What are the primary responsibilities of the Federal Reserve Board?

Research Services:

Each FRB has a staff of professional economists who gather, analyze, and interpret economic data and developments in the banking sector in their district and economywide.

Wire Transfer Services:

FRBs and their member banks are linked electronically through the Federal Reserve Communications System.

New Currency Issue:

FRBs are responsible for the collection and replacement of damaged currency from circulation.

Supervision and Regulation:

FRBs have supervisory and regulatory authority over the activities of banks and other large financial institutions located in their district.

Check Clearing:

FRBs process, route, and transfer funds from one bank to another as checks clear through the Federal Reserve System.

Government Services:

FRBs serve as the commercial bank for the U.S. Treasury.

Consumer Protection and Community Affairs:

FRBs write regulations to implement many of the major consumer protection laws and establish programs to promote community development and fair and impartial access to credit.

Assistance in the Conduct of Monetary Policy:

Federal Reserve Bank (FRB) presidents serve on the Federal Open Market Committee (FOMC). FRBs set and change discount rates.