// BEGIN editorial data var i = 0; var FedStructure = new Array(); FedStructure.ID = "FedStructure"; FedStructure.ID_WB = 9804288; FedStructure.sPubDate = "1/31/2006 4:29:07 PM GMT"; FedStructure.navsectionID = "3032221" FedStructure.appFmt = 2; FedStructure.itemsPerPage = 1; FedStructure.appWidth = 460; FedStructure.appHeader = "fact file|All about the Fed"; FedStructure.appFooter = "Source: Federal Reserve, MSNBC research"; FedStructure.appNavStyle = 3; FedStructure.appLayout = 1; FedStructure.copyMargin = 9; FedStructure[i++] = new Array("","History and purpose","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", ""); FedStructure[i-1].body = "
The Federal Reserve was established by Congress in December 1913, largely in response to a series of increasingly severe national bank runs that culminated in the Panic of 1907. The new system would provide much-needed oversight for the banking system, a streamlined system for clearing checks and, importantly, a way to make short-term loans to ensure banks had the flexibility they needed to meet depositor needs.

The Federal Reserve Act directs the central bank to pursue both \"maximum employment\" and stable prices as well as \"moderate\" interest rates, goals that are sometimes in conflict with one another. The Fed most commonly acts by buying and selling securities on the \"open market\" to set short-term interest rates. The Fed generally acts to raise interest rates when inflation is rising and acts to cut interest rates when the economy is in recession or growing slowly.

"; FedStructure[i++] = new Array("","Structure","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", ""); FedStructure[i-1].body = "
The Fed, headquartered in Washington, D.C., is directed by a seven-member board of governors appointed by the president and led by the chairman. Each governor serves a single 14-year term and cannot be reappointed. However a governor who serves out the remainder of an unexpired term can then be appointed to a full 14-year term.

In addition to the central bank, the Federal Reserve System includes 12 district banks, each of which is headed by a president who answers to a local board of directors including representatives of the banking and business community.

The policy-making Federal Open Market Committee, which meets eight times a year, is comprised of the seven Fed governors and five of the 12 regional bank presidents, who sit on the panel in one-year rotations.

"; FedStructure[i++] = new Array("","Fed governors","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", ""); FedStructure[i-1].body = "
With the appointment of a new chairman, President Bush will have appointed all but one of the current Fed governors. And he has nominated two economic advisers to fill the remaining vacancies on the seven-member board.

Chairman Alan Greenspan. Originally appointed 1987. Appointed to full term by the first President Bush, 1992. Term ends Jan. 31, 2006.

Vice Chairman Roger Ferguson. Originally appointed 1997. Appointed to full term by President Bush, 2001. Term ends Jan. 31, 2014.

Susan Bies, appointed by President Bush, 2001. Term expires Jan. 31, 2012.

Mark Olson, appointed by President Bush, 2001. Term expires Jan. 31, 2010.

Donald Kohn, appointed by President Bush, 2002. Term expires Jan. 31, 2016.

Randall Kroszner, nominated by President Bush for term expiring Jan. 31, 2008.

Kevin Warsh, nominated by President Bush for term expiring Jan. 31, 2018.
"; FedStructure[i++] = new Array("","All the Fed chairmen","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", ""); FedStructure[i-1].body = "
Charles Hamlin, 1914-1916
W.P.G. Harding, 1916-1922
Daniel Crissinger, 1923-1927
Roy Young, 1927-1930
Eugene Meyer, 1930-1933
Eugene Black, 1933-1934
Marriner Eccles, 1934-1948
Thomas McCabe, 1948-1951
William McC. Martin Jr., 1951-1970
Arthur Burns, 1970-1978
G. William Miller, 1978-1979
Paul Volcker, 1979-1987
Alan Greenspan, 1987- present


"; // END editorial data