c) Keep track of the payment systems and maintain the coins and currency of the country as well as other banking aspects like checks, ATM transactions, cards – both debit and credit, electronic transfers and others and ensure that the functions work effectively, smoothly,…
Over the years based on the changing needs and the changing geographical distribution, the Reserve Bank has added newer branches to accommodate the change. Currently based on the demand and the need, the West Coast has been able to manage with just one branch in San Francisco. Hence the main reason for just one branch is due to the ‘need bases’ (The Federal Reserve Board).
No, the Federal Reserve does not produce the bank notes or coins and the production of the coins and notes is undertaken by the Bureau of Engraving and Printing. Also the U.S. Mint produces all the coins for the country. The Federal Reserve only works on putting the notes and coins in circulation (The Federal Reserve Board).
a) Kevin M Warsh: He joined the board on 24th February 2006, and has an unexpired term ending on 31st January 2018. Prior to being a part of the board he worked as a Special Assistant for the President of Economic Policy and as Executive Secretary of the National Economic Council for a period of 4 years ending February 2006. HHisHis work is mainly focused on the domestic finance, banking, securities and also consumer protection (Board of Governors of Federal Reserve System).
b) Elizabeth A Duke: Elizabeth joined the board on 5th August 2008, and has an unexpired term ending on 31st January 2012. Before joining the board she was a part of TowneBank, as a Senior Executive Vice President and Chief Operating Officer. Also she has a wide background in the Banking industry and has worked for Banks like Wachovia Bank, SouthTrust Bank and also as a part of Bank of Tidewater (Board of Governors of the Federal Reserve System).
Alan Greenspan, the ex chairman of Federal Reserve Bank was replaced by Ben S Bernanke. Bernanke is also the Chairman for the Federal Open Market Committee and is currently in his second term, which ends on 31st January 2014. Before becoming the Chairman of the Reserve Bank, he was at the position of Chairman of the ...
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