воскресенье, 23 сентября 2012 г.

Monetary Policy Role



The primary responsibility of the central bank is to influence the flow of money and credit in the nation’s economy. The Federal Reserve Banks are involved in this function in several ways. First, five of the twelve presidents of the Federal Reserve Banks serve, along with the seven members of the Board of Governors, as members of the Federal Open Market Committee (FOMC). The president of the Federal Reserve Bank of New York serves on a continuous basis; the other presidents serve one-year terms on a rotating basis. The FOMC meets periodically in Washington, D.C., and determines policy with respect to purchases and sales of government securities in the open market, actions that in turn af­fect of the availability of money and credit in the economy.

Second, the boards of directors of the Federal Reserve Banks initiate changes in the discount rate, the rate of interest on loans made by Reserve Banks to depository institutions at the «discount window.» Discount-rate changes must be approved by the Board of Governors. All depository in­stitutions that are subject to reserve requirements set by the Federal Re­serve-including commercial banks, mutual savings banks, savings and loan associations, and credit unions—have access to the discount window.
Each Federal Reserve Bank has a research staff to gather and ana­lyze a wide range of economic data and to interpret conditions and developments in the economy. This research assists the FOMC in the formulation and implementation of monetary policy. It also contrib­utes to informed decision making by the Federal Reserve Banks in bank supervisory matters and other areas. Most Reserve Banks pub­lish a monthly or quarterly journal devoted to basic research and analysis of current economic issues in their District.
In addition to its money and credit responsibilities, the Federal Re­serve has broad supervisory and regulatory authority over the activi­ties of state-chartered member banks and bank holding companies, in­cluding their foreign activities and Edge corporations, and foreign banks operating in the United States. It is also charged with writing regulations for the major federal consumer credit laws.
Some of these supervisory responsibilities are delegated to the Re­serve Banks by the Board of Governors. These responsibilities include the conduct of field examinations and inspections of state-chartered member banks, bank holding companies, and foreign bank offices in this country and the authority to approve certain types of bank and bank holding company applications.

Комментариев нет:

Отправить комментарий