(ECONOMICS) Any of the 12 constituent district banks of the Federal Reserve System. Federal Reserve Banks may be referred to either by the number of the district they serve (e.g., 12th FRB) or by the city in which they are headquartered (e.g., FRB of San Francisco).
Representatives of the FRB's are eligible to serve on the Federal Open Market Committee (FOMC), the committee that actually administers monetary policy through sales or purchases of treasury securities.
The Federal Reserve Bank of New York (2nd FRB) is by far the most important of the 12 district banks. Each bank holding company is likely to have a subsidiary in NYC, and the 2nd District is uniquely guaranteed a seat on the FOMC. The other 11 rotate, with 4 taking a year-long turn at the FOMC at any given time.
Representatives of the FRB's are eligible to serve on the Federal Open Market Committee (FOMC), the committee that actually administers monetary policy through sales or purchases of treasury securities.
The Federal Reserve Bank of New York (2nd FRB) is by far the most important of the 12 district banks. Each bank holding company is likely to have a subsidiary in NYC, and the 2nd District is uniquely guaranteed a seat on the FOMC. The other 11 rotate, with 4 taking a year-long turn at the FOMC at any given time.
The Federal Reserve Bank of New York has historically supplied the secretaries of the Treasury or else the chairmen of the Federal Reserve Board.
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Banks are not allowed to lend out 100% of the money they receive as deposits; if they did, then depositors would be unable to take money out of the bank. On the other hand, the bank has to lend most of the money out, since it needs the income earned from interest on loans. Throughout the history of the Usonian banking system, the US states or the federal government have had rules about interest rates, reserves, and financial accounting used by banks.
Reserve requirements are necessary to mitigate the risk of bank runs; this was thought to have disappeared thanks to deposit insurance, but Washington Mutual experienced a bank run in 2008 that forced it into receivership.
Banks are not allowed to lend out 100% of the money they receive as deposits; if they did, then depositors would be unable to take money out of the bank. On the other hand, the bank has to lend most of the money out, since it needs the income earned from interest on loans. Throughout the history of the Usonian banking system, the US states or the federal government have had rules about interest rates, reserves, and financial accounting used by banks.
Reserve requirements are necessary to mitigate the risk of bank runs; this was thought to have disappeared thanks to deposit insurance, but Washington Mutual experienced a bank run in 2008 that forced it into receivership.
In the USA, reserves have been set by law for centuries; as a percentage of liabilities, this percentage has declined over the centuries to its current level of 3-10% (as of 1992). In the Eurozone, this rate is 2%; in Japan, it is about 1.5%; and in Commonwealth countries like the UK & Canada, it is voluntary--there are no reserve requirements.
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