Careers At The Federal Reserve Board

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BoardofGovernorsof thefederal reserve systemCareers at theFederal Reserve BoardThe Central Bank of the United States Washington, DC

About the Federal ReserveCongress created the Federal Reserve more than 100 years ago and charged it with fostering ahealthy domestic economy and a sound banking system.The Board of Governors of the Federal Reserve System (the Board), along with the Federal ReserveBanks and the Federal Open Market Committee, make decisions that help promote the health of theU.S. economy and the stability of the U.S. financial system.“We strive to maintain an inclusive workplace in which diverseperspectives are welcomed and heard, and merit is rewarded.We bring strong commitment and values to our work, and take greatsatisfaction and pride in our service to the public.”— Jerome Powell, Chair

TRUSTThe value of our nation’s currency and the fundamental underpinning ofour economy depends on trust in the Federal Reserve and for each employeeto perform their job each day in ways that contribute to that trust.Twelve Federal Reserve districts operate independently but with supervision.Federal Reserve district boundaries are based on economic considerations; the districtsoperate independently but under the supervision of the Federal Reserve Board of Governors.The Federal Reserve SystemAs the central bank of the United States, the Fed's mission is to provide our nation with a safer,more flexible, and more stable monetary and financial system.1 U.S. Central BankThe FederalReserve System3 Key Entities5 Key FunctionsConductingthe nation’smonetarypolicyFederalReserve Boardof Governors12 FederalReserveBanksFederalOpen MarketCommitteeHelpingmaintain thestability ofthe financialsystemSupervisingand regulatingfinancialinstitutionsFosteringpayment andsettlementsystem safetyand efficiencyPromotingconsumerprotection andcommunitydevelopment

VALUERegardless of the work you perform at the Board, your contributionsare valued and influence the public’s trust in the Federal Reserve.We are an organization of people from diversebackgrounds and experiencesThe Board’s 15 divisions are made up of people with backgrounds and experience in many differentfields. All play a role in fulfilling our mission and responsibilities to the American people. The divisionsrecruit for a broad range of professional positions, including economists (sevendivisions) research assistants (sevendivisions) financial analysts, bankexaminers, auditors(eight divisions) attorneys and paralegals(five divisions) engineers, programmers,systems and quality assuranceanalysts (most divisions) data analysts, scientists, andlibrarians (seven divisions) communications, editing, andgraphics design professionals(three divisions) human resources (onedivision) administrative (all divisions) law enforcement, andemergency preparedness (twodivisions) trade and crafts professionals(one division)Interns support the Board's missionHelping students gain valuable work experience is important to us. Each year, we hire nearly100 interns from colleges and universities across the country. Our interns support importantprojects and research in all Board divisions.Requirements to applyLearn moreU.S. citizenship required for most Federal Reserve is an Equal Opportunity Employer.

Federal Reserve History in BriefThe timeline includes key moments in Federal Reserve history.Learn more at WoodrowWilson signs the FederalReserve Act, establishingthe Federal ReserveSystem as the U.S.central bank to providethe nation with a safer,more flexible, and morestable monetary andfinancial system.The Great Depressionbegins and lasts until 1941.The Federal Reserve Bankof New York purchasesgovernment securities onthe open market, expediteslending through its discountwindow, and lowers thediscount rate to helpstabilize the banking system.The Glass-Steagall Actenacts measures tostabilize the financialsystem and creates theFederal Open MarketCommittee to guide FederalReserve monetary policy.The Fed supports World WarII funding by enabling the U.S.government to borrow at lowinterest rates. The numberand volume of services theFed provides to the federalgovernment increases.1913192919331941–451914193219351951The Fed’s centralizedgoverning body—theBoard of Governors—begins operating inWashington, D.C.;boundaries of the 12Reserve Bank Districtsare set, and theReserve Banks openaround the country.The Emergency Reliefand ConstructionAct gives the FederalReserve Board power toauthorize Reserve Banksto lend to nonbanks(individuals, partnerships,and corporations) in“unusual and exigentcircumstances.”The Banking Act of 1935increases the Fed’sindependence from theexecutive branch, andshifts some powers fromthe Reserve Banks to theBoard of GovernorsThe Treasury-Fed Accordseparates governmentdebt managementfrom monetary policy,enabling the Fed toconduct monetary policyindependent of fiscalconcerns.The Federal ReserveReform Act of 1977makes explicit the FederalReserve’s objectives andincreases its transparencyand accountability toCongress.The Monetary ControlAct strengthens the Fed’scontrol of monetary policyand bolsters its inflationfighting efforts by, amongother measures, making alldepository institutions subjectto reserve requirements andrequiring the Fed to charge forcertain services to banks.Following the September11th terrorist attacks, theFed issues a statement toreassure disrupted markets: “TheFederal Reserve System isopen and operating. Thediscount window is availableto meet liquidity needs.”The Dodd-FrankWall Street Reformand ConsumerProtection Act, passedin response to the2007–09 financial crisis,gives the Fed newsupervisory powers.The Board increases he Fed announcesnew efforts to curb thelong-term, double-digitinflation plaguing theU.S. economy.The Fed responds to theOctober 19 stock marketcrash by affirming itsreadiness “to serve asa source of liquidity tosupport the economic andfinancial system,” helpingto promote recovery.The Great Recessionspurs the Fed to usenontraditional policy tools,such as credit programsand large-scale assetpurchases, to deal withthe financial crisis.

The Board and the Federal Reserve BanksThe Board employs nearly 3,000 people in Washington, D.C. Regardless of where they work withinthe Federal Reserve System, employees aspire to achieve one mission: to provide our nation with asafer, more flexible, and more stable monetary and financial system.Fed FactsWhat our employeesvalue about workingat the Board10Average tenure: 10 yearsCareer developmentopportunities are availableat all stages of your career.Benefits (including tuitionassistance, pension,401k-style savings plan,vacation and sick leave)Flexible work schedules/telework opportunitiesProfessional workenvironment55%45%90%Women vs. men (by percent):45 (women) to 55 (men)Nearly 90 percent ofemployees say they areproud to be employedat the Board.Employee Resource GroupsThe Board supports a diverse workforce and partnerswith the employee resource groups (ERGs), includingDiverse Abilities and Needs, African American, AsianAmerican and Pacific Islander, Hispanic, LGBTQA ,Veterans, and Women's groups.www.federalreserve.gov0220Job satisfaction80%Nearly 80 percent ofour employees seetheir work as morethan just a job.Regardless of thework you performat the Board, yourcontributions arevalued and influencethe public’s trust inthe Federal Reserve.

Careers at the Federal Reserve Board Careers at the Federal Reserve Board. The Central Bank of the United States Washington, DC. About the Federal Reserve Congress created the Federal Reserve more than 100 years ago and charged it with fostering a . healthy domestic economy and a sound banking system.

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