Federal Reserve

Federal Reserve Bank of Richmond- Branch Locations

Branch Locations: Baltimore, MD; Charlotte, NC

Federal Reserve Bank of Richmond- District Seal

http://www.frbsf.org/education/files/5_richmond_seal.jpg

Responsibilities of the Fed (4)

1. Conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices. 2. Supervising and regulating banks and other important financial institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers. 3. Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets. 4. Providing certain financial services to the U.S. government, U.S. financial institutions, and foreign official institutions, and playing a major role in operating and overseeing the nation's payments systems.

Why do you want to work for the federal reserve bank of Richmond ?

1. I want to gain experience . 2. I'm still in the process of finding my niche and where I belong in the work force and I believe the federal reserve is a great place to start . 3. The hands on experience that I will receive from this internship will aid in my future endeavors as a budding economist as well as future business professional.

What do reserve banks do ?

1. Provide accounts to depository institutions--banks, thrifts, and credit unions--in which those institutions hold reserve balances, make loans to depository institutions, move currency and coin into and out of circulation, collect and process millions of checks and other payments each day, provide checking accounts and other services for the Treasury, issue and redeem government securities, and act in other ways as fiscal agent for the U.S. government 2. supervise and examine all bank holding companies and commercial banks that are members of the Federal Reserve System for safety and soundness; and 3. participate in the setting of monetary policy.

Federal Reserve Bank of Richmond- Employees

Employees: 2601

How do federal reserve banks differ from your avg. bank ?

Federal Reserve Banks do not provide banking services, including accounts, to individuals.

Federal Reserve Banks

Federal Reserve Banks were established by the Congress as the operating arms of the nation's central banking system.

How is the Federal Reserve System Structured ?

It is a federal system, composed of a central, independent governmental agency--the Board of Governors--in Washington, D.C., and 12 regional Federal Reserve Banks, located in major cities throughout the nation.

Federal Reserve Bank of Richmond- Population

Population: 29 million people

Federal Reserve Bank of Richmond- Headquarters

Richmond, VA

Federal Reserve Bank of Richmond - Territory

Territory: Maryland, North Carolina, South Carolina, Virginia, part of the state of West Virginia, and Washington, D.C.

When was the fed created ?

The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law

What is the the Federal Reserve

The central bank of the United States

Why was the fed created ?

The fed was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.

8 times a year ,

each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District and summarizes this information in The Beige Book report, published on the Board's website.