* By: Nathaniel Rogers Principles of Speech August 11, 2012

* http://www.learnbonds.com/lesson/the-federal-reserve-and-interest-rates/

Thomas Jefferson "I believe that banking institutions are more dangerous to our liberties than standing armies.

Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." — Thomas Jefferson, U.S. President.

http://en.wikipedia.org/wiki/Thomas_Jefferson (picture only)

"The money power preys upon the nation in times of peace & conspires against it in times of war. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. It denounces, as public enemies, all who even question its methods or throw light upon its crimes. I have two great enemies, the Southern Army in front of me & the financial institutions at the rear, the latter is my greatest foe.

- President Abraham Lincoln http://en.wikipedia.org/wiki/File:Abraham_Lincoln_November_1863.jpg

(picture only)

 The Federal Reserve Act of 1913 setup the Central Banking System in the United States know as the Federal Reserve System.  At 6:00 P.M. on December 23, 1913, President Woodrow Wilson entered his office. The President sat down at his desk and, using four gold pens, signed into law the Federal Reserve Act.*  With this law, Congress established a central banking system, which would enable the world’s most powerful industrial nation to manage its money and credit far more effectively than ever before.*  This act gave the Federal Reserve control over the printing and distribution of U.S. Dollar * *Johnson, R. T. (2010). Historical Beginnings...The Federal Reserve. Public and Community Affairs Department.

 The Board of Governors, headquartered in Washington, DC, is composed of seven members appointed by the president with the advice and consent of the Senate.  The Federal Open Market Committee (FOMC), is a major component of the Fed. It oversees open-market operations,  The FOMC is composed of the seven members of the Board of Governors, along with five of the twelve Reserve Bank presidents. The president of New York's reserve bank is a permanent member, and the other presidents serve a one-year term on a rotating basis. * Bonnell, A. L. (1999). Federal Agency Profiles for Students.

As the nation’s central bank, the Federal Reserve System has numerous, varied responsibilities, including  conducting the nation’s monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices;  supervising and regulating banks and other important financial institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the rights of consumers;  maintaining the stability of the financial system and containing systemic risk that may arise in financial markets; and  providing certain financial services to U.S. financial institutions, the U.S.

government, and foreign official institutions.

* http://www.federalreserve.gov/publications/budget-review/files/2012-budget-review.pdf

 On his 2 nd 14 year term of Chairman  Dr. Bernanke also serves as Chairman of the Federal Open Market Committee  Before his appointment as Chairman, Dr. Bernanke was Chairman of the President's Council of Economic Advisers, from June 2005 to January 2006.

http://www.federalreserve.g

ov/aboutthefed/bios/board/b ernanke.htm

*  He received a B.A. in economics in 1975 from Harvard University (summa cum laude) and a Ph.D. in economics in 1979 from the Massachusetts Institute of Technology.

http://www.federalreserve.

gov/aboutthefed/bios/boar d/yellen.htm

 Vice Chair of the Board of Governors of the Federal Reserve System on October 4, 2010  Dr. Yellen simultaneously began a 14-year term as a member of the Board that will expire January 31, 2024.

 Prior to her appointment as Vice Chair, Dr. Yellen served as President and Chief Executive Officer of the Twelfth District Federal Reserve Bank, at San Francisco  Dr. Yellen graduated summa cum laude from Brown University with a degree in economics in 1967, and received her Ph.D. in Economics from Yale University in 1971.

 An Assistant Professor at Harvard University from 1971 to 1976, Dr. Yellen served as an Economist with the Federal Reserve's Board of Governors in 1977 and 1978, and on the faculty of the London School of Economics and Political Science from 1978 to 1980.

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Elizabeth A. Duke Daniel K. Tarullo Sarah Bloom Raskin Jeremy C. Stein * Jerome H. Powell

Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco

* http://www.federalreserve.gov/otherfrb.htm

Eric S. Rosengren Boston William C. Dudley New York Charles I. Plosser Philadelphia Sandra Pianalto Cleveland Jeffrey M. Lacker Richmond Dennis P. Lockhart Atlanta * Charles L. Evans Chicago http://www.federalreserve.gov/aboutthefed/bios/banks/ James Bullard St. Louis

Narayana Kocherlakota Minneapolis Esther George Kansas City John C. Williams San Francisco * Richard W. Fisher Dallas

    The FOMC is made up of the 7 Board of Governors and 5 of the bank presidents The President of the Bank of New York is a permanent committee member The FOMC is responsible for formulating the nation's monetary policy There are 4 additional bank presidents that serve as alternate voting members *

*  The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.

 According to the Federal Reserve only half of middle-class Americans remain on the same economic rung during the recession

 Each year, under authority delegated by the Board, the director of the Division of Reserve Bank Operations and Payment Systems orders new currency from the Treasury’s Bureau of Engraving and Printing (BEP). Upon reviewing the order, the BEP estimates printing costs for new currency during the calendar year, which Board staff use to prepare the annual budget for new currency. Each month, the Board assesses the costs of new currency to each Federal Reserve Bank through an accounting procedure similar to that used in assessing the costs of the Board’s operating expenses to the Banks. Total new currency expenses for 2011 were under budget by $26.1 million, or 3.9 percent, primarily because the BEP printed fewer notes than budgeted.

 The approved 2012 new currency budget of $747.0 million is 14.9 percent higher than 2011 costs (figure 5). Printing costs for Federal Reserve notes represent 95 percent of the new currency budget; certain other BEP costs, expenses for the currency education program, the currency quality assurance  The cost for printing the calendar-year 2012 currency order is budgeted at $707.2 million, a 14.3 percent increase over the cost for the 2011 order. The increase is primarily attributable to a higher volume of more-expensive Series 2004 notes included in the 2012 budget compared with 2011. Series 2004 notes are more expensive because they include colored backgrounds and additional security features, resulting in higher costs of paper and ink, compared with older-series notes. The average cost per thousand notes, however, decreased 8.6 percent from $97.26 in 2011 to $88.89 in 2012, primarily because the BEP’s high fixed costs will be spread over a greater number of notes in 2012.

* I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men. --- Woodrow Wilson

       Abraham Lincoln. (n.d.). Retrieved from Wikipedia: http://en.wikipedia.org/wiki/File:Abraham_Lincoln_November_1863.jpg n/a. (n.d.). What is the Federal Reservel. Retrieved from Learn Bonds: http://www.learnbonds.com/lesson/the-federal-reserve-and-interest-rates/ The Federal Reserve. (2012). 2012 Budget Report. The Federal Reserve. (n.d.). Board Memebers. Retrieved from Federal Reserve: http://www.federalreserve.gov/aboutthefed/bios/board/default.htm

The Federal Reserve. (n.d.). FEderal Reserve Bank Presidents. Retrieved from THe Federal Reserve: http://www.federalreserve.gov/aboutthefed/bios/banks/default.htm

The Federal Reserve. (n.d.). The Twelve Federal Reserve Districts. Retrieved from The Federal Reserve: http://www.federalreserve.gov/otherfrb.htm

Thomas Jefferson. (n.d.). Retrieved from Wikipedia: http://en.wikipedia.org/wiki/Thomas_Jefferson *

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