Write a 5 pages paper on english 1113 paper (expository writing). this paper will present information about one of the topics listed below. 1. what is 3d printing 2. who was ben bradlee 3.what is fracking 4. what is the federal reserve. During the course of its life, it has seen many revolutions like IT revolution and Hollywood industry expansion. On the other hand, economic crises like The Great Depression (1929-39) and The Global Financial Crisis (2007-08) (www.federalreserve.gov). Like other central banks, one of the main objectives of the Federal Reserve System is to regulate currency. Central Banks are important part of every economy in the modern world. But this essay aims at explaining the reasons behind major crisis and the policy failures of Federal Reserve System. This essay states that Federal Reserve Systems was not the main reason behind economic and financial crises in the past.
Structure of Federal Reserve is important and has a big role in its success. Federal Reserve Bank is governed by board of governors. These governors are appointed after scrutiny and generally are seasoned economists and financial experts. Together, these members of board and sitting government work in the best interest of the world’s largest economy. Federal Reserve Bank consists on a network of 12 Federal Reserve Banks and 25 branches which work under the supervision of board of governors. It works with all banks, the US Treasury directly and the general public indirectly. It maintains the circulation of money not only in the United States but also around the world because United States Dollar is used around the globe. Member Banks of Federal Reserve include 38% of the 8,039 commercial banks. A national bank must be member of Federal Reserve System. There are more than 3,000 member banks. Moreover, in addition to banks, depository institutions, which are more than 17000, provide basic banking facilities to people (www.federalreserveeducation.org).
The monetary policy making body of Federal Reserve System is called Federal Open Market Committee (FOMC). Promoting stable prices and economic growth is achieved through the policy made by FOMC.