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Operations of the Federal Reserve Bank of St. Louis-1969

  • Economics
  • Law


Operations of the Federal Reserve Bank of St. Louis—1969 Operations of the Federal Reserve Bank of St. Louis—1969 HE FEDERAL RESERVE BANK OF ST. LOUIS is one of twelve banks which, along with the Board of Governors in Washington, D. C., make up the Fed- eral Reserve System. The St. Louis Bank’s geographic responsibility, the Eighth Federal Reserve District, includes Arkansas and portions of Illinois, Indiana, Kentucky, Mississippi, Missouri, and Tennessee. Branches in Little Rock, Louisville, and Memphis aid the St. Louis bank in its operations. The operations of each Federal Reserve Bank can be divided into three major classes. First, it provides a variety of services for commercial banks (mainly member banks), the Federal Government, and the public. Second, it supervises certain banks in the Eighth District. Third, it aids in the formulation of national monetary policy. This report of the past year’s operations discusses these three areas and re- lated functions. Service Operations Each Federal Reserve Bank provides five major service operations: lending money to member banks; furnishing currency and coin for circulation; main- taining facilities for the collection and clearing of checks; maintaining the legal reserve accounts of member banks; and acting as a fiscal agent of the U. S. Treasury. The volume of most service opera- tions at this bank’s four offices increased in 1969. reflecting growth in economic activity in the Central Mississippi Valley. The increased volume of opera- tions is reflected by an increase in employment in this bank’s four offices from 1,193 on January 1, 1969 to 1,289 on January 1, 1970, an increase of 8 per cent, Lending Federal Reserve Banks are “bankers’ banks.” For example, under certain circumstances, com- mercial banks borrow from the Reserve Banks in much the same way that individuals and corporations borrow from theft banks, This is done through ad- vances and discounting. Although advances are the usual means by which credit is extended, a

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