418 U.S. GOVERNMENT MANUAL

Sources of Information and brochures explaining the Commission decisions are published Commission’s functions, is available bimonthly and are available through the from the Executive Director, Federal Superintendent of Documents, U.S. Mine Safety and Health Review Government Printing Office, Commission, 601 New Jersey Avenue Washington, DC 20402. The NW., Suite 9500, Washington, DC Commission’s Web site includes recent 20001–2021. E-mail, [email protected]. decisions, a searchable database of For information on filing requirements, previous decisions, procedural rules, the status of cases before the audio recordings of recent public meetings, and other pertinent Commission, or docket information, information. contact the Office of General Counsel or Requests for Commission records should the Docket Office, Federal Mine Safety be submitted in accordance with the and Health Review Commission, 601 Commission’s Freedom of Information New Jersey Avenue, NW., Suite 9500, Act regulations. Other information, Washington, DC 20001. E-mail, including Commission rules of procedure [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. E-mail, [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 SUSAN SCHMIDT BIES, RANDALL S. KROSZNER, KEVIN M. WARSH Staff: Director, Division of Board Members MICHELLE A. SMITH Congressional Liaison WINTHROP P. HAMBLEY 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 MARIANNE M. EMERSON Director, Division of International Finance KAREN H. JOHNSON Director, Management Division H. FAY PETERS 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

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Officers of the Federal Reserve Banks Federal Reserve Bank Chairmen: Boston, MA BLENDA J. WILSON New York, NY JOHN E. SEXTON Philadelphia, PA DORIS M. DAMM , OH CHARLES E. BUNCH Richmond, VA THOMAS J. MACKELL, JR. Atlanta, GA DAVID M. RATCLIFFE Chicago, IL MILES D. WHITE St. Louis, MO WALTER L. METCALFE, JR. Minneapolis, MN FRANK L. SIMS Kansas City, MO ROBERT A. FUNK Dallas, TX RAY L. HUNT San Francisco, CA DAVID K. TANG Presidents: Atlanta, GA DENNIS P. LOCKHART Boston, MA CATHY E. MINEHAN Chicago, IL MICHAEL H. MOSKOW Cleveland, OH Dallas, TX RICHARD FISHER Kansas City, MO THOMAS M. HOENIG Minneapolis, MN GARY H. STERN New York, NY TIMOTHY F. GEITHNER Philadelphia, PA CHARLES L. POSSER Richmond, VA JEFFERY M. LACKER St. Louis, MO WILLIAM POOLE San Francisco, CA JANET L. YELLEN Federal Open Market Committee Chairman BEN S. BERNANKE Vice Chairman TIMOTHY F. GEITHNER Members SUSAN SCHMIDT BIES, THOMAS M. HOENIG, DONALD L. KOHN, RANDALL S. KROSZNER, CATHY E. MINEHAN, MICHAEL H. MOSKOW, WILLIAM POOLE, KEVIN M. WARSH, JANET L. YELLEN Staff: Secretary and Economist VINCENT R. REINHART Deputy Secretary DEBORAH DANKER Assistant Secretary DAVID SKIDMORE General Counsel SCOTT G. ALVAREZ Economists KAREN H. JOHNSON, DAVID J. STOCKTON Federal Advisory Councils: Secretary, Federal Advisory Council JAMES E. ANNABLE Chairman, Consumer Advisory Council LISA SODEIKA President, Thrift Institutions Advisory Council DAVID RUSSELL TAYLOR

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.

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The Federal Reserve System was of monitoring credit conditions; established by the supervising the Federal Reserve Banks, (12 U.S.C. 221), approved December 23, member banks, and bank holding 1913. Its major responsibility is in the companies; and regulating the execution of monetary policy. It also implementation of certain consumer performs other functions, such as the credit protection laws. transfer of funds, handling Government Power To Influence Credit Conditions deposits and debt issues, supervising and The Board has the power, within regulating banks, and acting as lender of statutory limitations, to fix the last resort. requirements concerning reserves to be It is the responsibility of the Federal maintained by depository institutions on Reserve System to contribute to the transaction accounts or nonpersonal time strength and vitality of the U.S. deposits. The Board of Governors economy. By influencing the lending reviews and determines the discount rate and investing activities of depository charged by the Federal Reserve Banks. institutions and the cost and availability For the purpose of preventing excessive of money and credit, the Federal Reserve use of credit for the purchase or carrying System helps promote the full use of of securities, the Board is authorized to human and capital resources, the growth regulate the amount of credit that may of productivity, relatively stable prices, be initially extended and subsequently and equilibrium in the Nation’s maintained on any security (with certain international balance of payments. exceptions). Through its supervisory and regulatory Supervision of Federal Reserve Banks banking functions, the Federal Reserve The Board is authorized to make System helps maintain a commercial examinations of the Federal Reserve banking system that is responsive to the Banks, to require statements and reports Nation’s financial needs and objectives. from such Banks, to supervise the issue The System consists of the Board of and retirement of Federal Reserve notes, Governors in Washington, DC; the 12 to require the establishment or Federal Reserve Banks and their 25 discontinuance of branches of Reserve branches and other facilities situated Banks, and to exercise supervision over throughout the country; the Federal all relationships and transactions of those Open Market Committee; the Federal Banks with foreign branches. Advisory Council; the Consumer Supervision of Bank Holding Companies Advisory Council; the Thrift Institutions The Federal Reserve has primary 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

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the supervision and regulation of The Board is authorized to issue domestic and international activities of general regulations permitting U.S. banking organizations. It supervises interlocking relationships in certain State-chartered banks that are members circumstances between member banks of the System, all bank holding and organizations dealing in securities or companies, and Edge Act and agreement between member banks and other banks. corporations (corporations chartered to Other Activities The Board reviews engage in international banking). other bank stock acquisitions, as listed The Board has jurisdiction over the below. admission of State banks and trust The Board prescribes regulations to companies to membership in the Federal ensure a meaningful disclosure by Reserve System, the termination of lenders of credit terms so that consumers membership of such banks, the will be able to compare more readily the establishment of branches by such various credit terms available and will banks, and the approval of bank mergers be informed about rules governing credit and consolidations where the resulting cards, including their potential liability institution will be a State member bank. for unauthorized use. It receives copies of condition reports The Board has authority to impose submitted to the Federal Reserve Banks. reserve requirements and interest rate It has power to examine all member ceilings on branches and agencies of banks and the affiliates of member banks foreign banks in the United States, to and to require condition reports from grant loans to them, to provide them them. It has authority to require periodic access to Federal Reserve services, and and other public disclosure of to limit their interstate banking activities. information with respect to an equity security of a State member bank that is Federal Open Market Committee held by 500 or more persons. It The Federal Open Market Committee is establishes minimum standards with comprised of the Board of Governors respect to installation, maintenance, and and five of the presidents of the Reserve operation of security devices and Banks. The Chairman of the Board of procedures by State member banks. Governors is traditionally the Chairman Also, it has authority to issue cease-and- of the Committee. The president of the desist orders in connection with Federal Reserve Bank of New York violations of law or unsafe or unsound serves as a permanent member of the banking practices by State member Committee. Four of the twelve Reserve banks and to remove directors or officers Bank presidents rotate annually as of such banks in certain circumstances, members of the Committee. and it may suspend member banks from Open market operations of the the use of the credit facilities of the Reserve Banks are conducted under Federal Reserve System for making regulations adopted by the Committee undue use of bank credit for speculative and pursuant to specific policy directives purposes or for any other purpose issued by the Committee, which meets inconsistent with the maintenance of in Washington at frequent intervals. sound credit conditions. Purchases and sales of securities in the The Board may grant authority to open market are undertaken to supply member banks to establish branches in bank reserves to support the credit and foreign countries or dependencies or money needed for long-term economic insular possessions of the United States, growth, to offset cyclical economic to invest in the stocks of banks or swings, and to accommodate seasonal corporations engaged in international or demands of businesses and consumers foreign banking, or to invest in foreign for money and credit. These operations banks. It also charters, regulates, and are carried out principally in U.S. supervises certain corporations that Government obligations, but they also engage in foreign or international include purchases and sales of Federal banking and financial activities. agency obligations. All operations are

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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. undertakes transactions in foreign currencies for the Federal Reserve Extended credit is provided through System Open Market Account. The three programs designed to assist purposes of these operations include depository institutions in meeting longer helping to safeguard the value of the term needs for funds. One provides dollar in international exchange markets seasonal credit—for periods running up and facilitating growth in international to 9 months—to smaller depository liquidity in accordance with the needs of institutions that lack access to market an expanding world economy. funds. A second program assists institutions that experience special Federal Reserve Banks difficulties arising from exceptional The 12 Federal Reserve Banks are circumstances or practices involving located in Atlanta, GA; Boston, MA; only that institution. Finally, in cases Chicago, IL; Cleveland, OH; Dallas, TX; where more general liquidity strains are Kansas City, MO; Minneapolis, MN; affecting a broad range of depository New York, NY; Philadelphia, PA; institutions—such as those whose Richmond, VA; San Francisco, CA; and portfolios consist primarily of longer St. Louis, MO. Branch banks are located term assets—credit may be provided to in Baltimore, MD; Birmingham, AL; address the problems of particular Buffalo, NY; Charlotte, NC; Cincinnati, institutions being affected by the general OH; Denver, CO; Detroit, MI; El Paso, situation. TX; Helena, MT; Houston, TX; Currency Issue The Reserve Banks Jacksonville, FL; Little Rock, AR; Los issue Federal Reserve notes, which Angeles, CA; Louisville, KY; Memphis, constitute the bulk of money in TN; Miami, FL; Nashville, TN; New circulation. These notes are obligations Orleans, LA; Oklahoma City, OK; of the United States and are a prior lien Omaha, NE; Pittsburgh, PA; Portland, upon the assets of the issuing Federal OR; Salt Lake City, UT; San Antonio, TX; Reserve Bank. They are issued against a and Seattle, WA. pledge by the Reserve Bank with the Reserves on Deposit The Reserve Federal Reserve agent of collateral Banks receive and hold on deposit the security including gold certificates, paper reserve or clearing account deposits of discounted or purchased by the Bank, depository institutions. These banks are and direct obligations of the United permitted to count their vault cash as States. part of their required reserve. Other Powers The Reserve Banks are Extensions of Credit The Federal empowered to act as clearinghouses and Reserve is required to open its discount as collecting agents for depository window to any depository institution that institutions in the collection of checks is subject to Federal Reserve reserve and other instruments. They are also requirements on transaction accounts or authorized to act as depositories and nonpersonal time deposits. Discount fiscal agents of the United States and to window credit provides for Federal exercise other banking functions Reserve lending to eligible depository specified in the Federal Reserve Act. institutions under two basic programs. They perform a number of important One is the adjustment credit program; functions in connection with the issue the other supplies more extended credit and redemption of United States for certain limited purposes. Government securities.

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Sources of Information Consumer Handbook; Making Deposits: When Will Your Money Be Available; Employment Written inquiries regarding employment should be and When Your Home Is On the Line: addressed to the Director, Division of What You Should Know About Home Personnel, Board of Governors of the Equity Lines of Credit. Copies of these Federal Reserve System, Washington, DC pamphlets are available free of charge. 20551. Information regarding publications may Procurement Firms seeking business be obtained in Room MP–510 (Martin with the Board should address their Building) of the Board’s headquarters. inquiries to the Director, Division of Phone, 202–452–3244. Support Services, Board of Governors of Reading Room A reading room where the Federal Reserve System, Washington, persons may inspect records that are DC 20551. available to the public is located in Publications Among the publications Room B–1122 at the Board’s issued by the Board are The Federal headquarters, Twentieth Street and Reserve System—Purposes and Constitution Avenue NW., Washington, Functions, and a series of pamphlets DC. Information regarding the including Guide to Business Credit and availability of records may be obtained the Equal Credit Opportunity Act; 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 (VACANCY) Chief Investment Officer TRACEY A. RAY Participant Services Director PAMELA-JEANNE MORAN Director of External Affairs THOMAS J. TRABUCCO General Counsel THOMAS K. EMSWILER Chief Information Officer MARK A. HAGERTY Chief Financial Officer JAMES B. PETRICK Product Development Director GREGORY T. LONG

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 8351 and 8401–79). The act vests Board was established as an independent responsibility for the agency in six agency by the Federal Employees’ named fiduciaries: the five Board Retirement System Act of 1986 (5 U.S.C. members and the Executive Director.

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