420 U.S. GOVERNMENT MANUAL SYSTEM Board of Governors of the Federal Reserve System Twentieth Street and Constitution Avenue NW., Washington, DC 20551 Phone, 202–452–3000. Internet, www.federalreserve.gov.

Board of Governors Chairman Vice Chair ROGER W. FERGUSON, JR. Members EDWARD M. GRAMLICH, SUSAN SCHMIDT BIES, MARK W. OLSON, BEN S. BERNANKE, DONALD L. KOHN Staff: Assistants to the Board WINTHROP P. HAMBLEY, MICHELLE A. SMITH General Counsel J. VIRGIL MATTINGLY, JR. Secretary JENNIFER J. JOHNSON Director, Division of Banking Supervision and RICHARD SPILLENKOTHEN Regulation Director, Division of Consumer and DOLORES S. SMITH Community Affairs Director, Division of LOUISE L. ROSEMAN Operations and Payment Systems Director, Division of Information Resources MARIANNE M. EMERSON Management Director, Division of International Finance KAREN H. JOHNSON Director, Management Division H. FAY PETERS, Acting Director, Division of Monetary Affairs VINCENT R. REINHART Director, Division of Research and Statistics DAVID J. STOCKTON Staff Director, Office of Staff Director for STEPHEN R. MALPHRUS Management Inspector General BARRY R. SNYDER Officers of the Federal Reserve Banks Chairmen and Federal Reserve Agents: Atlanta, GA DAVID M. RATCLIFFE Boston, MA SAMUEL O. THIER Chicago, IL W. JAMES FARRELL , OH ROBERT W. MAHONEY Dallas, TX RAY L. HUNT Kansas City, MO RICHARD H. BARD Minneapolis, MN LINDA HALL WHITMAN New York, NY JOHN E. SEXTON Philadelphia, PA RONALD J. NAPLES Richmond, VA WESLEY S. WILLIAMS, JR. St. Louis, MO WALTER L. METCALFE, JR. San Francisco, CA GEORGE M. SCALISE Presidents: Atlanta, GA JACK GUYNN Boston, MA CATHY E. MINEHAN Chicago, IL MICHAEL H. MOSKOW Cleveland, OH Dallas, TX ROBERT D. MCTEER, JR.

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Kansas City, MO THOMAS M. HOENIG Minneapolis, MN GARY H. STERN New York, NY TIMOTHY F. GEITHNER Philadelphia, PA ANTHONY M. SANTOMERO Richmond, VA J. ALFRED BROADDUS, JR. St. Louis, MO WILLIAM POOLE San Francisco, CA ROBERT T. PARRY Federal Open Market Committee Chairman ALAN GREENSPAN Vice Chairman TIMOTHY F. GEITHNER Members SUSAN SCHMIDT BIES, BEN S. BERNANKE, ROGER W. FERGUSON, JR., EDWARD M. GRAMLICH, THOMAS M. HOENIG, DONALD L. KOHN, CATHY E. MINEHAN, MARK W. OLSON, SANDRA PIANALTO, WILLIAM POOLE Staff: Secretary and Economist VINCENT R. REINHART Deputy Secretary NORMAND R. V. BERNARD Assistant Secretary MICHELLE A. SMITH General Counsel J. VIRGIL MATTINGLY, JR. Economists KAREN H. JOHNSON, DAVID J. STOCKTON Federal Advisory Councils: Co-Secretaries, Federal Advisory Council JAMES ANNABLE, WILLIAM J. KORSVIK Chairman, Consumer Advisory Council AGNES BUNDY SCANLAN President, Thrift Institutions Advisory Council WILLIAM J. SMALL

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 System helps promote the full use of established by the human and capital resources, the growth (12 U.S.C. 221), approved December 23, of productivity, relatively stable prices, 1913. The System serves as the Nation’s and equilibrium in the Nation’s central bank. As such, its major international balance of payments. responsibility is in the execution of Through its supervisory and regulatory monetary policy. It also performs other banking functions, the Federal Reserve functions, such as the transfer of funds, System helps maintain a commercial handling Government deposits and debt banking system that is responsive to the issues, supervising and regulating banks, Nation’s financial needs and objectives. and acting as lender of last resort. The System consists of the Board of It is the responsibility of the Federal Governors in Washington, DC; the 12 Reserve System to contribute to the Federal Reserve Banks and their 25 strength and vitality of the U.S. branches and other facilities situated economy. By influencing the lending throughout the country; the Federal and investing activities of depository Open Market Committee; the Federal institutions and the cost and availability Advisory Council; the Consumer of money and credit, the Federal Reserve Advisory Council; the Thrift Institutions

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Advisory Council; and the Nation’s responsibility for supervising and financial institutions, including regulating the activities of bank holding commercial banks, savings and loan companies. The main objectives of this associations, mutual savings banks, and activity are to control the expansion of credit unions. bank holding companies by avoiding the creation of monopoly or restraining trade Board of Governors in banking, and to limit the expansion of The Board is composed of seven bank holding companies to those members appointed by the President nonbanking activities that are closely with the advice and consent of the related to banking, thus maintaining a Senate. The Chairman of the Board of separation between banking and Governors is a member of the National commerce. A company that seeks to Advisory Council on International become a bank holding company must Monetary and Financial Policies. The obtain the prior approval of the Federal Board determines general monetary, Reserve. Any company that qualifies as a credit, and operating policies for the bank holding company must register System as a whole and formulates the with the Federal Reserve System and file rules and regulations necessary to carry reports with the System. out the purposes of the Federal Reserve Supervision of Banking Organizations Act. The Board’s principal duties consist The Federal Reserve is responsible for of monitoring credit conditions; the supervision and regulation of supervising the Federal Reserve Banks, domestic and international activities of member banks, and bank holding U.S. banking organizations. It supervises companies; and regulating the State-chartered banks that are members implementation of certain consumer of the System, all bank holding credit protection laws. companies, and Edge Act and agreement Power To Influence Credit Conditions corporations (corporations chartered to The Board has the power, within engage in international banking). The Board has jurisdiction over the statutory limitations, to fix the admission of State banks and trust requirements concerning reserves to be companies to membership in the Federal maintained by depository institutions on Reserve System, the termination of transaction accounts or nonpersonal time membership of such banks, the deposits. The Board of Governors establishment of branches by such reviews and determines the discount rate banks, and the approval of bank mergers charged by the Federal Reserve Banks. and consolidations where the resulting For the purpose of preventing excessive institution will be a State member bank. use of credit for the purchase or carrying It receives copies of condition reports of securities, the Board is authorized to submitted to the Federal Reserve Banks. regulate the amount of credit that may It has power to examine all member be initially extended and subsequently banks and the affiliates of member banks maintained on any security (with certain and to require condition reports from exceptions). them. It has authority to require periodic Supervision of Federal Reserve Banks and other public disclosure of The Board is authorized to make information with respect to an equity examinations of the Federal Reserve security of a State member bank that is Banks, to require statements and reports held by 500 or more persons. It from such Banks, to supervise the issue establishes minimum standards with and retirement of Federal Reserve notes, respect to installation, maintenance, and to require the establishment or operation of security devices and discontinuance of branches of Reserve procedures by State member banks. Banks, and to exercise supervision over Also, it has authority to issue cease-and- all relationships and transactions of those desist orders in connection with Banks with foreign branches. violations of law or unsafe or unsound Supervision of Bank Holding Companies banking practices by State member The Federal Reserve has primary banks and to remove directors or officers

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of such banks in certain circumstances, Open market operations of the and it may suspend member banks from Reserve Banks are conducted under the use of the credit facilities of the regulations adopted by the Committee Federal Reserve System for making and pursuant to specific policy directives undue use of bank credit for speculative issued by the Committee, which meets purposes or for any other purpose in Washington at frequent intervals. inconsistent with the maintenance of Purchases and sales of securities in the sound credit conditions. open market are undertaken to supply The Board may grant authority to bank reserves to support the credit and member banks to establish branches in money needed for long-term economic foreign countries or dependencies or growth, to offset cyclical economic insular possessions of the United States, swings, and to accommodate seasonal to invest in the stocks of banks or demands of businesses and consumers corporations engaged in international or for money and credit. These operations foreign banking, or to invest in foreign are carried out principally in U.S. banks. It also charters, regulates, and Government obligations, but they also supervises certain corporations that include purchases and sales of Federal engage in foreign or international agency obligations. All operations are banking and financial activities. conducted in New York, where the The Board is authorized to issue primary markets for these securities are general regulations permitting located; the Federal Reserve Bank of interlocking relationships in certain New York executes transactions for the circumstances between member banks Federal Reserve System Open Market and organizations dealing in securities or Account in carrying out these operations. between member banks and other banks. Under the Committee’s direction, the Other Activities The Board reviews Federal Reserve Bank of New York also other bank stock acquisitions, as listed undertakes transactions in foreign below. currencies for the Federal Reserve The Board prescribes regulations to System Open Market Account. The ensure a meaningful disclosure by purposes of these operations include lenders of credit terms so that consumers helping to safeguard the value of the will be able to compare more readily the various credit terms available and will dollar in international exchange markets be informed about rules governing credit and facilitating growth in international cards, including their potential liability liquidity in accordance with the needs of for unauthorized use. an expanding world economy. The Board has authority to impose reserve requirements and interest rate Federal Reserve Banks ceilings on branches and agencies of The 12 Federal Reserve Banks are foreign banks in the United States, to located in Atlanta, GA; Boston, MA; grant loans to them, to provide them Chicago, IL; Cleveland, OH; Dallas, TX; access to Federal Reserve services, and Kansas City, MO; Minneapolis, MN; to limit their interstate banking activities. New York, NY; Philadelphia, PA; Richmond, VA; San Francisco, CA; and 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, and five of the presidents of the Reserve OH; Denver, CO; Detroit, MI; El Paso, Banks. The Chairman of the Board of TX; Helena, MT; Houston, TX; Governors is traditionally the Chairman Jacksonville, FL; Little Rock, AR; Los of the Committee. The president of the Angeles, CA; Louisville, KY; Memphis, Federal Reserve Bank of New York TN; Miami, FL; Nashville, TN; New serves as a permanent member of the Orleans, LA; Oklahoma City, OK; Committee. Four of the twelve Reserve Omaha, NE; Pittsburgh, PA; Portland, Bank presidents rotate annually as OR; Salt Lake City, UT; San Antonio, TX; members of the Committee. and Seattle, WA.

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Reserves on Deposit The Reserve discounted or purchased by the Bank, Banks receive and hold on deposit the and direct obligations of the United reserve or clearing account deposits of States. depository institutions. These banks are Other Powers The Reserve Banks are permitted to count their vault cash as empowered to act as clearinghouses and part of their required reserve. as collecting agents for depository Extensions of Credit The Federal institutions in the collection of checks Reserve is required to open its discount and other instruments. They are also window to any depository institution that authorized to act as depositories and is subject to Federal Reserve reserve fiscal agents of the United States and to requirements on transaction accounts or exercise other banking functions nonpersonal time deposits. Discount specified in the Federal Reserve Act. window credit provides for Federal They perform a number of important Reserve lending to eligible depository functions in connection with the issue institutions under two basic programs. and redemption of United States One is the adjustment credit program; Government securities. the other supplies more extended credit for certain limited purposes. Sources of Information Short-term adjustment credit is the Employment Written inquiries primary type of Federal Reserve credit. It regarding employment should be is available to help borrowers meet addressed to the Director, Division of temporary requirements for funds. Personnel, Board of Governors of the Borrowers are not permitted to use Federal Reserve System, Washington, DC adjustment credit to take advantage of 20551. any spread between the discount rate Procurement Firms seeking business and market rates. Extended credit is provided through with the Board should address their three programs designed to assist inquiries to the Director, Division of depository institutions in meeting longer Support Services, Board of Governors of term needs for funds. One provides the Federal Reserve System, Washington, seasonal credit—for periods running up DC 20551. to 9 months—to smaller depository Publications Among the publications institutions that lack access to market issued by the Board are The . A second program assists Reserve System—Purposes and institutions that experience special Functions, and a series of pamphlets difficulties arising from exceptional including Guide to Business Credit and circumstances or practices involving the Equal Credit Opportunity Act; only that institution. Finally, in cases Consumer Handbook; Making Deposits: where more general liquidity strains are When Will Your Money Be Available; affecting a broad range of depository and When Your Home Is On the Line: institutions—such as those whose What You Should Know About Home portfolios consist primarily of longer Equity Lines of Credit. Copies of these term assets—credit may be provided to pamphlets are available free of charge. address the problems of particular Information regarding publications may institutions being affected by the general be obtained in Room MP–510 (Martin situation. Building) of the Board’s headquarters. Currency Issue The Reserve Banks Phone, 202–452–3244. issue Federal Reserve notes, which Reading Room A reading room where constitute the bulk of money in persons may inspect records that are circulation. These notes are obligations available to the public is located in of the United States and are a prior lien Room B–1122 at the Board’s upon the assets of the issuing Federal headquarters, Twentieth Street and Reserve Bank. They are issued against a Constitution Avenue NW., Washington, pledge by the Reserve Bank with the DC. Information regarding the Federal Reserve agent of collateral availability of records may be obtained security including gold certificates, paper by calling 202–452–3684.

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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 THOMAS A. FINK, SCOTT B. LUKINS, ALEJANDRO M. SANCHEZ, GORDON J. WHITING Officials: Executive Director GARY A. AMELIO General Counsel ELIZABETH S. WOODRUFF Director of Accounting DAVID L. BLACK Director of Automated Systems LAWRENCE E. STIFFLER Director of Benefits and Investments JAMES B. PETRICK Director of External Affairs THOMAS J. TRABUCCO

The Federal Retirement Thrift Investment Board administers the Thrift Savings Plan, which provides Federal employees the opportunity to save for additional retirement security.

The Federal Retirement Thrift Investment the Federal Employees’ Retirement Board was established as an independent System. For employees covered under agency by the Federal Employees’ the System, savings accumulated through Retirement System Act of 1986 (5 U.S.C. the Plan make an important addition to 8351 and 8401–79). The act vests the retirement benefits provided by responsibility for the agency in six Social Security and the System’s Basic named fiduciaries: the five Board Annuity. Civil Service Retirement System members and the Executive Director. employees and members of the The five members of the Board, one of Uniformed Services may also take whom is designated as Chairman, are appointed by the President with the advantage of the Plan to supplement advice and consent of the Senate and their annuities. serve on the Board on a part-time basis. The Board operates the Thrift Savings The members appoint the Executive Plan and manages the investments of the Director, who is responsible for the Thrift Savings Fund solely for the benefit management of the agency and the Plan. of participants and their beneficiaries. As part of these responsibilities, the Board Activities maintains an account for each Plan The Thrift Savings Plan is a tax-deferred, participant, makes loans, purchases defined contribution plan that was annuity contracts, and provides for the established as one of the three parts of payment of benefits.

For further information, contact the Director of External Affairs, Federal Retirement Thrift Investment Board, 1250 H Street NW., Washington, DC 20005. Phone, 202–942–1640. Internet, www.tsp.gov.

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