Federal Reserve System
Summary
The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created in 1913 with the enactment of the Federal Reserve Act, and was largely a response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. Events such as the Great Depression were major factors leading to changes in the system. Its duties today, according to official Federal Reserve documentation, fall into four general categories:The Federal Reserve describes its structure as composed of five parts:According to the board of governors of the Federal Reserve, "It is not 'owned' by anyone and is 'not a private, profit-making institution'.
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Fed still gauging extent of hacker breach, FBI on case
(Reuters) - The U. S. Federal Reserve said on Thursday it was still working to determine the extent its computer systems had been breached by hackers, adding that the incident was the subject of a criminal probe by the Federal Bureau of Investigation.
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Fed still gauging extent of hacker breach, FBI on case
(Reuters) - The Federal Reserve said on Thursday it was still working to determine the extent that its computer systems had been breached by hackers, adding that the incident was the subject of a criminal investigation by the Federal Bureau of Investigation.
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The press underplays the Geithner leak
Of all the things we expected to see in the 2007 Federal Reserve meeting transcripts released last week, Tim Geithner being accused by a fellow Fed president of leaking critical inside information to Wall Street was not one of them (although the Washington Post's Neil Irwin got close). In August 2007, the financial crisis began in earnest as the.
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FBI uses Twitter, social media to look for securities fraud
(Reuters) - The FBI sees social media as a potential breeding ground for securities fraud, and has agents scouring Twitter and Facebook for tips, according to two top agents overseeing a long-running investigation into insider trading in the $2 trillion hedge fund industry.
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The Langham, Boston, Reveals Lobby and Lounge Renovation
The Langham, Boston has unveiled a $6 million renovation to its 6,000-square-foot lobby.
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iPhone 5 demand leads to 'huge' increase in air freight costs
Logistical challenge of delivering millions of new Apple smartphones translates to big business for cargo industry.
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The inflation bugaboo, back again for QE3
If you've followed the financial press or have seen Ron Paul talk in the last few years, you've heard all about the supposed runaway inflation we're about to experience any day now because of all the money the Fed is printing. We've had four years of warnings and yet inflation has remained extremely low because of a seriously depressed economy.
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Grading Obama’s economics
President Obama’s economic report card is at best mediocre. I’d give him a C+, while acknowledging that presidents usually don’t much influence the economy. It’s too big and subject to too many complex forces, from new technologies to global conditions. Moreover, policy levers are shared with Congress (taxes, spending), the Federal Reserve (financial markets) and regulatory agencies.
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How You Can Predict Your Next Show’s Profit
How to use economic indicators to forecast budgets and revenues. Hal Vandiver knew the Great Recession was coming long before most association meeting managers did. He didn’t have a crystal ball, but he did have a system of forecasting meeting and event outcomes that foretold economic trouble.
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AIG launches PR push to repair image
On Thursday, the once-mighty insurance giant American International Group Inc. posted several videos on YouTube, www. youtube. com/aig , proclaiming that AIG is proud to be an American corporation.
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