4.0 Understand the Role of Finance in Business
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1 4.0 Understand the Role of Finance in Business Competency 4.02 Understand the Banking System Objective 4.02-A Analyze the roles/responsibilities of the Federal Reserve.
2 The Federal Reserve System What is the Federal Reserve System? Why does it exist? Who participates? How is it organized?
3 What is the Federal Reserve System? The Federal Reserve (Fed) is a centralized banking system for the United States It is sometimes called the banker s bank. It is a bank for other banks and a bank for the Federal Government.
4 Why does it exist? To establish and maintain confidence in our nations banks To provide the nation with a more stable, safer and flexible monetary and financial system.
5 The Federal Reserve (The Fed) A Centralized Banking System Organized by the Federal Government in 1913 Why have The Fed? Purpose: To establish and maintain confidence in the US monetary system To supervise and regulate member banks and help serve the public efficiently. * Prior to the Federal Reserve Act anyone could issue currency or coin money
6 Who Participates in Federal Reserve? 1) All National Banks are required to be part of the Fed 1) Optional for state banks 2) There are 12 DISTRICTS in the United States 3) Every state comes under a district NC is in District 5, the Richmond District.
7 The Federal Reserve What are the two arms of The Fed? Board of Governors Represents the government (public) sector District Federal Reserve Banks Represents the business (private) sector
8 Board of Governors Usually meet about twice a week, ordinarily on Mondays and Wednesdays Public is invited to look into the meetings of the Board of Governors Usually discuss monetary policy such as lowering and raising interest rates The Board Room at the Federal Reserve in Washington, DC
9 Services provided by the Fed 1. Supervision of banks 2. Participates in open market activities 3. Acting as a clearinghouse 4. Holds reserves 5. Approves bank mergers 6. Supplies paper currency 7. Manages the discount rate
10 1. Fed Supervision of Banks Audits Member Banks Inspects banks by auditing financial records Audit -an inspection of records to verify the: 1. accuracy of books (records) of the bank 2. bank is complying with banking laws Similar to Individuals/corporations who are audited by the IRS to review the accuracy of a tax return.
11 2. Open Market Operations Activities Bank discount rates encourages borrowing by member banks, and therefore encourages borrowing by consumers Purpose of open market operations 1. Regulate money supply
12 3. FED Acts as Clearing House Clears/Processes/Settles checks for member banks Federal Reserve uses the Automated Clearing House (ACH) to electronically complete fund transfers (check settlements) between banks Interdistrict Settlement Fund in Washington, DC used for between district transfers Checks/deposit slips have MICR coding Magnetic Ink Character Recognition
13 4. Fed Set and holds Reserve Requirements Member banks are required to keep a certain percentage (10% for many years) of all deposits in the bank s vault or on deposit with the district federal reserve bank Reserves: funds set aside for emergencies Example: a rush of withdrawals by customers
14 5. FED Approves Bank Mergers Q: Why do banks merge? To be more competitive -to offer customers more locations (local, regional, national, international) -to offer a variety of services more efficiently -to compete with a growing array of other financial service companies such as: * Here are some recent bank mergers approved by The Fed in Bank of New York bought Mellon Financial Corporation for $18.3 Billion Bank of America bought Merrill Lynch Bank of America for $50 Billion Wells Fargo bought Wachovia for $15.1 Billion
15 6. The Fed Supplies Currency Money defined: a medium of exchange for value US money = currency and coins Federal Reserve supplies paper currency Legal Tender for all debts, public and private Paper currency supplied is Federal Reserve Notes Printing currency (paper money, bills) Bureau of Printing and Engraving Counterfeiting - federal crime Coinage Minting supplied and regulated by the Department of Treasury, US Mint
16 7. FED Manages the Discount rate by loaning money to other banks Monitors the discount rate of interest - rate used by the Fed to loan money to member banks Compare banks to intermediaries (go-betweens) trading in money at wholesale prices The Fed changing interest rates affect borrowers (member banks) who pass rates to consumers Raising rate - discourages borrowing Reducing rate - encourages borrowing Note: the Federal Reserve does not loan money to individuals or businesses (only member banks) HOWEVER, rates the Fed charges member banks trickle down and affect the interest rates for consumers
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