Official website of the Federal Reserve Bank of http://www.federalreserve.gov

Edit this history of the Federal Reserve.

The first bank of America and the second bank of America were the earliest institutions with the function of central bank, which were approved on 179 1 respectively. During the "free banking era" from 1837 to 1862, there was no formal central bank in the United States, but from 1862 to 19 13, a (private) national banking system played this role.

The Federal Reserve was established by the United States Congress on the basis of the passage of the Irving-Glass Act (also known as the Federal Reserve Act), and was signed by President Woodrow Wilson on 19 13 12.23.

Edit the profile of the Federal Reserve Board of Directors.

The Federal Reserve System (Fed) is responsible for performing the duties of the central bank of the United States. The system was established on 19 13 according to the Federal Reserve Act. This system mainly consists of the Federal Reserve Board, the Federal Reserve Bank and the Federal Open Market Committee.

major duty

1. Formulate and implement relevant monetary policies;

2. Supervise banking institutions to protect consumers' legitimate credit rights;

3. Maintain the stability of the financial system;

4. Provide reliable financial services to the US government, the public, financial institutions and foreign institutions.

Other duties

1, economic education

2. Social transcendence

3. Economic research

Edit this paragraph, the board of directors of the Federal Reserve

The core institution of the Federal Reserve system is the Federal Reserve Board of Directors (referred to as the Federal Reserve); Its full name is the Federal Reserve System Board (Federal Reserve System Management Committee, or Federal Reserve System Committee), which is a federal government agency with its office in Washington, D.C.. The committee consists of seven members (including a chairman, a vice-chairman and five members), who must be nominated by the President of the United States and approved by the Senate of the upper house of the United States Congress before taking office. The term of office of the Committee is fourteen years (the term of office of the chairman and vice-chairman is four years, and they can be re-elected).

Edit the basic functions of the Federal Reserve in this paragraph.

1. Relevant monetary policies are mainly realized by three means (open market operation, setting bank reserve ratio and approving discount rate required by the Federal Reserve Bank);

2. Supervise and guide the activities of the Federal Reserve Banks;

3. Supervise banks in the United States, as well as overseas activities of member banks and activities of foreign banks in the United States;

4. Approve the budget and expenditure of the Federal Reserve Bank;

5. Appoint three of the nine directors of each Federal Reserve Bank;

6. Approve the candidates for the president of the Reserve Bank nominated by the board of directors of the Federal Reserve Bank;

7. Exercise the rights as a national payment system;

8, responsible for the implementation of the relevant laws to protect consumer credit;

9. According to Humphrey Hawkins Act, the report on the implementation of economic and monetary policies is submitted to Congress on February 20th and July 20th every year (similar to semi-annual report);

10. Publish the detailed statistical data of the Federal Reserve system and the national economy to the public through various publications such as the Federal Reserve Bulletin); Once a month;

1 1. Submit the annual report of the previous year (audited by public accounting firms) and the budget report (audited by the US General Accounting Office) to Congress at the beginning of each year;

12. in addition, the chairman of the Committee should hold relevant meetings with the president and treasury secretary of the United States regularly, report relevant information in a timely manner, and perform his duties well in international affairs.