About the Federal Reserve (from Website):
The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. The Federal Reserve
- conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy;
- promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad;
- promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole;
- fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and
- promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.
Main Website: The Federal Reserve
Federal Reserve Surplus
Testimony of Governor Laurence H. Meyer, Payment of interest on Reserves and Fed Surplus; Before the Committee on Banking and Financial Services, U.S. House of Representatives, May 3, 2000.
Greenspan, Alan – Conference on Housing, Mortgage Finance, and the Macroeconomy, On Government-Sponsored Enterprises, (Federal Reserve Bank of Atlanta, Atlanta, GA) May 19,