The Federal Reserve

www.federalreserve.gov

About the Federal Reserve

Created by Congress in 1913, the Federal Reserve System is the central bank of the United States. Commonly known as "The Fed," the system consists of the seven-member Board of Governors and 12 regional Federal Reserve Banks located in major cities across the country.  The Fed is best known for setting interest rates, but it performs many functions.

Federal Reserve Board members are appointed by the president and confirmed by the Senate to serve 14-year terms. Ben S. Bernanke became chairman in 2006, taking over from Alan Greenspan.

Among other responsibilities, the board supervises and regulates the Federal Reserve Banks and their branches and administers most of the nation's laws regarding consumer credit protection.

The Federal Reserve Banks operate a nationwide payments system, distribute the nation's currency and regulate member banks and bank holding companies.

The Fed is charged with conducting the nation's monetary policy, regulating banking institutions, protecting consumers' credit rights and maintaining a stable financial system.

The 12-member Federal Open Market Committee (FOMC) is the Fed's policymaking arm. It consists of the seven board members and five of the 12 Federal Reserve Bank presidents.

The FOMC meets eight times a year to evaluate economic and financial conditions.  It often raises or lowers interest rates in an attempt to boost the economy and keep inflation in check. The committee's moves are closely watched by Wall Street, and help determine the rates for home mortgages and other consumer loans.

The Fed is an independent entity within the government whose decisions do not have to be ratified by the president or anyone in the executive or legislative branch. However, it is overseen by Congress, which occasionally reviews its activities and can change its responsibilities by statute.

Information for Regional Reporters

For the regional reporter, one of the most valuable resources at the Fed is the Beige Book.  The “book” is published eight times a year, and includes detailed information about economic conditions in each region of the country.  It examines consumer spending, along with slumps or growth in the manufacturing, real estate and construction, and banking sectors, among others.  For historical information, the Federal Reserve Bank of Minneapolis maintains an archive of Beige Books back to 1970.

Federal Reserve economists both in Washington and at regional banks regularly produce scholarly papers on economic aspects of topics that interest some regional reporters (e.g. agriculture, immigration). A searchable database of articles by Fed economists is available here.

The article database provides an easy way to find economists who specialize in particular aspects of the regional or national economy.  Many will talk with reporters.  Besides the article database, many regional bank Web sites list economists that specialize in the regional economy on their press pages, along with contact information. Also, economists at some regional banks -- like Chicago -- keep lively regional economy blogs that offer an abundance of local story ideas.

To reach economists at regional banks, it's best to call the regional press office directly (see contact list below).

For national questions or to talk with economists at Fed headquarters in Washington, call the helpful national press office. You can reach Dave Skidmore, Michelle Smith, Susan Stawick, Joe Pavel, or Barbara Hagenbaugh at 202-452-2955.

Other Resources

A map of regional Fed districts.  Click on a district to pull up the regional bank's Web site: http://www.federalreserve.gov/otherfrb.htm

Two good Fed primers:
www.federalreserveeducation.org
http://www.stlouisfed.org/publications/pleng/default.html
 
For regional reporters that cover rural areas: The Kansas City bank maintains a center devoted to the economy of rural America. Access it here.

Does this agency's information need updating? programs@nationalpress.org