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Federal Reserve and Monetary Policy Part 4 of 13 |
| By Webmaster,
on November 08, 2008 10:07 AM
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Views : 25 |
Favoured : 5 |
Published in : The News, Echo |
Who Owns the Fed? Banks that hold stock in the Fed are called member banks. All nationally chartered banks hold stock in the Federal Reserve. State-chartered banks Double Thrust System may choose to be members, upon meeting certain standards. However, holding Fed stock is not like owning publicly traded stock. Fed stock cannot be sold or traded. Member banks receive a fixed, 6 percent dividend annually on their stock, and they do not control the Fed as a result of owning this stock. They do, however, elect six of the nine members of Reserve Banks boards of directors.
Who owns the Fed then? Although it is set up like a private corporation and member banks hold its stock, the Fed owes its existence to an act of Congress and has a mandate to serve the public. So the most accurate answer may be that the Fed is owned by the citizens of the United States.
The Need for a Federal Reserve System
People who lived during the early 1900s used banks much as we do today. They deposited their money into savings accounts and borrowed money to build a home or start a business. When people borrowed money, Rocket Trader banks
Last update: November 08, 2008 10:07 AM
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Selling Our Services to the World Part 1 of 17 |
| By Webmaster,
on November 08, 2008 06:35 AM
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Views : 22 |
Favoured : 6 |
Published in : The News, Echo |
Thank you, Charlie Evans, president and CEO of the Federal Reserve Bank of Chicago. And thank you, Mike Moskow for inviting me to speak to the Chicago Council. We miss you, Mike. For 13 years you brought Secrets of Successful Traders not only wisdom but lan to that big mahogany table at the Fed, and none of us can quite fill that gap. The measure of a successful leader, however, is who he picks as his replacement, and with Charlie, you hit a home run.
I especially appreciate Charlies mentioning my modest book collection. Part of that collection consists of documents and writings of British prime ministers. One of my favorites is Gladstone. He used to say that only love has made more fools of men than contemplating the nature of money. Yet, that is precisely what Charlie Evans and I and Ben Bernanke and our colleagues at the Federal Reserve do: We spend practically every waking hour contemplating the nature of money and the proper shape and conduct of our monetary system. So if you detect an air of distraction in Charlie Evans The Amazing Stealth Forex Trading System now and then, be kind. He has not gone
Last update: November 08, 2008 06:35 AM
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The Egocentricity of the Present Part 18 of 22 |
| By Webmaster,
on November 07, 2008 02:14 PM
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Views : 20 |
Favoured : 5 |
Published in : The News, Echo |
The term auction facilityknown by its acronym, TAFwas introduced in December as an entirely new approach to funding problems at banks. Those who are eligible for primary credit at the Feds traditional discount window can now bid at bimonthly auctions for term funds. So far, the auctions have been well-subscribed and term funding pressures abated after the introduction of the TAF. The term securities lending facility we announced last month expands the Feds securities lending program. Securities will now be made available through an auction process with an expanded array of collateral on a weekly basis for a term of 28 days. We also set up Trader BO Divergence a primary dealer credit facility, an overnight lending facility that provides funding to primary dealers in exchange for a range of eligible collateral. And, at the request of the Federal Reserve Bank of New York, the Board of Governors of the Fed approved a loan to J. P. Morgan so that that bank might digest the exposure that many counterparties had to Bear Stearns, without rewarding Bear Stearns shareholders for the imprudent risks assumed by their management.
Last update: November 07, 2008 02:14 PM
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