System Rezerwy Federalnej i jego działalność w czasie Wielkiego Kryzysu 1929‒1933
Journal Title: KONIŃSKIE STUDIA SPOŁECZNO-EKONOMICZNE - Year 2017, Vol 3, Issue 1
Abstract
The Federal Reserve System, commonly referred to as the Federal Reserve (Fed), is the central bank of the United States. The American central bank is one of the most influential (if not the most) financial institutions in the world. Federal Reserve authorities are often referred to as "money lords" and this is an apt encapsulation of the impact that the institution’s decisions have on the world economy. This bank was created by the Federal Reserve Act of 1913. These regulation was amended on several occasions with the most important changes introduced either between 1933 and 1935 or in 2010. The regulations introduced in 1930s brought about the establishment of the Board of Gover-nors which consists of seven-members. In addition, trough the Banking Act of 1933 the Federal Open Market Committee (FOMC) was created, responsible for making decisions on US monetary policy. Conferences and decisions of the most important members of the Federal Reserve System are tracked by all institutional and individual investors. They affect exchange rates,stock ex-changes, commodity markets and all other instruments. In the 1913 Act Con-gress imposed on the Federal Reserve System a number of objectives, how-ever without assigning priority status to any of them and without creating any institutional or economic reference in this regard. These objectives encom-pass: the pursuit of high (full) employment, the pursuit of price stability and stability of long-term interest rates.
Authors and Affiliations
Zbigniew Klimiuk
Keywords
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