Federal Reserve Podcast Text

This is the information I used in my Federal Reserve Podcast:

The Federal Reserve, also known as the "The Fed" is the central bank of the United States. Its headcouters are in Washinton, DC. The federal reserve serves several roles. It primarly role is to serve as the bank for the federal government aswell as the bank for other banks. The federal regulates interest rates of all the other banks in the country. It is responsble It also regulates the amount of "practional reserve," the portion of its deposits that a bank must maintain to satisfy any demands for withdrawl.

The federal reserve system was created on December 23th, 1913, under Woodrow Wilson's administration as part of the Federal Reserve Act. The federal reserve system includes twelve regeional banks in adition to other member banks, which are all overseen by the Board of Governors. The Board of Governors consists of seven members, who are selected by the president and confirmed by the Senate. The BOG is lead by the chairman and vice chairman. The current chairman is Ben Bernanke, who was aapoted in on Feburary 1, 2006. He was preceeded by Alan Greenspan, who held the office since 1987.

All national banks are required to become members of the federal system. Each member bank is required to