the federal reserve system (1)Word

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　　The Federal Reserve SystemBackground of the establishment of the FED Structure of the FED Functions of the FED Tools of the FED Criticisms 美国联邦储备制度

　　1、美联储成立背景 2、美联储的结构 3、美联储的职能 4、美联储的工具 5、评论

　　Before World War I, the United States did not establish their own central bank , but the National Bank of the United States have the power to issue bank vouchers, there were more than 3,700 national banks, the money supply is extremely confusing, Money and banking system reform is imminent. In response to a series of financial panics, the Federal Reserve System was created on December 23, 1913.http://www.wendangwang.com/link?url=1mFGhgCPYpaO2TJMB1CSYC500KFqK4LS6iMIBnDueKsiRH PGZqhaMTEtBkjQrMmDHKhn_DuzjD93yTh3kwagVq

　　Background

　　背景 在第一次世界大战之前，美国没有建立自己的央行，但美国国家银行发行 银行券的权力，当时有3700多名国家银行，货币供应量是极其混乱，货币和 银行制度的改革已是迫在眉睫。在响应一系列的金融恐慌，美国联邦储备系 统已于1913年12月23日创建。

　　StructureThe Federal Reserve System, which serves as the nation's central bank, was created by an act of Congress.The System consists of a seven member Board of Governors with headquarters in Washington, D.C., and twelve Reserve Banks located in major cities throughout the United States. Bernanke is the current Fed Chairman of Management Committee.http://www.federalreserve.gov/pubs/frseries/frseri.htm 结构 联邦储备系统，作为国家的中央银行，是根据美国的一项国会法案所 创建，系统由七名成员理事会和位于美国各地的主要城市的12个储备银 行组成，总部设立在华盛顿特区。伯南克是现任美联储管理委员会主席。

　　FunctionsCurrent functions of the Federal Reserve System include: To address the problem of banking panics To serve as the central bank for the United States To manage the nation's money supply through monetary policy To maintain the stability of the financial system and contain systemic risk in financial markets To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system To strengthen U.S. standing in the world economy http://www.wendangwang.com/wiki/Federal_Reserve_System 当前美国联邦储备系统的功能包括： 为了解决这个问题，银行恐慌;作为美国央行;通过货币政策管理国家的货币供应量;为 了维持金融体系的稳定和控制金融市场的系统性风险；为存款机构、美国政府和外国官方 机构提供金融服务，在经营全国的支付系统中发挥了重要的作用；为了加强美国在世界经 济中的地位。

　　ToolsTool Open market operations Description Purchases and sales of U.S.

　　Treasury and federal agency securities – the Federal Reserve's principal tool for implementing monetary policy.

　　Discount rate

　　The interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility – the discount window. The amount of funds that a depository institution must hold in reserve against specified deposit liabilities.

　　Reserve requirements

　　http://www.wendangwang.com/wiki/Federal_Reserve_System 公开市场业务：美国财政局和银行通过买进和卖出美国国债，这是美联储货币政策 的首要工具。 贴现率：当商业银行和存款机构通过贴现窗口向美联储借款时，向美联储支付的利 率。 准备金：存款机构必须持有的一部分资金，以防止特殊的存款负债。

　　CriticismsThese criticisms include the assertions that the

　　Federal Reserve System violates the United States Constitution and that it impedes economic prosperity. Some critics contend that the twelve regional Federal Reserve banks consider themselves to be private corporations with private funding.(many banks refused to use the discount window, even though they found it hard to raise funds in the market, because it was associated with the bank's honor)http://www.wendangwang.com/wiki/Federal_Reserve_System

　　这些批评包括联邦储备系统违反美国宪法，它阻碍了经济的繁荣。一些批评 者声称；12个地区联邦储备银行把自己当做是拥有私人资金的私人公司。(很多 银行拒绝使用贴现窗口，即使他们发现它很难以筹集资金在市场上，因为它是相 关银行的荣誉)

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