404 U.S. GOVERNMENT MANUAL

Activities Superintendent of Documents, U.S. Cases brought before the Commission Government Printing Office, are assigned to the Office of Washington, DC 20402. The Administrative Law Judges, and hearings Commission’s Web site includes recent are conducted pursuant to the decisions, a searchable database of requirements of the Administrative previous decisions, procedural rules, Procedure Act (5 U.S.C. 554, 556) and audio recordings of recent public the Commission’s procedural rules (29 meetings, and other pertinent CFR 2700). information. A judge’s decision becomes a final but nonprecedential order of the Requests for Commission records should Commission 40 days after issuance be submitted in accordance with the unless the Commission has directed the Commission’s Freedom of Information case for review in response to a petition Act regulations. Other information, or on its own motion. If a review is including Commission rules of procedure conducted, a decision of the and brochures explaining the Commission becomes final 30 days after Commission’s functions, is available issuance unless a party adversely from the Executive Director, Federal affected seeks review in the U.S. Circuit Court of Appeals for the District of Mine Safety and Health Review Columbia or the Circuit within which Commission, 601 New Jersey Avenue the mine subject to the litigation is NW., Suite 9500, Washington, DC located. 20001–2021. Internet, www.fmshrc.gov. As far as practicable, hearings are held Email, [email protected]. at locations convenient to the affected For information on filing requirements, mines. In addition to its Washington, the status of cases before the DC, offices, the Office of Administrative Law Judges maintains an office in the Commission, or docket information, Colonnade Center, Room 280, 1244 contact the Office of General Counsel or Speer Boulevard, Denver, CO 80204. the Docket Office, Federal Mine Safety and Health Review Commission, 601 Sources of Information New Jersey Avenue NW., Suite 9500, Commission decisions are published Washington, DC 20001. Email, bimonthly and are available through the [email protected].

For further information, contact the Executive Director, Federal Mine Safety and Health Review Commission, 601 New Jersey Avenue NW., Suite 9500, Washington DC 20001–2021. Phone, 202–434– 9905. Fax, 202–434–9906. Internet, www.fmshrc.gov. Email, [email protected].

FEDERAL RESERVE SYSTEM Board of Governors of the System Twentieth Street and Constitution Avenue NW., Washington, DC 20551 Phone, 202–452–3000. Internet, www.federalreserve.gov.

Board of Governors CHAIRMAN BEN S. BERNANKE VICE CHAIRMAN DONALD L. KOHN Members ELIZABETH DUKE, DANIEL K. TARULLO, KEVIN M. WARSH, (2 VACANCIES)

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Staff: Director, Division of Board Members MICHELLE A. SMITH Congressional Liaison LARICKE D. BLANCHARD General Counsel SCOTT G. ALVAREZ Secretary JENNIFER J. JOHNSON Director, Division of Banking Supervision and ROGER T. COLE Regulation Director, Division of Consumer and SANDRA F. BRAUNSTEIN Community Affairs Director, Division of LOUISE L. ROSEMAN Operations and Payment Systems Director, Division of Information Technology MAUREEN HANNAN Director, Division of International Finance D. NATHAN SHEETS Director, Management Division H. FAY PETERS Director, Division of Monetary Affairs BRIAN MADIGAN Director, Division of Research and Statistics DAVID J. STOCKTON Staff Director, Office of Staff Director for STEPHEN R. MALPHRUS Management Inspector General ELIZABETH A. COLEMAN Officers of the Federal Reserve Banks Federal Reserve Bank Chairmen: Boston, MA LISA M. LYNCH New York, NY STEPHEN FRIEDMAN Philadelphia, PA WILLIAM F. HECHT , OH TANNY B. CRANE Richmond, VA LEMUEL E. LEWIS Atlanta, GA D. SCOTT DAVIS Chicago, IL JOHN A. CANNING, JR. St. Louis, MO STEVEN H. LIPSTEIN Minneapolis, MN JAMES J. HYNES Kansas City, MO LU M. CORDOVA Dallas, TX JAMES T. HACKETT San Francisco, CA T. GARY ROGERS Presidents: Atlanta, GA DENNIS P. LOCKHART Boston, MA ERIC S. ROSENGREN Chicago, IL CHARLES L. EVANS Cleveland, OH SANDRA PIANALTO Dallas, TX RICHARD W. FISHER Kansas City, MO THOMAS M. HOENIG Minneapolis, MN GARY H. STERN New York, NY WILLIAM C. DUDLEY Philadelphia, PA CHARLES L. POSSER Richmond, VA JEFFERY M. LACKER St. Louis, MO JAMES B. BULLARD San Francisco, CA JANET L. YELLEN Federal Open Market Committee Chairman BEN S. BERNANKE Vice Chairman WILLIAM C. DUDLEY Members CHARLES L. EVANS, DONALD L. KOHN, JEFFERY M. LACKER, DENNIS P. LOCKHART, KEVIN M. WARSH, JANET L. YELLEN, (VACANCY)

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Staff: Secretary and Economist BRIAN MADIGAN Deputy Secretary DEBORAH DANKER Assistant Secretaries DAVID SKIDMORE, MICHELLE SMITH General Counsel SCOTT G. ALVAREZ Economists D. NATHAN SHEETS, DAVID J. STOCKTON Federal Advisory Councils: Secretary, Federal Advisory Council WILLIAM DOWNE Chairman, Consumer Advisory Council EDNA R. SAWADY President, Thrift Institutions Advisory Council CURTIS L. HAGE

The Federal Reserve System, the central bank of the United States, is charged with administering and formulating the Nation’s credit and monetary policy. Through its supervisory and regulatory banking functions, the Federal Reserve maintains the safety and soundness of the Nation’s economy, responding to the Nation’s domestic and international financial needs and objectives.

The Federal Reserve System was associations, mutual savings banks, and established by the credit unions. (12 U.S.C. 221), approved December 23, 1913. Its major responsibility is in the Board of Governors execution of monetary policy. It also The Board is composed of seven performs other functions, such as the members appointed by the President transfer of funds, handling Government with the advice and consent of the deposits and debt issues, supervising and Senate. The Chairman of the Board of regulating banks, and acting as lender of Governors is a member of the National last resort. Advisory Council on International It is the responsibility of the Federal Monetary and Financial Policies. The Reserve System to contribute to the Board determines general monetary, strength and vitality of the U.S. credit, and operating policies for the economy. By influencing the lending System as a whole and formulates the and investing activities of depository rules and regulations necessary to carry institutions and the cost and availability out the purposes of the Federal Reserve of money and credit, the Federal Reserve Act. The Board’s principal duties consist System helps promote the full use of human and capital resources, the growth of monitoring credit conditions; of productivity, relatively stable prices, supervising the Federal Reserve Banks, and equilibrium in the Nation’s member banks, and bank holding international balance of payments. companies; and regulating the Through its supervisory and regulatory implementation of certain consumer banking functions, the Federal Reserve credit protection laws. System helps maintain a commercial Power To Influence Credit Conditions banking system that is responsive to the The Board has the power, within Nation’s financial needs and objectives. statutory limitations, to fix the The System consists of the Board of requirements concerning reserves to be Governors in Washington, DC; the 12 maintained by depository institutions on Federal Reserve Banks and their 25 transaction accounts or nonpersonal time branches and other facilities situated deposits. The Board of Governors throughout the country; the Federal reviews and determines the discount rate Open Market Committee; the Federal charged by the Federal Reserve Banks. Advisory Council; the Consumer For the purpose of preventing excessive Advisory Council; the Thrift Institutions use of credit for the purchase or carrying Advisory Council; and the Nation’s of securities, the Board is authorized to financial institutions, including regulate the amount of credit that may commercial banks, savings and loan be initially extended and subsequently

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maintained on any security (with certain banks and the affiliates of member banks exceptions). and to require condition reports from Supervision of Federal Reserve Banks them. It has authority to require periodic The Board is authorized to make and other public disclosure of examinations of the Federal Reserve information with respect to an equity Banks, to require statements and reports security of a State member bank that is from such Banks, to supervise the issue held by 500 or more persons. It and retirement of Federal Reserve notes, establishes minimum standards with to require the establishment or respect to installation, maintenance, and discontinuance of branches of Reserve operation of security devices and Banks, and to exercise supervision over procedures by State member banks. all relationships and transactions of those Also, it has authority to issue cease-and- Banks with foreign branches. desist orders in connection with Supervision of Bank Holding Companies violations of law or unsafe or unsound The Federal Reserve has primary banking practices by State member responsibility for supervising and banks and to remove directors or officers regulating the activities of bank holding of such banks in certain circumstances, companies. The main objectives of this and it may suspend member banks from activity are to control the expansion of the use of the credit facilities of the bank holding companies by avoiding the Federal Reserve System for making creation of monopoly or restraining trade undue use of bank credit for speculative in banking, and to limit the expansion of purposes or for any other purpose bank holding companies to those inconsistent with the maintenance of nonbanking activities that are closely sound credit conditions. related to banking, thus maintaining a The Board may grant authority to separation between banking and member banks to establish branches in commerce. A company that seeks to foreign countries or dependencies or become a bank holding company must insular possessions of the United States, obtain the prior approval of the Federal to invest in the stocks of banks or Reserve. Any company that qualifies as a corporations engaged in international or bank holding company must register foreign banking, or to invest in foreign banks. It also charters, regulates, and with the Federal Reserve System and file supervises certain corporations that reports with the System. engage in foreign or international Supervision of Banking Organizations banking and financial activities. The Federal Reserve is responsible for The Board is authorized to issue the supervision and regulation of general regulations permitting domestic and international activities of interlocking relationships in certain U.S. banking organizations. It supervises circumstances between member banks State-chartered banks that are members and organizations dealing in securities or of the System, all bank holding between member banks and other banks. companies, and Edge Act and agreement The Board prescribes regulations to corporations (corporations chartered to ensure a meaningful disclosure by engage in international banking). lenders of credit terms so that consumers The Board has jurisdiction over the will be able to compare more readily the admission of State banks and trust various credit terms available and will companies to membership in the Federal be informed about rules governing credit Reserve System, the termination of cards, including their potential liability membership of such banks, the for unauthorized use. establishment of branches by such The Board has authority to impose banks, and the approval of bank mergers reserve requirements and interest rate and consolidations where the resulting ceilings on branches and agencies of institution will be a State member bank. foreign banks in the United States, to It receives copies of condition reports grant loans to them, to provide them submitted to the Federal Reserve Banks. access to Federal Reserve services, and It has power to examine all member to limit their interstate banking activities.

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Federal Open Market Committee St. Louis, MO. Branch banks are located The Federal Open Market Committee is in Baltimore, MD; Birmingham, AL; comprised of the Board of Governors Buffalo, NY; Charlotte, NC; Cincinnati, OH; Denver, CO; Detroit, MI; El Paso, and five of the presidents of the Reserve TX; Helena, MT; Houston, TX; Banks. The Chairman of the Board of Jacksonville, FL; Little Rock, AR; Los Governors is traditionally the Chairman Angeles, CA; Louisville, KY; Memphis, of the Committee. The president of the TN; Miami, FL; Nashville, TN; New Federal Reserve Bank of New York Orleans, LA; Oklahoma City, OK; serves as a permanent member of the Omaha, NE; Pittsburgh, PA; Portland, Committee. Four of the twelve Reserve OR; Salt Lake City, UT; San Antonio, TX; Bank presidents rotate annually as and Seattle, WA. members of the Committee. Reserves on Deposit The Reserve Open market operations of the Banks receive and hold on deposit the Reserve Banks are conducted under reserve or clearing account deposits of regulations adopted by the Committee and pursuant to specific policy directives depository institutions. These banks are issued by the Committee, which meets permitted to count their vault cash as in Washington, DC, at frequent intervals. part of their required reserve. Purchases and sales of securities in the Extensions of Credit The Federal open market are undertaken to supply Reserve is required to open its discount bank reserves to support the credit and window to any depository institution that money needed for long-term economic is subject to Federal Reserve reserve growth, to offset cyclical economic requirements on transaction accounts or swings, and to accommodate seasonal nonpersonal time deposits. Discount demands of businesses and consumers window credit provides for Federal for money and credit. These operations Reserve lending to eligible depository are carried out principally in U.S. institutions under two basic programs. Government obligations, but they also One is the adjustment credit program; include purchases and sales of Federal the other supplies more extended credit agency obligations. All operations are for certain limited purposes. conducted in New York, where the Short-term adjustment credit is the primary markets for these securities are primary type of Federal Reserve credit. It located; the Federal Reserve Bank of is available to help borrowers meet New York executes transactions for the temporary requirements for funds. Federal Reserve System Open Market Borrowers are not permitted to use Account in carrying out these operations. adjustment credit to take advantage of Under the Committee’s direction, the any spread between the discount rate Federal Reserve Bank of New York also and market rates. Extended credit is provided through undertakes transactions in foreign three programs designed to assist currencies for the Federal Reserve depository institutions in meeting longer System Open Market Account. The term needs for funds. One provides purposes of these operations include seasonal credit—for periods running up helping to safeguard the value of the to 9 months—to smaller depository dollar in international exchange markets institutions that lack access to market and facilitating growth in international funds. A second program assists liquidity in accordance with the needs of institutions that experience special an expanding world economy. difficulties arising from exceptional circumstances or practices involving Federal Reserve Banks only that institution. Finally, in cases The 12 Federal Reserve Banks are where more general liquidity strains are located in Atlanta, GA; Boston, MA; affecting a broad range of depository Chicago, IL; Cleveland, OH; Dallas, TX; institutions—such as those whose Kansas City, MO; Minneapolis, MN; portfolios consist primarily of longer New York, NY; Philadelphia, PA; term assets—credit may be provided to Richmond, VA; San Francisco, CA; and address the problems of particular

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institutions being affected by the general Federal Reserve System, Washington, DC situation. 20551. Currency Issue The Reserve Banks Procurement Firms seeking business issue Federal Reserve notes, which with the Board should address their constitute the bulk of money in inquiries to the Director, Division of circulation. These notes are obligations Support Services, Board of Governors of of the United States and are a prior lien the Federal Reserve System, Washington, upon the assets of the issuing Federal DC 20551. Reserve Bank. They are issued against a Publications Among the publications pledge by the Reserve Bank with the issued by the Board are The Federal Federal Reserve agent of collateral Reserve System—Purposes and security including gold certificates, paper discounted or purchased by the Bank, Functions, and a series of pamphlets and direct obligations of the United including Guide to Business Credit and States. the Equal Credit Opportunity Act; Other Powers The Reserve Banks are Consumer Handbook; Making Deposits: empowered to act as clearinghouses and When Will Your Money Be Available; as collecting agents for depository and When Your Home Is On the Line: institutions in the collection of checks What You Should Know About Home and other instruments. They are also Equity Lines of Credit. Copies of these authorized to act as depositories and pamphlets are available free of charge. fiscal agents of the United States and to Information regarding publications may exercise other banking functions be obtained in Room MP–510 (Martin specified in the Federal Reserve Act. Building) of the Board’s headquarters. They perform a number of important Phone, 202–452–3244. functions in connection with the issue Reading Room A reading room where and redemption of United States persons may inspect records that are Government securities. available to the public is located in Room B–1122 at the Board’s Sources of Information headquarters, Twentieth Street and Employment Written inquiries Constitution Avenue NW., Washington, regarding employment should be DC 20551. Information regarding the addressed to the Director, Division of availability of records may be obtained Personnel, Board of Governors of the by calling 202–452–3684.

For further information, contact the Office of Public Affairs, Board of Governors, Federal Reserve System, Washington, DC 20551. Phone, 202–452–3204 or 202–452–3215. Internet, www.federalreserve.gov.

FEDERAL RETIREMENT THRIFT INVESTMENT BOARD 1250 H Street NW., Washington, DC 20005 Phone, 202–942–1600. Fax, 202–942–1676. Internet, www.tsp.gov.

CHAIRMAN ANDREW M. SAUL Members TERRENCE A. DUFFY, THOMAS A. FINK, ALEJANDRO M. SANCHEZ, GORDON J. WHITING Officials: Executive Director GREGORY T. LONG Chief Investment Officer TRACEY A. RAY

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