district 11
FEDERAL RESERVE
Bank of dallas
What is the safest place in the world…? A bank!!! And what a better place to save your money than the Federal Reserve Bank..
The Federal Reserve Bank of Dallas District Eleven is one of the 12 bank districts in the United States of America.. In simple sight you might think that it is just a normal bank where only important people work and they are the only ones that can get in the building where the big vault is.. But actually it's more than that…
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The Federal Reserve Bank is structured like an organization. It has a president and a board of directors. There are some members of the bank who hold stock and they can elect six of the boards nine members. Three members represent banks, other three industries and the one left are chosen by the Board of Governors in Washington D.C.
There are seven officials known as The Board of Governors who are selected by the president of the United States and approved by the senate. They can select board chairman and deputy chairman. The Dallas board of directors nominate the vice president and the president of the Federal Reserve Bank and the Board of Governors approve.
The Federal Open Market Committee (FOMC) is made up by: the Board of governors and the 12 Reserve Bank presidents. Eight times a year in Washington D.C., they meet and discuss the monetary policy.
The Federal Reserve Bank is independent form the government, however they need the approval of the senate for some decisions that need to be decided, not only by the Federal Reserve Bank. The Federal Open Market Committee is the point of join between the both parts of the bank. The Federal Reserve Bank is however apolitical, this means that they don't make decisions over the democrats or republicans. Then how do they make decisions? They make the decisions over surveys, information, data and facts all linked to the economy of the country and so to the monetary policy.
Another interesting part of the bank is that they gave a lot of ways to check if the cash is genuine or if the cash was made by someone trying to falsificate it. There are also machines that tare apart the cash that is no longer usable. Why is it no longer usable? What happens is that the material of the bills is practically made out of linen and cotton, so with time the material wears apart. The Federal Reserve Bank tare this old bills apart because they are no longer save to use.
There is more about this special Federal Bank in the museum part of the Federal Reserve Bank of Dallas, so if you want to learn more about how the bank works you can go and visit.
Place: Federal Reserve Bank of Dallas.
Date of foundation: 1992
Address: 2200 N. Pearl St., Dallas, Texas 75201
Website: https://www.dallasfed.org/fed.aspx