The foundation principles of the institution that would become the Federal Reserve System were established by the National Monetary Commission, whose work culminated with the passage of the Federal Reserve Act and ultimately, the signing by President Woodrow Wilson in December 1913. Composed of the Board of Governors and twelve regional Federal Reserve Banks, the Federal Reserve was created to bear the responsibility of supervising and regulating the financial institutions, providing banking services to depository institutions and the federal government, and protecting consumers’ rights...
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Indeed, according to Kaufman (1996), “the payment system is a major Fed concern beyond the banking system, not only because an efficient payment system is a prerequisite for an efficient macro-economy, but also in part because it is big in dollar terms, fast moving, and not widely understood” ( p.826)...
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Monetary Policy Changes in the federal funds rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables...	2 / 449
U.S. Monetary Policy and What the Federal Reserve The Federal reserve "views labor costs as the most important source of inflation, both because labor costs amount to more than two-thirds of total costs and because they can feed a self-perpetuating spiral of higher prices and higher wage demands...	2 / 442
Monetary Policy The focus seemed to converge upon oil prices and how they have not receded as predicted. As the Committee's focus upon the inflation and expenditures of the year, notation was made towards the future: "the Committee saw the economy as growing at a pace that would reduce margins of slack in the utilization of resources...	3 / 664
Federal Reserve Treasury. The Federal Reserve's accountability is to Congress. Legislation requires that the Fed report annually on its activities to the Speaker of the House of Representatives and twice annually on its plans for monetary policy to the banking committees of Congress...	2 / 288