By Emmanuel Apel
This new learn offers a accomplished survey of the lately demonstrated ecu economic climate compared to earlier ecu platforms and the united states Federal Reserve.
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Additional resources for Central Banking Systems Compared: The ECB, The Pre-Euro Bundesbank and the Federal Reserve System
2 Organisation of the pre-euro Bundesbank with respect to monetary policy decisions. Historical background 19 which had been opposed by Thomas Jefferson and James Madison, but proposed by Alexander Hamilton (Secretary of the Treasury, 1789–95) who argued in favour of the principles of the centralisation of power, was not renewed in 1811 when James Madison was President. The charter of the Second Bank of the United States (1816–36), granted as a result of the war with Britain and the revival of Hamilton’s ideas, was not renewed upon expiration primarily because of political distrust of the eastern financial establishment and a desire by western farmers for inexpensive credit.
Presidents of the 12 Federal Reserve Banks The President of the New York Federal Reserve Bank has a permanent voting seat on the FOMC. The other four voting seats on the FOMC are held on a yearly rotating basis by the Presidents of the other 11 Federal Reserve Banks. The rotation cycle is as follows: one seat rotates among the Presidents of the Federal Reserve Banks of Boston, Philadelphia and Historical background 27 Richmond; another seat rotates between the Presidents of the Federal Reserve Banks of Cleveland and Chicago; another seat rotates among the Presidents of the Federal Reserve Banks of Atlanta, St Louis and Dallas; the final seat rotates among the Presidents of the Federal Reserve Banks of Minneapolis, Kansas City, and San Francisco.
Thus, it is not surprising that the Federal Reserve System did not originally have ‘price stability’ as Historical background 21 one of its objectives and that it retains today a role of ‘lender of last resort’. Organisational structure of the Federal Reserve System: an evolving process The Federal Reserve System was composed of 12 regional Federal Reserve Banks, coordinated by a Federal Reserve Board in Washington, DC. Under the 1913 Act, the Board consisted of seven members, five of whom were appointed by the President, with the consent of the Senate, for terms of ten years, each term staggered in such a way that one term expired every two years.