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Other Activities Under the Change in Bank Control Act of 1978 (12 U.S.C. 1817(j)), the Board is required to review other bank stock acquisitions.

Under the Truth in Lending Act (15 U.S.C. 1601), the Board is required to prescribe regulations to ensure a meaningful disclosure by lenders of credit terms so that consumers will be able to compare more readily the various credit terms available and will be informed about rules governing credit cards, including their potential liability for unauthorized use.

Under the International Banking Act of 1978 (12 U.S.C. 3101), the Board has authority to impose reserve requirements and interest rate ceilings on branches and agencies of foreign banks in the United States, to grant loans to them, to provide them access to Federal Reserve services, and to limit their interstate banking activities.

The Board also is the rulemaking authority for the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, the Fair Credit Billing Act, the Expedited Funds Availability Act, and certain provisions of the Federal Trade Commission Act as they apply to banks. Expenses To meet its expenses and pay the salaries of its members and its employees, the Board makes semiannual assessments upon the Reserve Banks in proportion to their capital stock and surplus.

in Washington at frequent intervals. Purchases and sales of securities in the open market are undertaken to supply bank reserves to support the credit and money needed for long-term economic growth, to offset cyclical economic swings, and to accommodate seasonal demands of businesses and consumers for money and credit. These operations are carried out principally in U.S. Government obligations, but they also include purchases and sales of Federal agency obligations and bankers' acceptances. All operations are conducted in New York, where the primary markets for these securities are located; the Federal Reserve Bank of New York executes transactions for the Federal Reserve System Open Market Account in carrying out these operations.

Under the Committee's direction, the Federal Reserve Bank of New York also undertakes transactions in foreign currencies for the Federal Reserve System Open Market Account. The purposes of these operations include helping to safeguard the value of the dollar in international exchange markets and facilitating growth in international liquidity in accordance with the needs of an expanding world economy. Federal Reserve Banks The 12 Federal Reserve Banks are located in Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philadelphia, Richmond, San Francisco, and St. Louis. Branch banks are located in Baltimore, Birmingham, Buffalo, Charlotte, Cincinnati, Denver, Detroit, El Paso, Helena, Houston, Jacksonville, Little Rock, Los Angeles, Louisville, Memphis, Miami, Nashville, New Orleans, Oklahoma City, Omaha, Pittsburgh, Portland, Salt Lake City, San Antonio, and Seattle. Directors and Officers of Reserve Banks The Board of Directors of each Reserve Bank is composed of nine members, equally divided into three designated classes: class A, class B, and class C. Directors of class A are representative of the stockholding member banks. Directors of class B must be actively

Federal Open Market Committee The Federal Open Market Committee is comprised of the Board of Governors and five of the presidents of the Reserve Banks. The Chairman of the Board of Governors is traditionally the Chairman of the Committee. The president of the Federal Reserve Bank of New York serves as a permanent member of the Committee. Four of the twelve Reserve Bank presidents rotate annually as members of the Committee.

Open market operations of the Reserve Banks are conducted under regulations adopted by the Committee and pursuant to specific policy directives issued by the Committee, which meets

engaged in their districts in commerce, agriculture, or some other industrial pursuit, and may not be officers, directors, or employees of any bank. Class C directors may not be officers, directors, employees, or stockholders of any bank. The six class A and class B directors are elected by the stockholding member banks, while the three class C directors are appointed by the Board of Governors. The terms of office of the directors are so arranged that the term of one director of each class expires each year.

One of the class C directors appointed by the Board of Governors is designated as Chairman of the Board of Directors of the Reserve Bank and as Federal Reserve agent, and in the latter capacity he is required to maintain a local office of the Board of Governors on the premises of the Reserve Bank. Another class C director is appointed by the Board of Governors as deputy chairman. Each Reserve Bank has as its chief executive officer a president appointed for a term of 5 years by its Board of Directors with the approval of the Board of Governors. Reserves on Deposit in accordance with provisions of the Monetary Control Act of 1980 (12 U.S.C. 226 note), the Reserve Banks receive and hold on deposit the reserve or clearing account deposits of depository institutions. These banks are permitted to count their vault cash as part of their required reserve. Extensions of Credit The Monetary Control Act of 1980 (12 U.S.C. 226 note) directs the Federal Reserve to open its discount window to any depository institution that is subject to Federal Reserve reserve requirements on transaction accounts or nonpersonal time deposits.

Discount window credit provides for Federal Reserve lending to eligible depository institutions under two basic programs. One is the adjustment credit program; the other supplies more extended credit for certain limited purposes.

Short-term adjustment credit is the primary type of Federal Reserve credit. It is available to help borrowers meet temporary requirements for funds. Borrowers are not permitted to use

adjustment credit to take advantage of any spread between the discount rate and market rates.

Extended credit is provided through three programs designed to assist depository institutions in meeting longer term needs for funds. One provides seasonal credit—for periods running up to 9 months to smaller depository institutions that lack access to market funds. A second program assists institutions that experience special difficulties arising from exceptional circumstances or practices involving only that institution. Finally, in cases where more general liquidity strains are affecting a broad range of depository institutions—such as those whose portfolios consist primarily of longer term assets—credit may be provided to address the problems of particular institutions being affected by the general situation. Currency Issue The Reserve Banks issue Federal Reserve notes, which constitute the bulk of money in circulation. These notes are obligations of the United States and are a prior lien upon the assets of the issuing Federal Reserve Bank. They are issued against a pledge by the Reserve Bank with the Federal Reserve agent of collateral security including gold certificates, paper discounted or purchased by the Bank, and direct obligations of the United States. Other Powers The Reserve Banks are empowered to act as clearinghouses and as collecting agents for depository institutions in the collection of checks and other instruments. They are also authorized to act as depositories and fiscal agents of the United States and to exercise other banking functions specified in the Federal Reserve Act. They perform a number of important functions in connection with the issue and redemption of United States Government securities.

Federal Advisory Council The Federal Advisory Council acts in an advisory capacity, conferring with the Board of Governors on general business conditions.

The Council is composed of 12

Sources of Information members, one from each Federal Reserve district, being selected annually

Employment Written inquiries by the Board of Directors of the Reserve

regarding employment should be Bank of the district. The Council is

addressed to the Director, Division of required to meet in Washington, DC, at Personnel, Board of Governors of the least four times each year, and more

Federal Reserve System, Washington, DC often if called by the Board of

20551. Governors.

Procurement Firms seeking business

with the Board should address their Consumer Advisory Council

inquiries to the Director, Division of The Consumer Advisory Council confers Support Services, Board of Governors of with the Board of Governors several

the Federal Reserve System, Washington, times each year on the Board's

DC 20551. responsibilities in the field of consumer Publications Among the publications credit protection. The Council was issued by the Board are The Federal established by Congress in 1976 at the Reserve System-Purposes and suggestion of the Board and replaced the

Functions, and a series of pamphlets Advisory Committee on Truth in Lending including Guide to Business Credit and that was established by the 1968 Truth

the Equal Credit Opportunity Act; in Lending Act.

Consumer Handbook; Making Deposits: The Council is composed of 30 members from all parts of the country. It

When Will Your Money Be Available; advises the Board on its responsibilities

and When Your Home Is On the Line: under such laws as Truth in Lending,

What You Should Know About Home Equal Credit Opportunity, and Home

Equity Lines of Credit. Copies of these Mortgage Disclosure.

pamphlets are available free of charge.

Information regarding publications may Thrift Institutions Advisory Council be obtained in Room MP-510 (Martin The Thrift Institutions Advisory Council

Building) of the Board's headquarters. is an advisory group established by the

Phone, 202-452–3244. Board in 1980 made up of

Reading Room A reading room where representatives from nonbank depository persons may inspect records that are thrift institutions, which includes savings available to the public is located in and loans, mutual savings bankers, and Room B-1122 at the Board's credit unions. The Council meets at least headquarters, Twentieth Street and four times each year with the Board of Constitution Avenue NW., Washington, Governors to discuss developments DC. Information regarding the relating to thrift institutions, the housing

availability of records may be obtained industry and mortgage finance, and

by calling 202-452-3684. certain regulatory issues.

For further information, contact the Office of Public Affairs, Board of Governors, Federal Reserve System, Washington, DC 20551. Phone, 202-452–3204 or 202-452–3215.

1250 H Street NW., Washington, DC 20005
Phone, 202-942-1600






Executive Director
General Counsel
Deputy General Counsel
Associate General Counsel
Director of Accounting,
Director of Administration
Director of Automated Systems
Director of Benefits and Program Analysis
Director of Communications
Director of External Affairs
Director of Investments


The Federal Retirement Thrift Investment Board administers the Thrift Savings Plan, which provides Federal employees the opportunity to save for additional retirement security.

The Federal Retirement Thrift Investment established as one of the three parts of Board was established as an independent the Federal Employees' Retirement agency by the Federal Employees' System. For employees covered under Retirement System Act of 1986 (5 U.S.C. the System, savings accumulated through 8472). The act vests responsibility for the the Pían make an important addition to agency in six named fiduciaries: the five the retirement benefits provided by Board members and the Executive

Social Security and the System's Basic Director. The five members of the Board, Annuity. Civil Service Retirement System one of whom is designated as Chairman, employees may also take advantage of are appointed by the President with the the Plan to supplement their annuities. advice and consent of the Senate and

The Board operates the Thrift Savings serve on the Board on a part-time basis.

Plan and manages the investments of the The members appoint the Executive

Thrift Savings Fund solely for the benefit Director, who is responsible for the

of participants and their beneficiaries. As management of the agency and the Plan.

part of these responsibilities, the Board

maintains an account for each Plan Activities

participant, makes loans, purchases The Thrift Savings Plan is a tax-deferred, annuity contracts, and provides for the defined contribution plan that was payment of benefits.

For further information, contact the Director of External Affairs, Federal Retirement Thrift Investment Board, 1250 H Street NW., Washington, DC 20005. Phone, 202-942-1640.

Pennsylvania Avenue at Sixth Street NW., Washington, DC 20580
Phone, 202-326-2222 (Public Reference Branch)


Executive Assistant





CHRISTINE A. VARNEY Executive Director

ROBERT S. WALTON III Deputy Executive Director for Management ROSEMARIE STRAIGHT Chief Information Officer

ALAN PROCTOR Director, Bureau of Competition

WILLIAM J. BAER Senior Deputy Director

GEORGE S. CAREY Deputy Director

MARK D. WHITENER Director, Bureau of Consumer Protection

JOAN Z. BERNSTEIN Deputy Directors


SCHWARTZ Director, Bureau of Economics

JONATHAN B. BAKER General Counsel

STEPHEN CALKINS Deputy General Counsel

JAY C. SHAFFER Director, Office of Congressional Relations LORRAINE C. MILLER Director, Office of Public Affairs

BONNIE JANSEN, Acting Director, Office of Policy Planning

SUSAN DESANTI Secretary of the Commission

DONALD S. CLARK Chief Administrative Law Judge

LEWIS F. PARKER Inspector General

FREDERICK J. ZIRKEL (For the Federal Trade Commission statement of organization, see the Code of Federal Regulations, Title 16, Part 0]

The objective of the Federal Trade Commission is to maintain competitive enterprise as the keystone of the American economic system, and to prevent the free enterprise system from being fettered by monopoly or restraints on trade or corrupted by unfair or deceptive trade practices. The Commission is charged with keeping competition both free and fair.

The purpose of the Federal Trade
Commission is expressed in the Federal
Trade Commission Act (15 U.S.C. 41-
58) and the Clayton Act (15 U.S.C. 12),
both passed in 1914 and both
successively amended in the years since.
The Federal Trade Commission Act
prohibits the use in or affecting
commerce of “unfair methods of
competition" and "unfair or deceptive
acts or practices." The Clayton Act
outlaws specific practices recognized as
instruments of monopoly. As an
independent administrative agency,
acting quasi-judicially and quasi-
legislatively, the Commission was
established to deal with trade practices
on a continuing and corrective basis. It
has no authority to punish; its function is
to prevent, through cease-and-desist
orders and other means, those practices
condemned by Federal trade regulation
laws. However, court-ordered civil
penalties up to $10,000 may be
obtained for each violation of a

Commission order or trade regulation rule.

Congress has delegated a variety of duties to the Commission under such statutes as the Wheeler-Lea Act, the Clayton Act, the Consumer Credit Protection Act, the Robinson-Patman Act, the Magnuson-Moss WarrantyFederal Trade Commission Improvement Act, the Federal Trade Commission Improvements Act of 1980, the Smokeless Tobacco Health Education Act of 1986, the Telephone Disclosure and Dispute Resolution Act, the Federal Trade Commission Improvements Act of 1994, the International Antitrust Enforcement Assistance Act of 1994, the Telemarketing and Consumer Fraud and Abuse Prevention Act, and the Federal Trade Commission Act Amendments of 1994.

The Commission is composed of five members. Each member is appointed by the President, with the advice and consent of the Senate, for a term of 7

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