Watch: Fed Chair Jerome Powell on Latest Rate-Cut Decision | WSJ

Watch live coverage of a news conference with Federal Reserve Chair Jerome Powell following the latest FOMC meeting.

#Fed #JeromePowell #WSJ

[wentgin]

The Federal Reserve System performs five key functions that serve all Americans and promote the health and stability of the U.S. economy and financial system. It conducts the nation’s monetary policy, promotes financial system stability, supervises and regulates financial institutions, fosters payment and settlement system safety and efficiency, and promotes consumer protection and community development.


1. supervising and examining banks and other financial institutions

2. enforcing compliance with federal consumer protection and fair lending laws while promoting local community development;

3. lending to depository institutions to ensure liquidity in the financial system.

4. distributing currency and coins to banks, operating electronic payment systems, and clearing our checks

5. acting as the "government's bank" by providing services such as maintaining the Treasury Department's transaction account and issuing and redeeming U.S. government
securities.

[robertgriffin]

It’s a bunch of banks that try to set policy in our financial markets prehistoric relics of a broken system of fractional reserve banking