Exploring the Federal Reserve

  • July 27, 2015

The Federal Reserve makes America tick from a banking aspect, as it is the central banking system of the country. The Federal Reserve is ruled by the Board of Governors, which is made up of members nominated by the President of the United States and then confirmed by the U.S. Senate. These members must collectively maintain a fair representation of the diversity of the country including unique financial, industrial, and commercial interests.
 
On December 23, 1913, the Federal Reserve was created in response to several financial scares. Events over time have led to the expansion of responsibilities and role of the department as a whole, in particular the Great Depression of the 1930s. Today, the department oversees all banking activity on a high level in the country and aims to maintain stability as well as promote forward growth to boost the economy.
 
Also known as “the Fed,” the Federal Reserve has 12 regional banks that are each responsible for a specific area of the United States. And while the President names the members of the Board of Governors, the decisions do not need to be ratified by the President therefore allowing the department to be independent.
 
Always there to monitor the banking activity of our nation, the Federal Reserve is designed to withstand the fluctuations of the market and prepare and guide the nation through it all.

Latest Tweets

© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).