Book Description:
In 1913, Congress created the Federal Reserve System to serve as the central bank for the United States. The Federal Reserve formulates the nation's monetary policy, supervises and regulates banks, and provides a variety of financial services to depository financial institutions and the federal government. The system comprises three major components: the Board of Governors, a network of 12 Federal Reserve Banks and member banks. Congress created the Federal Reserve as an independent agency to enable the central bank to carry out its responsibilities protected from excessive political and private pressures. At the same time, by law and practice, the Federal Reserve is accountable to Congress. This book examines the structure and operations of the major components of the Federal Reserve System and provides an overview of congressional oversight activities with a focus on the Dodd-Frank Wall Street Reform and Consumer Protection Act. (Imprint: Nova)

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Table of Contents:
Preface pp. i-ix

Structure and Functions of the Federal Reserve System
(Pauline Smale) pp.1-10

Monetary Policy and the Federal Reserve: Current Policy and Conditions
(Marc Labonte, Joseph R. McCormack)pp.11-32

Economics of Federal Reserve Independence
(Marc Labonte) pp.33-54

Changing the Federal Reserve's Mandate: An Economic Analysis
(Marc Labonte) pp.55-84

Inflation: Core vs. Headline
(Marc Labonte)pp.85-92

Quantitative Easing and the Growth in the Federal Reserve's Balance Sheet
(Marc Labonte)pp.93-120

Remarks by Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System, at the Federal Reserve Bank of Chicago, 47th Annual Conference on Bank Structure and Competition, Speech on "Implementing a Macroprudential Approach to Supervision and Regulation" pp.121-132

Index pp.133-141