In the case of the Federal Reserve, they are the local Federal Reserve Banks ; for the ECB they are the national central banks.

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.

Through its discount and credit operations, Reserve Banks provide liquidity to banks to meet short-term needs stemming from seasonal fluctuations in deposits or unexpected withdrawals.

The U. S. Treasury, through its Bureau of the Mint and Bureau of Engraving and Printing, actually produces the nation's cash supply and, in effect, sells the paper currency to the Federal Reserve Banks at manufacturing cost, and the coins at face value.

The Federal Reserve Banks then distribute it to other financial institutions in various ways.

The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government.

For the federal government, the Reserve Banks act as fiscal agents, paying Treasury checks ; processing electronic payments ; and issuing, transferring, and redeeming U. S. government securities.

It also encourages competition between the Reserve Banks and private-sector providers of payment services by requiring the Reserve Banks to charge fees for certain payments services listed in the act and to recover the costs of providing these services over the long run.

The Reserve Banks ' retail services include distributing currency and coin, collecting checks, and electronically transferring funds through the automated clearinghouse system.

The Reserve Banks ' wholesale services include electronically transferring funds through the Fedwire Funds Service and transferring securities issued by the U. S. government, its agencies, and certain other entities through the Fedwire Securities Service.

Because of the large amounts of funds that move through the Reserve Banks every day, the System has policies and procedures to limit the risk to the Reserve Banks from a depository institution's failure to make or settle its payments.

The Federal Reserve Banks began a multi-year restructuring of their check operations in 2003 as part of a long-term strategy to respond to the declining use of checks by consumers and businesses and the greater use of electronics in check processing.

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.

It is charged with the overseeing of the 12 District Reserve Banks and setting national monetary policy.

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.

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 ''.

However, following a further independent review on the future structure of the British Army-18 July 2011 " Future Reserves 2020-The Independent Commission to review the United Kingdom's Reserve Forces "-it was announced that the Regular Army will be reduced to a trained strength of 82, 000 while the Territorial Army will be increased to a trained strength of around 30, 000 personnel.

If the Federal Reserve attempts to lower unemployment through expansionary monetary policy economic agents will anticipate the effects of the change of policy and raise their expectations of future inflation accordingly.

Tourists are trapped in their hotels and the local bank manager tries to get instructions from the Federal Reserve Bank of Atlanta, via telegraph lines routed through Jacksonville ( who already announced no messages will be sent North ).

In the Pre-Pyrenees, amongst other places of interest, visitors will find the Collegats-Terradets Territorial Park, the Boumort Natural Hunting Reserve and the Congost de Mont-rebei gorge.

Worcestershire Wildlife Trust is working with the landowner to create the reserve, which will be called the John Bennett Reserve.

The Jamboree in 2015 will be in Japan and the Jamboree in 2019 will be at The Summit Bechtel Family National Scout Reserve in West Virginia.

* The monarch will accept and act on the advice of their ministers, who are responsible to Parliament for that advice ; the monarch does not ignore that advice, except when exercising Reserve powers.

The remaining € 17. 5 billion will come from a state contribution from the National Pension Reserve Fund ( NPRF ) and other domestic cash resources.

Instead of a " pay-as-you-go " structure, the CPP is expected to be 20 % funded by 2014, such funding ratio to constantly increase thereafter towards 30 % by 2075 ( that is, the CPP Reserve Fund will equal 30 % of the " liabilities "-or accrued pension obligations ).

United States Marine Corps Reserve 3rd Longshoreman Platoon, the 4th Landing Support Battalion and the 4th Marine Logistics Group will move in to this new facility.

The Fort Buchanan Armed Forces Reserve Center will serve about 400 personnel on a rotating basis, with a maximum of 250 members per weekend.

For the 2005 – 06 season, Symons was replaced by Neil McDonald as assistant manager, and was instead given the task of managing Crystal Palace's reserve team, who played in the Premier Reserve Southern League until the end of the 2005 – 06 season ( The side will play in the Pontin's Holiday Combination League for the 2006 – 07 season, following changes that meant only Premier League teams can have a reserve team in the Premier Reserve League ).

Beginning July 3, 2012, the final judge at all AKC all-breed shows will also award a " Reserve Best in Show.

Being developed by the Navy Reserve, the project will consolidate the Naval Air Reserve Center at Rickenbacker with the Navy and Marine Corps Reserve Center currently located on Yearling Road in Columbus.

Once the new center opens, the site of the existing Naval Air Reserve Center at Rickenbacker will be redeveloped by the Columbus Regional Airport Authority, which operates the airport.

Under the Coastal Zone Management Program and the National Estuarine Reserve System, appropriate cooperation with local agencies, State and other agency will provide the means for protecting these zones.

Its former quarters at Fort Gillem will become a single national location for the mobilization and demobilization of Army National Guard and Reserve units.

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.

Beginning in 1969, during the Vietnam War, the university did not allow the U. S. military to have Reserve Officers ' Training Corps ( ROTC ) programs on campus, though Columbia students could participate in ROTC programs at other colleges and universities.

Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved.

Its duties have expanded over the years, and today, according to official Federal Reserve documentation, include conducting the nation's monetary policy, supervising and regulating banking institutions, maintaining the stability of the financial system and providing financial services to depository institutions, the U. S. government, and foreign official institutions.

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.

In the United States, the Federal Reserve serves as the lender of last resort to those institutions that cannot obtain credit elsewhere and the collapse of which would have serious implications for the economy.

According to the Federal Reserve Bank of Minneapolis, " the Federal Reserve has the authority and financial resources to act as ' lender of last resort ' by extending credit to depository institutions or to other entities in unusual circumstances involving a national or regional emergency, where failure to obtain credit would have a severe adverse impact on the economy.

The purpose of keeping funds at a Federal Reserve Bank is to have a mechanism for private banks to lend funds to one another.

Petroleum seeps on the North Slope have been known for many years, and in 1923, the federal government created US Naval Petroleum Reserve No. 4 to cover the presumed oil fields beneath the seeps.

The following are part of the National Defense Reserve Fleet but have been activated and are pre-positioned.

The 1981 recession is thought to have been caused by the tight-money policy adopted by Paul Volcker, chairman of the Federal Reserve Board, before Ronald Reagan took office.

* December 5 – Federal Reserve Board Chairman Alan Greenspan gives a speech in which he suggests that " irrational exuberance " may have " unduly escalated asset values ".

In the US, the Federal Reserve was required by law to have 40 % gold backing of its Federal Reserve demand notes, and thus, could not expand the money supply beyond what was allowed by the gold reserves held in their vaults.

However, some prominent economists have expressed sympathy with a hard-currency basis, and have argued against politically-controlled fiat money, including former U. S. Federal Reserve Chairman Alan Greenspan ( himself a former Objectivist ), and macro-economist Robert Barro.

Students also have the option of a dual degree plan in engineering between Hiram and the School of Engineering and Applied Science at Washington University in St. Louis, Missouri, or the School of Engineering at Case Western Reserve University in Cleveland, Ohio.

Instead, monetarist thinking centers on the contraction of the M1 during the 1931-1933 period, and argues from there that the Federal Reserve could have avoided the Great Depression by moves to provide sufficient liquidity.

Some have argued that 1997-1998 represented a monetary policy bind, just as the early 1970s had represented a fiscal policy bind, and that while asset inflation had crept into the United States ( which demanded that the Fed tighten the money supply ), the Federal Reserve needed to ease liquidity in response to the capital flight from Asia.

* Reserve ( five years )-This is the minimum amount of aging a wine labeled with one of the noble varieties is permitted to have.

Jubilee Park and the Hepburn Mineral Springs Reserve in Daylesford, Cook Park in Orange, New South Wales and Carisbrook's Deep Creek park in Victoria both have specimens.

U. S. politicians have also contended that zero-interest loans from the Federal Reserve System to financial institutions during the global financial crisis were a hidden, backdoor form of corporate welfare.

Banks have several additional options for generating liquidity, such as selling loans, borrowing from other banks, borrowing from a central bank, such as the US Federal Reserve bank, and raising additional capital.