=edit&redlink=1" class="new" title="Financial Services Regulatory Relief Act (page does not exist)">Financial Services Regulatory Relief Act</a> (2006)</li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act" class="mw-redirect" title="Emergency Economic Stabilization Act">Emergency Economic Stabilization Act</a> (2008)</li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a> (2010)</li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Measurement_of_economic_variables">Measurement of economic variables</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=46" title="Edit section: Measurement of economic variables"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Federal Reserve records and publishes large amounts of data. A few websites where data is published are at the board of governors' Economic Data and Research page,<sup id="cite_ref-157" class="reference"><a href="#cite_note-157"><span class="cite-bracket">[</span>155<span class="cite-bracket">]</span></a></sup> the board of governors' statistical releases and historical data page,<sup id="cite_ref-158" class="reference"><a href="#cite_note-158"><span class="cite-bracket">[</span>156<span class="cite-bracket">]</span></a></sup> and at the St. Louis Fed's FRED (Federal Reserve Economic Data) page.<sup id="cite_ref-159" class="reference"><a href="#cite_note-159"><span class="cite-bracket">[</span>157<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee (FOMC)</a> examines many economic indicators prior to determining monetary policy.<sup id="cite_ref-eco_ind_160-0" class="reference"><a href="#cite_note-eco_ind-160"><span class="cite-bracket">[</span>158<span class="cite-bracket">]</span></a></sup> </p><p>Some criticism involves economic data compiled by the Fed. The Fed sponsors much of the monetary economics research in the U.S., and <a href="/wiki/Lawrence_H._White" title="Lawrence H. White">Lawrence H. White</a> objects that this makes it less likely for researchers to publish findings challenging the status quo.<sup id="cite_ref-161" class="reference"><a href="#cite_note-161"><span class="cite-bracket">[</span>159<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Net_worth_of_households_and_nonprofit_organizations">Net worth of households and nonprofit organizations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=47" title="Edit section: Net worth of households and nonprofit organizations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Total_Net_Worth_-_Balance_Sheet_of_Households_and_Nonprofit_Organizations_1949-2012.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/57/Total_Net_Worth_-_Balance_Sheet_of_Households_and_Nonprofit_Organizations_1949-2012.jpg/220px-Total_Net_Worth_-_Balance_Sheet_of_Households_and_Nonprofit_Organizations_1949-2012.jpg" decoding="async" width="220" height="102" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/57/Total_Net_Worth_-_Balance_Sheet_of_Households_and_Nonprofit_Organizations_1949-2012.jpg/330px-Total_Net_Worth_-_Balance_Sheet_of_Households_and_Nonprofit_Organizations_1949-2012.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/57/Total_Net_Worth_-_Balance_Sheet_of_Households_and_Nonprofit_Organizations_1949-2012.jpg/440px-Total_Net_Worth_-_Balance_Sheet_of_Households_and_Nonprofit_Organizations_1949-2012.jpg 2x" data-file-width="3872" data-file-height="1800" /></a><figcaption>Total Net Worth‍—‌Balance Sheet of Households and Nonprofit Organizations 1949–2012</figcaption></figure> <p>The net worth of households and nonprofit organizations in the United States is published by the Federal Reserve in a report titled <i>Flow of Funds</i>.<sup id="cite_ref-162" class="reference"><a href="#cite_note-162"><span class="cite-bracket">[</span>160<span class="cite-bracket">]</span></a></sup> At the end of the third quarter of fiscal year 2012, this value was $64.8 trillion. At the end of the first quarter of fiscal year 2014, this value was $95.5 trillion.<sup id="cite_ref-163" class="reference"><a href="#cite_note-163"><span class="cite-bracket">[</span>161<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Money_supply">Money supply</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=48" title="Edit section: Money supply"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Money_supply" title="Money supply">Money supply</a></div> <p>The most common measures are named M0 (narrowest), M1, M2, and M3. In the United States they are defined by the Federal Reserve as follows: </p> <table class="wikitable"> <tbody><tr> <th>Measure </th> <th>Definition </th></tr> <tr> <td>M0 </td> <td>The total of all physical <a href="/wiki/Currency" title="Currency">currency</a>, plus accounts at the central bank that can be exchanged for physical currency. </td></tr> <tr> <td>M1 </td> <td>M0 + those portions of M0 held as reserves or vault cash + the amount in <a href="/wiki/Demand_account" class="mw-redirect" title="Demand account">demand accounts</a> ("checking" or "current" accounts). </td></tr> <tr> <td>M2 </td> <td>M1 + most <a href="/wiki/Savings_account" title="Savings account">savings accounts</a>, <a href="/wiki/Money_market_account" title="Money market account">money market accounts</a>, and small denomination time deposits (<a href="/wiki/Certificates_of_deposit" class="mw-redirect" title="Certificates of deposit">certificates of deposit</a> of under $100,000). </td></tr> <tr> <td>M3 </td> <td>M2 + all other CDs, deposits of <a href="/wiki/Eurodollars" class="mw-redirect" title="Eurodollars">eurodollars</a> and <a href="/wiki/Repurchase_agreement" title="Repurchase agreement">repurchase agreements</a>. </td></tr></tbody></table> <figure class="mw-halign-right" typeof="mw:File/Frameless"><a href="/wiki/File:Components_of_the_United_States_money_supply2.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/95/Components_of_the_United_States_money_supply2.svg/400px-Components_of_the_United_States_money_supply2.svg.png" decoding="async" width="400" height="307" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/95/Components_of_the_United_States_money_supply2.svg/600px-Components_of_the_United_States_money_supply2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/95/Components_of_the_United_States_money_supply2.svg/800px-Components_of_the_United_States_money_supply2.svg.png 2x" data-file-width="600" data-file-height="460" /></a><figcaption></figcaption></figure> <p>The Federal Reserve stopped publishing M3 statistics in March 2006, saying that the data cost a lot to collect but did not provide significantly useful information.<sup id="cite_ref-prxliv_164-0" class="reference"><a href="#cite_note-prxliv-164"><span class="cite-bracket">[</span>162<span class="cite-bracket">]</span></a></sup> The other three money supply measures continue to be provided in detail. </p> <figure typeof="mw:File/Thumb"><a href="/wiki/File:CPI_1914-2022.webp" class="mw-file-description"><img alt="CPI 1914–2022" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/400px-CPI_1914-2022.webp.png" decoding="async" width="400" height="192" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/600px-CPI_1914-2022.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/800px-CPI_1914-2022.webp.png 2x" data-file-width="3962" data-file-height="1902" /></a><figcaption> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#0076BA ; color:white;-webkit-print-color-adjust: exact; print-color-adjust: exact;"> </span> <a href="/wiki/Inflation" title="Inflation">Inflation</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#EE220C ; color:black;-webkit-print-color-adjust: exact; print-color-adjust: exact;"> </span> <a href="/wiki/Deflation" title="Deflation">Deflation</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#1DB100 solid 3px;"> </span> <a href="/wiki/Money_supply" title="Money supply">M2 money supply</a> increases Year/Year</div> </figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Personal_consumption_expenditures_price_index">Personal consumption expenditures price index</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=49" title="Edit section: Personal consumption expenditures price index"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Personal_consumption_expenditures_price_index" title="Personal consumption expenditures price index">Personal consumption expenditures price index</a></div> <p>The <a href="/wiki/Personal_consumption_expenditures_price_index" title="Personal consumption expenditures price index">Personal consumption expenditures price index</a>, also referred to as simply the PCE price index, is used as one measure of the value of money. It is a United States-wide indicator of the average increase in prices for all domestic personal consumption. Using a variety of data including <a href="/wiki/United_States_Consumer_Price_Index" title="United States Consumer Price Index">United States Consumer Price Index</a> and <a href="/wiki/U.S._Producer_Price_Index" title="U.S. Producer Price Index">U.S. Producer Price Index</a> prices, it is derived from the largest component of the <a href="/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic product</a> in the BEA's <a href="/wiki/National_Income_and_Product_Accounts" title="National Income and Product Accounts">National Income and Product Accounts</a>, personal consumption expenditures. </p><p>One of the Fed's main roles is to maintain price stability, which means that the Fed's ability to keep a low inflation rate is a long-term measure of their success.<sup id="cite_ref-165" class="reference"><a href="#cite_note-165"><span class="cite-bracket">[</span>163<span class="cite-bracket">]</span></a></sup> Although the Fed is not required to maintain inflation within a specific range, their long run target for the growth of the PCE price index is between 1.5 and 2 percent.<sup id="cite_ref-166" class="reference"><a href="#cite_note-166"><span class="cite-bracket">[</span>164<span class="cite-bracket">]</span></a></sup> There has been debate among policy makers as to whether the Federal Reserve should have a specific <a href="/wiki/Inflation_targeting" title="Inflation targeting">inflation targeting</a> policy.<sup id="cite_ref-167" class="reference"><a href="#cite_note-167"><span class="cite-bracket">[</span>165<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Inflation_and_the_economy">Inflation and the economy</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=50" title="Edit section: Inflation and the economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Most <a href="/wiki/Mainstream_economists" class="mw-redirect" title="Mainstream economists">mainstream economists</a> favor a low, steady rate of inflation.<sup id="cite_ref-econjournalwatch.org_168-0" class="reference"><a href="#cite_note-econjournalwatch.org-168"><span class="cite-bracket">[</span>166<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Chief_economist" title="Chief economist">Chief economist</a>, and advisor to the Federal Reserve, the <a href="/wiki/Congressional_Budget_Office" title="Congressional Budget Office">Congressional Budget Office</a> and the <a href="/wiki/Council_of_Economic_Advisers" title="Council of Economic Advisers">Council of Economic Advisers</a>,<sup id="cite_ref-169" class="reference"><a href="#cite_note-169"><span class="cite-bracket">[</span>167<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-170" class="reference"><a href="#cite_note-170"><span class="cite-bracket">[</span>168<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Diane_C._Swonk" class="mw-redirect" title="Diane C. Swonk">Diane C. Swonk</a> observed, in 2022, that "From the Fed's perspective, you have to remember inflation is kind of like cancer. If you don't deal with it now with something that may be painful, you could have something that metastasized and becomes much more chronic later on."<sup id="cite_ref-171" class="reference"><a href="#cite_note-171"><span class="cite-bracket">[</span>169<span class="cite-bracket">]</span></a></sup> </p><p>Low (as opposed to zero or <a href="/wiki/Deflation" title="Deflation">negative</a>) inflation may reduce the severity of economic <a href="/wiki/Recession" title="Recession">recessions</a> by enabling the labor market to adjust more quickly in a downturn, and reduce the risk that a <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a> prevents <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> from stabilizing the economy.<sup id="cite_ref-172" class="reference"><a href="#cite_note-172"><span class="cite-bracket">[</span>170<span class="cite-bracket">]</span></a></sup> The task of keeping the rate of inflation low and stable is usually given to <a href="/wiki/Monetary_authority" class="mw-redirect" title="Monetary authority">monetary authorities</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Unemployment_rate">Unemployment rate</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=51" title="Edit section: Unemployment rate"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Unemployment_rate#United_States_Bureau_of_Labor_Statistics" class="mw-redirect" title="Unemployment rate">Unemployment rate § United States Bureau of Labor Statistics</a>, and <a href="/wiki/List_of_U.S._states_by_unemployment_rate" class="mw-redirect" title="List of U.S. states by unemployment rate">List of U.S. states by unemployment rate</a></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:US_Seasonal_Unemployment.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a6/US_Seasonal_Unemployment.svg/300px-US_Seasonal_Unemployment.svg.png" decoding="async" width="300" height="225" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a6/US_Seasonal_Unemployment.svg/450px-US_Seasonal_Unemployment.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a6/US_Seasonal_Unemployment.svg/600px-US_Seasonal_Unemployment.svg.png 2x" data-file-width="720" data-file-height="540" /></a><figcaption>United States unemployment rates 1975–2010 showing variance between the fifty states</figcaption></figure> <p>One of the stated goals of monetary policy is maximum employment. The unemployment rate statistics are collected by the <a href="/wiki/Bureau_of_Labor_Statistics" title="Bureau of Labor Statistics">Bureau of Labor Statistics</a>, and like the PCE price index are used as a barometer of the nation's economic health. </p> <div class="mw-heading mw-heading2"><h2 id="Budget">Budget</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=52" title="Edit section: Budget"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Federal Reserve is self-funded. Over 90<span class="nowrap"> </span>percent of Fed revenues come from open market operations, specifically the interest on the portfolio of Treasury securities as well as "capital gains/losses" that may arise from the buying/selling of the securities and their derivatives as part of Open Market Operations. The balance of revenues come from sales of financial services (check and electronic payment processing) and discount window loans.<sup id="cite_ref-173" class="reference"><a href="#cite_note-173"><span class="cite-bracket">[</span>171<span class="cite-bracket">]</span></a></sup> The board of governors (Federal Reserve Board) creates a budget report once per year for Congress. There are two reports with budget information. The one that lists the complete balance statements with income and expenses, as well as the net profit or loss, is the large report simply titled, "Annual Report". It also includes data about employment throughout the system. The other report, which explains in more detail the expenses of the different aspects of the whole system, is called "Annual Report: Budget Review". These detailed comprehensive reports can be found at the board of governors' website under the section "Reports to Congress"<sup id="cite_ref-budget_174-0" class="reference"><a href="#cite_note-budget-174"><span class="cite-bracket">[</span>172<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Remittance_payments_to_the_Treasury">Remittance payments to the Treasury</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=53" title="Edit section: Remittance payments to the Treasury"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Remittances.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c5/Remittances.webp/300px-Remittances.webp.png" decoding="async" width="300" height="74" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c5/Remittances.webp/450px-Remittances.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c5/Remittances.webp/600px-Remittances.webp.png 2x" data-file-width="1569" data-file-height="387" /></a><figcaption>Federal Reserve remittances to the <a href="/wiki/United_States_Treasury" class="mw-redirect" title="United States Treasury">U.S. Treasury</a> (annually)</figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Federal_Reserve_Remittences_to_the_Treasury.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8e/Federal_Reserve_Remittences_to_the_Treasury.webp/300px-Federal_Reserve_Remittences_to_the_Treasury.webp.png" decoding="async" width="300" height="105" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8e/Federal_Reserve_Remittences_to_the_Treasury.webp/450px-Federal_Reserve_Remittences_to_the_Treasury.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8e/Federal_Reserve_Remittences_to_the_Treasury.webp/600px-Federal_Reserve_Remittences_to_the_Treasury.webp.png 2x" data-file-width="1647" data-file-height="577" /></a><figcaption>Federal Reserve Remittances to the <a href="/wiki/United_States_Treasury" class="mw-redirect" title="United States Treasury">Treasury</a> (weekly)</figcaption></figure> <p>The Federal Reserve has been <a href="/wiki/Remitting" class="mw-redirect" title="Remitting">remitting</a> interest that it has been receiving back to the <a href="/wiki/United_States_Treasury" class="mw-redirect" title="United States Treasury">United States Treasury</a>. Most of the assets the Fed holds are <a href="/wiki/United_States_Treasury_security" title="United States Treasury security">U.S. Treasury bonds</a> and <a href="/wiki/Mortgage-backed_securities" class="mw-redirect" title="Mortgage-backed securities">mortgage-backed securities</a> that it has been purchasing as part of <a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a> since the <a href="/wiki/2007%E2%80%932008_financial_crisis" class="mw-redirect" title="2007–2008 financial crisis">2007–2008 financial crisis</a>. In 2022 the Fed started <a href="/wiki/Quantitative_tightening" title="Quantitative tightening">quantitative tightening</a> (QT) and selling these assets and taking a loss on them in the <a href="/wiki/Secondary_market" title="Secondary market">secondary</a> <a href="/wiki/Bond_market" title="Bond market">bond market</a>. As a result, the nearly $100<span class="nowrap"> </span>billion that it was remitting annually to the Treasury, is expected to be discontinued during QT.<sup id="cite_ref-175" class="reference"><a href="#cite_note-175"><span class="cite-bracket">[</span>173<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-176" class="reference"><a href="#cite_note-176"><span class="cite-bracket">[</span>174<span class="cite-bracket">]</span></a></sup> </p><p>In 2023, the Federal Reserve reported a net negative income of $114.3 billion.<sup id="cite_ref-177" class="reference"><a href="#cite_note-177"><span class="cite-bracket">[</span>175<span class="cite-bracket">]</span></a></sup> This triggered the creation of a deferred asset liability on the Federal Reserve balance sheet booked as "Interest on Federal Reserve notes due to U.S. Treasury" totaling $133.3 billion.<sup id="cite_ref-178" class="reference"><a href="#cite_note-178"><span class="cite-bracket">[</span>176<span class="cite-bracket">]</span></a></sup> The deferred asset is the amount of net excess revenues the Federal Reserve must realize before remittances can continue. It does not have any impact on the ability of the Federal Reserve to conduct monetary policy or meet its obligations.<sup id="cite_ref-179" class="reference"><a href="#cite_note-179"><span class="cite-bracket">[</span>177<span class="cite-bracket">]</span></a></sup> The Federal Reserve has estimated the deferred asset will last until mid-2027.<sup id="cite_ref-180" class="reference"><a href="#cite_note-180"><span class="cite-bracket">[</span>178<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Balance_sheet">Balance sheet</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=54" title="Edit section: Balance sheet"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-center" typeof="mw:File/Thumb"><a href="/wiki/File:Federal_reserve_assets_held.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/26/Federal_reserve_assets_held.webp/800px-Federal_reserve_assets_held.webp.png" decoding="async" width="800" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/26/Federal_reserve_assets_held.webp/1200px-Federal_reserve_assets_held.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/26/Federal_reserve_assets_held.webp/1600px-Federal_reserve_assets_held.webp.png 2x" data-file-width="4282" data-file-height="801" /></a><figcaption>Federal reserve assets held <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #5E5E5E;background-color:#929292; color:black;-webkit-print-color-adjust: exact; print-color-adjust: exact;"> </span> Other assets</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #FFD932;background-color:#FFD932; color:black;-webkit-print-color-adjust: exact; print-color-adjust: exact;"> </span> <a href="/wiki/US_Treasuries" class="mw-redirect" title="US Treasuries">US Treasuries</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #0076BA;background-color:#00A2FF; color:black;-webkit-print-color-adjust: exact; print-color-adjust: exact;"> </span> <a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></div> </figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Consolidated_Statement_of_Condition_of_all_Federal_Reserve_Banks-ASSETS.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Consolidated_Statement_of_Condition_of_all_Federal_Reserve_Banks-ASSETS.gif/220px-Consolidated_Statement_of_Condition_of_all_Federal_Reserve_Banks-ASSETS.gif" decoding="async" width="220" height="134" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Consolidated_Statement_of_Condition_of_all_Federal_Reserve_Banks-ASSETS.gif/330px-Consolidated_Statement_of_Condition_of_all_Federal_Reserve_Banks-ASSETS.gif 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c6/Consolidated_Statement_of_Condition_of_all_Federal_Reserve_Banks-ASSETS.gif/440px-Consolidated_Statement_of_Condition_of_all_Federal_Reserve_Banks-ASSETS.gif 2x" data-file-width="766" data-file-height="465" /></a><figcaption>Total combined assets for all 12 Federal Reserve Banks, 2007–2009</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Consolidated_Statement_of_Condition_of_All_Federal_Reserve_Banks-LIABILITIES.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Consolidated_Statement_of_Condition_of_All_Federal_Reserve_Banks-LIABILITIES.png/220px-Consolidated_Statement_of_Condition_of_All_Federal_Reserve_Banks-LIABILITIES.png" decoding="async" width="220" height="134" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Consolidated_Statement_of_Condition_of_All_Federal_Reserve_Banks-LIABILITIES.png/330px-Consolidated_Statement_of_Condition_of_All_Federal_Reserve_Banks-LIABILITIES.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Consolidated_Statement_of_Condition_of_All_Federal_Reserve_Banks-LIABILITIES.png/440px-Consolidated_Statement_of_Condition_of_All_Federal_Reserve_Banks-LIABILITIES.png 2x" data-file-width="766" data-file-height="465" /></a><figcaption>Total combined liabilities for all 12 Federal Reserve Banks, 2007–2009</figcaption></figure> <p>One of the keys to understanding the Federal Reserve is the Federal Reserve balance sheet (or <a href="/wiki/Balance_sheet" title="Balance sheet">balance statement</a>). In accordance with Section 11 of the <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a>, the <a href="/wiki/Board_of_governors" class="mw-redirect" title="Board of governors">board of governors</a> of the Federal Reserve System publishes once each week the "Consolidated Statement of Condition of All Federal Reserve Banks" showing the condition of each Federal Reserve bank and a consolidated statement for all Federal Reserve banks. The board of governors requires that excess earnings of the Reserve Banks be transferred to the Treasury as interest on Federal Reserve notes.<sup id="cite_ref-181" class="reference"><a href="#cite_note-181"><span class="cite-bracket">[</span>179<span class="cite-bracket">]</span></a></sup> </p><p>The Federal Reserve releases its balance sheet every Thursday.<sup id="cite_ref-182" class="reference"><a href="#cite_note-182"><span class="cite-bracket">[</span>180<span class="cite-bracket">]</span></a></sup> Below is the balance sheet as of 8 April 2021<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Federal_Reserve&action=edit">[update]</a></sup> (in billions of dollars): </p> <table cellpadding="5" cellspacing="5" style="float:left;"> <tbody><tr> <td style="vertical-align:top;"> <table cellpadding="5" cellspacing="0" style="margin:auto; border:1px solid black;border-color:black;border-collapse:collapse;"> <tbody><tr> <th colspan="3" style="background:#ffdead;border-bottom:1px solid black;">ASSETS: </th></tr> <tr> <td>Gold Stock </td> <td>  </td> <td style="text-align:right;">11.04 </td></tr> <tr> <td>Special Drawing Rights Certificate Acct. </td> <td>  </td> <td style="text-align:right;">5.20 </td></tr> <tr> <td>Treasury Currency Outstanding (Coin) </td> <td>  </td> <td style="text-align:right;">1.46 </td></tr> <tr> <td>Securities, unamortized premiums and discounts, repurchase agreements, and loans </td> <td>  </td> <td>7550.43 </td></tr> <tr> <td><span class="nowrap">   </span>Securities Held Outright </td> <td>  </td> <td style="text-align:right;">7146.06 </td></tr> <tr> <td><span class="nowrap">      </span><a href="/wiki/United_States_Treasury_security" title="United States Treasury security">U.S. Treasury Securities</a> </td> <td>  </td> <td style="text-align:right;">4959.03 </td></tr> <tr> <td><span class="nowrap">         </span>Bills </td> <td>  </td> <td style="text-align:right;">326.04 </td></tr> <tr> <td><span class="nowrap">         </span>Notes and Bonds, nominal </td> <td>  </td> <td style="text-align:right;">4251.66 </td></tr> <tr> <td><span class="nowrap">         </span>Notes and Bonds, inflation-indexed </td> <td>  </td> <td style="text-align:right;">334.76 </td></tr> <tr> <td><span class="nowrap">         </span>Inflation Compensation </td> <td>  </td> <td style="text-align:right;">46.57 </td></tr> <tr> <td><span class="nowrap">      </span><a href="/wiki/Agency_debt" title="Agency debt">Federal Agency Debt Securities</a> </td> <td>  </td> <td style="text-align:right;">2.35 </td></tr> <tr> <td><span class="nowrap">      </span>Mortgage-Backed Securities </td> <td>  </td> <td style="text-align:right;">2184.68 </td></tr> <tr> <td>Unamortized premiums on securities held outright </td> <td>  </td> <td style="text-align:right;">351.11 </td></tr> <tr> <td>Unamortized discounts on securities held outright </td> <td>  </td> <td style="text-align:right;">-9.56 </td></tr> <tr> <td>Repurchase Agreements </td> <td>  </td> <td style="text-align:right;">0 </td></tr> <tr> <td>Loans </td> <td>  </td> <td style="text-align:right;">62.81 </td></tr> <tr> <td>Net portfolio holdings of Commercial Paper Funding Facility II LLC </td> <td>  </td> <td style="text-align:right;">8.56 </td></tr> <tr> <td>Net portfolio holdings of Corporate Credit Facilities LLC </td> <td>  </td> <td style="text-align:right;">25.94 </td></tr> <tr> <td>Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) </td> <td>  </td> <td style="text-align:right;">30.96 </td></tr> <tr> <td>Net portfolio holdings of Municipal Liquidity Facility LLC </td> <td>  </td> <td style="text-align:right;">11.41 </td></tr> <tr> <td>Net portfolio holdings of TALF II LLC </td> <td>  </td> <td style="text-align:right;">5.28 </td></tr> <tr> <td>Items in process of collection </td> <td>  </td> <td style="text-align:right;">0.04 </td></tr> <tr> <td>Bank premises </td> <td>  </td> <td style="text-align:right;">1.91 </td></tr> <tr> <td><a href="/wiki/Central_bank_liquidity_swap" title="Central bank liquidity swap">Central bank liquidity swaps</a> </td> <td>  </td> <td style="text-align:right;">0.87 </td></tr> <tr> <td>Foreign currency denominated assets </td> <td>  </td> <td style="text-align:right;">21.37 </td></tr> <tr> <td>Other Assets </td> <td>  </td> <td style="text-align:right;">34.42 </td></tr> <tr> <th style="text-align:left">Total Assets </th> <td>  </td> <th style="text-align:right;">7708.88 </th></tr></tbody></table> </td> <td style="vertical-align:top;"> <table cellpadding="5" cellspacing="0" style="float:left; border:1px solid black;border-color:black;border-collapse:collapse;"> <tbody><tr> <th colspan="3" style="background:#ffdead;border-bottom:1px solid black;">LIABILITIES: </th></tr> <tr> <td>Federal Reserve notes, net of F.R. Bank holdings </td> <td>  </td> <td style="text-align:right;">2101.19 </td></tr> <tr> <td>Reverse repurchase agreements </td> <td>  </td> <td style="text-align:right;">272.07 </td></tr> <tr> <td>Deposits </td> <td>  </td> <td style="text-align:right;">5234.02 </td></tr> <tr> <td><span class="nowrap">   </span>Term deposits held by depository institutions </td> <td>  </td> <td style="text-align:right;">0 </td></tr> <tr> <td><span class="nowrap">   </span>Other deposits held by depository institutions </td> <td>  </td> <td style="text-align:right;">3944.06 </td></tr> <tr> <td><span class="nowrap">   </span>U.S. Treasury, general account </td> <td>  </td> <td style="text-align:right;">954.97 </td></tr> <tr> <td><span class="nowrap">   </span>Foreign official </td> <td>  </td> <td style="text-align:right;">32.25 </td></tr> <tr> <td><span class="nowrap">   </span>Other Deposits </td> <td>  </td> <td style="text-align:right;">302.74 </td></tr> <tr> <td>Deferred availability cash items </td> <td>  </td> <td style="text-align:right;">0.15 </td></tr> <tr> <td>Treasury contributions to credit facilities </td> <td>  </td> <td style="text-align:right;">51.78 </td></tr> <tr> <td>Other liabilities and accrued dividends </td> <td>  </td> <td style="text-align:right;">10.40 </td></tr> <tr> <th style="text-align:left">Total liabilities </th> <td>  </td> <th style="text-align:right;">7669.62 </th></tr></tbody></table> </td> <td style="vertical-align:top;"> <table cellpadding="5" cellspacing="0" style="float:left; border:1px solid black;border-color:black;border-collapse:collapse;"> <tbody><tr> <th colspan="3" style="background:#ffdead;border-bottom:1px solid black;">CAPITAL <small>(AKA Net Equity)</small> </th></tr> <tr> <td>Capital Paid In </td> <td>  </td> <td style="text-align:right;">32.48 </td></tr> <tr> <td>Surplus </td> <td>  </td> <td style="text-align:right;">6.79 </td></tr> <tr> <td>Other Capital </td> <td>  </td> <td style="text-align:right;">0 </td></tr> <tr> <th style="text-align:left">Total Capital </th> <td>  </td> <th style="text-align:right;">39.27 </th></tr> <tr> <th colspan="3" style="background:#ffdead;border:1px solid black;">MEMO <small>(off-balance-sheet items)</small> </th></tr> <tr> <td style="width:100px;">Marketable securities held in custody for foreign official and international accounts </td> <td>  </td> <td style="text-align:right;">3548.94 </td></tr> <tr> <td>Marketable<span class="nowrap">   </span>U.S. Treasury Securities </td> <td>  </td> <td style="text-align:right;">3114.90 </td></tr> <tr> <td>Federal agency debt and mortgage-backed securities </td> <td>  </td> <td style="text-align:right;">346.41 </td></tr> <tr> <td>Other securities </td> <td>  </td> <td style="text-align:right;">87.62 </td></tr> <tr> <td>Securities lent to dealers </td> <td>  </td> <td style="text-align:right;">40.45 </td></tr> <tr> <td><span class="nowrap">   </span>Overnight </td> <td>  </td> <td style="text-align:right;">40.45 </td></tr> <tr> <td>U.S. Treasury securities </td> <td>  </td> <td style="text-align:right;">40.45 </td></tr> <tr> <td>Federal agency debt securities </td> <td>  </td> <td style="text-align:right;">0 </td></tr></tbody></table> </td></tr></tbody></table> <div style="clear:both;" class=""></div> <p>In addition, the balance sheet also indicates which assets are held as collateral against <a href="/wiki/Federal_Reserve_Notes" class="mw-redirect" title="Federal Reserve Notes">Federal Reserve Notes</a>. </p> <table cellpadding="5" cellspacing="0" style="border:1px solid black;border-color:black;border-collapse:collapse;"> <tbody><tr> <th colspan="3" style="background:#ffdead; border-bottom:1px solid black;">Federal Reserve Notes and Collateral </th></tr> <tr> <td>Federal Reserve Notes Outstanding </td> <td>  </td> <td style="text-align:right;">2255.55 </td></tr> <tr> <td><span class="nowrap">   </span>Less: Notes held by F.R. Banks </td> <td>  </td> <td style="text-align:right;">154.35 </td></tr> <tr> <td><span class="nowrap">   </span>Federal Reserve notes to be collateralized </td> <td>  </td> <td style="text-align:right;">2101.19 </td></tr> <tr> <td>Collateral held against Federal Reserve notes </td> <td>  </td> <td style="text-align:right;">2101.19 </td></tr> <tr> <td><span class="nowrap">   </span>Gold certificate account </td> <td>  </td> <td style="text-align:right;">11.04 </td></tr> <tr> <td><span class="nowrap">   </span>Special drawing rights certificate account </td> <td>  </td> <td style="text-align:right;">5.20 </td></tr> <tr> <td><span class="nowrap">   </span>U.S. Treasury, agency debt, and mortgage-backed securities pledged </td> <td>  </td> <td style="text-align:right;">2084.96 </td></tr> <tr> <td><span class="nowrap">   </span>Other assets pledged </td> <td>  </td> <td style="text-align:right;">0 </td></tr></tbody></table> <p>As of August 2024, the Fed's total assets on balance sheet are $7.139 trillion.<sup id="cite_ref-183" class="reference"><a href="#cite_note-183"><span class="cite-bracket">[</span>181<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticism">Criticism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=55" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Criticism_of_the_Federal_Reserve" title="Criticism of the Federal Reserve">Criticism of the Federal Reserve</a> and <a href="/wiki/Causes_of_the_Great_Depression" title="Causes of the Great Depression">Causes of the Great Depression</a></div> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:FFR_treasuries.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/FFR_treasuries.webp/300px-FFR_treasuries.webp.png" decoding="async" width="300" height="118" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f5/FFR_treasuries.webp/450px-FFR_treasuries.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f5/FFR_treasuries.webp/600px-FFR_treasuries.webp.png 2x" data-file-width="1464" data-file-height="576" /></a><figcaption> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#F5A623 solid 3px;"> </span> <a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">30 year mortgage average</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#F8E71C solid 3px;"> </span> <a href="/wiki/Treasury_bond" class="mw-redirect" title="Treasury bond">30 Year Treasury Bond</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#000000 solid 3px;"> </span>  10 Year Treasury Bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#9013FE solid 3px;"> </span>  2 Year Treasury Bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#4A90E2 solid 3px;"> </span>  3 month Treasury Bond</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#D0021B solid 4px;"> </span>  Effective Federal Funds Rate</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#E786F9 solid 4px;"> </span>  <a href="/wiki/United_States_Consumer_Price_Index" title="United States Consumer Price Index">CPI inflation</a> year/year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><span class="legend-color mw-no-invert" style="background-color:lightgrey; color:black;"> </span> <a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">Recessions</a> </figcaption></figure> <p>The Federal Reserve System has faced various criticisms since its inception in 1913. Criticisms include lack of <a href="/wiki/Federal_Reserve_Transparency_Act" title="Federal Reserve Transparency Act">transparency</a> and claims that it is ineffective.<sup id="cite_ref-bi-ronpaul_184-0" class="reference"><a href="#cite_note-bi-ronpaul-184"><span class="cite-bracket">[</span>182<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-center" typeof="mw:File/Thumb"><a href="/wiki/File:Money_supply_during_the_great_depression_era.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Money_supply_during_the_great_depression_era.png/400px-Money_supply_during_the_great_depression_era.png" decoding="async" width="400" height="194" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Money_supply_during_the_great_depression_era.png/600px-Money_supply_during_the_great_depression_era.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Money_supply_during_the_great_depression_era.png/800px-Money_supply_during_the_great_depression_era.png 2x" data-file-width="3036" data-file-height="1473" /></a><figcaption> Money supply decreased significantly between <a href="/wiki/Black_Tuesday" class="mw-redirect" title="Black Tuesday">Black Tuesday</a> and the <a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">Bank Holiday in March 1933</a> when there were massive <a href="/wiki/Bank_runs" class="mw-redirect" title="Bank runs">bank runs</a> across the United States</figcaption></figure> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=56" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style 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data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/monetarypolicy/reservereq.htm">"Reserve Requirements"</a>. <i>Federal Reserve System</i><span class="reference-accessdate">. Retrieved <span class="nowrap">May 10,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federal+Reserve+System&rft.atitle=Reserve+Requirements&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Fmonetarypolicy%2Freservereq.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-fed-discount-window-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-fed-discount-window_2-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.frbdiscountwindow.org/pages/discount-rates/current-discount-rates">"The Federal Reserve Bank Discount Window & Payment System Risk Website"</a>. <i>Federal Reserve System</i><span class="reference-accessdate">. Retrieved <span class="nowrap">December 19,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federal+Reserve+System&rft.atitle=The+Federal+Reserve+Bank+Discount+Window+%26+Payment+System+Risk+Website&rft_id=https%3A%2F%2Fwww.frbdiscountwindow.org%2Fpages%2Fdiscount-rates%2Fcurrent-discount-rates&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-fomc-target-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-fomc-target_3-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/monetarypolicy/openmarket.htm">"Open Market Operations Archive"</a>. <i>Federal Reserve System</i><span class="reference-accessdate">. Retrieved <span class="nowrap">December 19,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federal+Reserve+System&rft.atitle=Open+Market+Operations+Archive&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fmonetarypolicy%2Fopenmarket.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-interestonreserves-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-interestonreserves_4-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/monetarypolicy/reqresbalances.htm">"Interest on Required Reserve Balances and Excess Balances"</a>. <i>Federal Reserve System</i><span class="reference-accessdate">. Retrieved <span class="nowrap">December 19,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federal+Reserve+System&rft.atitle=Interest+on+Required+Reserve+Balances+and+Excess+Balances&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fmonetarypolicy%2Freqresbalances.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-mnglass-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-mnglass_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-mnglass_5-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-mnglass_5-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080516102508/http://minneapolisfed.org/pubs/region/88-08/reg888a.cfm">"Born of a panic: Forming the Federal Reserve System"</a>. The Federal Reserve Bank of Minneapolis. August 1988. Archived from <a rel="nofollow" class="external text" href="https://www.minneapolisfed.org/pubs/region/88-08/reg888a.cfm">the original</a> on May 16, 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Born+of+a+panic%3A+Forming+the+Federal+Reserve+System&rft.pub=The+Federal+Reserve+Bank+of+Minneapolis&rft.date=1988-08&rft_id=https%3A%2F%2Fwww.minneapolisfed.org%2Fpubs%2Fregion%2F88-08%2Freg888a.cfm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-initial-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-initial_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-initial_6-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-initial_6-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFBoG2006">BoG 2006</a>, pp. 1 "Just before the founding of the Federal Reserve, the nation was plagued with financial crises. At times, these crises led to 'panics,' in which people raced to their banks to withdraw their deposits. A particularly severe panic in 1907 resulted in bank runs that wreaked havoc on the fragile banking system and ultimately led Congress in 1913 to write the Federal Reserve Act. Initially created to address these banking panics, the Federal Reserve is now charged with a number of broader responsibilities, including fostering a sound banking system and a healthy economy."</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a href="#CITEREFBoG2005">BoG 2005</a>, pp. 1–2</span> </li> <li id="cite_note-FDS-H-04-8"><span class="mw-cite-backlink">^ <a href="#cite_ref-FDS-H-04_8-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FDS-H-04_8-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FDS-H-04_8-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.u-s-history.com/pages/h952.html">"Panic of 1907: J.P. Morgan Saves the Day"</a>. US-history.com<span class="reference-accessdate">. Retrieved <span class="nowrap">December 6,</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Panic+of+1907%3A+J.P.+Morgan+Saves+the+Day&rft.pub=US-history.com&rft_id=http%3A%2F%2Fwww.u-s-history.com%2Fpages%2Fh952.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-FDS-H-05-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-FDS-H-05_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FDS-H-05_9-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FDS-H-05_9-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://minneapolisfed.org/publications_papers/pub_display.cfm?id=3816">"Born of a Panic: Forming the Fed System"</a>. The Federal Reserve Bank of Minneapolis<span class="reference-accessdate">. Retrieved <span class="nowrap">December 6,</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Born+of+a+Panic%3A+Forming+the+Fed+System&rft.pub=The+Federal+Reserve+Bank+of+Minneapolis&rft_id=http%3A%2F%2Fminneapolisfed.org%2Fpublications_papers%2Fpub_display.cfm%3Fid%3D3816&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-FDS-H-06-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-FDS-H-06_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FDS-H-06_10-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-FDS-H-06_10-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAbigail_Tucker2008" class="citation web cs1">Abigail Tucker (October 29, 2008). <a rel="nofollow" class="external text" href="http://www.smithsonianmag.com/history/the-financial-panic-of-1907-running-from-history-82176328">"The Financial Panic of 1907: Running from History"</a>. <i>Smithsonian Magazine</i><span class="reference-accessdate">. Retrieved <span class="nowrap">December 6,</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Smithsonian+Magazine&rft.atitle=The+Financial+Panic+of+1907%3A+Running+from+History&rft.date=2008-10-29&rft.au=Abigail+Tucker&rft_id=http%3A%2F%2Fwww.smithsonianmag.com%2Fhistory%2Fthe-financial-panic-of-1907-running-from-history-82176328&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><a href="#CITEREFBoG2005">BoG 2005</a>, pp. 1 "It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded."; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPatrick1993" class="citation book cs1">Patrick, Sue C. (1993). <i>Reform of the Federal Reserve System in the Early 1930s: The Politics of Money and Banking</i>. Garland. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8153-0970-3" title="Special:BookSources/978-0-8153-0970-3"><bdi>978-0-8153-0970-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Reform+of+the+Federal+Reserve+System+in+the+Early+1930s%3A+The+Politics+of+Money+and+Banking&rft.pub=Garland&rft.date=1993&rft.isbn=978-0-8153-0970-3&rft.aulast=Patrick&rft.aufirst=Sue+C.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><a href="/wiki/Title_12_of_the_United_States_Code" title="Title 12 of the United States Code">12 U.S.C.</a> <a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/12/225a">§ 225a</a></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120126185423/http://www.federalreserve.gov/faqs/money_12848.htm">"What is the Federal Reserve's mandate in setting monetary policy?"</a>. <i>Federalreserve.gov</i>. January 25, 2012. Archived from <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/faqs/money_12848.htm">the original</a> on January 26, 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">April 30,</span> 2012</span>. <q>The Congress established two key objectives for monetary policy—maximum employment and stable prices—in the Federal Reserve Act. These objectives are sometimes referred to as the Federal Reserve's dual mandate.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federalreserve.gov&rft.atitle=What+is+the+Federal+Reserve%27s+mandate+in+setting+monetary+policy%3F&rft.date=2012-01-25&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Ffaqs%2Fmoney_12848.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-mission-15"><span class="mw-cite-backlink">^ <a href="#cite_ref-mission_15-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-mission_15-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/generalinfo/mission/default.htm">"FRB: Mission"</a>. Federalreserve.gov. 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Retrieved <span class="nowrap">September 16,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=What+is+FRED%3F+%7C+Getting+To+Know+FRED&rft_id=https%3A%2F%2Ffredhelp.stlouisfed.org%2Ffred%2Fabout%2Fabout-fred%2Fwhat-is-fred%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><a href="#CITEREFBoG2005">BoG 2005</a>, pp. v (See <a href="#Structure">structure</a>); <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20120208153604/http://www.federalreserveonline.org/">"Federal Reserve Districts"</a>. Federal Reserve Online. n.d. 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Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Federal+Reserve+Mortgage+Purchase+Program%3A+Planet+Money&rft.pub=NPR&rft.date=2010-08-26&rft_id=https%3A%2F%2Fwww.npr.org%2Ftemplates%2Ftranscript%2Ftranscript.php%3FstoryId%3D129451895&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-110"><span class="mw-cite-backlink"><b><a href="#cite_ref-110">^</a></b></span> <span class="reference-text"><a href="#CITEREFBoG2005">BoG 2005</a>, pp. 30</span> </li> <li id="cite_note-BoG_2005_pp=27-111"><span class="mw-cite-backlink"><b><a href="#cite_ref-BoG_2005_pp=27_111-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFBoG2005">BoG 2005</a>, pp. 27</span> </li> <li id="cite_note-112"><span class="mw-cite-backlink"><b><a href="#cite_ref-112">^</a></b></span> <span class="reference-text"><a href="#CITEREFBoG2005">BoG 2005</a>, pp. 31</span> </li> <li id="cite_note-hist_resreq-113"><span class="mw-cite-backlink"><b><a href="#cite_ref-hist_resreq_113-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFeinman1993" class="citation journal cs1">Feinman, Joshua N. 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Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Federal+Reserve+Bulletin&rft.atitle=Reserve+Requirements%3A+History%2C+Current+Practice%2C+and+Potential+Reform&rft.pages=%3Cspan+class%3D%22nowrap%22%3E569-%3C%2Fspan%3E589&rft.date=1993-06&rft.aulast=Feinman&rft.aufirst=Joshua+N.&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fmonetarypolicy%2F0693lead.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-114"><span class="mw-cite-backlink"><b><a href="#cite_ref-114">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/monetarypolicy/20081006a.htm">"Board announces that it will begin to pay interest on depository institutions required and excess reserve balances"</a>. Federal Reserve. October 6, 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Board+announces+that+it+will+begin+to+pay+interest+on+depository+institutions+required+and+excess+reserve+balances&rft.pub=Federal+Reserve&rft.date=2008-10-06&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fmonetarypolicy%2F20081006a.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-fed-zero-rr-pr-115"><span class="mw-cite-backlink"><b><a href="#cite_ref-fed-zero-rr-pr_115-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315b.htm">"Federal Reserve Actions to Support the Flow of Credit to Households and Businesses"</a>. <i>Federal Reserve System</i>. March 15, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">May 10,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federal+Reserve+System&rft.atitle=Federal+Reserve+Actions+to+Support+the+Flow+of+Credit+to+Households+and+Businesses&rft.date=2020-03-15&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Fnewsevents%2Fpressreleases%2Fmonetary20200315b.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-taffaq-116"><span class="mw-cite-backlink">^ <a href="#cite_ref-taffaq_116-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-taffaq_116-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/monetarypolicy/taffaq.htm">"FRB: Temporary Auction Facility FAQ"</a>. Federalreserve.gov. January 12, 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=FRB%3A+Temporary+Auction+Facility+FAQ&rft.pub=Federalreserve.gov&rft.date=2009-01-12&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fmonetarypolicy%2Ftaffaq.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-117"><span class="mw-cite-backlink"><b><a href="#cite_ref-117">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/newsevents/press/monetary/20071221b.htm">"Federal Reserve intends to continue term TAF auctions as necessary"</a>. Federalreserve.gov. December 21, 2007<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Federal+Reserve+intends+to+continue+term+TAF+auctions+as+necessary&rft.pub=Federalreserve.gov&rft.date=2007-12-21&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fnewsevents%2Fpress%2Fmonetary%2F20071221b.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-tslfannounce-118"><span class="mw-cite-backlink"><b><a href="#cite_ref-tslfannounce_118-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://federalreserve.gov/newsevents/press/monetary/20080311a.htm">"Announcement of the creation of the Term Securities Lending Facility"</a>. Federal Reserve. March 11, 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Announcement+of+the+creation+of+the+Term+Securities+Lending+Facility&rft.pub=Federal+Reserve&rft.date=2008-03-11&rft_id=http%3A%2F%2Ffederalreserve.gov%2Fnewsevents%2Fpress%2Fmonetary%2F20080311a.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-119"><span class="mw-cite-backlink"><b><a href="#cite_ref-119">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=20601103&sid=a6aFI7RKVhEA&refer=news">"Fed Seeks to Limit Slump by Taking Mortgage Debt"</a>. bloomberg.com. March 12, 2008.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Fed+Seeks+to+Limit+Slump+by+Taking+Mortgage+Debt&rft.date=2008-03-12&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fnews%3Fpid%3D20601103%26sid%3Da6aFI7RKVhEA%26refer%3Dnews&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span> "The step goes beyond past initiatives because the Fed can now inject liquidity without flooding the banking system with cash...Unlike the newest tool, the past steps added cash to the banking system, which affects the Fed's benchmark interest rate...By contrast, the TSLF injects liquidity by lending Treasuries, which doesn't affect the federal funds rate. That leaves the Fed free to address the mortgage crisis directly without concern about adding more cash to the system than it wants"</span> </li> <li id="cite_note-120"><span class="mw-cite-backlink"><b><a href="#cite_ref-120">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.newyorkfed.org/newsevents/news/markets/2008/rp080316.html">"Federal Reserve Announces Establishment of Primary Dealer Credit Facility – Federal Reserve Bank of New York"</a>. Newyorkfed.org. March 16, 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Federal+Reserve+Announces+Establishment+of+Primary+Dealer+Credit+Facility+%E2%80%93+Federal+Reserve+Bank+of+New+York&rft.pub=Newyorkfed.org&rft.date=2008-03-16&rft_id=http%3A%2F%2Fwww.newyorkfed.org%2Fnewsevents%2Fnews%2Fmarkets%2F2008%2Frp080316.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-121"><span class="mw-cite-backlink"><b><a href="#cite_ref-121">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLanman2008" class="citation news cs1">Lanman, Scott (March 20, 2008). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=20601068&sid=a7VHAq.o6kwU">"Fed Says Securities Firms Borrow $28.8 Bln With New Financing"</a>. Bloomberg.com<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Fed+Says+Securities+Firms+Borrow+%2428.8+Bln+With+New+Financing&rft.date=2008-03-20&rft.aulast=Lanman&rft.aufirst=Scott&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fnews%3Fpid%3D20601068%26sid%3Da7VHAq.o6kwU&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-pdcffaq-122"><span class="mw-cite-backlink">^ <a href="#cite_ref-pdcffaq_122-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-pdcffaq_122-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.newyorkfed.org/markets/pdcf_faq.html">"Primary Dealer Credit Facility: Frequently Asked Questions – Federal Reserve Bank of New York"</a>. Newyorkfed.org. February 3, 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Primary+Dealer+Credit+Facility%3A+Frequently+Asked+Questions+%E2%80%93+Federal+Reserve+Bank+of+New+York&rft.pub=Newyorkfed.org&rft.date=2009-02-03&rft_id=http%3A%2F%2Fwww.newyorkfed.org%2Fmarkets%2Fpdcf_faq.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-123"><span class="mw-cite-backlink"><b><a href="#cite_ref-123">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.cnbc.com/2008/03/17/fed-announces-emergency-steps-to-ease-credit-crisis.html">"Fed Announces Emergency Steps to Ease Credit Crisis – Economy"</a>. <a href="/wiki/CNBC" title="CNBC">CNBC</a>. Reuters. March 17, 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Fed+Announces+Emergency+Steps+to+Ease+Credit+Crisis+%E2%80%93+Economy&rft.date=2008-03-17&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2008%2F03%2F17%2Ffed-announces-emergency-steps-to-ease-credit-crisis.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-taf-124"><span class="mw-cite-backlink"><b><a href="#cite_ref-taf_124-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/newsevents/press/monetary/20071212a.htm">"Announcement of the creation of the Term Auction Facility – FRB: Press Release – Federal Reserve and other central banks announce measures designed to address elevated pressures in short-term funding markets"</a>. federalreserve.gov. December 12, 2007.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Announcement+of+the+creation+of+the+Term+Auction+Facility+%E2%80%93+FRB%3A+Press+Release+%E2%80%93+Federal+Reserve+and+other+central+banks+announce+measures+designed+to+address+elevated+pressures+in+short-term+funding+markets&rft.date=2007-12-12&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fnewsevents%2Fpress%2Fmonetary%2F20071212a.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-125"><span class="mw-cite-backlink"><b><a href="#cite_ref-125">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/66db756a-de5d-11dc-9de3-0000779fd2ac.html">"US banks borrow $50bn via new Fed facility"</a>. <i>Financial Times</i>. February 18, 2008. Archived from <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/66db756a-de5d-11dc-9de3-0000779fd2ac.html">the original</a></span> on December 10, 2022. <q>Before its introduction, banks either had to raise money in the open market or use the so-called "discount window" for emergencies. However, last year many banks refused to use the discount window, even though they found it hard to raise funds in the market, because it was associated with the stigma of bank failure</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=US+banks+borrow+%2450bn+via+new+Fed+facility&rft.date=2008-02-18&rft_id=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F66db756a-de5d-11dc-9de3-0000779fd2ac.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-126"><span class="mw-cite-backlink"><b><a href="#cite_ref-126">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=20601103&refer=news&sid=aBPbErlft9cI">"Fed Boosts Next Two Special Auctions to $30 Billion"</a>. Bloomberg. January 4, 2008. <q>The Board of Governors of the Federal Reserve System established the temporary Term Auction Facility, dubbed TAF, in December to provide cash after interest-rate cuts failed to break banks' reluctance to lend amid concern about losses related to subprime mortgage securities. The program will make funding from the Fed available beyond the 20 authorized primary dealers that trade with the central bank</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Fed+Boosts+Next+Two+Special+Auctions+to+%2430+Billion&rft.date=2008-01-04&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fnews%3Fpid%3D20601103%26refer%3Dnews%26sid%3DaBPbErlft9cI&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-127"><span class="mw-cite-backlink"><b><a href="#cite_ref-127">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.economist.com/displaystory.cfm?story_id=10286586">"A dirty job, but someone has to do it"</a>. <i>economist.com</i>. December 13, 2007<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>. <q>The Fed's discount window, for instance, through which it lends direct to banks, has barely been approached, despite the soaring spreads in the interbank market. The quarter-point cuts in its federal funds rate and discount rate on December 11 were followed by a steep sell-off in the stockmarket...The hope is that by extending the maturity of central-bank money, broadening the range of collateral against which banks can borrow and shifting from direct lending to an auction, the central bankers will bring down spreads in the one- and three-month <a href="/wiki/Money_market" title="Money market">money markets</a>. There will be no net addition of liquidity. What the central bankers add at longer-term maturities, they will take out in the overnight market. But there are risks. The first is that, for all the fanfare, the central banks' plan will make little difference. After all, it does nothing to remove the fundamental reason why investors are worried about lending to banks. This is the uncertainty about potential losses from subprime mortgages and the products based on them, and – given that uncertainty – the banks' own desire to hoard capital against the chance that they will have to strengthen their balance sheets.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=economist.com&rft.atitle=A+dirty+job%2C+but+someone+has+to+do+it&rft.date=2007-12-13&rft_id=http%3A%2F%2Fwww.economist.com%2Fdisplaystory.cfm%3Fstory_id%3D10286586&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-128"><span class="mw-cite-backlink"><b><a href="#cite_ref-128">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.economist.com/daily/news/displaystory.cfm?story_id=10278482&top_story=1">"Unclogging the system"</a>. <i>economist.com</i>. December 13, 2007<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=economist.com&rft.atitle=Unclogging+the+system&rft.date=2007-12-13&rft_id=http%3A%2F%2Fwww.economist.com%2Fdaily%2Fnews%2Fdisplaystory.cfm%3Fstory_id%3D10278482%26top_story%3D1&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-mwtaf-129"><span class="mw-cite-backlink">^ <a href="#cite_ref-mwtaf_129-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-mwtaf_129-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRobb2007" class="citation web cs1">Robb, Greg (December 12, 2007). <a rel="nofollow" class="external text" href="http://www.marketwatch.com/news/story/fed-top-central-banks-flood/story.aspx?guid=%7b6FAFC482-F8E4-4F23-A021-52DC7DE8938C%7d&print=true&dist=printTop">"Fed, top central banks to flood markets with cash"</a>. Marketwatch.com<span class="reference-accessdate">. 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The value for each year is on page 94 of each document (the 99th page in a pdf viewer) and duplicated on page 104 (109th page in pdf viewer). It gives the total assets, total liabilities, and net worth. This chart is of the net worth.</span> </li> <li id="cite_note-163"><span class="mw-cite-backlink"><b><a href="#cite_ref-163">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/releases/z1/current/z1r-5.pdf">Balance Sheet of Households and Nonprofit Organizations</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140811102013/http://www.federalreserve.gov/releases/z1/current/z1r-5.pdf">Archived</a> August 11, 2014, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, June 5, 2014</span> </li> <li id="cite_note-prxliv-164"><span class="mw-cite-backlink"><b><a href="#cite_ref-prxliv_164-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/Releases/h6/discm3.htm">"Discontinuance of M3"</a>. 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Retrieved <span class="nowrap">March 27,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Finance+and+Economics+Discussion+Series+%28FEDS%29&rft.atitle=The+Federal+Reserve%27s+Balance+Sheet+and+Earnings%3A+A+Primer+and+Projections&rft.pages=%3Cspan+class%3D%22nowrap%22%3E245-%3C%2Fspan%3E246&rft.date=2012-08-01&rft.aulast=Carpenter&rft.aufirst=Seth&rft.au=Ihrig%2C+Jane&rft.au=Klee%2C+Elizabeth&rft.au=Quinn%2C+Daniel&rft.au=Boote%2C+Alexander&rft_id=https%3A%2F%2Fwww.ijcb.org%2Fjournal%2Fijcb15q2a7.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-179"><span class="mw-cite-backlink"><b><a href="#cite_ref-179">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation pressrelease cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/newsevents/pressreleases/other20240326a.htm">"Federal Reserve Board releases annual audited financial statements"</a> (Press release). 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Retrieved <span class="nowrap">March 27,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=On+The+Economy+Blog&rft.atitle=The+Fed%27s+Remittances+to+the+Treasury%3A+Explaining+the+%27Deferred+Asset%27&rft.date=2023-11-21&rft.aulast=Faria+e+Castro&rft.aufirst=Miguel&rft.au=Jordan-Wood%2C+Samuel&rft_id=https%3A%2F%2Fwww.stlouisfed.org%2Fon-the-economy%2F2023%2Fnov%2Ffed-remittances-treasury-explaining-deferred-asset&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-181"><span class="mw-cite-backlink"><b><a href="#cite_ref-181">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/boarddocs/rptcongress/annual08/pdf/AR08.pdf">"96th Annual Report 2008 Federal Reserve"</a> <span class="cs1-format">(PDF)</span>. Board of Governors of the Federal Reserve System. June 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">August 29,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=96th+Annual+Report+2008+Federal+Reserve&rft.pub=Board+of+Governors+of+the+Federal+Reserve+System&rft.date=2009-06&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fboarddocs%2Frptcongress%2Fannual08%2Fpdf%2FAR08.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span>; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/releases/h41/Current">"Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks"</a>. Federal Reserve<span class="reference-accessdate">. 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Retrieved <span class="nowrap">August 27,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=fred.stlouisfed.org&rft.atitle=Assets%3A+Total+Assets%3A+Total+Assets+%28Less+Eliminations+from+Consolidation%29%3A+Wednesday+Level&rft.date=2024-08-22&rft_id=https%3A%2F%2Ffred.stlouisfed.org%2Fseries%2FWALCL&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> <li id="cite_note-bi-ronpaul-184"><span class="mw-cite-backlink"><b><a href="#cite_ref-bi-ronpaul_184-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGrace_Wyler2012" class="citation news cs1">Grace Wyler (May 8, 2012). <a rel="nofollow" class="external text" href="http://www.businessinsider.com/ron-paul-end-the-fed-congressional-hearing-2012-5">"Ron Paul Is Hosting A Hearing On Ending The Federal Reserve Right Now"</a>. Business Insider Inc.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Ron+Paul+Is+Hosting+A+Hearing+On+Ending+The+Federal+Reserve+Right+Now&rft.date=2012-05-08&rft.au=Grace+Wyler&rft_id=http%3A%2F%2Fwww.businessinsider.com%2Fron-paul-end-the-fed-congressional-hearing-2012-5&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span>; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLamb1994" class="citation audio-visual cs1">Lamb, Brian (October 28, 1994). <a rel="nofollow" class="external text" href="http://www.c-span.org/video/?61272-1/book-discussion-road-serfdom"><i>Book Discussion on The Road to Serfdom</i></a>. Milton Friedman. C-SPAN. <a rel="nofollow" class="external text" href="http://booknotes.org/FullPage.aspx?SID=61272-1">LAMB: What do you think of the Federal Reserve Board today? [Milton] FRIEDMAN: I've long been in favor of abolishing it. There's no institution in the United States that has such a high public standing and such a poor record of performance.</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Book+Discussion+on+The+Road+to+Serfdom&rft.pub=C-SPAN&rft.date=1994-10-28&rft.aulast=Lamb&rft.aufirst=Brian&rft_id=http%3A%2F%2Fwww.c-span.org%2Fvideo%2F%3F61272-1%2Fbook-discussion-road-serfdom&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading3"><h3 id="Bundled_references">Bundled references</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=58" title="Edit section: Bundled references"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-need-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-need_11-0">^</a></b></span> <span class="reference-text"><sup id="cite_ref-mnglass_5-0" class="reference"><a href="#cite_note-mnglass-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-initial_6-0" class="reference"><a href="#cite_note-initial-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FDS-H-04_8-0" class="reference"><a href="#cite_note-FDS-H-04-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FDS-H-05_9-0" class="reference"><a href="#cite_note-FDS-H-05-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FDS-H-06_10-0" class="reference"><a href="#cite_note-FDS-H-06-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup></span> </li> <li id="cite_note-pubpriv-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-pubpriv_23-0">^</a></b></span> <span class="reference-text"><sup id="cite_ref-who_owns_faq_18-0" class="reference"><a href="#cite_note-who_owns_faq-18"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Bibliography">Bibliography</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=59" title="Edit section: Bibliography"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Recent">Recent</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=60" title="Edit section: Recent"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Sarah Binder & Mark Spindel. 2017. <i>The Myth of Independence: How Congress Governs the Federal Reserve</i>. <a href="/wiki/Princeton_University_Press" title="Princeton University Press">Princeton University Press</a>.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBoG2005" class="citation book cs1">Board of Governors of the Federal Reserve System (2005). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140111193753/http://www.federalreserve.gov/pf/pdf/pf_complete.pdf"><i>The Federal Reserve System: Purposes and Functions</i></a> <span class="cs1-format">(PDF)</span>. Archived from <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/pf/pdf/pf_complete.pdf">the original</a> <span class="cs1-format">(PDF)</span> on January 11, 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Federal+Reserve+System%3A+Purposes+and+Functions&rft.date=2005&rft.au=Board+of+Governors+of+the+Federal+Reserve+System&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fpf%2Fpdf%2Fpf_complete.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBoG2006" class="citation book cs1">Board of Governors of the Federal Reserve System (2006). <a rel="nofollow" class="external text" href="https://www.stlouisfed.org/in-plain-english"><i>The Federal Reserve in Plain English</i></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Federal+Reserve+in+Plain+English&rft.date=2006&rft.au=Board+of+Governors+of+the+Federal+Reserve+System&rft_id=https%3A%2F%2Fwww.stlouisfed.org%2Fin-plain-english&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span> from the St. Louis Fed</li> <li><a href="/wiki/Congressional_Research_Service" title="Congressional Research Service">Congressional Research Service</a> <a rel="nofollow" class="external text" href="https://fas.org/sgp/crs/misc/R41656.pdf">Changing the Federal Reserve's Mandate: An Economic Analysis</a></li> <li><a href="/wiki/Congressional_Research_Service" title="Congressional Research Service">Congressional Research Service</a> <a rel="nofollow" class="external text" href="https://fas.org/sgp/crs/misc/R42962.pdf">Federal Reserve: Unconventional Monetary Policy Options</a></li> <li>Conti-Brown, Peter. <i>The Power and Independence of the Federal Reserve</i> (<a href="/wiki/Princeton_University_Press" title="Princeton University Press">Princeton University Press</a>, 2016).</li> <li>Epstein, Lita & Martin, Preston (2003). <i>The Complete Idiot's Guide to the Federal Reserve</i>. Alpha Books. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-02-864323-2" title="Special:BookSources/0-02-864323-2">0-02-864323-2</a>.</li> <li><a href="/wiki/Greider,_William" class="mw-redirect" title="Greider, William">Greider, William</a> (1987). <i>Secrets of the Temple</i>. Simon & Schuster. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-671-67556-7" title="Special:BookSources/0-671-67556-7">0-671-67556-7</a>; nontechnical book explaining the structures, functions, and history of the Federal Reserve, focusing specifically on the tenure of <a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a>.</li> <li>Hafer, R. W. <i>The Federal Reserve System: An Encyclopedia</i>. Greenwood Press, 2005. 451 pp, 280 entries; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-313-32839-0" title="Special:BookSources/0-313-32839-0">0-313-32839-0</a>.</li> <li>Lavelle, Kathryn C. (2013) Money and Banks in the American Political System. New York: Cambridge University Press. 978-1-107-60916-7 Explains basic political processes surrounding the Federal Reserve in the broader system of Congress and the Executive Branch.</li> <li><a href="/wiki/Laurence_Meyer" title="Laurence Meyer">Meyer, Laurence H.</a> (2004). <i>A Term at the Fed: An Insider's View</i>. <a href="/wiki/HarperBusiness" class="mw-redirect" title="HarperBusiness">HarperBusiness</a>. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-06-054270-5" title="Special:BookSources/0-06-054270-5">0-06-054270-5</a>; focuses on the period from 1996 to 2002, emphasizing <a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a>'s chairmanship during the <a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a>, the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">stock market boom</a> and the <a href="/wiki/September_11,_2001_attacks#Economic_aftermath" class="mw-redirect" title="September 11, 2001 attacks">financial aftermath</a> of the September 11, 2001, attacks.</li> <li>Woodward, Bob. <i>Maestro: Greenspan's Fed and the American Boom</i> (2000) study of Greenspan in the 1990s.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Historical">Historical</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=61" title="Edit section: Historical"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBroz1997" class="citation book cs1">Broz, J. Lawrence (1997). <i>The International Origins of the Federal Reserve System</i>. Cornell University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780801433320" title="Special:BookSources/9780801433320"><bdi>9780801433320</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+International+Origins+of+the+Federal+Reserve+System&rft.pub=Cornell+University+Press&rft.date=1997&rft.isbn=9780801433320&rft.aulast=Broz&rft.aufirst=J.+Lawrence&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarosso1973" class="citation journal cs1">Carosso, Vincent P. (1973). "The Wall Street Trust from Pujo through Medina". <i>Business History Review</i>. <b>47</b>: <span class="nowrap">421–</span>437. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F3113365">10.2307/3113365</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/3113365">3113365</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154895813">154895813</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Business+History+Review&rft.atitle=The+Wall+Street+Trust+from+Pujo+through+Medina&rft.volume=47&rft.pages=%3Cspan+class%3D%22nowrap%22%3E421-%3C%2Fspan%3E437&rft.date=1973&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154895813%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F3113365%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.2307%2F3113365&rft.aulast=Carosso&rft.aufirst=Vincent+P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChandler1971" class="citation book cs1">Chandler, Lester V. (1971). <i>American Monetary Policy, 1928–1941</i>. Harper & Row. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780060412272" title="Special:BookSources/9780060412272"><bdi>9780060412272</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=American+Monetary+Policy%2C+1928%E2%80%931941&rft.pub=Harper+%26+Row&rft.date=1971&rft.isbn=9780060412272&rft.aulast=Chandler&rft.aufirst=Lester+V.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEpsteinFerguson1984" class="citation journal cs1">Epstein, Gerald; Ferguson, Thomas (December 1984). "Monetary Policy, Loan Liquidation and Industrial Conflict: Federal Reserve System Open Market Operations in 1932". <i>Journal of Economic History</i>. <b>44</b>: <span class="nowrap">957–</span>984. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0022050700033040">10.1017/S0022050700033040</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154187176">154187176</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+History&rft.atitle=Monetary+Policy%2C+Loan+Liquidation+and+Industrial+Conflict%3A+Federal+Reserve+System+Open+Market+Operations+in+1932&rft.volume=44&rft.pages=%3Cspan+class%3D%22nowrap%22%3E957-%3C%2Fspan%3E984&rft.date=1984-12&rft_id=info%3Adoi%2F10.1017%2FS0022050700033040&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154187176%23id-name%3DS2CID&rft.aulast=Epstein&rft.aufirst=Gerald&rft.au=Ferguson%2C+Thomas&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedmanSchwartz1963" class="citation book cs1"><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman, Milton</a>; <a href="/wiki/Anna_Schwartz" title="Anna Schwartz">Schwartz, Anna Jacobson</a> (1963). <a href="/wiki/A_Monetary_History_of_the_United_States" title="A Monetary History of the United States"><i>A Monetary History of the United States, 1867–1960</i></a>. <a href="/wiki/Princeton_University_Press" title="Princeton University Press">Princeton University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0691003542" title="Special:BookSources/978-0691003542"><bdi>978-0691003542</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Monetary+History+of+the+United+States%2C+1867%E2%80%931960&rft.pub=Princeton+University+Press&rft.date=1963&rft.isbn=978-0691003542&rft.aulast=Friedman&rft.aufirst=Milton&rft.au=Schwartz%2C+Anna+Jacobson&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKubik1996" class="citation journal cs1">Kubik, Paul J. (1996). "Federal Reserve Policy during the Great Depression: The Impact of Interwar Attitudes regarding Consumption and Consumer Credit". <i>Journal of Economic Issues</i>. <b>30</b> (3): <span class="nowrap">829–</span>842. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F00213624.1996.11505838">10.1080/00213624.1996.11505838</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Issues&rft.atitle=Federal+Reserve+Policy+during+the+Great+Depression%3A+The+Impact+of+Interwar+Attitudes+regarding+Consumption+and+Consumer+Credit&rft.volume=30&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E829-%3C%2Fspan%3E842&rft.date=1996&rft_id=info%3Adoi%2F10.1080%2F00213624.1996.11505838&rft.aulast=Kubik&rft.aufirst=Paul+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLink1956" class="citation book cs1"><a href="/wiki/Arthur_S._Link" title="Arthur S. Link">Link, Arthur</a> (1956). <i>Wilson: The New Freedom</i>. <a href="/wiki/Princeton_University_Press" title="Princeton University Press">Princeton University Press</a>. pp. <span class="nowrap">199–</span>240.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Wilson%3A+The+New+Freedom&rft.pages=%3Cspan+class%3D%22nowrap%22%3E199-%3C%2Fspan%3E240&rft.pub=Princeton+University+Press&rft.date=1956&rft.aulast=Link&rft.aufirst=Arthur&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li>Livingston, James. <i>Origins of the Federal Reserve System: Money, Class, and Corporate Capitalism, 1890–1913</i> (1986).</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLowenstein2015" class="citation book cs1"><a href="/wiki/Roger_Lowenstein" title="Roger Lowenstein">Lowenstein, Roger</a> (2015). <i>America's Bank: The Epic Struggle to Create the Federal Reserve</i>. <a href="/wiki/Penguin_Press" class="mw-redirect" title="Penguin Press">Penguin Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0143109846" title="Special:BookSources/978-0143109846"><bdi>978-0143109846</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=America%27s+Bank%3A+The+Epic+Struggle+to+Create+the+Federal+Reserve&rft.pub=Penguin+Press&rft.date=2015&rft.isbn=978-0143109846&rft.aulast=Lowenstein&rft.aufirst=Roger&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarrs2000" class="citation journal cs1">Marrs, Jim (2000). "Secrets of Money and the Federal Reserve System". <i>Rule by Secrecy</i>: <span class="nowrap">64–</span>78.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Rule+by+Secrecy&rft.atitle=Secrets+of+Money+and+the+Federal+Reserve+System&rft.pages=%3Cspan+class%3D%22nowrap%22%3E64-%3C%2Fspan%3E78&rft.date=2000&rft.aulast=Marrs&rft.aufirst=Jim&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li>Mayhew, Anne. "Ideology and the Great Depression: Monetary History Rewritten". <i>Journal of Economic Issues</i> <b>17</b> (June 1983): 353–360.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMeltzer2004" class="citation book cs1"><a href="/wiki/Allan_H._Meltzer" title="Allan H. Meltzer">Meltzer, Allan H.</a> (2004). <a rel="nofollow" class="external text" href="https://archive.org/details/historyoffederal0001melt"><i>A History of the Federal Reserve, Volume 1: 1913–1951</i></a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-226-51999-9" title="Special:BookSources/978-0-226-51999-9"><bdi>978-0-226-51999-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+History+of+the+Federal+Reserve%2C+Volume+1%3A+1913%E2%80%931951&rft.date=2004&rft.isbn=978-0-226-51999-9&rft.aulast=Meltzer&rft.aufirst=Allan+H.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fhistoryoffederal0001melt&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span> (cloth) and <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-226-52000-1" title="Special:BookSources/978-0-226-52000-1">978-0-226-52000-1</a> (paper). <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMeltzer2009" class="citation book cs1"><a href="/wiki/Allan_H._Meltzer" title="Allan H. Meltzer">Meltzer, Allan H.</a> (2009). <i>A History of the Federal Reserve, Volume 2: Book 1, 1951–1969</i>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-226-52001-8" title="Special:BookSources/978-0-226-52001-8"><bdi>978-0-226-52001-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+History+of+the+Federal+Reserve%2C+Volume+2%3A+Book+1%2C+1951%E2%80%931969&rft.date=2009&rft.isbn=978-0-226-52001-8&rft.aulast=Meltzer&rft.aufirst=Allan+H.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMeltzer2009" class="citation book cs1"><a href="/wiki/Allan_H._Meltzer" title="Allan H. Meltzer">Meltzer, Allan H.</a> (2009). <i>A History of the Federal Reserve, Volume 2: Book 2, 1969–1985</i>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-226-51994-4" title="Special:BookSources/978-0-226-51994-4"><bdi>978-0-226-51994-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+History+of+the+Federal+Reserve%2C+Volume+2%3A+Book+2%2C+1969%E2%80%931985&rft.date=2009&rft.isbn=978-0-226-51994-4&rft.aulast=Meltzer&rft.aufirst=Allan+H.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li></ul></li> <li>Mullins, Eustace C. <i><a href="/wiki/The_Secrets_of_the_Federal_Reserve" class="mw-redirect" title="The Secrets of the Federal Reserve">The Secrets of the Federal Reserve</a></i>, 1952. John McLaughlin. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-9656492-1-0" title="Special:BookSources/0-9656492-1-0">0-9656492-1-0</a>.</li> <li>Roberts, Priscilla. 'Quis Custodiet Ipsos Custodes?' The Federal Reserve System's Founding Fathers and Allied Finances in the First World War", <i>Business History Review</i> (1998) 72: 585–603.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRothbard2007" class="citation book cs1"><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard, Murray</a> (2007). <a rel="nofollow" class="external text" href="https://mises.org/library/case-against-fed"><i>The Case Against the Fed</i></a>. <a href="/wiki/Ludwig_von_Mises_Institute" class="mw-redirect" title="Ludwig von Mises Institute">Ludwig von Mises Institute</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1467934893" title="Special:BookSources/978-1467934893"><bdi>978-1467934893</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Case+Against+the+Fed&rft.pub=Ludwig+von+Mises+Institute&rft.date=2007&rft.isbn=978-1467934893&rft.aulast=Rothbard&rft.aufirst=Murray&rft_id=https%3A%2F%2Fmises.org%2Flibrary%2Fcase-against-fed&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li>Shull, Bernard. "The Fourth Branch: The Federal Reserve's Unlikely Rise to Power and Influence" (2005) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-56720-624-7" title="Special:BookSources/1-56720-624-7">1-56720-624-7</a>.</li> <li>Steindl, Frank G. <i>Monetary Interpretations of the Great Depression.</i> (1995).</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTemin1976" class="citation book cs1"><a href="/wiki/Peter_Temin" title="Peter Temin">Temin, Peter</a> (1976). <i>Did Monetary Forces Cause the Great Depression?</i>. <a href="/wiki/W._W._Norton_%26_Company" title="W. W. Norton & Company">W. W. Norton & Company</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0393092097" title="Special:BookSources/978-0393092097"><bdi>978-0393092097</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Did+Monetary+Forces+Cause+the+Great+Depression%3F&rft.pub=W.+W.+Norton+%26+Company&rft.date=1976&rft.isbn=978-0393092097&rft.aulast=Temin&rft.aufirst=Peter&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li> <li>Wells, Donald R. <i>The Federal Reserve System: A History</i> (2004)</li> <li>West, Robert Craig. <i>Banking Reform and the Federal Reserve, 1863–1923</i> (1977).</li> <li>Wicker, Elmus. "A Reconsideration of Federal Reserve Policy during the 1920–1921 Depression", <i>Journal of Economic History</i> (1966) 26: 223–238. <ul><li>Wicker, Elmus. <i>Federal Reserve Monetary Policy, 1917–33.</i> (1966).</li> <li>Wicker, Elmus. <i>The Great Debate on Banking Reform: Nelson Aldrich and the Origins of the Fed</i> <a href="/wiki/Ohio_State_University_Press" title="Ohio State University Press">Ohio State University Press</a>, 2005.</li></ul></li> <li>Wood, John H. <i>A History of Central Banking in Great Britain and the United States</i> (2005)</li> <li>Wueschner, Silvano A. <i>Charting Twentieth-Century Monetary Policy: Herbert Hoover and Benjamin Strong, 1917–1927</i>. Greenwood Press (1999).</li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve&action=edit&section=62" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSmialek2023" class="citation book cs1">Smialek, Jeanna (2023). <i>Limitless: The Federal Reserve Takes on a New Age of Crisis</i>. New York: Alfred A. Knopf. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780593320235" title="Special:BookSources/9780593320235"><bdi>9780593320235</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1322058230">1322058230</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Limitless%3A+The+Federal+Reserve+Takes+on+a+New+Age+of+Crisis&rft.place=New+York&rft.pub=Alfred+A.+Knopf&rft.date=2023&rft_id=info%3Aoclcnum%2F1322058230&rft.isbn=9780593320235&rft.aulast=Smialek&rft.aufirst=Jeanna&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a 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<p><span class="official-website"><span class="url"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/">Official website</a></span></span> <span class="mw-valign-text-top" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q53536#P856" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span> </p> <ul><li><a rel="nofollow" class="external text" href="https://www.federalregister.gov/agencies/federal-reserve-system">Federal Reserve System</a> in the <a href="/wiki/Federal_Register" title="Federal Register">Federal Register</a></li> <li><a rel="nofollow" class="external text" href="https://catalog.archives.gov/id/411">Records of the Federal Reserve System in the National Archives (Record Group 82)</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output 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href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a></li> <li><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Governors</a></li> <li><a href="/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank">Federal Reserve Banks</a></li> <li><a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Banknote" title="Banknote">Banknotes</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Note</a></li> <li><a href="/wiki/Federal_Reserve_Bank_Note" title="Federal Reserve Bank Note">Federal Reserve Bank Note</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="8" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/80px-Seal_of_the_United_States_Federal_Reserve_System.svg.png" decoding="async" width="80" height="80" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/120px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/160px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 2x" data-file-width="249" data-file-height="249" /></span></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Reports</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Beige_Book" title="Beige Book">Beige Book</a></li> <li><a href="/wiki/Federal_Reserve_Statistical_Release" title="Federal Reserve Statistical Release">Federal Reserve Statistical Release</a></li> <li><a href="/wiki/Monetary_Policy_Report_to_the_Congress" title="Monetary Policy Report to the Congress">Monetary Policy Report to the Congress</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Federal funds</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Discount_window" title="Discount window">Discount window</a> <ul><li><a href="/wiki/Bank_rate" title="Bank rate">Bank rate</a></li></ul></li> <li><a href="/wiki/Federal_funds" title="Federal funds">Federal funds</a></li> <li><a href="/wiki/Federal_funds_rate" title="Federal funds rate">Federal funds rate</a> <ul><li><a href="/wiki/Overnight_rate" title="Overnight rate">Overnight rate</a></li></ul></li> <li><a href="/wiki/Primary_dealer" title="Primary dealer">Primary dealer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">History</a><br />(<a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">Antecedents</a>)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich–Vreeland Act</a> (1908)</li> <li><a href="/wiki/National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> (1909–1912)</li> <li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> (1913)</li> <li><a href="/wiki/Pittman_Act" title="Pittman Act">Pittman Act</a> (1918)</li> <li><a href="/wiki/Edge_Act" title="Edge Act">Edge Act</a> (1919)</li> <li><a href="/wiki/Phelan_Act_of_1920" title="Phelan Act of 1920">Phelan Act</a> (1920)</li> <li><a href="/wiki/Regulation_D_(FRB)" title="Regulation D (FRB)">Regulation D</a> (c. 1930)</li> <li><a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">Emergency Banking Act</a> (1933)</li> <li><a href="/wiki/Regulation_Q" title="Regulation Q">Regulation Q</a> (1933)</li> <li><a href="/wiki/1933_Banking_Act" title="1933 Banking Act">Glass–Steagall Act</a> (1933)</li> <li><a href="/wiki/Gold_Reserve_Act" title="Gold Reserve Act">Gold Reserve Act</a> (1934)</li> <li><a href="/wiki/Banking_Act_of_1935" title="Banking Act of 1935">Banking Act of 1935</a></li> <li><a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> (1944–1971)</li> <li><a href="/wiki/Employment_Act_of_1946" title="Employment Act of 1946">Employment Act of 1946</a></li> <li><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">U.S. Treasury Department Accord</a> (1951)</li> <li><a href="/wiki/Bank_Holding_Company_Act" title="Bank Holding Company Act">Bank Holding Company Act</a> (1956)</li> <li><a href="/wiki/History_of_Federal_Open_Market_Committee_actions" title="History of Federal Open Market Committee actions">FOMC actions</a> (1961–present)</li> <li><a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending Act</a> (1968)</li> <li><a href="/wiki/Nixon_shock" title="Nixon shock">Nixon shock</a> (1971)</li> <li><a href="/wiki/Smithsonian_Agreement" title="Smithsonian Agreement">Smithsonian Agreement</a> (1971)</li> <li><a href="/wiki/Equal_Credit_Opportunity_Act" title="Equal Credit Opportunity Act">Equal Credit Opportunity Act</a> (1974)</li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure Act</a> (1975)</li> <li><a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment Act</a> (1977)</li> <li><a href="/wiki/Federal_Reserve_Reform_Act_of_1977" title="Federal Reserve Reform Act of 1977">Federal Reserve Reform Act</a> (1977)</li> <li><a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer Act</a> (1978)</li> <li><a href="/wiki/Humphrey%E2%80%93Hawkins_Full_Employment_Act" title="Humphrey–Hawkins Full Employment Act">Humphrey–Hawkins Full Employment Act</a> (1978)</li> <li><a href="/wiki/International_Banking_Act_of_1978" title="International Banking Act of 1978">International Banking Act</a> (1978)</li> <li><a href="/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act" title="Depository Institutions Deregulation and Monetary Control Act">DIDMC Act</a> (1980)</li> <li><i><a href="/wiki/Board_of_Governors,_FRS_v._Investment_Co._Institute" title="Board of Governors, FRS v. Investment Co. Institute">Federal Reserve v. Investment Co. Institute</a></i> (1981)</li> <li><i><a href="/wiki/Bank_of_New_England" title="Bank of New England">Northeast Bancorp v. Federal Reserve</a></i> (1985)</li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a> (1987)</li> <li><a href="/wiki/Expedited_Funds_Availability_Act" title="Expedited Funds Availability Act">Expedited Funds Availability Act</a> (1987)</li> <li><a href="/wiki/Financial_Institutions_Reform,_Recovery,_and_Enforcement_Act_of_1989" title="Financial Institutions Reform, Recovery, and Enforcement Act of 1989">FIRRE Act</a> (1989)</li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation_Improvement_Act_of_1991" title="Federal Deposit Insurance Corporation Improvement Act of 1991">FDIC Improvement Act</a> (1991)</li> <li><a href="/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act" title="Gramm–Leach–Bliley Act">Gramm–Leach–Bliley Act</a> (1999)</li> <li><a href="/wiki/Federal_Reserve_responses_to_the_subprime_crisis" title="Federal Reserve responses to the subprime crisis">Subprime mortgage crisis responses</a> (2007–2010)</li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act</a> (2008)</li> <li><a href="/wiki/Unfair_or_Deceptive_Acts_or_Practices" title="Unfair or Deceptive Acts or Practices">Unfair or Deceptive Acts or Practices</a> (2008)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2008–2010)</li> <li><a href="/wiki/Primary_Dealer_Credit_Facility" title="Primary Dealer Credit Facility">Primary Dealer Credit Facility</a> (2008–2010)</li> <li><i><a href="/wiki/Bloomberg_L.P._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Bloomberg L.P. v. Board of Governors of the Federal Reserve System">Bloomberg v. Federal Reserve</a></i> (2009)</li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">2009 Supervisory Capital Assessment Program</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a> (2009–2010)</li> <li><a href="/wiki/Public%E2%80%93Private_Investment_Program_for_Legacy_Assets" title="Public–Private Investment Program for Legacy Assets">Public–Private Investment Program for Legacy Assets</a> (2009–)</li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Act</a> (2010; <a href="/wiki/Durbin_amendment" title="Durbin amendment">Durbin amendment</a>)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2020–2021)</li> <li><i><a href="/wiki/Corner_Post,_Inc._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Corner Post, Inc. v. Board of Governors of the Federal Reserve System">Corner Post v. Federal Reserve</a></i> (2024)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chairs</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Charles_Sumner_Hamlin" title="Charles Sumner Hamlin">Charles S. Hamlin</a> (1914–1916)</li> <li><a href="/wiki/William_P._G._Harding" title="William P. G. Harding">William P. G. Harding</a> (1916–1922)</li> <li><a href="/wiki/Daniel_Richard_Crissinger" title="Daniel Richard Crissinger">Daniel R. Crissinger</a> (1923–1927)</li> <li><a href="/wiki/Roy_A._Young" title="Roy A. Young">Roy A. Young</a> (1927–1930)</li> <li><a href="/wiki/Eugene_Meyer_(financier)" title="Eugene Meyer (financier)">Eugene Meyer</a> (1930–1933)</li> <li><a href="/wiki/Eugene_Robert_Black" title="Eugene Robert Black">Eugene R. Black</a> (1933–1934)</li> <li><a href="/wiki/Marriner_S._Eccles" title="Marriner S. Eccles">Marriner S. Eccles</a> (1934–1948)</li> <li><a href="/wiki/Thomas_B._McCabe" title="Thomas B. McCabe">Thomas B. McCabe</a> (1948–1951)</li> <li><a href="/wiki/William_McChesney_Martin" title="William McChesney Martin">William M. Martin</a> (1951–1970)</li> <li><a href="/wiki/Arthur_F._Burns" title="Arthur F. Burns">Arthur F. Burns</a> (1970–1978)</li> <li><a href="/wiki/G._William_Miller" title="G. William Miller">G. William Miller</a> (1978–1979)</li> <li><a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a> (1979–1987)</li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a> (1987–2006)</li> <li><a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> (2006–2014)</li> <li><a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a> (2014–2018)</li> <li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (2018–present)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Current<br />governors</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (<a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair</a>)</li> <li><a href="/wiki/Philip_Jefferson" title="Philip Jefferson">Philip Jefferson</a> (<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a>)</li> <li><a href="/wiki/Michelle_Bowman" title="Michelle Bowman">Michelle Bowman</a></li> <li><a href="/wiki/Christopher_Waller" title="Christopher Waller">Christopher Waller</a></li> <li><a href="/wiki/Lisa_D._Cook" title="Lisa D. Cook">Lisa D. Cook</a></li> <li><a href="/wiki/Michael_Barr_(U.S._official)" title="Michael Barr (U.S. official)">Michael Barr</a></li> <li><a href="/wiki/Adriana_Kugler" title="Adriana Kugler">Adriana Kugler</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Current presidents<br />(by district)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Susan_M._Collins_(economist)" title="Susan M. Collins (economist)">Susan Collins</a> (<a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a>)</li> <li><a href="/wiki/John_C._Williams_(economist)" title="John C. Williams (economist)">John Williams</a> (<a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York</a>)</li> <li><a href="/wiki/Patrick_T._Harker" title="Patrick T. Harker">Patrick T. Harker</a> (<a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a>)</li> <li><a href="/wiki/Beth_M._Hammack" title="Beth M. Hammack">Beth M. Hammack</a> (<a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a>)</li> <li><a href="/wiki/Thomas_Barkin" title="Thomas Barkin">Thomas Barkin</a> (<a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a>)</li> <li><a href="/wiki/Raphael_Bostic" title="Raphael Bostic">Raphael Bostic</a> (<a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a>)</li> <li><a href="/wiki/Austan_Goolsbee" title="Austan Goolsbee">Austan Goolsbee</a> (<a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a>)</li> <li><a href="/wiki/Alberto_Musalem" title="Alberto Musalem">Alberto Musalem</a> (<a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a>)</li> <li><a href="/wiki/Neel_Kashkari" title="Neel Kashkari">Neel Kashkari</a> (<a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a>)</li> <li><a href="/wiki/Jeffrey_Schmid" title="Jeffrey Schmid">Jeff Schmid</a> (<a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a>)</li> <li><a href="/wiki/Lorie_K._Logan" title="Lorie K. Logan">Lorie Logan</a> (<a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a>)</li> <li><a href="/wiki/Mary_C._Daly" title="Mary C. Daly">Mary C. Daly</a> (<a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Criticism_of_the_Federal_Reserve" title="Criticism of the Federal Reserve">Criticism of the Federal Reserve</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Fedspeak" title="Fedspeak">Fedspeak</a></li> <li><a href="/wiki/Fed_put" class="mw-redirect" title="Fed put">Fed put</a></li> <li><a href="/wiki/Jackson_Hole_Economic_Symposium" title="Jackson Hole Economic Symposium">Jackson Hole Economic Symposium</a></li> <li><a href="/wiki/Lender_of_last_resort" title="Lender of last resort">Lender of last resort</a></li> <li><a href="/wiki/Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy of the United States</a> <ul><li><a href="/wiki/History_of_monetary_policy_in_the_United_States" title="History of monetary policy in the United States">History</a></li></ul></li> <li><a href="/wiki/Personal_consumption_expenditures_price_index" title="Personal consumption expenditures price index">Personal consumption expenditures price index</a></li> <li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Federal_Reserve_Banks809" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Federal_Reserve_Banks" title="Template:Federal Reserve Banks"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Federal_Reserve_Banks" title="Template talk:Federal Reserve Banks"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Federal_Reserve_Banks" title="Special:EditPage/Template:Federal Reserve Banks"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Federal_Reserve_Banks809" style="font-size:114%;margin:0 4em"><a href="/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank">Federal Reserve Banks</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="3"><div>The <a href="/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank">Federal Reserve Banks</a> of <b><a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a></b> and <b><a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a></b> have no branches.</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York</a> branches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_New_York_Buffalo_Branch" title="Federal Reserve Bank of New York Buffalo Branch">Buffalo</a> <i>(closed)</i></li> <li><a href="/wiki/East_Rutherford_Operations_Center" title="East Rutherford Operations Center">East Rutherford Operations Center</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="10" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/80px-Seal_of_the_United_States_Federal_Reserve_System.svg.png" decoding="async" width="80" height="80" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/120px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/160px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 2x" data-file-width="249" data-file-height="249" /></span></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a> branches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Cleveland_Cincinnati_Branch" title="Federal Reserve Bank of Cleveland Cincinnati Branch">Cincinnati</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Cleveland_Pittsburgh_Branch" title="Federal Reserve Bank of Cleveland Pittsburgh Branch">Pittsburgh</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a> branches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Richmond_Baltimore_Branch" title="Federal Reserve Bank of Richmond Baltimore Branch">Baltimore</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Richmond_Charlotte_Branch" title="Federal Reserve Bank of Richmond Charlotte Branch">Charlotte</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a> branches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta_Birmingham_Branch" title="Federal Reserve Bank of Atlanta Birmingham Branch">Birmingham</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta_Jacksonville_Branch" title="Federal Reserve Bank of Atlanta Jacksonville Branch">Jacksonville</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta_Miami_Branch" title="Federal Reserve Bank of Atlanta Miami Branch">Miami</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta_Nashville_Branch" title="Federal Reserve Bank of Atlanta Nashville Branch">Nashville</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta_New_Orleans_Branch" title="Federal Reserve Bank of Atlanta New Orleans Branch">New Orleans</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a> branches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Chicago_Detroit_Branch" title="Federal Reserve Bank of Chicago Detroit Branch">Detroit</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a> branches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_St._Louis_Little_Rock_Branch" title="Federal Reserve Bank of St. Louis Little Rock Branch">Little Rock</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_St._Louis_Louisville_Branch" title="Federal Reserve Bank of St. Louis Louisville Branch">Louisville</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_St._Louis_Memphis_Branch" class="mw-redirect" title="Federal Reserve Bank of St. Louis Memphis Branch">Memphis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a> branches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Minneapolis_Helena_Branch" title="Federal Reserve Bank of Minneapolis Helena Branch">Helena</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a> branches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City_Denver_Branch" title="Federal Reserve Bank of Kansas City Denver Branch">Denver</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City_Oklahoma_City_Branch" title="Federal Reserve Bank of Kansas City Oklahoma City Branch">Oklahoma City</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City_Omaha_Branch" title="Federal Reserve Bank of Kansas City Omaha Branch">Omaha</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a> branches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Dallas_El_Paso_Branch" title="Federal Reserve Bank of Dallas El Paso Branch">El Paso</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Dallas_Houston_Branch" title="Federal Reserve Bank of Dallas Houston Branch">Houston </a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Dallas_San_Antonio_Branch" title="Federal Reserve Bank of Dallas San Antonio Branch">San Antonio</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a> branches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco_Los_Angeles_Branch" title="Federal Reserve Bank of San Francisco Los Angeles Branch">Los Angeles</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco_Portland_Branch" title="Federal Reserve Bank of San Francisco Portland Branch">Portland</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco_Salt_Lake_City_Branch" title="Federal Reserve Bank of San Francisco Salt Lake City Branch">Salt Lake City</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco_Seattle_Branch" title="Federal Reserve Bank of San Francisco Seattle Branch">Seattle</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Central_banks98" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Central_banks" title="Template:Central banks"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Central_banks" title="Template talk:Central banks"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Central_banks" title="Special:EditPage/Template:Central banks"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Central_banks98" style="font-size:114%;margin:0 4em"><a href="/wiki/Central_bank" title="Central bank">Central banks</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Global</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/Basel_Committee_on_Banking_Supervision" title="Basel Committee on Banking Supervision">Basel Committee on Banking Supervision</a></li> <li><a href="/wiki/Financial_Stability_Board" title="Financial Stability Board">Financial Stability Board</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Policies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_requirement" title="Capital requirement">Capital requirement</a></li> <li><a href="/wiki/Contractionary_monetary_policy" class="mw-redirect" title="Contractionary monetary policy">Contractionary monetary policy</a></li> <li><a href="/wiki/Expansionary_monetary_policy" class="mw-redirect" title="Expansionary monetary policy">Expansionary monetary policy</a></li> <li><a href="/wiki/Basel_Accords" title="Basel Accords">Basel Accords</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Implementation</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_control" title="Capital control">Capital control</a></li> <li><a href="/wiki/Discount_window" title="Discount window">Discount rate</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rates</a></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Open_market_operation" title="Open market operation">Open market operation</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth fund</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods<br />system</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a></li> <li><a href="/wiki/World_Bank_Group" title="World Bank Group">World Bank Group</a> <ul><li><a href="/wiki/International_Bank_for_Reconstruction_and_Development" title="International Bank for Reconstruction and Development">International Bank for Reconstruction and Development</a></li> <li><a href="/wiki/International_Centre_for_Settlement_of_Investment_Disputes" title="International Centre for Settlement of Investment Disputes">International Centre for Settlement of Investment Disputes</a></li> <li><a href="/wiki/International_Development_Association" title="International Development Association">International Development Association</a></li> <li><a href="/wiki/International_Finance_Corporation" title="International Finance Corporation">International Finance Corporation</a></li> <li><a href="/wiki/Multilateral_Investment_Guarantee_Agency" title="Multilateral Investment Guarantee Agency">Multilateral Investment Guarantee Agency</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_central_banks" title="List of central banks">List of central banks</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Africa" class="mw-redirect" title="Central banks and currencies of Africa">Central banks and currencies of Africa</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Asia-Pacific" title="Central banks and currencies of Asia-Pacific">Central banks and currencies of Asia-Pacific</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_the_Caribbean" title="Central banks and currencies of the Caribbean">Central banks and currencies of the Caribbean</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_Europe" title="Central banks and currencies of Europe">Central banks and currencies of Europe</a></li> <li><a href="/wiki/Central_banks_and_currencies_of_the_Americas" title="Central banks and currencies of the Americas">Central banks and currencies of the Americas</a></li></ul> </div></td></tr></tbody></table></div><div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Central_Banks_of_the_World180" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Central_Banks_of_the_World" title="Template:Central Banks of the World"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/w/index.php?title=Template_talk:Central_Banks_of_the_World&action=edit&redlink=1" class="new" title="Template talk:Central Banks of the World (page does not exist)"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Central_Banks_of_the_World" title="Special:EditPage/Template:Central Banks of the World"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Central_Banks_of_the_World180" style="font-size:114%;margin:0 4em"><a href="/wiki/Central_Bank" class="mw-redirect" title="Central Bank">Central Banks</a> of the World</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Americas</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Federal Reserve</a></li> <li><a href="/wiki/Central_Bank_of_Argentina" title="Central Bank of Argentina">Central Bank of Argentina</a></li> <li><a href="/wiki/Bank_of_Canada" title="Bank of Canada">Bank of Canada</a></li> <li><a href="/wiki/Bank_of_the_Republic_(Colombia)" title="Bank of the Republic (Colombia)">Bank of the Republic (Colombia)</a></li> <li><a href="/wiki/Bank_of_Mexico" title="Bank of Mexico">Bank of Mexico</a></li> <li><a href="/wiki/Central_Reserve_Bank_of_Peru" title="Central Reserve Bank of Peru">Central Reserve Bank of Peru</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Asia</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bank_of_Japan" title="Bank of Japan">Bank of Japan</a></li> <li><a href="/wiki/Bank_of_Israel" title="Bank of Israel">Bank of Israel</a></li> <li><a href="/wiki/Bank_of_Korea" title="Bank of Korea">Bank of Korea</a></li> <li><a href="/wiki/Bangko_Sentral_ng_Pilipinas" title="Bangko Sentral ng Pilipinas">Bangko Sentral ng Pilipinas</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Europe</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a></li> <li><a href="/wiki/National_Bank_of_Belgium" title="National Bank of Belgium">National Bank of Belgium</a></li> <li><a href="/wiki/Croatian_National_Bank" title="Croatian National Bank">Croatian National Bank</a></li> <li><a href="/wiki/Central_Bank_of_Cyprus" title="Central Bank of Cyprus">Central Bank of Cyprus</a></li> <li><a href="/wiki/Deutsche_Bundesbank" title="Deutsche Bundesbank">Deutsche Bundesbank</a></li> <li><a href="/wiki/Bank_of_Estonia" title="Bank of Estonia">Bank of Estonia</a></li> <li><a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a></li> <li><a href="/wiki/Bank_of_Finland" title="Bank of Finland">Bank of Finland</a></li> <li><a href="/wiki/Banque_de_France" class="mw-redirect" title="Banque de France">Banque de France</a></li> <li><a href="/wiki/Bank_of_Greece" title="Bank of Greece">Bank of Greece</a></li> <li><a href="/wiki/Central_Bank_of_Ireland" title="Central Bank of Ireland">Central Bank of Ireland</a></li> <li><a href="/wiki/Bank_of_Italy" title="Bank of Italy">Bank of Italy</a></li> <li><a href="/wiki/Bank_of_Latvia" title="Bank of Latvia">Bank of Latvia</a></li> <li><a href="/wiki/Bank_of_Lithuania" title="Bank of Lithuania">Bank of Lithuania</a></li> <li><a href="/wiki/Central_Bank_of_Luxembourg" title="Central Bank of Luxembourg">Central Bank of Luxembourg</a></li> <li><a href="/wiki/Central_Bank_of_Malta" title="Central Bank of Malta">Central Bank of Malta</a></li> <li><a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">De Nederlandsche Bank</a></li> <li><a href="/wiki/Oesterreichische_Nationalbank" title="Oesterreichische Nationalbank">Oesterreichische Nationalbank</a></li> <li><a href="/wiki/Banco_de_Portugal" title="Banco de Portugal">Banco de Portugal</a></li> <li><a href="/wiki/National_Bank_of_Slovakia" title="National Bank of Slovakia">National Bank of Slovakia</a></li> <li><a href="/wiki/Bank_of_Slovenia" title="Bank of Slovenia">Bank of Slovenia</a></li> <li><a href="/wiki/Bank_of_Spain" title="Bank of Spain">Bank of Spain</a></li> <li><a href="/wiki/Central_Bank_of_the_Republic_of_Turkey" title="Central Bank of the Republic of Turkey">Central Bank of Turkey</a></li> <li><a href="/wiki/Bulgarian_National_Bank" title="Bulgarian National Bank">Bulgarian National Bank</a></li> <li><a href="/wiki/Czech_National_Bank" title="Czech National Bank">Czech National Bank</a></li> <li><a href="/wiki/Danmarks_Nationalbank" title="Danmarks Nationalbank">Danmarks Nationalbank</a></li> <li><a href="/wiki/Hungarian_National_Bank" title="Hungarian National Bank">Hungarian National Bank</a></li> <li><a href="/wiki/National_Bank_of_Poland" title="National Bank of Poland">National Bank of Poland</a></li> <li><a href="/wiki/National_Bank_of_Romania" title="National Bank of Romania">National Bank of Romania</a></li> <li><a href="/wiki/Sveriges_Riksbank" title="Sveriges Riksbank">Sveriges Riksbank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Oceania</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Reserve_Bank_of_Australia" title="Reserve Bank of Australia">Reserve Bank of Australia</a></li> <li><a href="/wiki/Reserve_Bank_of_New_Zealand" title="Reserve Bank of New Zealand">Reserve Bank of New Zealand</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Template"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Symbol_template_class_pink.svg/16px-Symbol_template_class_pink.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Symbol_template_class_pink.svg/23px-Symbol_template_class_pink.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/83/Symbol_template_class_pink.svg/31px-Symbol_template_class_pink.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Template:Central_banks" title="Template:Central banks">Central banks</a></li></ul> </div></td></tr></tbody></table></div><div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="United_States_currency_and_coinage237" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:US_currency_and_coinage" title="Template:US currency and coinage"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:US_currency_and_coinage" title="Template talk:US currency and coinage"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:US_currency_and_coinage" title="Special:EditPage/Template:US currency and coinage"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="United_States_currency_and_coinage237" style="font-size:114%;margin:0 4em">United States currency and coinage</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_States_dollar" title="United States dollar">U.S. dollar</a></li> <li><a class="mw-selflink selflink">Federal Reserve System</a></li> <li><a href="/wiki/Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Note</a></li> <li><a href="/wiki/United_States_Mint" title="United States Mint">U.S. Mint</a> <ul><li><a href="/wiki/Denver_Mint" title="Denver Mint">Denver</a></li> <li><a href="/wiki/Philadelphia_Mint" title="Philadelphia Mint">Philadelphia</a></li> <li><a href="/wiki/San_Francisco_Mint" title="San Francisco Mint">San Francisco</a></li> <li><a href="/wiki/West_Point_Mint" title="West Point Mint">West Point</a></li> <li><a href="/wiki/Carson_City_Mint" title="Carson City Mint">Carson City</a></li> <li><a href="/wiki/Charlotte_Mint" title="Charlotte Mint">Charlotte</a></li> <li><a href="/wiki/Dahlonega_Mint" title="Dahlonega Mint">Dahlonega</a></li> <li><a href="/wiki/New_Orleans_Mint" title="New Orleans Mint">New Orleans</a></li> <li><a href="/wiki/Manila_Mint" title="Manila Mint">Manila Mint</a></li> <li><i><a href="/wiki/The_Dalles_Mint" title="The Dalles Mint">The Dalles Mint</a></i></li></ul></li> <li><a href="/wiki/Bureau_of_Engraving_and_Printing" title="Bureau of Engraving and Printing">Bureau of Engraving and Printing</a></li> <li><a href="/wiki/Mutilated_currency" title="Mutilated currency">Mutilated currency</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Coins_of_the_United_States_dollar" title="Coins of the United States dollar">Current coinage</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Penny_(United_States_coin)" title="Penny (United States coin)">Penny (1¢)</a></li> <li><a href="/wiki/Nickel_(United_States_coin)" title="Nickel (United States coin)">Nickel (5¢)</a></li> <li><a href="/wiki/Dime_(United_States_coin)" title="Dime (United States coin)">Dime (10¢)</a></li> <li><a href="/wiki/Quarter_(United_States_coin)" title="Quarter (United States coin)">Quarter (25¢)</a></li> <li><a href="/wiki/Half_dollar_(United_States_coin)" title="Half dollar (United States coin)">Half dollar (50¢)</a></li> <li><a href="/wiki/Dollar_coin_(United_States)" title="Dollar coin (United States)">Dollar ($1)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Coins_of_the_United_States_dollar#Bullion_coins" title="Coins of the United States dollar">Bullion coinage</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/America_the_Beautiful_silver_bullion_coins" title="America the Beautiful silver bullion coins">America the Beautiful (silver)</a></li> <li><a href="/wiki/American_Silver_Eagle" title="American Silver Eagle">American Silver Eagle</a></li> <li><a href="/wiki/American_Gold_Eagle" title="American Gold Eagle">American Gold Eagle</a></li> <li><a href="/wiki/American_Buffalo_(coin)" title="American Buffalo (coin)">American Buffalo (gold)</a></li> <li><a href="/wiki/Presidential_dollar_coins#First_Spouse_program" title="Presidential dollar coins">First Spouse (gold)</a></li> <li><a href="/wiki/American_Platinum_Eagle" title="American Platinum Eagle">American Platinum Eagle</a></li> <li><a href="/wiki/American_Palladium_Eagle" title="American Palladium Eagle">American Palladium Eagle</a></li> <li><a href="/wiki/American_Liberty_high_relief_gold_coin" title="American Liberty high relief gold coin">American Liberty (gold)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Note" title="Federal Reserve Note">Current paper money</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_States_one-dollar_bill" title="United States one-dollar bill">$1</a></li> <li><a href="/wiki/United_States_two-dollar_bill" title="United States two-dollar bill">$2</a></li> <li><a href="/wiki/United_States_five-dollar_bill" title="United States five-dollar bill">$5</a></li> <li><a href="/wiki/United_States_ten-dollar_bill" title="United States ten-dollar bill">$10</a></li> <li><a href="/wiki/United_States_twenty-dollar_bill" title="United States twenty-dollar bill">$20</a></li> <li><a href="/wiki/United_States_fifty-dollar_bill" title="United States fifty-dollar bill">$50</a></li> <li><a href="/wiki/United_States_one-hundred-dollar_bill" title="United States one-hundred-dollar bill">$100</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Discontinued denominations</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_States_five-hundred-dollar_bill" title="United States five-hundred-dollar bill">$500</a></li> <li><a href="/wiki/United_States_one-thousand-dollar_bill" title="United States one-thousand-dollar bill">$1,000</a></li> <li><a href="/wiki/United_States_five-thousand-dollar_bill" title="United States five-thousand-dollar bill">$5,000</a></li> <li><a href="/wiki/United_States_ten-thousand-dollar_bill" title="United States ten-thousand-dollar bill">$10,000</a></li> <li><a href="/wiki/United_States_one-hundred-thousand-dollar_bill" title="United States one-hundred-thousand-dollar bill">$100,000</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Art_and_engraving_on_United_States_banknotes" title="Art and engraving on United States banknotes">Art and engraving on United States banknotes</a></li> <li><a href="/wiki/United_States_Bicentennial_coinage" title="United States Bicentennial coinage">Bicentennial coinage</a></li> <li><a href="/wiki/Black_Eagle_Silver_Certificate" title="Black Eagle Silver Certificate">Black Eagle Silver Certificate</a></li> <li><a href="/wiki/Brasher_Doubloon" title="Brasher Doubloon">Brasher Doubloon</a></li> <li><a href="/wiki/United_States_commemorative_coins" title="United States commemorative coins">Commemoratives</a></li> <li><a href="/wiki/Confederate_States_dollar" title="Confederate States dollar">Confederate dollar</a></li> <li><a href="/wiki/Continental_currency_banknotes" title="Continental currency banknotes">Continental banknotes</a></li> <li><a href="/wiki/Continental_Currency_dollar_coin" title="Continental Currency dollar coin">Continental dollar coin</a></li> <li><a href="/wiki/Funnyback" title="Funnyback">Funnyback</a></li> <li><a href="/wiki/Large_denominations_of_United_States_currency" title="Large denominations of United States currency">Large denominations</a></li> <li><a href="/wiki/Obsolete_denominations_of_United_States_currency" title="Obsolete denominations of United States currency">Obsolete denominations</a></li> <li><a href="/wiki/Canceled_denominations_of_United_States_currency" title="Canceled denominations of United States currency">Canceled denominations</a></li> <li><a href="/wiki/Counterfeit_United_States_currency" title="Counterfeit United States currency">Counterfeit United States currency</a></li> <li><a href="/wiki/Mill_(currency)" title="Mill (currency)">Mill</a></li> <li><a href="/wiki/National_Numismatic_Collection" title="National Numismatic Collection">National Numismatic Collection</a></li> <li><a href="/wiki/United_States_Mint_coin_production" title="United States Mint coin production">Coin production</a></li> <li><a href="/wiki/In_God_We_Trust" title="In God We Trust">In God We Trust</a></li> <li><i><a href="/wiki/E_pluribus_unum" title="E pluribus unum">E pluribus unum</a></i></li> <li><i><a href="/wiki/Annuit_c%C5%93ptis" title="Annuit cœptis">Annuit cœptis</a></i></li> <li><i><a href="/wiki/Novus_ordo_seclorum" title="Novus ordo seclorum">Novus ordo seclorum</a></i></li> <li><a href="/wiki/Federal_Reserve_Note#Nicknames" title="Federal Reserve Note">Nicknames</a></li> <li><a href="/wiki/Replacement_banknote" title="Replacement banknote">Replacement banknote</a></li> <li><a href="/wiki/Sales_tax_token" title="Sales tax token">Sales tax token</a></li> <li><a href="/wiki/Citizens_Coinage_Advisory_Committee" title="Citizens Coinage Advisory Committee">Citizens Coinage Advisory Committee</a></li> <li><a href="/wiki/Promotional_fake_United_States_currency" title="Promotional fake United States currency">Promotional fake denominations</a></li> <li><a href="/wiki/Where%27s_George%3F" title="Where's George?">Where's George?</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Bank_regulation_in_the_United_States606" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Bank_regulation_in_the_United_States" title="Template:Bank regulation in the United States"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Bank_regulation_in_the_United_States" title="Template talk:Bank regulation in the United States"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Bank_regulation_in_the_United_States" title="Special:EditPage/Template:Bank regulation in the United States"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Bank_regulation_in_the_United_States606" style="font-size:114%;margin:0 4em"><a href="/wiki/Bank_regulation_in_the_United_States" title="Bank regulation in the United States">Bank regulation in the United States</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Federal authorities</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_Financial_Protection_Bureau" title="Consumer Financial Protection Bureau">Consumer Financial Protection Bureau</a></li> <li><a href="/wiki/Farm_Credit_Administration" title="Farm Credit Administration">Farm Credit Administration</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a></li> <li><a href="/wiki/Federal_Financial_Institutions_Examination_Council" title="Federal Financial Institutions Examination Council">Federal Financial Institutions Examination Council</a></li> <li><a href="/wiki/Federal_Housing_Finance_Agency" title="Federal Housing Finance Agency">Federal Housing Finance Agency</a></li> <li><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Federal Reserve Board of Governors</a></li> <li><a href="/wiki/Financial_Stability_Oversight_Council" title="Financial Stability Oversight Council">Financial Stability Oversight Council</a></li> <li><a href="/wiki/National_Credit_Union_Administration" title="National Credit Union Administration">National Credit Union Administration</a></li> <li><a href="/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency">Office of the Comptroller of the Currency</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major federal <br />legislation</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Independent_Treasury" title="Independent Treasury">Independent Treasury Act</a></li> <li><a href="/wiki/National_Bank_Act" title="National Bank Act">National Bank Act</a></li> <li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a></li> <li><a href="/wiki/McFadden_Act" title="McFadden Act">McFadden Act</a></li> <li><a href="/wiki/1933_Banking_Act" title="1933 Banking Act">1933 Banking Act</a></li> <li><a href="/wiki/Glass%E2%80%93Steagall_legislation" title="Glass–Steagall legislation">Glass–Steagall Act</a></li> <li><a href="/wiki/Federal_Credit_Union_Act" title="Federal Credit Union Act">Federal Credit Union Act</a></li> <li><a href="/wiki/Bank_Holding_Company_Act" title="Bank Holding Company Act">Bank Holding Company Act</a></li> <li>Interest Rate Control Act of 1966</li> <li><a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending Act</a></li> <li><a href="/wiki/Bank_Secrecy_Act" title="Bank Secrecy Act">Bank Secrecy Act</a></li> <li><a href="/wiki/Fair_Credit_Reporting_Act" title="Fair Credit Reporting Act">Fair Credit Reporting Act</a></li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure Act</a></li> <li><a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment Act</a></li> <li><a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer Act</a></li> <li><a href="/wiki/Financial_Institutions_Regulatory_and_Interest_Rate_Control_Act_of_1978" title="Financial Institutions Regulatory and Interest Rate Control Act of 1978">Financial Institutions Regulatory and Interest Rate Control Act of 1978</a></li> <li><a href="/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act" title="Depository Institutions Deregulation and Monetary Control Act">Monetary Control Act</a></li> <li><a href="/wiki/Garn%E2%80%93St._Germain_Depository_Institutions_Act" title="Garn–St. Germain Depository Institutions Act">Depository Institutions Act</a></li> <li>Competitive Equality Banking Act of 1987</li> <li><a href="/wiki/Financial_Institutions_Reform,_Recovery,_and_Enforcement_Act_of_1989" title="Financial Institutions Reform, Recovery, and Enforcement Act of 1989">FIRREA</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation_Improvement_Act_of_1991" title="Federal Deposit Insurance Corporation Improvement Act of 1991">FDICIA</a></li> <li><a href="/wiki/Truth_in_Savings_Act" title="Truth in Savings Act">Truth in Savings Act</a></li> <li><a href="/wiki/Riegle-Neal_Interstate_Banking_and_Branching_Efficiency_Act_of_1994" class="mw-redirect" title="Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994">Riegle-Neal IBBEA</a></li> <li><a href="/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act" title="Gramm–Leach–Bliley Act">Gramm–Leach–Bliley Act</a></li> <li><a href="/wiki/Fair_and_Accurate_Credit_Transactions_Act" title="Fair and Accurate Credit Transactions Act">Fair and Accurate Credit Transactions Act</a></li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act</a></li> <li><a href="/wiki/Credit_CARD_Act_of_2009" title="Credit CARD Act of 2009">Credit CARD Act</a></li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank</a></li> <li><a href="/wiki/Economic_Growth,_Regulatory_Relief,_and_Consumer_Protection_Act" title="Economic Growth, Regulatory Relief, and Consumer Protection Act">EGRRCPA</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Federal Reserve <br />Board regulations</div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>Extensions of Credit by Federal Reserve Banks (Reg A)</li> <li><a href="/wiki/Equal_Credit_Opportunity_Act" title="Equal Credit Opportunity Act">Equal Credit Opportunity (Reg B)</a></li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure (Reg C)</a></li> <li><a href="/wiki/Regulation_D_(FRB)" title="Regulation D (FRB)">Reserve Requirements for Depository Institutions (Reg D)</a></li> <li><a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer (Reg E)</a></li> <li>Limitations on Interbank Liabilities (Reg F)</li> <li>International Banking Operations (Reg K)</li> <li>Consumer Leasing (Reg M)</li> <li>Loans to Insiders (Reg O)</li> <li>Privacy of Consumer Financial Information (Reg P)</li> <li><a href="/wiki/Regulation_Q" title="Regulation Q">Prohibition Against the Paying of Interest on Demand Deposits (Reg Q)</a></li> <li>Credit by Brokers and Dealers (Reg T)</li> <li><span class="wrap">Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U)</span></li> <li>Transactions Between Member Banks and Their Affiliates (Reg W)</li> <li>Borrowers of Securities Credit (Reg X)</li> <li><a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending (Reg Z)</a></li> <li><a href="/wiki/Unfair_or_Deceptive_Acts_or_Practices" title="Unfair or Deceptive Acts or Practices">Unfair or Deceptive Acts or Practices (Reg AA)</a></li> <li><a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment (Reg BB)</a></li> <li><a href="/wiki/Expedited_Funds_Availability_Act" title="Expedited Funds Availability Act">Availability of Funds and Collection of Checks (Reg CC)</a></li> <li><a href="/wiki/Truth_in_Savings_Act" title="Truth in Savings Act">Truth in Savings (Reg DD)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bank charter</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Credit_unions_in_the_United_States" title="Credit unions in the United States">Credit union</a></li> <li><a href="/wiki/Federal_savings_association" title="Federal savings association">Federal savings association</a></li> <li><a href="/wiki/National_bank_(United_States)" title="National bank (United States)">National bank</a></li> <li><a href="/wiki/State_bank_(United_States)" title="State bank (United States)">State bank</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">State authorities</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/California_Department_of_Financial_Protection_and_Innovation" title="California Department of Financial Protection and Innovation">California</a></li> <li><a href="/wiki/Colorado_Department_of_Regulatory_Agencies" title="Colorado Department of Regulatory Agencies">Colorado</a></li> <li><a href="/wiki/Florida_Department_of_Financial_Services" title="Florida Department of Financial Services">Florida</a></li> <li><a href="/wiki/Illinois_Department_of_Financial_and_Professional_Regulation" title="Illinois Department of Financial and Professional Regulation">Illinois</a></li> <li><a href="/wiki/Maryland_Department_of_Labor" title="Maryland Department of Labor">Maryland</a></li> <li><a href="/wiki/Michigan_Department_of_Insurance_and_Financial_Services" title="Michigan Department of Insurance and Financial Services">Michigan</a></li> <li><a href="/wiki/New_Hampshire_Banking_Department" title="New Hampshire Banking Department">New Hampshire</a></li> <li><a href="/wiki/New_Jersey_Department_of_Banking_and_Insurance" title="New Jersey Department of Banking and Insurance">New Jersey</a></li> <li><a href="/wiki/New_York_State_Department_of_Financial_Services" title="New York State Department of Financial Services">New York</a></li> <li><a href="/wiki/Ohio_Department_of_Commerce" title="Ohio Department of Commerce">Ohio</a></li> <li><a href="/wiki/Oklahoma_State_Banking_Department" title="Oklahoma State Banking Department">Oklahoma</a></li> <li><a href="/wiki/Oregon_Department_of_Consumer_and_Business_Services" title="Oregon Department of Consumer and Business Services">Oregon</a></li> <li><a href="/wiki/Pennsylvania_Department_of_Banking" title="Pennsylvania Department of Banking">Pennsylvania</a></li> <li><a href="/wiki/Tennessee_Department_of_Financial_Institutions" title="Tennessee Department of Financial Institutions">Tennessee</a></li> <li><a href="/wiki/State_Corporation_Commission_(Virginia)" title="State Corporation Commission (Virginia)">Virginia</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Call_report" title="Call report">Call report</a></li> <li><a href="/wiki/CAEL_Rating" title="CAEL Rating">CAEL Rating</a></li> <li><a href="/wiki/CAMELS_rating_system" title="CAMELS rating system">CAMELS rating system</a></li> <li><a href="/wiki/Thrift_Financial_Report" title="Thrift Financial Report">Thrift Financial Report</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_in_the_United_States" title="Banking in the United States">Banking in the United States</a></li> <li><a href="/wiki/Fair_debt_collection" title="Fair debt collection">Fair debt collection</a></li> <li><a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">History of central banking in the United States</a></li> <li><a href="/wiki/Wildcat_banking" title="Wildcat banking">Wildcat banking</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="font-weight:bold;"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Bank_regulation_in_the_United_States" title="Category:Bank regulation in the United States">Category</a></li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Symbol_portal_class.svg" class="mw-file-description" title="Portal"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/16px-Symbol_portal_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/23px-Symbol_portal_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/e/e2/Symbol_portal_class.svg/31px-Symbol_portal_class.svg.png 2x" data-file-width="180" data-file-height="185" /></a></span> <a href="/wiki/Portal:Banks" title="Portal:Banks">Banks portal</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Woodrow_Wilson872" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Woodrow_Wilson" title="Template:Woodrow Wilson"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Woodrow_Wilson" title="Template talk:Woodrow Wilson"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Woodrow_Wilson" title="Special:EditPage/Template:Woodrow Wilson"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Woodrow_Wilson872" style="font-size:114%;margin:0 4em"><a href="/wiki/Woodrow_Wilson" title="Woodrow Wilson">Woodrow Wilson</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_presidents_of_the_United_States" title="List of presidents of the United States">28th</a> <a href="/wiki/President_of_the_United_States" title="President of the United States">President of the United States</a> (1913–1921)</span></li> <li><span class="nowrap"><a href="/wiki/List_of_governors_of_New_Jersey" title="List of governors of New Jersey">34th</a> <a href="/wiki/Governor_of_New_Jersey" title="Governor of New Jersey">Governor of New Jersey</a> (1911–1913)</span></li> <li><span class="nowrap">13th <a href="/wiki/List_of_presidents_of_Princeton_University" title="List of presidents of Princeton University">President of Princeton University</a> (1902–1910)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Presidency_of_Woodrow_Wilson" title="Presidency of Woodrow Wilson">Presidency</a><br />(<a href="/wiki/Timeline_of_the_Woodrow_Wilson_presidency" title="Timeline of the Woodrow Wilson presidency">timeline</a>)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Presidential_transition_of_Woodrow_Wilson" title="Presidential transition of Woodrow Wilson">Transition</a></li> <li><a href="/wiki/First_inauguration_of_Woodrow_Wilson" title="First inauguration of Woodrow Wilson">1913 inauguration</a></li> <li><a href="/wiki/Second_inauguration_of_Woodrow_Wilson" title="Second inauguration of Woodrow Wilson">1917 inauguration</a></li> <li><a href="/wiki/Theodore_Roosevelt_desk" title="Theodore Roosevelt desk">Roosevelt desk</a></li> <li><a href="/wiki/List_of_federal_judges_appointed_by_Woodrow_Wilson" title="List of federal judges appointed by Woodrow Wilson">Judicial appointments</a> <ul><li><a href="/wiki/Woodrow_Wilson_Supreme_Court_candidates" title="Woodrow Wilson Supreme Court candidates">Supreme Court nominees</a></li> <li><a href="/wiki/Louis_Brandeis_Supreme_Court_nomination" title="Louis Brandeis Supreme Court nomination">Louis Brandeis Supreme Court nomination</a></li></ul></li> <li><a href="/wiki/Woodrow_Wilson#Administration_and_Cabinet" title="Woodrow Wilson">Cabinet</a></li> <li><a href="/wiki/List_of_Nobel_Peace_Prize_laureates#Laureates" title="List of Nobel Peace Prize laureates">1919 Nobel Peace Prize</a></li> <li><a href="/wiki/Nineteenth_Amendment_to_the_United_States_Constitution" title="Nineteenth Amendment to the United States Constitution">19th Amendment</a> <ul><li><a href="/wiki/Silent_Sentinels" title="Silent Sentinels">Silent Sentinels</a></li> <li><a href="/wiki/Woman_Suffrage_Procession" title="Woman Suffrage Procession">Woman Suffrage Procession</a></li></ul></li> <li><a href="/wiki/1913_State_of_the_Union_Address" title="1913 State of the Union Address">State of the Union Address 1913</a></li> <li><a href="/wiki/1914_State_of_the_Union_Address" title="1914 State of the Union Address">1914</a></li> <li><a href="/wiki/1915_State_of_the_Union_Address" title="1915 State of the Union Address">1915</a></li> <li><a href="/wiki/1916_State_of_the_Union_Address" title="1916 State of the Union Address">1916</a></li> <li><a href="/wiki/1917_State_of_the_Union_Address" title="1917 State of the Union Address">1917</a></li> <li><a href="/wiki/1918_State_of_the_Union_Address" title="1918 State of the Union Address">1918</a></li> <li><a href="/wiki/1920_State_of_the_Union_Address" title="1920 State of the Union Address">1920</a></li> <li><a href="/wiki/Presidential_transition_of_Warren_G._Harding" title="Presidential transition of Warren G. Harding">Harding transition</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Foreign_policy_of_the_Woodrow_Wilson_administration" title="Foreign policy of the Woodrow Wilson administration">Foreign policy</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Wilsonianism" title="Wilsonianism">Wilsonianism</a></li> <li><a href="/wiki/Bryan%E2%80%93Chamorro_Treaty" title="Bryan–Chamorro Treaty">Bryan–Chamorro Treaty</a> (1914)</li> <li><a href="/wiki/United_States_occupation_of_Haiti" title="United States occupation of Haiti">Occupation of Haiti</a> (1915–1934)</li> <li><a href="/wiki/United_States_occupation_of_the_Dominican_Republic_(1916%E2%80%931924)" class="mw-redirect" title="United States occupation of the Dominican Republic (1916–1924)">Occupation of the Dominican Republic</a> (1916–1924)</li> <li><a href="/wiki/Army_Appropriations_Act_of_1916" title="Army Appropriations Act of 1916">Army Appropriations Act of 1916</a> <ul><li><a href="/wiki/Council_of_National_Defense" title="Council of National Defense">Council of National Defense</a></li></ul></li> <li><a href="/wiki/Jones_Law_(Philippines)" title="Jones Law (Philippines)">Philippine Autonomy Act</a> (1916)</li> <li><a href="/wiki/World_War_I" title="World War I">World War I</a> <ul><li>1917–1918; <a href="/wiki/American_entry_into_World_War_I" title="American entry into World War I">entry</a></li> <li><a href="/wiki/United_States_campaigns_in_World_War_I" title="United States campaigns in World War I">campaigns</a></li> <li><a href="/wiki/Home_front_during_World_War_I#United_States" title="Home front during World War I">home front</a></li> <li><a href="/wiki/Committee_on_Public_Information" title="Committee on Public Information">Committee on Public Information</a></li> <li><a href="/wiki/Four_Minute_Men" title="Four Minute Men">Four Minute Men</a></li> <li><a href="/wiki/Fourteen_Points" title="Fourteen Points">Fourteen Points</a></li> <li><a href="/wiki/The_Inquiry" title="The Inquiry">The Inquiry</a></li> <li><a href="/wiki/American_Commission_to_Negotiate_Peace" title="American Commission to Negotiate Peace">American Commission to Negotiate Peace</a></li> <li><a href="/wiki/Armistice_of_11_November_1918" title="Armistice of 11 November 1918">Armistice of 11 November 1918</a></li></ul></li> <li><a href="/wiki/Espionage_Act_of_1917" title="Espionage Act of 1917">Espionage Act of 1917</a></li> <li><a href="/wiki/Immigration_Act_of_1917" title="Immigration Act of 1917">Immigration Act of 1917</a></li> <li><a href="/wiki/Selective_Service_Act_of_1917" title="Selective Service Act of 1917">Selective Service Act of 1917</a></li> <li><a href="/wiki/Immigration_Act_of_1918" title="Immigration Act of 1918">Immigration Act of 1918</a></li> <li><a href="/wiki/Migratory_Bird_Treaty_Act_of_1918" title="Migratory Bird Treaty Act of 1918">Migratory Bird Treaty Act of 1918</a></li> <li><a href="/wiki/National_War_Labor_Board_(1918%E2%80%931919)" title="National War Labor Board (1918–1919)">National War Labor Board</a> (1918)</li> <li><a href="/wiki/Sedition_Act_of_1918" title="Sedition Act of 1918">Sedition Act of 1918</a></li> <li><a href="/wiki/Wartime_Measure_Act_of_1918" title="Wartime Measure Act of 1918">Wartime Measure Act of 1918</a></li> <li><a href="/wiki/Paris_Peace_Conference_(1919%E2%80%931920)" title="Paris Peace Conference (1919–1920)">Paris Peace Conference</a> <ul><li>1919–1920; <a href="/wiki/Racial_Equality_Proposal" title="Racial Equality Proposal">Racial Equality Proposal</a></li></ul></li> <li><a href="/wiki/Pueblo_speech" title="Pueblo speech">Pueblo speech</a> (1919)</li> <li><a href="/wiki/Treaty_of_Versailles" title="Treaty of Versailles">Treaty of Versailles</a> <ul><li>1919; <a href="/wiki/Big_Four_(World_War_I)#Woodrow_Wilson" title="Big Four (World War I)">Big Four</a></li></ul></li> <li><a href="/wiki/League_of_Nations" title="League of Nations">League of Nations</a> <ul><li>1920; <a href="/wiki/Covenant_of_the_League_of_Nations" title="Covenant of the League of Nations">charter</a></li></ul></li> <li><a href="/wiki/Wilsonian_Armenia" title="Wilsonian Armenia">Wilsonian Armenia</a> (1920)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/The_New_Freedom" title="The New Freedom">New Freedom</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Woodrow_Wilson_and_race" title="Woodrow Wilson and race">Federal racial segregation</a></li> <li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> <ul><li>1913; <a class="mw-selflink selflink">Federal Reserve</a></li></ul></li> <li><a href="/wiki/Newlands_Labor_Act" title="Newlands Labor Act">Newlands Labor Act</a> <ul><li>1913; <a href="/wiki/National_Mediation_Board" title="National Mediation Board">Board of Mediation and Conciliation</a></li></ul></li> <li><a href="/wiki/Raker_Act" title="Raker Act">Raker Act</a> (1913)</li> <li><a href="/wiki/Revenue_Act_of_1913" title="Revenue Act of 1913">Revenue Act of 1913</a> <ul><li><a href="/wiki/Income_tax_in_the_United_States" title="Income tax in the United States">Federal income tax</a></li></ul></li> <li><a href="/wiki/Rivers_and_Harbors_Act" title="Rivers and Harbors Act">Rivers and Harbors Acts</a> <ul><li><a href="/wiki/Rivers_and_Harbors_Act_of_1913" title="Rivers and Harbors Act of 1913">1913</a></li> <li><a href="/wiki/River_and_Harbors_Act_of_1914" class="mw-redirect" title="River and Harbors Act of 1914">1914</a></li> <li><a href="/wiki/River_and_Harbors_Act_of_1915" title="River and Harbors Act of 1915">1915</a></li> <li><a href="/wiki/River_and_Harbors_Act_of_1916" title="River and Harbors Act of 1916">1916</a></li></ul></li> <li><a href="/wiki/Sabath_Act" class="mw-redirect" title="Sabath Act">Sabath Act</a> (1913)</li> <li><a href="/wiki/Clayton_Antitrust_Act_of_1914" title="Clayton Antitrust Act of 1914">Clayton Antitrust Act of 1914</a></li> <li><a href="/wiki/Cotton_Futures_Act" title="Cotton Futures Act">Cotton Futures Act of 1914</a></li> <li><a href="/wiki/Cutter_Service_Act" title="Cutter Service Act">Cutter Service Act</a> (1914)</li> <li><a href="/wiki/Emergency_Internal_Revenue_Tax_Act" title="Emergency Internal Revenue Tax Act">Emergency Internal Revenue Tax Act</a> (1914)</li> <li><a href="/wiki/Federal_Trade_Commission_Act_of_1914" title="Federal Trade Commission Act of 1914">Federal Trade Commission Act of 1914</a> <ul><li><a href="/wiki/Federal_Trade_Commission" title="Federal Trade Commission">Federal Trade Commission</a></li></ul></li> <li><a href="/wiki/Glacier_National_Park_(U.S.)" title="Glacier National Park (U.S.)">Glacier National Park Act of 1914</a></li> <li><a href="/wiki/Congressional_Research_Service" title="Congressional Research Service">Legislative Reference Service</a> (1914)</li> <li><a href="/wiki/Smith%E2%80%93Lever_Act_of_1914" title="Smith–Lever Act of 1914">Smith–Lever Act of 1914</a></li> <li><a href="/wiki/War_Risk_Insurance_Act" title="War Risk Insurance Act">War Risk Insurance Act</a> (1914)</li> <li><a href="/wiki/Locomotive_Inspection_Act" title="Locomotive Inspection Act">Locomotive Inspection Act</a> (1915)</li> <li><a href="/wiki/National_Advisory_Committee_for_Aeronautics" title="National Advisory Committee for Aeronautics">National Advisory Committee for Aeronautics</a> (1915)</li> <li><a href="/wiki/Occupancy_Permits_Act" title="Occupancy Permits Act">Occupancy Permits Act</a> (1915)</li> <li><a href="/wiki/Adamson_Act" title="Adamson Act">Adamson Act</a> (1916)</li> <li><a href="/wiki/Brush_Disposal_Act_of_1916" title="Brush Disposal Act of 1916">Brush Disposal Act of 1916</a></li> <li><a href="/wiki/Cotton_Futures_Act_of_1916" title="Cotton Futures Act of 1916">Cotton Futures Act of 1916</a></li> <li><a href="/wiki/Federal_Aid_Road_Act_of_1916" title="Federal Aid Road Act of 1916">Federal Aid Road Act of 1916</a></li> <li><a href="/wiki/Federal_Employees%27_Compensation_Act" title="Federal Employees' Compensation Act">Federal Employees' Compensation Act</a> (1916)</li> <li><a href="/wiki/Federal_Farm_Loan_Act" title="Federal Farm Loan Act">Federal Farm Loan Act</a> <ul><li>1916; <a href="/wiki/Farm_Credit_System" title="Farm Credit System">Farm Credit System</a></li> <li><a href="/wiki/Federal_Farm_Board" title="Federal Farm Board">Federal Farm Loan Board</a></li></ul></li> <li><a href="/wiki/Flag_Day_(United_States)" title="Flag Day (United States)">Flag Day</a> (1916)</li> <li><a href="/wiki/Fraudulent_Advertising_Act_of_1916" title="Fraudulent Advertising Act of 1916">Fraudulent Advertising Act of 1916</a></li> <li><a href="/wiki/Keating%E2%80%93Owen_Act" title="Keating–Owen Act">Keating–Owen Act</a> (1916)</li> <li><a href="/wiki/National_Park_Service_Organic_Act" title="National Park Service Organic Act">National Park Service Organic Act</a> <ul><li>1916; <a href="/wiki/National_Park_Service" title="National Park Service">National Park Service</a></li></ul></li> <li><a href="/wiki/Revenue_Act_of_1916" title="Revenue Act of 1916">Revenue Act of 1916</a></li> <li><a href="/wiki/Rural_Post_Roads_Act_of_1916" title="Rural Post Roads Act of 1916">Rural Post Roads Act of 1916</a></li> <li><a href="/wiki/Irrigation_District_Act_of_1916_(Smith_Act)" title="Irrigation District Act of 1916 (Smith Act)">Smith Act</a> (1916)</li> <li><a href="/wiki/Stock-Raising_Homestead_Act" title="Stock-Raising Homestead Act">Stock-Raising Homestead Act</a> (1916)</li> <li><a href="/wiki/United_States_Grain_Standards_Act_of_1916" title="United States Grain Standards Act of 1916">United States Grain Standards Act of 1916</a></li> <li><a href="/wiki/Warehouse_Act_of_1916" title="Warehouse Act of 1916">Warehouse Act of 1916</a></li> <li><a href="/wiki/Wildlife_Game_Refuges_Act_of_1916" title="Wildlife Game Refuges Act of 1916">Wildlife Game Refuges Act of 1916</a></li> <li><a href="/wiki/Flood_Control_Act_of_1917" title="Flood Control Act of 1917">Flood Control Act of 1917</a></li> <li><a href="/wiki/Smith%E2%80%93Hughes_Act" title="Smith–Hughes Act">Smith–Hughes Act</a> <ul><li>1917; <a href="/wiki/U.S._Federal_Board_for_Vocational_Education" title="U.S. Federal Board for Vocational Education">U.S. Federal Board for Vocational Education</a></li></ul></li> <li><a href="/wiki/United_States_Railroad_Administration" title="United States Railroad Administration">United States Railroad Administration</a> <ul><li>1917; <a href="/wiki/USRA_standard" title="USRA standard">USRA standard</a></li></ul></li> <li><a href="/wiki/War_Revenue_Act_of_1917" title="War Revenue Act of 1917">War Revenue Act of 1917</a></li> <li><a href="/wiki/Revenue_Act_of_1918" title="Revenue Act of 1918">Revenue Act of 1918</a></li> <li><a href="/wiki/Acadia_National_Park" title="Acadia National Park">Acadia National Park Act of 1919</a></li> <li><a href="/wiki/Grand_Canyon" title="Grand Canyon">Grand Canyon Park Act of 1919</a></li> <li><a href="/wiki/Red_Summer" title="Red Summer">Red Summer</a> (1919)</li> <li><a href="/wiki/Wheat_Price_Guarantee_Act" title="Wheat Price Guarantee Act">Wheat Price Guarantee Act</a> (1919)</li> <li><a href="/wiki/Esch%E2%80%93Cummins_Act" title="Esch–Cummins Act">Esch–Cummins Act</a> <ul><li>1920; <a href="/wiki/Railroad_Labor_Board" title="Railroad Labor Board">Railroad Labor Board</a></li></ul></li> <li><a href="/wiki/Federal_Power_Act" title="Federal Power Act">Federal Power Act</a> <ul><li>1920; <a href="/wiki/Federal_Power_Commission" title="Federal Power Commission">Federal Power Commission</a></li></ul></li> <li><a href="/wiki/Merchant_Marine_Act_of_1920" title="Merchant Marine Act of 1920">Merchant Marine Act of 1920</a></li> <li><a href="/wiki/Mineral_Leasing_Act_of_1920" title="Mineral Leasing Act of 1920">Mineral Leasing Act of 1920</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Life</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Woodrow_Wilson_Presidential_Library" title="Woodrow Wilson Presidential Library">Birthplace and Presidential Library</a> <ul><li><a href="/wiki/Seeley_G._Mudd_Manuscript_Library" title="Seeley G. Mudd Manuscript Library">papers and manuscripts</a></li></ul></li> <li><a href="/wiki/Woodrow_Wilson_Boyhood_Home" title="Woodrow Wilson Boyhood Home">Boyhood home in Georgia</a></li> <li><a href="/wiki/Woodrow_Wilson_Boyhood_Home_(Columbia,_South_Carolina)" title="Woodrow Wilson Boyhood Home (Columbia, South Carolina)">Boyhood home in South Carolina</a></li> <li><a href="/wiki/History_of_Princeton_University#Woodrow_Wilson" title="History of Princeton University">Princeton University president</a></li> <li><a href="/wiki/Harlakenden" title="Harlakenden">Summer White House (Harlakenden</a></li> <li><a href="/wiki/Shadow_Lawn_(New_Jersey)" title="Shadow Lawn (New Jersey)">Shadow Lawn)</a></li> <li><a href="/wiki/Woodrow_Wilson_House_(Washington,_D.C.)" title="Woodrow Wilson House (Washington, D.C.)">Woodrow Wilson House</a></li> <li><a href="/wiki/Washington_National_Cathedral#Burials" title="Washington National Cathedral">Gravesite</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Books</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i>Congressional Government</i> (1900)</li> <li><i>When a Man Comes to Himself</i> (1901)</li> <li><a href="/wiki/The_New_Freedom" title="The New Freedom"><i>The New Freedom</i> (1913)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Electoral_History_of_Woodrow_Wilson" class="mw-redirect" title="Electoral History of Woodrow Wilson">Elections</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1910_New_Jersey_gubernatorial_election" title="1910 New Jersey gubernatorial election">1910 New Jersey gubernatorial election</a></li> <li><a href="/wiki/1912_Democratic_National_Convention" title="1912 Democratic National Convention">1912 Democratic National Convention</a></li> <li><a href="/wiki/1912_United_States_presidential_election" title="1912 United States presidential election">1912 U.S. presidential election</a></li> <li><a href="/wiki/1916_Democratic_National_Convention" title="1916 Democratic National Convention">1916 Democratic National Convention</a></li> <li><a href="/wiki/1916_United_States_presidential_election" title="1916 United States presidential election">1916 U.S. presidential election</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Legacy<br />(<a href="/wiki/List_of_memorials_to_Woodrow_Wilson" title="List of memorials to Woodrow Wilson">memorials</a>)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bibliography_of_Woodrow_Wilson" title="Bibliography of Woodrow Wilson">Bibliography</a></li> <li><a href="/wiki/Woodrow_Wilson_Awards" title="Woodrow Wilson Awards">Woodrow Wilson Awards</a></li> <li><a href="/wiki/Woodrow_Wilson_Foundation" title="Woodrow Wilson Foundation">Woodrow Wilson Foundation</a></li> <li><a href="/wiki/Woodrow_Wilson_International_Center_for_Scholars" title="Woodrow Wilson International Center for Scholars">Woodrow Wilson International Center for Scholars</a> <ul><li><i><a href="/wiki/The_Wilson_Quarterly" title="The Wilson Quarterly">The Wilson Quarterly</a></i></li></ul></li> <li><a href="/wiki/Princeton_School_of_Public_and_International_Affairs" title="Princeton School of Public and International Affairs">Woodrow Wilson School of Public and International Affairs</a></li> <li><a href="/wiki/Woodrow_Wilson_High_School_(disambiguation)" class="mw-redirect mw-disambig" title="Woodrow Wilson High School (disambiguation)">High schools</a></li> <li><a href="/wiki/Kennedy%E2%80%93King_College" title="Kennedy–King College">Woodrow Wilson Junior College</a></li> <li><i><a href="/wiki/Celestial_Sphere_Woodrow_Wilson_Memorial" title="Celestial Sphere Woodrow Wilson Memorial">Celestial Sphere Woodrow Wilson Memorial</a></i></li> <li><i><a href="/wiki/Statue_of_Woodrow_Wilson_(Austin,_Texas)" title="Statue of Woodrow Wilson (Austin, Texas)">Woodrow Wilson</a></i> (Austin statue)</li> <li><a href="/wiki/Wilson_Square" title="Wilson Square">Wilson Square</a> (Warsaw)</li> <li><a href="/wiki/Woodrow_Wilson_Monument" title="Woodrow Wilson Monument">Woodrow Wilson Monument</a> (Prague)</li> <li><a href="/wiki/Woodrow_Wilson_Bridge" title="Woodrow Wilson Bridge">Woodrow Wilson Bridge</a></li> <li><a href="/wiki/Woodrow_Wilson_National_Fellowship_Foundation" class="mw-redirect" title="Woodrow Wilson National Fellowship Foundation">Woodrow Wilson National Fellowship Foundation</a></li> <li><a href="/wiki/Mount_Wilson_(Vermont)" title="Mount Wilson (Vermont)">Mount Wilson (Vermont)</a></li> <li><a href="/wiki/SS_President_Wilson" title="SS President Wilson">SS <i>President Wilson</i></a></li> <li><a href="/wiki/Presidents_of_the_United_States_on_U.S._postage_stamps#Woodrow_Wilson" title="Presidents of the United States on U.S. postage stamps">U.S. Postage stamps</a></li> <li><a href="/wiki/United_States_one-hundred-thousand-dollar_bill" title="United States one-hundred-thousand-dollar bill">United States one-hundred-thousand-dollar bill</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Popular<br />culture</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Wilson_(1944_film)" title="Wilson (1944 film)"><i>Wilson</i></a> (1944 film)</li> <li><a href="/wiki/Profiles_in_Courage_(TV_series)" title="Profiles in Courage (TV series)"><i>Profiles in Courage</i></a> (1965 series)</li> <li><i><a href="/wiki/Backstairs_at_the_White_House" title="Backstairs at the White House">Backstairs at the White House</a></i> (1979 miniseries)</li> <li><i><a href="/wiki/Woodrow_Wilson_and_the_Birth_of_the_American_Century" title="Woodrow Wilson and the Birth of the American Century">Woodrow Wilson and the Birth of the American Century</a></i> (2002 documentary)</li> <li><a href="/wiki/Wilson_(book)" title="Wilson (book)"><i>Wilson</i></a> (2013 book)</li> <li><i><a href="/wiki/Suffs" title="Suffs">Suffs</a></i> (2022 musical)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Family</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ellen_Axson_Wilson" title="Ellen Axson Wilson">Ellen Axson Wilson</a> (wife, 1885–1914, death)</li> <li><a href="/wiki/Edith_Wilson" title="Edith Wilson">Edith Bolling Wilson</a> (wife, 1915–1924)</li> <li><a href="/wiki/Margaret_Woodrow_Wilson" title="Margaret Woodrow Wilson">Margaret Wilson</a> (daughter, acting first lady)</li> <li><a href="/wiki/Jessie_Woodrow_Wilson_Sayre" class="mw-redirect" title="Jessie Woodrow Wilson Sayre">Jessie Wilson Sayre</a> (daughter)</li> <li><a href="/wiki/Eleanor_Wilson_McAdoo" title="Eleanor Wilson McAdoo">Eleanor Wilson McAdoo</a> (daughter)</li> <li><a href="/wiki/Francis_Bowes_Sayre_Jr." title="Francis Bowes Sayre Jr.">Francis Sayre Jr.</a> (grandson)</li> <li><a href="/wiki/Joseph_Ruggles_Wilson" title="Joseph Ruggles Wilson">Joseph Ruggles Wilson</a> (father)</li> <li><a href="/wiki/James_Wilson_(journalist)" title="James Wilson (journalist)">James Wilson</a> (grandfather)</li> <li><a href="/wiki/Helen_Woodrow_Bones" title="Helen Woodrow Bones">Helen Woodrow Bones</a> (cousin, secretary)</li> <li><a href="/wiki/William_Gibbs_McAdoo" title="William Gibbs McAdoo">William McAdoo</a> (son-in-law)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Progressive_Era" title="Progressive Era">Progressive Era</a></li> <li><a href="/wiki/Jefferson_Literary_and_Debating_Society" title="Jefferson Literary and Debating Society">Jefferson Literary and Debating Society</a></li> <li><a href="/wiki/Woodrow_Wilson_and_race" title="Woodrow Wilson and race">Woodrow Wilson and race</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><b><a href="/wiki/William_Howard_Taft" title="William Howard Taft">← William Howard Taft</a></b></li> <li><b><a href="/wiki/Warren_G._Harding" title="Warren G. Harding">Warren G. Harding →</a></b></li></ul> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Woodrow_Wilson" title="Category:Woodrow Wilson">Category</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r886047488">.mw-parser-output .nobold{font-weight:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r886047488"></div><div role="navigation" class="navbox" aria-labelledby="United_States_articles608" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="text-align:center;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:United_States_topics" title="Template:United States topics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:United_States_topics" title="Template talk:United States topics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:United_States_topics" title="Special:EditPage/Template:United States topics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="United_States_articles608" style="font-size:114%;margin:0 4em"><a href="/wiki/United_States" title="United States">United States</a> articles</div></th></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/History_of_the_United_States" title="History of the United States">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">By period</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/History_of_the_United_States_(1776%E2%80%931789)" title="History of the United States (1776–1789)">1776–1789</a></li> <li><a href="/wiki/History_of_the_United_States_(1789%E2%80%931815)" title="History of the United States (1789–1815)">1789–1815</a></li> <li><a href="/wiki/History_of_the_United_States_(1815%E2%80%931849)" title="History of the United States (1815–1849)">1815–1849</a></li> <li><a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">1849–1865</a></li> <li><a href="/wiki/History_of_the_United_States_(1865%E2%80%931917)" title="History of the United States (1865–1917)">1865–1917</a></li> <li><a href="/wiki/History_of_the_United_States_(1917%E2%80%931945)" title="History of the United States (1917–1945)">1917–1945</a></li> <li><a href="/wiki/History_of_the_United_States_(1945%E2%80%931964)" title="History of the United States (1945–1964)">1945–1964</a></li> <li><a href="/wiki/History_of_the_United_States_(1964%E2%80%931980)" title="History of the United States (1964–1980)">1964–1980</a></li> <li><a href="/wiki/History_of_the_United_States_(1980%E2%80%931991)" title="History of the United States (1980–1991)">1980–1991</a></li> <li><a href="/wiki/History_of_the_United_States_(1991%E2%80%932008)" class="mw-redirect" title="History of the United States (1991–2008)">1991–2008</a></li> <li><a href="/wiki/History_of_the_United_States_(2008%E2%80%93present)" class="mw-redirect" title="History of the United States (2008–present)">2008–present</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">By event</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Pre-Columbian_era" title="Pre-Columbian era">Pre-colonial era</a></li> <li><a href="/wiki/Colonial_history_of_the_United_States" title="Colonial history of the United States">Colonial era</a> <ul><li><a href="/wiki/Stamp_Act_Congress" title="Stamp Act Congress">Stamp Act Congress</a></li> <li><a href="/wiki/Thirteen_Colonies" title="Thirteen Colonies">Thirteen Colonies</a></li> <li><a href="/wiki/Continental_Congress" title="Continental Congress">Continental Congress</a></li> <li><a href="/wiki/Continental_Association" title="Continental Association">Continental Association</a></li> <li><a href="/wiki/United_Colonies" title="United Colonies">United Colonies</a></li> <li><a href="/wiki/Colonial_American_military_history" title="Colonial American military history">military history</a></li> <li><a href="/wiki/Founding_Fathers_of_the_United_States" title="Founding Fathers of the United States">Founding Fathers</a></li></ul></li> <li><a href="/wiki/Halifax_Resolves" title="Halifax Resolves">Halifax Resolves</a></li> <li><a href="/wiki/Lee_Resolution" title="Lee Resolution">Lee Resolution</a></li> <li><a href="/wiki/United_States_Declaration_of_Independence" title="United States Declaration of Independence">Declaration of Independence</a></li> <li><a href="/wiki/American_Revolution" title="American Revolution">American Revolution</a> <ul><li><a href="/wiki/American_Revolutionary_War" title="American Revolutionary War">War</a></li> <li><a href="/wiki/Treaty_of_Paris_(1783)" title="Treaty of Paris (1783)">Treaty of Paris</a></li></ul></li> <li><a href="/wiki/Articles_of_Confederation" title="Articles of Confederation">Articles of Confederation</a> <ul><li><a href="/wiki/Perpetual_Union" title="Perpetual Union">Perpetual Union</a></li> <li><a href="/wiki/Confederation_period" title="Confederation period">Confederation period</a></li></ul></li> <li><a href="/wiki/American_frontier" title="American frontier">American frontier</a></li> <li><a href="/wiki/Constitution_of_the_United_States" title="Constitution of the United States">Constitution</a> <ul><li><a href="/wiki/Timeline_of_drafting_and_ratification_of_the_United_States_Constitution" title="Timeline of drafting and ratification of the United States Constitution">drafting and ratification</a></li> <li><a href="/wiki/United_States_Bill_of_Rights" title="United States Bill of Rights">Bill of Rights</a></li></ul></li> <li><a href="/wiki/Federalist_Era" title="Federalist Era">Federalist Era</a></li> <li><a href="/wiki/War_of_1812" title="War of 1812">War of 1812</a></li> <li><a href="/wiki/Territorial_evolution_of_the_United_States" title="Territorial evolution of the United States">Territorial evolution</a></li> <li><a href="/wiki/Mexican%E2%80%93American_War" title="Mexican–American War">Mexican–American War</a></li> <li><a href="/wiki/American_Civil_War" title="American Civil War">Civil War</a></li> <li><a href="/wiki/Reconstruction_era" title="Reconstruction era">Reconstruction era</a></li> <li><a href="/wiki/American_Indian_Wars" title="American Indian Wars">Indian Wars</a></li> <li><a href="/wiki/Native_American_genocide_in_the_United_States" title="Native American genocide in the United States">Native genocide</a></li> <li><a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a></li> <li><a href="/wiki/Progressive_Era" title="Progressive Era">Progressive Era</a></li> <li><a href="/wiki/Women%27s_suffrage_in_the_United_States" title="Women's suffrage in the United States">Women's suffrage</a></li> <li>Civil rights movement <ul><li><a href="/wiki/Civil_rights_movement_(1865%E2%80%931896)" title="Civil rights movement (1865–1896)">1865–1896</a></li> <li><a href="/wiki/Civil_rights_movement_(1896%E2%80%931954)" title="Civil rights movement (1896–1954)">1896–1954</a></li> <li><a href="/wiki/Civil_rights_movement" title="Civil rights movement">1954–1968</a></li></ul></li> <li><a href="/wiki/Spanish%E2%80%93American_War" title="Spanish–American War">Spanish–American War</a></li> <li><a href="/wiki/American_imperialism" class="mw-redirect" title="American imperialism">Imperialism</a></li> <li><a href="/wiki/United_States_in_World_War_I" title="United States in World War I">World War I</a></li> <li><a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a></li> <li><a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a></li> <li><a href="/wiki/Military_history_of_the_United_States_during_World_War_II" title="Military history of the United States during World War II">World War II</a> <ul><li><a href="/wiki/United_States_home_front_during_World_War_II" title="United States home front during World War II">home front</a></li></ul></li> <li><a href="/wiki/American_Century" title="American Century">American Century</a></li> <li><a href="/wiki/Cold_War" title="Cold War">Cold War</a></li> <li><a href="/wiki/Korean_War" title="Korean War">Korean War</a></li> <li><a href="/wiki/Space_Race" title="Space Race">Space Race</a></li> <li><a href="/wiki/Second-wave_feminism" title="Second-wave feminism">Feminist Movement</a></li> <li><a href="/wiki/Gay_liberation" title="Gay liberation">LGBT Movement</a></li> <li><a href="/wiki/Vietnam_War" title="Vietnam War">Vietnam War</a></li> <li><a href="/wiki/History_of_the_United_States_(1991%E2%80%932008)" class="mw-redirect" title="History of the United States (1991–2008)">Post-Cold War (1991–2008)</a></li> <li><a href="/wiki/September_11_attacks" title="September 11 attacks">September 11 attacks</a></li> <li><a href="/wiki/War_on_terror" title="War on terror">War on Terror</a> <ul><li><a href="/wiki/War_in_Afghanistan_(2001%E2%80%932021)" title="War in Afghanistan (2001–2021)">War in Afghanistan</a></li> <li><a href="/wiki/Iraq_War" title="Iraq War">Iraq War</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">Great Recession</a></li> <li><a href="/wiki/COVID-19_pandemic_in_the_United_States" title="COVID-19 pandemic in the United States">COVID-19 pandemic</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">By topic</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Outline_of_the_history_of_the_United_States" title="Outline of the history of the United States">Outline of U.S. history</a></li> <li><a href="/wiki/Demographic_history_of_the_United_States" title="Demographic history of the United States">Demographic</a></li> <li><a href="/wiki/Timeline_of_United_States_discoveries" title="Timeline of United States discoveries">Discoveries</a></li> <li><a href="/wiki/Economic_history_of_the_United_States" title="Economic history of the United States">Economic</a></li> <li><a href="/wiki/Timeline_of_United_States_inventions" title="Timeline of United States inventions">Inventions</a></li> <li><a href="/wiki/Military_history_of_the_United_States" title="Military history of the United States">Military</a></li> <li><a href="/wiki/Postage_stamps_and_postal_history_of_the_United_States" title="Postage stamps and postal history of the United States">Postal</a></li> <li><a href="/wiki/Technological_and_industrial_history_of_the_United_States" title="Technological and industrial history of the United States">Technological and industrial</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Geography_of_the_United_States" title="Geography of the United States">Geography</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/U.S._territorial_sovereignty" title="U.S. territorial sovereignty">Territory</a> <ul><li><a href="/wiki/Contiguous_United_States" title="Contiguous United States">Contiguous United States</a></li> <li><a href="/wiki/County_(United_States)" title="County (United States)">counties</a></li> <li><a href="/wiki/Washington,_D.C." title="Washington, D.C.">federal district</a></li> <li><a href="/wiki/Federal_enclave" title="Federal enclave">federal enclaves</a></li> <li><a href="/wiki/Indian_reservation" title="Indian reservation">Indian reservations</a></li> <li><a href="/wiki/Territories_of_the_United_States" title="Territories of the United States">insular zones</a></li> <li><a href="/wiki/United_States_Minor_Outlying_Islands" title="United States Minor Outlying Islands">minor outlying islands</a></li> <li><a href="/wiki/Lists_of_populated_places_in_the_United_States" title="Lists of populated places in the United States">populated places</a></li> <li><a href="/wiki/U.S._state" title="U.S. state">states</a></li></ul></li> <li><a href="/wiki/List_of_earthquakes_in_the_United_States" title="List of earthquakes in the United States">Earthquakes</a></li> <li><a href="/wiki/List_of_extreme_points_of_the_United_States" title="List of extreme points of the United States">Extreme points</a></li> <li><a href="/wiki/List_of_islands_of_the_United_States" title="List of islands of the United States">Islands</a></li> <li><a href="/wiki/List_of_mountains_of_the_United_States" title="List of mountains of the United States">Mountains</a> <ul><li><a href="/wiki/List_of_mountain_peaks_of_the_United_States" title="List of mountain peaks of the United States">peaks</a></li> <li><a href="/wiki/List_of_mountain_ranges#United_States" title="List of mountain ranges">ranges</a></li> <li><a href="/wiki/Appalachian_Mountains" title="Appalachian Mountains">Appalachian</a></li> <li><a href="/wiki/Rocky_Mountains" title="Rocky Mountains">Rocky</a></li> <li><a href="/wiki/Sierra_Nevada" title="Sierra Nevada">Sierra Nevada</a></li></ul></li> <li><a href="/wiki/National_Park_Service" title="National Park Service">National Park Service</a> <ul><li><a href="/wiki/List_of_areas_in_the_United_States_National_Park_System" title="List of areas in the United States National Park System">National Parks</a></li></ul></li> <li><a href="/wiki/List_of_regions_of_the_United_States" title="List of regions of the United States">Regions</a> <ul><li><a href="/wiki/East_Coast_of_the_United_States" title="East Coast of the United States">East Coast</a></li> <li><a href="/wiki/West_Coast_of_the_United_States" title="West Coast of the United States">West Coast</a></li> <li><a href="/wiki/Great_Plains" title="Great Plains">Great Plains</a></li> <li><a href="/wiki/Gulf_Coast_of_the_United_States" title="Gulf Coast of the United States">Gulf</a></li> <li><a href="/wiki/Mid-Atlantic_(United_States)" title="Mid-Atlantic (United States)">Mid-Atlantic</a></li> <li><a href="/wiki/Midwestern_United_States" title="Midwestern United States">Midwestern</a></li> <li><a href="/wiki/New_England" title="New England">New England</a></li> <li><a href="/wiki/West_Coast_of_the_United_States" title="West Coast of the United States">Pacific</a></li> <li><a href="/wiki/Central_United_States" title="Central United States">Central</a></li> <li><a href="/wiki/Eastern_United_States" title="Eastern United States">Eastern</a></li> <li><a href="/wiki/Northern_United_States" title="Northern United States">Northern</a></li> <li><a href="/wiki/Northeastern_United_States" title="Northeastern United States">Northeastern</a></li> <li><a href="/wiki/Northwestern_United_States" title="Northwestern United States">Northwestern</a></li> <li><a href="/wiki/Southern_United_States" title="Southern United States">Southern</a></li> <li><a href="/wiki/Southeastern_United_States" title="Southeastern United States">Southeastern</a></li> <li><a href="/wiki/Southwestern_United_States" title="Southwestern United States">Southwestern</a></li> <li><a href="/wiki/Western_United_States" title="Western United States">Western</a></li></ul></li> <li>Longest <a href="/wiki/List_of_rivers_of_the_United_States" title="List of rivers of the United States">rivers</a> <ul><li><a href="/wiki/Arkansas_River" title="Arkansas River">Arkansas</a></li> <li><a href="/wiki/Colorado_River" title="Colorado River">Colorado</a></li> <li><a href="/wiki/Columbia_River" title="Columbia River">Columbia</a></li> <li><a href="/wiki/Mississippi_River" title="Mississippi River">Mississippi</a></li> <li><a href="/wiki/Missouri_River" title="Missouri River">Missouri</a></li> <li><a href="/wiki/Red_River_of_the_South" title="Red River of the South">Red (South)</a></li> <li><a href="/wiki/Rio_Grande" title="Rio Grande">Rio Grande</a></li> <li><a href="/wiki/Yukon_River" title="Yukon River">Yukon</a></li></ul></li> <li><a href="/wiki/Time_in_the_United_States" title="Time in the United States">Time</a></li> <li><a href="/wiki/Water_supply_and_sanitation_in_the_United_States" title="Water supply and sanitation in the United States">Water supply and sanitation</a></li> <li><a href="/wiki/List_of_World_Heritage_Sites_in_the_United_States" title="List of World Heritage Sites in the United States">World Heritage Sites</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Politics_of_the_United_States" title="Politics of the United States">Politics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Federal_government_of_the_United_States" title="Federal government of the United States">Federal</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Executive</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/President_of_the_United_States" title="President of the United States">President of the United States</a> <ul><li><a href="/wiki/Powers_of_the_president_of_the_United_States" title="Powers of the president of the United States">powers</a></li> <li><a href="/wiki/Executive_Office_of_the_President_of_the_United_States" title="Executive Office of the President of the United States">Executive Office</a></li></ul></li> <li><a href="/wiki/Vice_President_of_the_United_States" title="Vice President of the United States">Vice President</a></li> <li><a href="/wiki/Cabinet_of_the_United_States" title="Cabinet of the United States">Cabinet</a></li> <li><a href="/wiki/United_States_federal_executive_departments" title="United States federal executive departments">Executive departments</a></li> <li><a href="/wiki/Independent_agencies_of_the_United_States_government" class="mw-redirect" title="Independent agencies of the United States government">Independent agencies</a></li> <li><a href="/wiki/United_States_Intelligence_Community" title="United States Intelligence Community">Intelligence Community</a> <ul><li><a href="/wiki/Director_of_National_Intelligence" title="Director of National Intelligence">Director of National Intelligence</a></li> <li><a href="/wiki/Central_Intelligence_Agency" title="Central Intelligence Agency">Central Intelligence Agency</a></li> <li><a href="/wiki/National_Security_Agency" title="National Security Agency">National Security Agency</a></li> <li><a href="/wiki/National_Reconnaissance_Office" title="National Reconnaissance Office">National Reconnaissance Office</a></li></ul></li> <li><a href="/wiki/Federal_law_enforcement_in_the_United_States" title="Federal law enforcement in the United States">Law enforcement</a> <ul><li><a href="/wiki/Bureau_of_Alcohol,_Tobacco,_Firearms_and_Explosives" title="Bureau of Alcohol, Tobacco, Firearms and Explosives">ATF</a></li> <li><a href="/wiki/U.S._Customs_and_Border_Protection" title="U.S. Customs and Border Protection">CBP</a></li> <li><a href="/wiki/Bureau_of_Diplomatic_Security" title="Bureau of Diplomatic Security">Diplomatic Security</a></li> <li><a href="/wiki/Drug_Enforcement_Administration" title="Drug Enforcement Administration">DEA</a></li> <li><a href="/wiki/Federal_Bureau_of_Investigation" title="Federal Bureau of Investigation">FBI</a></li> <li><a href="/wiki/U.S._Immigration_and_Customs_Enforcement" title="U.S. Immigration and Customs Enforcement">ICE</a></li> <li><a href="/wiki/United_States_Marshals_Service" title="United States Marshals Service">Marshals</a></li> <li><a href="/wiki/United_States_Secret_Service" title="United States Secret Service">Secret Service</a></li> <li><a href="/wiki/Transportation_Security_Administration" title="Transportation Security Administration">TSA</a></li></ul></li> <li><a href="/wiki/Office_of_Inspector_General_(United_States)" title="Office of Inspector General (United States)">Inspector generals</a></li> <li><a href="/wiki/United_States_federal_civil_service" title="United States federal civil service">Civil service</a></li> <li><a href="/wiki/Public_policy_of_the_United_States" title="Public policy of the United States">Public policy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/United_States_Congress" title="United States Congress">Legislative</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_States_House_of_Representatives" title="United States House of Representatives">House of Representatives</a> <ul><li><a href="/wiki/List_of_current_members_of_the_United_States_House_of_Representatives" class="mw-redirect" title="List of current members of the United States House of Representatives">current members</a></li> <li><a href="/wiki/Speaker_of_the_United_States_House_of_Representatives" title="Speaker of the United States House of Representatives">Speaker</a></li></ul></li> <li><a href="/wiki/United_States_Senate" title="United States Senate">Senate</a> <ul><li><a href="/wiki/List_of_current_United_States_senators" title="List of current United States senators">current members</a></li> <li><a href="/wiki/President_pro_tempore_of_the_United_States_Senate" title="President pro tempore of the United States Senate">President pro tempore</a></li> <li><a href="/wiki/Vice_President_of_the_United_States#President_of_the_United_States_Senate" title="Vice President of the United States">President</a></li></ul></li> <li><a href="/wiki/United_States_Capitol_Police" title="United States Capitol Police">Capitol Police</a></li> <li><a href="/wiki/Library_of_Congress" title="Library of Congress">Library of Congress</a></li> <li><a href="/wiki/Congressional_Budget_Office" title="Congressional Budget Office">Congressional Budget Office</a></li> <li><a href="/wiki/Government_Accountability_Office" title="Government Accountability Office">Government Accountability Office</a></li> <li><a href="/wiki/United_States_Government_Publishing_Office" title="United States Government Publishing Office">Government Publishing Office</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Federal_judiciary_of_the_United_States" title="Federal judiciary of the United States">Judicial</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Supreme_Court_of_the_United_States" title="Supreme Court of the United States">Supreme Court</a> <ul><li><a href="/wiki/Chief_Justice_of_the_United_States" title="Chief Justice of the United States">Chief Justice</a></li> <li><a href="/wiki/Associate_Justice_of_the_Supreme_Court_of_the_United_States" title="Associate Justice of the Supreme Court of the United States">Associate Justices</a></li> <li><a href="/wiki/List_of_justices_of_the_Supreme_Court_of_the_United_States" title="List of justices of the Supreme Court of the United States">list</a></li></ul></li> <li><a href="/wiki/United_States_courts_of_appeals" title="United States courts of appeals">Courts of appeals</a> <ul><li><a href="/wiki/List_of_current_United_States_circuit_judges" title="List of current United States circuit judges">list of judges</a></li></ul></li> <li><a href="/wiki/United_States_district_court" title="United States district court">District courts</a>/<a href="/wiki/United_States_territorial_court" title="United States territorial court">Territorial courts</a> <ul><li><a href="/wiki/List_of_United_States_district_and_territorial_courts" title="List of United States district and territorial courts">list of courts</a></li> <li><a href="/wiki/List_of_current_United_States_district_judges" title="List of current United States district judges">list of judges</a></li></ul></li> <li><a href="/wiki/Federal_tribunals_in_the_United_States" title="Federal tribunals in the United States">Other tribunals</a></li> <li><a href="/wiki/United_States_Attorney" title="United States Attorney">U.S. attorney</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Law_of_the_United_States" title="Law of the United States">Law</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_States_Bill_of_Rights" title="United States Bill of Rights">Bill of Rights</a> <ul><li><a href="/wiki/Civil_liberties_in_the_United_States" title="Civil liberties in the United States">civil liberties</a></li></ul></li> <li><a href="/wiki/Code_of_Federal_Regulations" title="Code of Federal Regulations">Code of Federal Regulations</a></li> <li><a href="/wiki/Constitution_of_the_United_States" title="Constitution of the United States">Constitution</a> <ul><li><a href="/wiki/Federalism_in_the_United_States" title="Federalism in the United States">federalism</a></li> <li><a href="/wiki/Federal_preemption" title="Federal preemption">preemption</a></li> <li><a href="/wiki/Separation_of_powers_under_the_United_States_Constitution" title="Separation of powers under the United States Constitution">separation of powers</a></li> <li><a href="/wiki/Civil_rights_movement" title="Civil rights movement">civil rights</a></li></ul></li> <li><a href="/wiki/United_States_Code" title="United States Code">United States Code</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Uniformed_services_of_the_United_States" title="Uniformed services of the United States">Uniformed</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_States_Armed_Forces" title="United States Armed Forces">Armed Forces</a> <ul><li><a href="/wiki/United_States_Army" title="United States Army">Army</a></li> <li><a href="/wiki/United_States_Marine_Corps" title="United States Marine Corps">Marine Corps</a></li> <li><a href="/wiki/United_States_Navy" title="United States Navy">Navy</a></li> <li><a href="/wiki/United_States_Air_Force" title="United States Air Force">Air Force</a></li> <li><a href="/wiki/United_States_Space_Force" title="United States Space Force">Space Force</a></li> <li><a href="/wiki/United_States_Coast_Guard" title="United States Coast Guard">Coast Guard</a></li> <li><a href="/wiki/National_Guard_(United_States)" title="National Guard (United States)">National Guard</a></li></ul></li> <li><a href="/wiki/NOAA_Commissioned_Officer_Corps" title="NOAA Commissioned Officer Corps">NOAA Corps</a></li> <li><a href="/wiki/United_States_Public_Health_Service_Commissioned_Corps" title="United States Public Health Service Commissioned Corps">Public Health Service Corps</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/State_governments_of_the_United_States" title="State governments of the United States">State</a>,<br /><a href="/wiki/Government_of_the_District_of_Columbia" title="Government of the District of Columbia">Federal District</a>,<br />and <a href="/wiki/Territories_of_the_United_States" title="Territories of the United States">Territorial</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/State_constitutional_officer" title="State constitutional officer">Executive</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Governor_(United_States)" title="Governor (United States)">Governor</a> <ul><li><a href="/wiki/List_of_current_United_States_governors" title="List of current United States governors">list</a></li></ul></li> <li><a href="/wiki/Lieutenant_governor_(United_States)" title="Lieutenant governor (United States)">Lieutenant governor</a> <ul><li><a href="/wiki/List_of_current_United_States_lieutenant_governors" title="List of current United States lieutenant governors">list</a></li></ul></li> <li><a href="/wiki/Secretary_of_state_(U.S._state_government)" title="Secretary of state (U.S. state government)">Secretary of state</a></li> <li><a href="/wiki/State_attorney_general" title="State attorney general">Attorney general</a></li> <li><a href="/wiki/State_treasurer" title="State treasurer">Treasurer</a></li> <li><a href="/wiki/State_auditor" title="State auditor">Auditor/Comptroller</a></li> <li><a href="/wiki/Agriculture_commissioner" title="Agriculture commissioner">Agriculture commissioner</a></li> <li><a href="/wiki/Insurance_commissioner" title="Insurance commissioner">Insurance commissioner</a></li> <li><a href="/wiki/Public_utilities_commission" title="Public utilities commission">Public utilities commission</a></li> <li><a href="/wiki/State_police_(United_States)" title="State police (United States)">State police</a> <ul><li><a href="/wiki/List_of_United_States_state_and_local_law_enforcement_agencies" title="List of United States state and local law enforcement agencies">list</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/State_legislature_(United_States)" title="State legislature (United States)">Legislative</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_United_States_state_legislatures" title="List of United States state legislatures">List of legislatures</a></li> <li><a href="/wiki/List_of_U.S._state_legislators" title="List of U.S. state legislators">List of legislators</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/State_court_(United_States)" title="State court (United States)">Judicial</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/State_supreme_court" title="State supreme court">Supreme courts</a> <ul><li><a href="/wiki/List_of_state_chief_justices" title="List of state chief justices">Chief justices</a></li></ul></li> <li><a href="/wiki/District_attorney" title="District attorney">District attorney</a> <ul><li><a href="/wiki/List_of_district_attorneys_by_county" class="mw-redirect" title="List of district attorneys by county">list</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/State_law_(United_States)" title="State law (United States)">Law</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/State_constitutions_in_the_United_States" title="State constitutions in the United States">State constitutions</a></li> <li><a href="/wiki/List_of_U.S._state_statutory_codes" title="List of U.S. state statutory codes">Statutory codes</a></li> <li><a href="/wiki/Uniform_act" title="Uniform act">Uniform act</a></li> <li><a href="/wiki/Comparison_of_U.S._state_and_territory_governments" title="Comparison of U.S. state and territory governments">Comparison of governments</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Tribe_(Native_American)" title="Tribe (Native American)">Tribal</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tribal_sovereignty_in_the_United_States" title="Tribal sovereignty in the United States">Tribal sovereignty</a></li> <li><a href="/wiki/Native_American_recognition_in_the_United_States" title="Native American recognition in the United States">Native American recognition in the United States</a> <ul><li><a href="/wiki/List_of_federally_recognized_tribes_in_the_contiguous_United_States" title="List of federally recognized tribes in the contiguous United States">Federally recognized tribes</a></li> <li><a href="/wiki/List_of_Alaska_Native_tribal_entities" title="List of Alaska Native tribal entities">Federally recognized Alaska Native tribes</a></li> <li><a href="/wiki/State-recognized_tribes_in_the_United_States" title="State-recognized tribes in the United States">State-recognized tribes</a></li></ul></li> <li><a href="/wiki/Indian_reservation" title="Indian reservation">Indian reservation</a> <ul><li><a href="/wiki/List_of_Indian_reservations_in_the_United_States" title="List of Indian reservations in the United States">list</a></li></ul></li> <li><a href="/wiki/Hawaiian_home_land" title="Hawaiian home land">Hawaiian home land</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Local_government_in_the_United_States" title="Local government in the United States">Local</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/County_(United_States)" title="County (United States)">County</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_United_States_counties_and_county_equivalents" title="List of United States counties and county equivalents">List of counties and county equivalents</a></li> <li><a href="/wiki/County_executive" title="County executive">County executive</a></li> <li><a href="/wiki/Sheriffs_in_the_United_States" title="Sheriffs in the United States">Sheriff</a></li> <li><a href="/wiki/Municipal_clerk" title="Municipal clerk">Clerk</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Cities</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consolidated_city-county" title="Consolidated city-county">Consolidated city-county</a></li> <li><a href="/wiki/Independent_city_(United_States)" title="Independent city (United States)">Independent city</a></li> <li><a href="/wiki/Coterminous_municipality" title="Coterminous municipality">Coterminous municipality</a></li> <li><a href="/wiki/Municipal_charter#United_States" title="Municipal charter">Charter</a></li> <li><a href="/wiki/Mayor%E2%80%93council_government" title="Mayor–council government">Mayor–council government</a></li> <li><a href="/wiki/Council%E2%80%93manager_government" title="Council–manager government">Council–manager government</a></li> <li><a href="/wiki/City_commission_government" title="City commission government">City commission government</a></li> <li><a href="/wiki/Mayoralty_in_the_United_States" title="Mayoralty in the United States">Mayor</a></li> <li><a href="/wiki/City_manager" title="City manager">City manager</a></li> <li><a href="/wiki/Municipal_council#United_States" title="Municipal council">City council</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Minor_civil_division" title="Minor civil division">Minor divisions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Civil_township" title="Civil township">Township</a></li> <li><a href="/wiki/Town_meeting" title="Town meeting">Town meeting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Special_district_(United_States)" title="Special district (United States)">Special district</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/School_district" title="School district">School district</a> <ul><li><a href="/wiki/Lists_of_school_districts_in_the_United_States" title="Lists of school districts in the United States">list</a></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corruption_in_the_United_States" title="Corruption in the United States">Corruption</a></li> <li><a href="/wiki/Elections_in_the_United_States" title="Elections in the United States">Elections</a> <ul><li><a href="/wiki/United_States_Electoral_College" title="United States Electoral College">Electoral College</a></li> <li><a href="/wiki/Red_states_and_blue_states" title="Red states and blue states">Red states and blue states</a></li></ul></li> <li><a href="/wiki/Foreign_relations_of_the_United_States" title="Foreign relations of the United States">Foreign relations</a> <ul><li><a href="/wiki/Foreign_policy_of_the_United_States" title="Foreign policy of the United States">foreign policy</a></li></ul></li> <li><a href="/wiki/Imperial_presidency" title="Imperial presidency">Imperial presidency</a></li> <li><a href="/wiki/Political_ideologies_in_the_United_States" title="Political ideologies in the United States">Ideologies</a> <ul><li><a href="/wiki/Anti-Americanism" title="Anti-Americanism">Anti-Americanism</a></li> <li><a href="/wiki/American_exceptionalism" title="American exceptionalism">exceptionalism</a></li> <li><a href="/wiki/American_nationalism" title="American nationalism">nationalism</a></li></ul></li> <li><a href="/wiki/Political_parties_in_the_United_States" title="Political parties in the United States">Parties</a> <ul><li><a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">Democratic</a></li> <li><a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">Republican</a></li> <li><a href="/wiki/Third_party_(U.S._politics)" title="Third party (U.S. politics)">Third parties</a></li></ul></li> <li><a href="/wiki/List_of_federal_political_scandals_in_the_United_States" title="List of federal political scandals in the United States">Scandals</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Economy_of_the_United_States" title="Economy of the United States">Economy</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_the_United_States_by_sector" title="Economy of the United States by sector">By sector</a> <ul><li><a href="/wiki/Agriculture_in_the_United_States" title="Agriculture in the United States">Agriculture</a></li> <li><a href="/wiki/Banking_in_the_United_States" title="Banking in the United States">Banking</a></li> <li><a href="/wiki/Communications_in_the_United_States" title="Communications in the United States">Communications</a></li> <li><a href="/wiki/List_of_companies_of_the_United_States_by_state" title="List of companies of the United States by state">Companies</a></li> <li><a href="/wiki/Energy_in_the_United_States" title="Energy in the United States">Energy</a></li> <li><a href="/wiki/Insurance_in_the_United_States" title="Insurance in the United States">Insurance</a></li> <li><a href="/wiki/Manufacturing_in_the_United_States" title="Manufacturing in the United States">Manufacturing</a></li> <li><a href="/wiki/Mining_in_the_United_States" title="Mining in the United States">Mining</a></li> <li><a href="/wiki/Science_and_technology_in_the_United_States" title="Science and technology in the United States">Science and technology</a></li> <li><a href="/wiki/Tourism_in_the_United_States" title="Tourism in the United States">Tourism</a></li> <li><a href="/wiki/Foreign_trade_of_the_United_States" title="Foreign trade of the United States">Trade</a></li> <li><a href="/wiki/List_of_companies_of_the_United_States_by_state" title="List of companies of the United States by state">by state</a></li></ul></li> <li><a href="/wiki/United_States_dollar" title="United States dollar">Currency</a></li> <li><a href="/wiki/List_of_exports_of_the_United_States" title="List of exports of the United States">Exports</a></li> <li><a href="/wiki/United_States_federal_budget" title="United States federal budget">Federal budget</a></li> <li><a href="/wiki/Greenhouse_gas_emissions_by_the_United_States" title="Greenhouse gas emissions by the United States">Greenhouse gas emissions by the United States</a></li> <li><a class="mw-selflink selflink">Federal Reserve System</a></li> <li><a href="/wiki/Financial_position_of_the_United_States" title="Financial position of the United States">Financial position</a></li> <li><a href="/wiki/Labor_unions_in_the_United_States" title="Labor unions in the United States">Labor unions</a></li> <li><a href="/wiki/National_debt_of_the_United_States" title="National debt of the United States">Public debt</a></li> <li><a href="/wiki/Social_programs_in_the_United_States" title="Social programs in the United States">Social welfare programs</a></li> <li><a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">Taxation</a></li> <li><a href="/wiki/Unemployment_in_the_United_States" title="Unemployment in the United States">Unemployment</a></li> <li><a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Transport_in_the_United_States" class="mw-redirect" title="Transport in the United States">Transport</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aviation_in_the_United_States" title="Aviation in the United States">Aviation</a></li> <li><a href="/wiki/Driving_in_the_United_States" title="Driving in the United States">Driving</a></li> <li><a href="/wiki/Public_transportation_in_the_United_States" title="Public transportation in the United States">Public transportation</a></li> <li><a href="/wiki/Rail_transportation_in_the_United_States" title="Rail transportation in the United States">Rail transportation</a></li> <li><a href="/wiki/Transportation_policy_of_the_United_States" title="Transportation policy of the United States">Transportation policy</a></li> <li><a href="/wiki/Transportation_safety_in_the_United_States" title="Transportation safety in the United States">Transportation safety</a></li> <li><a href="/wiki/Trucking_industry_in_the_United_States" title="Trucking industry in the United States">Trucking industry</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Category:Society_of_the_United_States" title="Category:Society of the United States">Society</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Culture_of_the_United_States" title="Culture of the United States">Culture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Americana_(culture)" title="Americana (culture)">Americana</a></li> <li><a href="/wiki/Architecture_in_the_United_States" title="Architecture in the United States">Architecture</a></li> <li><a href="/wiki/Cinema_of_the_United_States" title="Cinema of the United States">Cinema</a></li> <li><a href="/wiki/Crime_in_the_United_States" title="Crime in the United States">Crime</a></li> <li><a href="/wiki/American_cuisine" title="American cuisine">Cuisine</a></li> <li><a href="/wiki/Dance_in_the_United_States" title="Dance in the United States">Dance</a></li> <li><a href="/wiki/Demographics_of_the_United_States" title="Demographics of the United States">Demographics</a></li> <li><a href="/wiki/Economy_of_the_United_States" title="Economy of the United States">Economic issues</a> <ul><li><a href="/wiki/Affluence_in_the_United_States" title="Affluence in the United States">affluence</a></li> <li><a href="/wiki/Eviction_in_the_United_States" title="Eviction in the United States">eviction</a></li> <li><a href="/wiki/Homeownership_in_the_United_States" title="Homeownership in the United States">homeownership</a></li> <li><a href="/wiki/Household_income_in_the_United_States" title="Household income in the United States">household income</a></li> <li><a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">income inequality</a></li> <li><a href="/wiki/American_middle_class" title="American middle class">middle class</a></li> <li><a href="/wiki/Personal_income_in_the_United_States" title="Personal income in the United States">personal income</a></li> <li><a href="/wiki/Poverty_in_the_United_States" title="Poverty in the United States">poverty</a></li> <li><a href="/wiki/Standard_of_living_in_the_United_States" title="Standard of living in the United States">standard of living</a></li> <li><a href="/wiki/Affluence_in_the_United_States" title="Affluence in the United States">wealth</a></li> <li><a href="/wiki/Working_class_in_the_United_States" title="Working class in the United States">working class</a></li></ul></li> <li><a href="/wiki/Education_in_the_United_States" title="Education in the United States">Education</a> <ul><li><a href="/wiki/Educational_attainment_in_the_United_States" title="Educational attainment in the United States">attainment</a></li> <li><a href="/wiki/Literacy_in_the_United_States" title="Literacy in the United States">literacy</a></li></ul></li> <li><a href="/wiki/Family_in_the_United_States" title="Family in the United States">Family</a></li> <li><a href="/wiki/Fashion_in_the_United_States" title="Fashion in the United States">Fashion</a></li> <li><a href="/wiki/Flag_of_the_United_States" title="Flag of the United States">Flag</a> <ul><li><a href="/wiki/List_of_flags_of_the_United_States" title="List of flags of the United States">list</a></li></ul></li> <li><a href="/wiki/Folklore_of_the_United_States" title="Folklore of the United States">Folklore</a></li> <li><a href="/wiki/Public_holidays_in_the_United_States" title="Public holidays in the United States">Holidays</a> <ul><li><a href="/wiki/Federal_holidays_in_the_United_States" title="Federal holidays in the United States">Federal holidays</a></li></ul></li> <li><a href="/wiki/Homelessness_in_the_United_States" title="Homelessness in the United States">Homelessness</a></li> <li><a href="/wiki/Housing_in_the_United_States" title="Housing in the United States">Housing</a></li> <li><a href="/wiki/Human_rights_in_the_United_States" title="Human rights in the United States">Human rights</a></li> <li><a href="/wiki/Languages_of_the_United_States" title="Languages of the United States">Languages</a> <ul><li><a href="/wiki/American_English" title="American English">American English</a></li> <li><a href="/wiki/Indigenous_languages_of_the_Americas" title="Indigenous languages of the Americas">Indigenous languages</a></li> <li><a href="/wiki/American_Sign_Language" title="American Sign Language">ASL</a></li></ul></li> <li><a href="/wiki/American_literature" title="American literature">Literature</a></li> <li><a href="/wiki/Mass_media_in_the_United_States" title="Mass media in the United States">Media</a> <ul><li><a href="/wiki/History_of_American_journalism" title="History of American journalism">journalism</a></li> <li><a href="/wiki/Internet_in_the_United_States" title="Internet in the United States">internet</a></li> <li><a href="/wiki/History_of_American_newspapers" title="History of American newspapers">newspapers</a></li> <li><a href="/wiki/Radio_in_the_United_States" title="Radio in the United States">radio</a></li> <li><a href="/wiki/Television_in_the_United_States" title="Television in the United States">television</a></li></ul></li> <li><a href="/wiki/Music_of_the_United_States" title="Music of the United States">Music</a></li> <li><a href="/wiki/Naming_in_the_United_States" title="Naming in the United States">Names</a></li> <li><a href="/wiki/The_Star-Spangled_Banner" title="The Star-Spangled Banner">National anthem</a></li> <li><a href="/wiki/National_symbols_of_the_United_States" title="National symbols of the United States">National symbols</a> <ul><li><a href="/wiki/Columbia_(personification)" title="Columbia (personification)">Columbia</a></li> <li><a href="/wiki/Mount_Rushmore" title="Mount Rushmore">Mount Rushmore</a></li> <li><a href="/wiki/Statue_of_Liberty" title="Statue of Liberty">Statue of Liberty</a></li> <li><a href="/wiki/Uncle_Sam" title="Uncle Sam">Uncle Sam</a></li></ul></li> <li><a href="/wiki/Americans" title="Americans">People</a></li> <li><a href="/wiki/American_philosophy" title="American philosophy">Philosophy</a></li> <li><a href="/wiki/Political_ideologies_in_the_United_States" title="Political ideologies in the United States">Political ideologies</a></li> <li><a href="/wiki/Race_and_ethnicity_in_the_United_States" title="Race and ethnicity in the United States">Race</a></li> <li><a href="/wiki/Religion_in_the_United_States" title="Religion in the United States">Religion</a></li> <li><a href="/wiki/Sexuality_in_the_United_States" title="Sexuality in the United States">Sexuality</a></li> <li><a href="/wiki/Social_class_in_the_United_States" title="Social class in the United States">Social class</a></li> <li><a href="/wiki/Society_of_the_United_States" title="Society of the United States">Society</a></li> <li><a href="/wiki/Sports_in_the_United_States" title="Sports in the United States">Sports</a> <ul><li><a href="/wiki/History_of_sports_in_the_United_States" title="History of sports in the United States">history</a></li></ul></li> <li><a href="/wiki/Theater_in_the_United_States" title="Theater in the United States">Theater</a></li> <li><a href="/wiki/Transportation_in_the_United_States" title="Transportation in the United States">Transportation</a></li> <li><a href="/wiki/Video_games_in_the_United_States" title="Video games in the United States">Video games</a></li> <li><a href="/wiki/Visual_art_of_the_United_States" title="Visual art of the United States">Visual art</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Social_class_in_the_United_States" title="Social class in the United States">Social class</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Affluence_in_the_United_States" title="Affluence in the United States">Affluence</a></li> <li><a href="/wiki/American_Dream" title="American Dream">American Dream</a></li> <li><a href="/wiki/Educational_attainment_in_the_United_States" title="Educational attainment in the United States">Educational attainment</a></li> <li><a href="/wiki/Homelessness_in_the_United_States" title="Homelessness in the United States">Homelessness</a></li> <li><a href="/wiki/Homeownership_in_the_United_States" title="Homeownership in the United States">Homeownership</a></li> <li><a href="/wiki/Household_income_in_the_United_States" title="Household income in the United States">Household income</a></li> <li><a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">Income inequality</a></li> <li><a href="/wiki/American_middle_class" title="American middle class">Middle class</a></li> <li><a href="/wiki/Personal_income_in_the_United_States" title="Personal income in the United States">Personal income</a></li> <li><a href="/wiki/Poverty_in_the_United_States" title="Poverty in the United States">Poverty</a></li> <li><a href="/wiki/Standard_of_living_in_the_United_States" title="Standard of living in the United States">Standard of living</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Health_in_the_United_States" title="Health in the United States">Health</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aging_of_the_United_States" title="Aging of the United States">Aging</a></li> <li><a href="/wiki/Healthcare_in_the_United_States" title="Healthcare in the United States">Healthcare</a> <ul><li><a href="/wiki/Abortion_in_the_United_States" title="Abortion in the United States">Abortion</a></li> <li><a href="/wiki/Birth_control_in_the_United_States" title="Birth control in the United States">Birth control</a></li> <li><a href="/wiki/Prenatal_care_in_the_United_States" title="Prenatal care in the United States">Prenatal care</a></li> <li><a href="/wiki/Hospice_care_in_the_United_States" title="Hospice care in the United States">Hospice care</a></li> <li><a href="/wiki/Immigrant_health_care_in_the_United_States" title="Immigrant health care in the United States">Immigrant health care</a></li> <li><a href="/wiki/Healthcare_rationing_in_the_United_States" title="Healthcare rationing in the United States">Rationing</a></li></ul></li> <li><a href="/wiki/Health_care_finance_in_the_United_States" title="Health care finance in the United States">Health care finance</a> <ul><li><a href="/wiki/Health_insurance_costs_in_the_United_States" title="Health insurance costs in the United States">Health insurance costs</a></li> <li><a href="/wiki/Health_care_prices_in_the_United_States" title="Health care prices in the United States">Health care prices</a></li> <li><a href="/wiki/Prescription_drug_prices_in_the_United_States" title="Prescription drug prices in the United States">Prescription drug prices</a></li></ul></li> <li><a href="/wiki/Disability_in_the_United_States" title="Disability in the United States">Disability</a></li> <li><a href="/wiki/Health_insurance_in_the_United_States" title="Health insurance in the United States">Health insurance</a></li> <li><a href="/wiki/Food_safety_in_the_United_States" title="Food safety in the United States">Food safety</a></li> <li><a href="/wiki/Physician_shortage_in_the_United_States" title="Physician shortage in the United States">Physician shortage</a></li> <li><a href="/wiki/Poverty_and_health_in_the_United_States" title="Poverty and health in the United States">Poverty and health</a></li> <li><a href="/wiki/Race_and_health_in_the_United_States" title="Race and health in the United States">Race and health</a></li> <li><a href="/wiki/Obesity_in_the_United_States" title="Obesity in the United States">Obesity</a></li> <li><a href="/wiki/Medical_deserts_in_the_United_States" title="Medical deserts in the United States">Medical deserts</a></li> <li><a href="/wiki/Women%27s_reproductive_health_in_the_United_States" title="Women's reproductive health in the United States">Women's reproductive health</a></li> <li><a href="/wiki/List_of_U.S._states_and_territories_by_life_expectancy" title="List of U.S. states and territories by life expectancy">Life expectancy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Issues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_punishment_in_the_United_States" title="Capital punishment in the United States">Capital punishment</a></li> <li><a href="/wiki/Crime_in_the_United_States" title="Crime in the United States">Crime</a> <ul><li><a href="/wiki/Incarceration_in_the_United_States" title="Incarceration in the United States">incarceration</a></li></ul></li> <li><a href="/wiki/Criticism_of_the_United_States_government" title="Criticism of the United States government">Criticism of government</a></li> <li><a href="/wiki/Discrimination_in_the_United_States" title="Discrimination in the United States">Discrimination</a> <ul><li><a href="/wiki/Affirmative_action_in_the_United_States" title="Affirmative action in the United States">affirmative action</a></li> <li><a href="/wiki/Antisemitism_in_the_United_States" title="Antisemitism in the United States">antisemitism</a></li> <li><a href="/wiki/Intersex_rights_in_the_United_States" title="Intersex rights in the United States">intersex rights</a></li> <li><a href="/wiki/Islamophobia_in_the_United_States" title="Islamophobia in the United States">Islamophobia</a></li> <li><a href="/wiki/LGBT_rights_in_the_United_States" class="mw-redirect" title="LGBT rights in the United States">LGBT rights</a></li> <li><a href="/wiki/Racism_in_the_United_States" title="Racism in the United States">racism</a></li> <li><a href="/wiki/Racism_against_Native_Americans_in_the_United_States" title="Racism against Native Americans in the United States">Native American</a></li> <li><a href="/wiki/Racism_against_African_Americans" title="Racism against African Americans">African American</a></li></ul></li> <li><a href="/wiki/Energy_policy_of_the_United_States" title="Energy policy of the United States">Energy policy</a></li> <li><a href="/wiki/Environmental_issues_in_the_United_States" title="Environmental issues in the United States">Environmental issues</a> <ul><li><a href="/wiki/Environmental_movement_in_the_United_States" title="Environmental movement in the United States">Environmental movement</a></li> <li><a href="/wiki/Climate_change_in_the_United_States" title="Climate change in the United States">Climate change</a></li></ul></li> <li><a href="/wiki/Gun_politics_in_the_United_States" title="Gun politics in the United States">Gun politics</a></li> <li><a href="/wiki/Mass_shootings_in_the_United_States" title="Mass shootings in the United States">Mass shootings</a></li> <li><a href="/wiki/Hunger_in_the_United_States" class="mw-redirect" title="Hunger in the United States">Hunger</a></li> <li><a href="/wiki/Tobacco_in_the_United_States" title="Tobacco in the United States">Smoking</a></li> <li><a href="/wiki/Human_rights_in_the_United_States" title="Human rights in the United States">Human rights</a></li> <li><a href="/wiki/Immigration_to_the_United_States" title="Immigration to the United States">Immigration</a> <ul><li><a href="/wiki/Illegal_immigration_to_the_United_States" title="Illegal immigration to the United States">illegal</a></li></ul></li> <li><a href="/wiki/National_security_of_the_United_States" title="National security of the United States">National security</a> <ul><li><a href="/wiki/Terrorism_in_the_United_States" title="Terrorism in the United States">Terrorism</a></li></ul></li> <li><a href="/wiki/Opioid_epidemic_in_the_United_States" title="Opioid epidemic in the United States">Opioid epidemic</a></li> <li><a href="/wiki/Separation_of_church_and_state_in_the_United_States" title="Separation of church and state in the United States">Separation of church and state</a></li> <li><a href="/wiki/Xenophobia_in_the_United_States" title="Xenophobia in the United States">Xenophobia</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="text-align:center;;font-weight:bold;"><div><div style="margin-bottom:-0.4em;"><ul><li><span class="nobold"><a href="/wiki/Outline_of_the_United_States" title="Outline of the United States">Outline</a></span></li><li><span class="nobold"><a href="/wiki/Outline_of_the_United_States" title="Outline of the United States">Index</a></span></li></ul></div> <ul><li><a href="/wiki/Category:United_States" title="Category:United States">Category</a></li> <li><a href="/wiki/Portal:United_States" title="Portal:United States">Portal</a></li></ul></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"></div><div role="navigation" class="navbox authority-control" 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navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Federal Reserve System"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/16143509-9">Germany</a></span></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Federal reserve system (Etats-Unis)"><a rel="nofollow" class="external text" href="https://catalogue.bnf.fr/ark:/12148/cb11985652m">France</a></span></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Federal reserve system (Etats-Unis)"><a rel="nofollow" class="external text" href="https://data.bnf.fr/ark:/12148/cb11985652m">BnF data</a></span></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Estados Unidos. Federal Reserve System"><a rel="nofollow" class="external text" href="http://id.bnportugal.gov.pt/aut/catbnp/409690">Portugal</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://authority.bibsys.no/authority/rest/authorities/html/90211706">Norway</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://dbn.bn.org.pl/descriptor-details/9810668178805606">Poland</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Federal Reserve system (États-Unis)"><a rel="nofollow" class="external text" href="https://www.idref.fr/028965426">IdRef</a></span></span></li></ul></div></td></tr></tbody></table></div></div><noscript><img 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