http://www.federalreserve.gov/ If you could help me with any of this I would be
ID: 1209228 • Letter: H
Question
http://www.federalreserve.gov/
If you could help me with any of this I would be very greatful!
A. What is the criteria for the Board of Governors? What is the process to determine the Board of Governors, the Chair, and the Vice Chair? Who is the current chair of the Federal Reserve Board of Governors? The current vice chair? Explain term lengths.
B. The Federal Open Market Committee is different from the Board of Governors. What is the Federal Open Market Committee? Who serves on the committee (Give titles not names)? Who serves as Chair? Who serves as Vice Chair? What is the role of the committee--not the role of the entire Federal Reserve? What is the criteria for serving on the Federal Open Market Committee? How long are term lengths? Chapter 15 discusses open market operations.
C. Discuss 3 recent (within the last 6 months) major actions taken by the Federal Reserve Board in any of its four major responsibilities.
Explanation / Answer
A. Current chair of Board of governor at Fed is Janet Yellen. Vice Chair - Stanley Fischer
Board of Governor is charged with overseeing work of 12 District Reserve Bank and setting up monetory policy. It regulates banking in US. The Board of Governor are appointed by President and have tenure of 14 years, One term begins every two years, on February 1 of even-numbered years.
The Chair and Vice Chair are appointed from sitting Governors for period of 4 years by President
B. 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 open market operations.
Board of Governer are responsible for Governance of Fed while Open Market Committee is one of the committees i.e. responsible for setting open market policy - most important tool for monetary policy.
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.
FMOC determines it own internal organization and elects its Chair and traditionally Federal Reserve Bank of New York as it’s 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
C. May'16 - Federal Reserve Board announces approval of joint agency notice of proposed rulemaking to implement incentive compensation provisions of section 956 of the Dodd Frank Wall Street Reform and Consumer Protection Act
May'16 -Federal Reserve Board issues enforcement action with Farmers & Merchants Bank of Ashland and termination of enforcement action with First Mutual of Richmond, Inc. and Richmond Mutual Bancorporation, Inc.
March'16 - Federal Reserve Board and Federal Open Market Committee release economic projections from the March 15-16 FOMC meeting
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