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Careers at the Federal Reserve Board BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM CareersCareers atat thethe FederalFederal ReserveReserve BoardBoard The Central Bank of the United States • Washington, DC About the Federal Reserve Congress created the Federal Reserve more than 100 years ago and charged it with fostering a healthy domestic economy and a sound banking system. The Board of Governors of the Federal Reserve System (the Board), along with the Federal Reserve Banks and the Federal Open Market Committee, make decisions that help promote the health of the U.S. economy and the stability of the U.S. financial system. “We strive to maintain an inclusive workplace in which diverse perspectives are welcomed and heard, and merit is rewarded. We bring strong commitment and values to our work, and take great satisfaction and pride in our service to the public.” — Jerome Powell, Chair The value of our nation’s currency and the fundamental underpinning of our economy depends on trust in the Federal Reserve and for each employee toTRUST perform their job each day in ways that contribute to that trust. Twelve Federal Reserve districts operate independently but with supervision. Federal Reserve district boundaries are based on economic considerations; the districts operate independently but under the supervision of the Federal Reserve Board of Governors. The Federal Reserve System As the central bank of the United States, the Fed's mission is to provide our nation with a safer, more flexible, and more stable monetary and financial system. 1 U.S. Central Bank The Federal Reserve System 3 Key Entities Federal 12 Federal Federal Reserve Board Reserve Open Market of Governors Banks Committee Helping Fostering Promoting Conducting Supervising maintain the payment and consumer the nation’s and regulating stability of settlement protection and 5 Key Functions monetary nancial the nancial system safety community policy institutions system and efciency development Regardless of the work you perform at the Board, your contributions areVALUE valued and influence the public’s trust in the Federal Reserve. We are an organization of people from diverse backgrounds and experiences The Board’s 15 divisions are made up of people with backgrounds and experience in many different fields. All play a role in fulfilling our mission and responsibilities to the American people. The divisions recruit for a broad range of professional positions, including • economists (seven • engineers, programmers, • human resources (one divisions) systems and quality assurance division) analysts (most divisions) • research assistants (seven • administrative (all divisions) divisions) • data analysts, scientists, and • law enforcement, and librarians (seven divisions) • financial analysts, bank emergency preparedness (two examiners, auditors • communications, editing, and divisions) (eight divisions) graphics design professionals • trade and crafts professionals (three divisions) • attorneys and paralegals (one division) (five divisions) Interns support the Board's mission Helping students gain valuable work experience is important to us. Each year, we hire nearly 100 interns from colleges and universities across the country. Our interns support important projects and research in all Board divisions. Requirements to apply Learn more U.S. citizenship required for most positions. www.federalreserve.gov/careers The Federal Reserve is an Equal Opportunity Employer. Federal Reserve History in Brief The timeline includes key moments in Federal Reserve history. Learn more at www.federalreservehistory.org/. President Woodrow The Great Depression Wilson signs the Federal begins and lasts until 1941. Reserve Act, establishing The Federal Reserve Bank the Federal Reserve of New York purchases The Glass-Steagall Act The Fed supports World War System as the U.S. government securities on enacts measures to II funding by enabling the U.S. central bank to provide the open market, expedites stabilize the financial government to borrow at low the nation with a safer, lending through its discount system and creates the interest rates. The number more flexible, and more window, and lowers the Federal Open Market and volume of services the stable monetary and discount rate to help Committee to guide Federal Fed provides to the federal financial system. stabilize the banking system. Reserve monetary policy. government increases. 1913 1929 1933 1941–45 1914 1932 1935 1951 The Fed’s centralized The Emergency Relief The Banking Act of 1935 The Treasury-Fed Accord governing body—the and Construction increases the Fed’s separates government Board of Governors— Act gives the Federal independence from the debt management begins operating in Reserve Board power to executive branch, and from monetary policy, Washington, D.C.; authorize Reserve Banks shifts some powers from enabling the Fed to boundaries of the 12 to lend to nonbanks the Reserve Banks to the conduct monetary policy Reserve Bank Districts (individuals, partnerships, Board of Governors independent of fiscal are set, and the and corporations) in concerns. Reserve Banks open “unusual and exigent around the country. circumstances.” The Monetary Control The Dodd-Frank Act strengthens the Fed’s Following the September Wall Street Reform control of monetary policy 11th terrorist attacks, the and Consumer The Federal Reserve and bolsters its inflation- Fed issues a statement to Protection Act, passed Reform Act of 1977 fighting efforts by, among reassure disrupted U.S. in response to the makes explicit the Federal other measures, making all financial markets: “The 2007–09 financial crisis, Reserve’s objectives and depository institutions subject Federal Reserve System is gives the Fed new increases its transparency to reserve requirements and open and operating. The supervisory powers. and accountability to requiring the Fed to charge for discount window is available The Board increases its Congress. certain services to banks. to meet liquidity needs.” transparency. 1977 1980 2001 2010 1979 1987 2007–09 The Fed announces The Fed responds to the The Great Recession new efforts to curb the October 19 stock market spurs the Fed to use long-term, double-digit crash by affirming its nontraditional policy tools, inflation plaguing the readiness “to serve as such as credit programs U.S. economy. a source of liquidity to and large-scale asset support the economic and purchases, to deal with financial system,” helping the financial crisis. to promote recovery. The Board and the Federal Reserve Banks The Board employs nearly 3,000 people in Washington, D.C. Regardless of where they work within the Federal Reserve System, employees aspire to achieve one mission: to provide our nation with a safer, more flexible, and more stable monetary and financial system. Fed Facts What our employees value about working at the Board Benefits (including tuition Flexible work schedules/ Professional work assistance, pension, telework opportunities environment 401k-style savings plan, vacation and sick leave) 55% Average tenure: 10 years 45% 90% 80% 10Career development Women vs. men (by percent): Nearly 90 percent of Nearly 80 percent of opportunities are available 45 (women) to 55 (men) employees say they are our employees see at all stages of your career. proud to be employed their work as more at the Board. than just a job. Regardless of the Employee Resource Groups work you perform at the Board, your The Board supports a diverse workforce and partners contributions are with the employee resource groups (ERGs), including valued and influence Job satisfaction Diverse Abilities and Needs, African American, Asian the public’s trust in American and Pacific Islander, Hispanic, LGBTQA+, the Federal Reserve. Veterans, and Women's groups. www.federalreserve.gov 0220 .
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