to provide the nation with a flexible supply of currency. Ben Bernanke was the chair from 2006 to 2014. The Federal Reserve Banking System is a network of 12 Federal Reserve banks that both supervise and serve as banks for all the commercial banks in their region. It is so complicated that some consider it a "secret society" that controls the world's money. All national banks were required to join the system and other banks could join. The System serves these territories as follows: the New York Bank serves the Commonwealth of Puerto Rico and the.S. Federal Reserve Districts that were created by the, federal Reserve Act of 1913. It is assumed the bank can't get loans from other banks. The initial staff consisted of seven officers and 85 clerks, many on loan from local banks.
Board of Governors directs monetary policy. Banks charge each other the fed funds rate on these loans. In 1924, the Fed moved into its new home. Technically, member commercial banks own the Federal Reserve. Bloomberg Businessweek, bloomberg Markets: Rules Returns, high Flyers, bloomberg Best. Bank War, and the United States went without a central bank for 40 years. High interest rates make borrowing expensive.