The Federal Reserve System: Structure and Monetary Policy (HOM 31-B)

History of Money, Lecture 31, Pt. B: in the video I attempt to boil down, in layman's terms, the essential organization, structure, and function of the Federal Reserve System, which comprises of the Board of Governors, 12 Federal Reserve district banks, and the Federal Open Market Committee (FOMC). Includes a discussion of the utmost importance of the federal funds rate and the open market operations used to achieve that interest rate. Also makes mention of the call to audit the Fed. Timecodes 0:00 - Intro 2:02 - The Board of Governors 4:54 - Twelve Federal Reserve Banks 10:27 - Is the Fed public or private? 12:59 - Assets of the Federal Reserve Banks 15:49 - The FOMC 19:03 - Monetary Policy: Federal Funds Rate 23:55 - Monetary Policy: Open Market Operations 29:00 - Audit the Fed? 30:34 - Historic Federal Funds Rates 34:15 - The Prime Rate 37:16 - The Discount Window 38:29 - Federal Reserve Independence 42:44 - Printing Federal Reserve Notes 44:41 - Concluding Remarks _______________________________________ If enjoy this channel and would like to support:   / professorbarth   Follow me on X:   / professor_barth   Buy my book! The Currency of Empire: Money and Power in English America, released June 2021 with Cornell University Press. Order your copy now. https://www.amazon.com/Currency-Empir... _______________________________________ Dr. Jonathan Barth received his PhD in history from George Mason University in 2014. He specializes in the history of money and banking in the early modern period, with corollary interests in early modern politics, empire, culture, and ideas. Barth is Associate Professor of History at Arizona State University and Associate Director of the Center for American Institutions at Arizona State University. _______________________________________ Visit my website https://www.professorbarth.com/ _______________________________________ Disclaimer: The views and opinions expressed on this channel are my own and do not reflect the views of Arizona State University, nor are any of the views endorsed by Arizona State University.