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

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FEDERAL RESERVE SYSTEM Board of Governors of the Federal Reserve System Twentieth Street and Constitution Avenue NW., Washington, DC 20551 Phone, 202–452–3000 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 Federal Reserve 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 Federal Reserve Bank 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 VerDate Aug 31 2005 11:05 Aug 07, 2007 Jkt 211657 PO 00000 Frm 00426 Fmt 6997 Sfmt 6995 C:\GOVMAN\211657\211657.062 APPS10 PsN: 211657 FEDERAL RESERVE SYSTEM 419 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 Cleveland, 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 SANDRA PIANALTO 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. VerDate Aug 31 2005 11:05 Aug 07, 2007 Jkt 211657 PO 00000 Frm 00427 Fmt 6997 Sfmt 6995 C:\GOVMAN\211657\211657.063 APPS10 PsN: 211657 420 U.S. GOVERNMENT MANUAL The Federal Reserve System was of monitoring credit conditions; established by the Federal Reserve Act 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 VerDate Aug 31 2005 11:05 Aug 07, 2007 Jkt 211657 PO 00000 Frm 00428 Fmt 6997 Sfmt 6995 C:\GOVMAN\211657\211657.063 APPS10 PsN: 211657 FEDERAL RESERVE SYSTEM 421 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
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