The Federal Reserve System is a private institution that is, also, the central bank of the Unites States.
In a nutshell:
The Federal Reserve IS America’s central bank.
Find out what's happening in Syossetwith free, real-time updates from Patch.
It sets monetary policy and helps protect the safety and stability of our banks.
Its goals are to keep inflation in check and maximizing employment by making sure credit is flowing through the economy.
Find out what's happening in Syossetwith free, real-time updates from Patch.
It has the power to adjust the % rates that would impact the borrowing costs on almost all loans. There are 12 regional federal banks which are overseen by the Board of Governors in Washington, DC.
The Federal Chairman is nominated by the President of the United States, and approved by Congress.
The Fed is 100 years old! It was signed into law by President Woodrow Wilson December 23, 1913.
There is approximately 1.24 Trillion US currency in circulation.
Member of the board of Governors serve a 14 - year term.
A great site to compare rates is www.bankrate.com or your local banks website.
If you're out there looking now, or thinking of buying a home soon, % rates are starting to climb so don't put it off for too long.