Current functions of the Federal Reserve System include:
By Daniel at 6 January, 2009, 4:24 pm
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To address the problem of banking panics
To serve as the central bank for the United States
To strike a balance between private interests of banks and the centralized responsibility of government
To supervise and regulate banking institutions
To protect the credit rights of consumers
To manage the nation’s money supply through monetary policy to achieve the sometimes conflicting goals of
maximum employment
stable prices, including prevention of either inflation or deflation
moderate long-term interest rates
To maintain the stability of the financial system and contain systemic risk in financial markets
To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
To facilitate the exchange of payments among regions
To respond to local liquidity needs
To strengthen U.S. standing in the world economy
Doesn’t sound to me like the Federal Reserve has been doing a very good job. Perhaps the market doesn’t care what they think about 2009. Most of their semi-annual reports reflect backwards on the past. And it is only conjecture as to what the future holds. I am not sure why we allow 12 men to control our monetary policy, especially when we see the recent failures which require taxpayer bailouts.
Source from Wikipedia
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