The founders' intentions: sources of the payments services franchise of the Federal Reserve banks
The reserve banks check collection service was designed in 1913 to serve as "glue," attaching the new central bank to the commercial and financial markets through member banks. Successful creation and operation of the Federal Reserve System was thought to be more likely if the reserve banks could do more for member banks than lend occasionally and administer the reserve requirement tax. Initial drafts of the Federal Reserve Act would have allowed member banks to use required reserve deposits only for making interbank transfers. But correspondent banking relationships already provided ...
A conversation with Carter Glass
Financial stability: the role of the Federal Reserve System
Remarks at the Future of Banking Regulation and Supervision in the EU Conference, Frankfurt, Germany.
Locating Federal Reserve districts and headquarters cities
Some observations and lessons from the crisis
Remarks at the Third Annual Connecticut Bank and Trust Company Economic Outlook Breakfast, Hartford, Connecticut.
The scope of monetary policy actions authorized under the Federal Reserve Act
The Federal Reserve Act authorizes the Federal Reserve to undertake various types of discount window loans and open market operations. While the Federal Reserve generally has not found it necessary to use all types of such authority, there could be circumstances in which the Federal Reserve might need to consider utilizing its statutory authority more broadly than it has in the past. We examine the limits imposed by the Federal Reserve Act along two dimensions: those types of counterparties and financial instruments with which the Federal Reserve may conduct monetary policy. In doing so, we ...
Final rule amending the rules regarding delegation of authority
The Aldrich plan