Corroborating Mr. Hodges' figures was the Federal Reserve Board's report of the large sales increase in the nation's department stores for the week ending March 4.

If the trend of general business activity follows the pattern suggested here, we are likely to see additional steps by the Federal Reserve authorities to ease the availability of credit.

One of the most intriguing questions is whether the recent departures of the Federal Reserve authorities from confining their open market operations to Treasury bills will spread into longer-term Government securities in the next few months.

To the extent that the new Administration has its wishes, the Federal Reserve would conduct its open market operations throughout the entire maturity range of Government securities and aggressively seek to force down long-term interest rates.

The principle of `` bills only '', or `` bills preferably '', seems so strongly accepted by the Federal Reserve that it is difficult to envision conditions which would persuade the authorities to depart radically from it by extending their open market purchases regularly into long-term Government securities.

The economist does not look for a drastic switch in the budget during this recovery and believes it `` even more unlikely that the Federal Reserve will aggressively tighten monetary policy in the early phases of the upturn as was the case in 1958 ''.

-- Alfred Hayes, president of the Federal Reserve Bank of New York, said Tuesday `` there is no present need for far-reaching reforms '' which would basically alter the international financial system.

Critics have also argued that, as the Austrian business cycle theory points to the actions of fractional-reserve banks and central banks to explain the business cycles, it fails to explain the severity of business cycles before the establishment of the Federal Reserve in 1913.

* 1976 – The United States Treasury Department reintroduces the two-dollar bill as a Federal Reserve Note on Thomas Jefferson's 233rd birthday as part of the United States Bicentennial celebration.

More controversially, officials of the Federal Reserve assisted in the negotiations that led to this bail-out, on the grounds that so many companies and deals were intertwined with LTCM that if LTCM actually failed, they would as well, causing a collapse in confidence in the economic system.

In the 1950s, Burroughs had worked with the Federal Reserve Bank on the development and computer processing of magnetic ink character recognition ( MICR ) especially for the processing of bank cheques.

In industries like banking, where continuous operations was mandatory, Burroughs large systems penetrated most every large bank, including the Federal Reserve Bank.

* FRED ( Federal Reserve Economic Data )

Gerald P. O ' Driscoll, former vice president at the Federal Reserve Bank of Dallas, stated that Fannie Mae and Freddie Mac became examples of crony capitalism.

In the United States, the Federal Reserve System operates without direct oversight by the legislative or executive branches.

Examples include the European Central Bank ( ECB ), the Federal Reserve of the United States, and the People's Bank of China.

The US Federal Reserve was created by the U. S. Congress through the passing of The Federal Reserve Act in the Senate and its signing by President Woodrow Wilson on the same day, December 23, 1913.

The word " Reserve " is also often included, such as the Reserve Bank of India, Reserve Bank of Australia, Reserve Bank of New Zealand, the South African Reserve Bank, and U. S. Federal Reserve System.

The European Central Bank for example announces its interest rate at the meeting of its Governing Council ; in the case of the U. S. Federal Reserve, the Board of Governors.

On 30 June 1939 legislation ceased the CCC program to be an independent agency, transferred to the Federal Security Agency along with the Social Security Board, National Youth Administration, U. S. Employment Service, the Office of Education and the Works Progress Administration.

This situation changed after 1974 when the Film-Fernseh-Abkommen ( Film and Television Accord ) was agreed between the Federal Republic's main broadcasters, ARD and ZDF, and the German Federal Film Board ( a government body created in 1968 to support film-making in Germany ).

The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors ( or Federal Reserve Board ), the Federal Open Market Committee ( FOMC ), twelve regional Federal Reserve Banks located in major cities throughout the nation, numerous privately owned U. S. member banks and various advisory councils.

According to the Board of Governors, the Federal Reserve is independent within government in that " its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government.

For example, on September 16, 2008, the Federal Reserve Board authorized an $ 85 billion loan to stave off the bankruptcy of international insurance giant American International Group ( AIG ).

Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the Board of Governors are selected by the President of the United States and confirmed by the Senate.

Ben Bernanke ( lower-right ), Chairman of the Federal Reserve Board of Governors, at a House Financial Services Committee hearing on February 10, 2009.

section 714 establish that the Board of Governors of the Federal Reserve System and the Federal Reserve banks may be audited by the Government Accountability Office ( GAO ).

Audits of the Reserve Board and Federal Reserve banks may not include:

# a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to items ( 1 ), ( 2 ), or ( 3 ).

The Board of Governors in the Federal Reserve System has a number of supervisory and regulatory responsibilities in the U. S. banking system, but not complete responsibility.

The four main components of the Federal Reserve System are ( 1 ) the Board of Governors, ( 2 ) the Federal Open Market Committee, ( 3 ) the twelve regional Federal Reserve Banks, and ( 4 ) the member banks throughout the country.

In testimony to the House Financial Services Committee in 2009, Ben Bernanke, the Federal Reserve Board Chairman said he " would not think that any hedge fund or private equity fund would become a systemically-critical firm individually ".

Alan Greenspan, former chairman of the Federal Reserve, argued that the 1990s decoupling was explained by a virtuous cycle of productivity and investment on one hand, and a certain degree of " irrational exuberance " in the investment sector.

After becoming Bank governor, King explained that Bank of England policy was " similar to that of the Federal Reserve " under Alan Greenspan.

This was occasionally explained to pupils, when coming to Eastern and Western naming conventions for the Federal Republic of Germany.

In order to fulfill its functions, which are explained below, the Federal Court of Justice of Germany is subdivided in twenty-five senates:

" Chairman Gerald A. Reynolds explained, " Federal agencies do not independently evaluate, conduct research, collect data, or periodically review programs to determine whether race-neutral strategies will provide an adequate alternative to race-conscious programs.

For example, U. S. Federal Deposit Insurance Corporation Chair Sheila Bair explained in June 2007 the purpose of capital adequacy requirements for banks, such as the accord:

As explained in an October 2008 Federal Circuit opinion, Bilski held

Edwards would occasionally read a disclaimer ( due to long-standing game show Federal laws ) which explained that rule.

During Libby's trial, Libby's lawyers argued that Libby ’ s testimony to the grand jury and his interviews with the Federal Bureau of Investigation may have contained inaccuracies but that they were the result of innocent memory lapses explained by his pressing schedule of national security issues.