Does the Federal Reserve Qualify for .Gov Status?

[Guest August Havlicek]

Type in:

 

http://www.federalreserve.gov/

 

It takes you to:

 

The Board of Governors of the Federal Reserve System Home Page.

 

Who owns the Federal Reserve?

 

The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

 

http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#5

 

Does the Federal Reserve Qualify for .Gov Status if it has private aspects?

 

http://www.dotgov.gov/help_qualify.aspx

 

Domain names (such as gsa.gov) are used in websites and e-mail addresses to uniquely identify computers and networks. The domain name is the core of an organization's or program's Internet identity, their online brand. Managed domain names require the holder of that name to meet certain eligibility requirements. These strict authorization standards help ensure users that they are accessing an official site. Managed domain names include .gov, -NSN.gov, and .fed.US.

 

Eligibility for .gov

To preserve the integrity of the .gov name space, .gov domains are limited to United States government organizations at the federal, Native Sovereign Nation, state, and local level, and U.S. territories.

 

Registrations that qualify for a .gov domain

 

U.S. Governmental departments, programs, and agencies on the federal level

Federally recognized Indian Tribes (-NSN.gov domain)

State governmental entities/programs

Cities and townships represented by an elected body of officials

Counties and parishes represented by an elected body of officials

U.S. territories

Registrations that do not qualify for a .gov domain

 

International organizations

Commercial firms

Privately owned organizations

Military entities (except in special cases)

Local (e.g., city, county, township, or parish) government programs or initiatives

Cities, townships, counties, parishes, and other local entities that are not represented by an elected body of officials

[Guest LAW_*]

The Federal Reserve is a federal system composed of a central, governmental agency, the Board of Governors, and 12 regional Federal Reserve Banks.

 

The Board of Governors, located in Washington, D.C., is made up of seven members appointed by the President of the United States and supported by a staff of about 2,100.

 

The current members of the Board of Governors are:

 

* Ben Bernanke, Chairman

* Donald Kohn, Vice-Chairman

* Kevin Warsh

* Elizabeth A. Duke

* Daniel Tarullo

 

Board of Directors

 

Each Federal Reserve Bank has nine directors, who serve three-year terms and are divided into three groups. Class A directors represent member banks, whereas both Class B and Class C directors represent borrowers from such areas as agriculture, commerce, industry, services, labor, and consumers.

 

Class A

 

* three members

* chosen by and representative of the stockholding banks.

* member banks are divided into 3 groups based on size—large, medium, and small banks. Each group elects one member of Class A.

* Directors influence monetary policy by setting their District's discount rate and by appointing the Bank's president, who, in turn, sits on the Federal Open Market Committee.

 

 

A major component of the Federal Reserve System is the Federal Open Market Committee (FOMC), which is made up of the members of the Board of Governors, the president of the Federal Reserve Bank of New York, and presidents of four other Federal Reserve

Banks, who serve on a rotating basis.

 

The FOMC establishes monetary policy and oversees open market operations, the Federal Reserve’s main tool for influencing overall monetary and credit conditions. The FOMC sets the federal funds rate, but the Board has sole authority over changes in reserve requirements and must approve any change in the discount rate initiated by a Reserve Bank.

 

Two other groups play roles in the functioning of the Federal Reserve:

 

Depository institutions - Banks that are legally allowed to accept monetary deposits from consumers.

 

Advisory councils - make recommendations to the Board and the Reserve Banks regarding System responsibilities.

[Guest LAW_*]

Jeffrey R. Immelt is the Federal Reserve Bank of New York Class B Board Director elected by member banks to represent the public.

 

Jeffrey R. Immelt was appointed chairman of the board and chief executive officer of the General Electric Company in 2001. Previously, Mr. Immelt served as president and chairman-elect of General Electric from November 2000, when the company’s board of directors selected him to succeed John F. Welch. From 1997 to 2000, Mr. Immelt had been president and CEO of GE Medical Systems.

 

He began his GE career in 1982 and has held a series of global leadership roles in GE's plastics, appliance and medical businesses. He became an officer of GE in 1989 and joined the GE Capital Board in 1997.

 

He serves on the boards of two nonprofit organizations: Catalyst, devoted to advancing women in business; and Robin Hood, focused on addressing poverty in New York City. Mr. Immelt was named the Financial Times ''Man of the Year'' for 2003.

 

Mr. Immelt holds a bachelor's degree in applied mathematics from Dartmouth College and an MBA from Harvard University.

 

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Lee C. Bollinger is the Federal Reserve Bank of New York Class C Board Director elected by member banks to represent the public.

 

Lee C. Bollinger is president of Columbia University in New York City and a member of the faculty of the Law School. He became the 19th president of Columbia University in 2002. He is a graduate of the University of Oregon and Columbia Law School, where he was an articles editor of the Law Review.

 

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Denis M. Hughes is the Federal Reserve Bank of New York Class C Board Director elected by member banks to represent the public.

 

Denis M. Hughes, president of the New York State AFL-CIO, joined the New York State AFL-CIO staff as political director and assistant to the president in 1985.

 

In February 1990, he was appointed to the position of executive assistant to the president. In this capacity, Mr. Hughes was responsible for the coordination of the Committee on Political Education and legislative programs, as well as the overall policy and development of the staff departments within the state federation.

 

Mr. Hughes was elected president of the New York State AFL-CIO 1999. Following the September 11th tragedy, Mr. Hughes coordinated labor's successful efforts to secure $20 billion in federal funding to help rebuild New York City and New York State.

[Guest LAW_*]

Kathryn G. Underwood, President and Chief Executive Officer of Ledyard National Bank, was newly elected as a Class A Director. Ms. Underwood is a member of the board of the New Hampshire Bankers Association and is Vice Chair of the Hanover Area Chamber of Commerce. She previously served as KeyCorp’s district president in Maine with responsibility for all retail and business banking in the state.

 

Michael T. Wedge was re-elected as a Class B Director. Mr. Wedge, with over 35 years of retail experience, is the former President and Chief Executive Officer of BJ’s Wholesale Club. He serves on the boards of the Greater Boston Chamber of Commerce, the Massachusetts Business Roundtable, and the Commercial Club/Merchants Club of Boston.

 

Ellen Alemany, Chief Executive Officer of Citizens Financial Group and RBS America, was reappointed to serve a second one-year term as the Federal Advisory Council (FAC) representative for the First Federal Reserve District. The FAC meets quarterly to discuss business and financial conditions with the Federal Reserve Board of Governors in Washington, D.C. It is composed of one banker from each of the 12 Federal Reserve Districts. The First Federal Reserve District comprises all of New England except Fairfield County, Connecticut.

 

In addition to Ms. Underwood and Mr. Wedge, the 2009 board of directors of the Federal Reserve Bank of Boston includes the following members:

 

Dr. Lisa M. Lynch is Chair of the Board of Directors and a Class C Director. She is Dean of the Heller School for Social Policy and Management at Brandeis University. Dr. Lynch is a member of the Executive Board of the Labor and Employment Relations Association, and a Research Associate at the National Bureau of Economic Research, the Economic Policy Institute, and IZA in Bonn, Germany.

 

Henri A. Termeer is Deputy Chair of the Board of Directors and a Class C Director. He is Chairman, President, and Chief Executive Officer of Genzyme Corporation. Mr. Termeer is a member of the board of directors of Project HOPE, an international nonprofit health education and humanitarian assistance organization, and also serves on the board of the MIT Corporation.

 

Robert K. Kraft, a Class B Director, is founder and Chairman of the Kraft Group of Companies, with interests in paper and packaging; sports and entertainment; and venture investing. Mr. Kraft serves on the Executive Committee of the Dana-Farber Cancer Institute and on the boards of Boston College and the Boston Symphony Orchestra.

 

David A. Lentini, a Class A Director, is Chairman, President and Chief Executive Officer of Connecticut Bank and Trust Company. Mr. Lentini serves as a director of the St. Francis Hospital and Medical Center and is trustee and treasurer of the St. Francis Foundation.

 

Stuart H. Reese, a Class B Director, is Chairman and Chief Executive Officer of MassMutual Life Insurance Company. Mr. Reese currently serves on the boards of the American Council of Life Insurers and the Economic Development Council of Western Massachusetts.

 

James C. Smith, a Class A Director, is Chairman and Chief Executive Officer of Webster Bank. He serves as a member of the executive committee of the Connecticut Bankers Association and is a director of St. Mary’s Hospital in Waterbury, Connecticut.

 

Kirk A. Sykes, a Class C Director, is President and Managing Director of Urban Strategy America Fund. He is a mayoral appointee to the Boston Civic Design Commission. Mr. Sykes is a member of the Urban Land Institute, the American Institute of Architects, and Boston Society of Architects, and the National Council of Architectural Registration of Black Architects.

 

The Federal Reserve Act requires that each Reserve Bank have nine directors. Three Class A directors represent member banks in the district; three Class B directors and three Class C directors are selected with due consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. Member banks elect Class A and Class B directors. The Board of Governors of the Federal Reserve System in Washington, D.C. appoints Class C directors, and from this group designates the Chair and Deputy Chair.

[Guest LAW_*]

Still digging for an answer. I did notice all the banks are .org. This is a tough question.

 

The Federal Reserve Bank of Philadelphia

 

Board Members

 

Michael F. Camardo

Retired Executive Vice President, Lockheed Martin Information & Technology Services, Cherry Hill, NJ

 

Keith S. Campbell

Chairman, Mannington Mills, Inc., Salem, NJ

 

Ted T. Cecala

Chairman & CEO, Wilmington Trust Corporation,

Wilmington, DE

 

Aaron L. Groff, Jr.

Chairman, President & CEO, The Ephrata National Bank, Ephrata, PA

 

Garry L. Maddox

President & CEO, A. Pomerantz & Company, Philadelphia, PA

 

Jeremy Nowak

President & CEO, The Reinvestment Fund, Philadelphia, PA

 

Frederick C. "Ted" Peters II

Chairman and CEO of Bryn Mawr Trust Company,

Bryn Mawr, PA

[Guest Last Act]

These people caress the strings of our country's economic fate. Be gentle with your words.

[Guest LAW_*]

I am only posting what can be publically found to help people greater understand how our money is created and distributed.

 

The Federal Reserve Bank of Richmond is supervised by nine directors who are either elected by member banks or selected by the Board of Governors. Additionally, the branch offices in Baltimore and Charlotte each have a board of seven directors, who are appointed by the Richmond Fed or the Board of Governors.

 

Class A

Robert H. Gilliam, Jr.

President & CEO

First National Bank

Altavista, Virginia

 

Kelly S. King

Chief Executive Officer

BB&T Corporation

Winston-Salem, North Carolina

 

 

Dwight V. Neese

Director, President, and CEO

Provident Community Bank and

Provident Community Bancshares, Inc.

Rock Hill, South Carolina

 

Class B

Dana S. Boole

President & CEO

Community Affordable Housing Equity Corp.

Raleigh, North Carolina

 

Patrick C. Graney, III

President

Petroleum Products, Inc.

Belle, West Virginia

 

Kenneth R. Sparks

President & CEO

Ken Sparks Associates LLC

White Stone, Virginia

 

Class C

Lemuel E. Lewis, Chairman of the Board

President

LocalWeather.com

Suffolk, Virginia

 

Margaret E. McDermid, Deputy Chairman of the Board

Senior Vice President and Chief Information Officer

Dominion Resources, Inc.

Richmond, Virginia

 

Linda D. Rabbitt

Chairman & CEO

Rand Construction Corporation

Alexandria, Virginia

 

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William R. Roberts, Chairman of the Board

President - Verizon Maryland/DC

Verizon Maryland Inc.

Baltimore, Maryland

 

Biana J. Arentz

President and CEO

Hemingway's Inc.

Stevensville, Maryland

 

Ronald Blackwell

Chief Economist

AFL-CIO

Washington, D.C.

 

James T. Brady

Managing Director-Mid-Atlantic

Ballantrae International Ltd.

Ijamsville, Maryland

 

William B. Grant

Chairman & CEO

First United Corp. and First United Bank & Trust

Oakland, Maryland

 

Michael L. Middleton

Chairman and President

Community Bank of Tri-County

Waldorf, Maryland

 

Jenny G. Morgan

Principal

Sterling Partners

Baltimore, Maryland

 

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[Guest Enron X]

Jeffrey R. Immelt is the Federal Reserve Bank of New York Class B Board Director elected by member banks to represent the public.

 

Jeffrey R. Immelt was appointed chairman of the board and chief executive officer of the General Electric Company in 2001. Previously, Mr. Immelt served as president and chairman-elect of General Electric from November 2000, when the company’s board of directors selected him to succeed John F. Welch. From 1997 to 2000, Mr. Immelt had been president and CEO of GE Medical Systems.

 

He began his GE career in 1982 and has held a series of global leadership roles in GE's plastics, appliance and medical businesses. He became an officer of GE in 1989 and joined the GE Capital Board in 1997.

 

He serves on the boards of two nonprofit organizations: Catalyst, devoted to advancing women in business; and Robin Hood, focused on addressing poverty in New York City. Mr. Immelt was named the Financial Times ''Man of the Year'' for 2003.

 

Mr. Immelt holds a bachelor's degree in applied mathematics from Dartmouth College and an MBA from Harvard University.

 

What brings good things to light?

[Luke_Wilbur]

500 Billion U.S. Dollars to Foreign Central Banks?

 

Liquidity Swaps to New Zealanders?

 

Is the Federal Reserve is the Central Bank of the World?

 

Who Owns it?

 

 

Chairman Ben S. Bernanke

At the Fifth European Central Bank Central Banking Conference, The Euro at Ten: Lessons and Challenges, Frankfurt, Germany

November 14, 2008

Policy Coordination Among Central Banks

 

Recent financial market stress is the strong demand for dollar funding not only in the United States, but also abroad. Many financial institutions outside the United States, especially in Europe, had substantially increased their dollar investments in recent years, including loans to nonbanks and purchases of asset-backed securities issued by U.S. residents. Also, the continued prominent role of the dollar in international trade, foreign direct investment, and financial transactions contributes to dollar funding needs abroad. While some financial institutions outside the United States have relied on dollars acquired through their U.S. affiliates, many others relied on interbank and other wholesale markets to obtain dollars. As such, the recent sharp deterioration in conditions in funding markets left some participants outside the United States without adequate access to short-term dollar financing.

 

The emergence of dollar funding shortages around the globe has required a more internationally coordinated approach among central banks to the lender-of-last-resort function. The principal tool we have used is the currency swap line, which allows each collaborating central bank to draw down balances denominated in its foreign partner’s currency. The Federal Reserve has now established temporary swap lines with more than a dozen other central banks. Many of these central banks have drawn on these lines and, using a variety of methods and facilities, have allocated these funds to meet the needs of institutions within their borders.

 

The terms of many swap agreements have been adjusted with the changing needs for liquidity: The sizes of the swaps have increased, the types of collateral accepted by these central banks from financial institutions in their economies have been expanded, and the maturities at which these funds have been made available have been tailored to meeting the prevailing needs. Notably, in mid-October, the Federal Reserve eliminated limits on the sizes of its swap lines with the ECB, the Bank of England, the SNB, and the Bank of Japan so as to accommodate demands for U.S. dollar funding of any scale.

 

Federal Reserve announced a reduction in its policy interest rate jointly with five other major central banks--the Bank of Canada, the Bank of England, the ECB, Sveriges Riksbank, and the Swiss National Bank (SNB)--with the Bank of Japan expressing support.

 

The Federal Reserve has responded to the strong demand for funding by banks and primary dealers by dramatically increasing the amount of term funding that it auctions to banks, providing new lending facilities for nonbanks, supplying high-quality securities for use in repurchase agreement (repo) markets and for other collateralized lending, and funding purchases of commercial paper. Elsewhere, including Canada, the euro area, and the United Kingdom, central banks have introduced or expanded similar measures to boost the provision of liquidity in their local currencies. In addition to these measures, governments in many countries broadened deposit insurance coverage and announced plans to inject capital into their banking systems and to guarantee bank debts. All of these steps are consistent with the principles agreed to by the Group of Seven finance ministers and central bank governors in their October 10 communiqué.

 

Over the past decade, international loans and deposits have grown tremendously, as has the issuance of international debt securities--that is, bonds, notes, and money market instruments sold outside the borders of the borrower’s country and sometimes denominated in foreign currencies. These developments have posed new challenges for conventional central bank liquidity and lender-of-last-resort policies. For example, injecting euros or sterling into national money markets may not be sufficient to restore market function in these economies when funding shortages are in dollars.

 

Although funding needs during the current turmoil have been the most pronounced for dollars, they have arisen for other currencies as well. For example, the ECB has set up swap lines and repo facilities with the central banks of Denmark and Hungary to provide euro liquidity in those countries. Taken together, these actions have helped improve the distribution of liquidity around the globe.

[Guest Invisible Man]

i agree. i think there were too many signs and top economist warning the government of a comming monetary "perfect storm" and the government did nothing . the government loves these crises all it does is give them more power and money i.e stiumulus bills filled with nothin but pork and money for the politicians pet projects. they engineer and alow things like this to happen so the people will beg for their help at any cost