نظام الاحتياط الفدرالي

نظام الاحتياط الفدرالي Seal النظام الاحتياطي الفدرالي مبنى إكلز (المقر الرئيسي) المقر الرئيسي واشنطن العاصمة رئيس المجلس جيروم پاول البنك المركزي لـ الولايات المتحدة العملة دولار أمريكي USD (ISO 4217) سعر فائدة البنوك 1.0% الفائدة على الاحتياطيات 3.5% الموقع الإلكتروني federalreserve.gov

نظام الاحتياط الفدرالي الأمريكي (بالإنجليزية: Federal Reserve System) (ويترجم أحيانا إلى العربية الاحتياطي الفيدرالي) جهاز حكومي فدرالي، يعمل في الولايات المتحدة عمل البنوك المركزية في الدول الأخرى من العالم. أسس عام 1913، ويتكون من:

1. مجلس رؤساء معين من قبل رئيس الولايات المتحدة الأمريكية،
2. هيئة السوق المفتوحة الفيدرالية
3. اثني عشر بنكا للاحتياطي الفدرالي موزعة في أماكن مختلفة في أمريكا، كل منهم له مجلس إدارة معين من قبل وزارة الخزانة الأمريكية
4. العديد من البنوك الخاصة
5. عدد من المجالس الاستشارية.

يرأسه منذ 2018 جيروم پاول. ويعد ألان گرينسپان أحد أشهر رؤسائه في القرن الماضي.

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 آلية العمل

الأداة الرئيسية للبنك المركزي هي السعر المئوي للفائدة -interest rate- في الاقتصاد وتسمى سياسته بالسياسة "النقدية" أو Monetary Policy. سعر الفائدة يعمل كضابط للنشاط الاقتصادي. فمثلاً إذا كان الاقتصاد يمر بوضع سيء ومعدل استهلاك السلع واستثمار الشركات في الآلات والمعدات منخفض، يستطيع البنك المركزي تغيير الوضع عن طريق خفض سعر الفائدة.

خفض الفائدة يشجع الناس على الاقتراض وشراء السلع والخدمات، وبالنسبة للشركات فهو يشجعها على الاقتراض وشراء المعدات و الآلات لتحريك المصانع وتوظيف العاملين فيها الذين بدورهم سينفقون دخلهم الناتج من عملهم في هذه المصانع في الاقتصاد وهلم جرا.

يريد البنك رفع سعر الفائدة حين يظهر أن الأسعار في الاقتصاد ترتفع ليكون مستوى التضخم أكبر من المقبول يمكن استغلال رفع سعر الفائدة لإحداث أثر عكسي وخفض الاستهلاك والاستثمار وبالتالي الانتاج في سبيل القضاء على التضخم. أي أن رفع سعر الفائدة هو وسيلة لها أثر سلبي على الانتاج والوظائف والغاية النبيلة منه هي القضاء على التضخم.

الاحتياطي الفيدرالي على سبيل المثال له 3 أهداف منصوص عليها بشكل واضح:

1- ضمان استقرار الأسعار (محاربة التضخم المفرط أو انكماش الأسعار المفرط)

2- المحافظة على التوظيف الكامل في الاقتصاد.

3- الابقاء على سعر الفائدة طويلة الأجل منخفضة.

وتختلف الأدوات التي يستخدمها البنك المركزي لتغيير سعر الفائدة وتختلف أيضا أنواع أسعار الفائدة، فمنها قصير الأجل ومنها طويل الأجل كسعر الفائدة على اقتراض الحكومة قرضا سترده بعد 30 عاما. وسعر الفائدة الذي يستهدفه البنك المركزي عادة هو معدل الاقتراض بين البنوك ويسمى federal fund rate في الولايات المتحدة.

بعض البنوك أيضا تستخدم سعر عملتها لتحقيق أهدافها. فتلجأ لتعزيز قوة العملة في حماية الاقتصاد من ما يسمى التضخم المستورد.

 قانون الاحتياط الفدرالي

للمزيد من المعلومات: قانون الاحتياط الفدرالي

قصاصة جريدة، 24 ديسمبر 1913

 الهيكل العام

هيكل نظام الاحتياط الفدرالي

نظام الاحتياط الفدرالي ككل

• البنك المركزي الوطني
• هيكل إقليمي مكون من 12 إقليم
• يخضع لسلطة واشراف عام من الكونگرس
• يعمل من عوائده الذاتية

مجلس المحافظين

• 7 members serving staggered 14-year terms
• Appointed by the U.S. President and confirmed by the Senate
• Oversees System operations, makes regulatory decisions, and sets reserve requirements

لجنة السوق المفتوحة الفدرالية

• The System's key monetary policymaking body
• Decisions seek to foster economic growth with price stability by influencing the flow of money and credit
• Composed of the 7 members of the Board of Governors and the Reserve Bank presidents, 5 of whom serve as voting members on a rotating basis

This allows the 5 private regional bank presidents to have an equal vote on the Open Market Committee that controls our money supply through it operations. This shifts the balance of power from appointed officials to private banks. بنوك احتياط فدرالية

• 12 regional banks with 25 branches
• Each independently incorporated with a 9-member board of directors, with 6 of them elected by the member banks while the remaining 3 are designated by the Board of Governors.
• Set discount rate, subject to approval by Board of Governors.
• Monitor economy and financial institutions in their districts and provide financial services to the U.S. government and depository institutions.

Member banks

• بنوك خاصة
• These private commericial banks create "out of thin air" roughly 90% of all circulating money through they fractional reserve system.
• This new money is subsequently "extinguished" (destroyed) when principal on loans is repaid
• Hold stock in their local Federal Reserve Bank
• The recent capital injections by the US treasury has provided what is refered to as "high powered" money. This money when deposited as reserves in the Federal Reserve banks allows a member bank to create ten times that amount in new money to loan. Again as that money is loaned out and redeposited into other banks the net new money creation appraoches 90 times the orginal capital injected.
• Essentially that means the $700 billion in bailout money can be used up to $63 trillion in new circulating money causing hyper inflation.
• The public is almost completely dependent on the private banks as to whether we will experience deflation or hyper inflation.
• deflation/Contraction is under complete control of the banks, but expansion/inflation of the money supply can only take place if there are sufficient willing borrowers and if borrowed money is eventually redoposited into banks. This is reffered to as "pushing on a string"
• Elect six of the nine members of Reserve Banks’ boards of directors.

لجان استشارية

• carry out varied responsibilities

 مجلس المحافظين

Ben Bernanke, chairman of the Board of Governors of the Federal Reserve System.

الأعضاء الحاليون لمجلس المحافظين هم:

المفوض	بداية المنصب	نهاية المنصب
بن برنانكي (رئيس المجلس)	1 فبراير 2006	31 يناير 2020 31 يناير 2014 (كرئيس)
جانت يلن (نائب الرئيس)	4 أكتوبر 2010	31 يناير 2024 4 أكتوبر 2014 (كنائب للرئيس)
كڤن وارش	24 فبراير 2006	31 يناير 2018
إليزابث دوك	5 أغسطس 2008	31 يناير 2012
دانيال تارولو	28 يناير 2009	31 يناير 2010
سارة بلوم راسكين	4 أكتوبر 2010	31 يناير 2016
شاغر	——

 بنوك الاحتياط الفدرالي

بنوك الاحتياط الفدرالي.

إجمالي الأصول المملوكة لكل بنك احتياط فدرالي.

 قائمة بنوك الاحتياط الفدرالي

بنك الاحتياط الفدرالي	الخطا	الرقم	الفروع	الموقع الإلكتروني	الرئيس
بوسطن	A	1		http://www.bos.frb.org/	Eric S. Rosengren
مدينة نيويورك	B	2	بفالو، نينيورك (أغلق في 30 أكتوبر 2008)	http://www.newyorkfed.org/	Timothy F. Geithner
فيلادلفيا	C	3		http://www.philadelphiafed.org/	Charles I. Plosser
كلڤلاند	D	4	Cincinnati, Ohio / Pittsburgh, Pennsylvania	http://www.clevelandfed.org/	Sandra Pianalto
ريتشموند	E	5	Baltimore, Maryland / شارلوت، كارولاينا الشمالية	http://www.richmondfed.org/	Jeffrey M. Lacker
أتلانتا	F	6	Birmingham, Alabama / Jacksonville, Florida / Miami, Florida / Nashville, Tennessee / New Orleans, Louisiana	http://www.frbatlanta.org/	Dennis P. Lockhart
شيكاغو	G	7	Detroit, Michigan	http://www.chicagofed.org/	Charles L. Evans
سانت لويس	H	8	Little Rock, Arkansas / Louisville, Kentucky / Memphis, Tennessee	http://www.stlouisfed.org/	James B. Bullard
مينياپوليس	I	9	Helena, Montana	http://www.minneapolisfed.org/	Gary H. Stern
مدينة كنساس	J	10	Denver, Colorado / Oklahoma City, Oklahoma / Omaha, Nebraska	http://www.kansascityfed.org/	Thomas M. Hoenig
دالاس	K	11	El Paso, Texas / Houston, Texas / San Antonio, Texas	http://www.dallasfed.org/	Richard W. Fisher
سان فرانسيسكو	L	12	Los Angeles, California / Portland, Oregon / Salt Lake City, Utah / Seattle, Washington	http://www.frbsf.org/	Janet L. Yellen

 قائمة البنوك الأعضاء

Summary of all FDIC insured banks:

البنوك الأعضاء
الانضمام من 8/14/2008	8,437
الأصول من 3/31/2008	$13,382,783
الودائع من 3/31/2008	$8,569,419
(المبالغ بالدولار الأمريكي)

All FDIC-insured U.S. commercial banks by bank charter type (assets in thousands of dollars, data given by FDIC website as of August 15, 2008):

FDIC insured banks. N (national banks) and SM (state members) are members of the Federal Reserve System while the rest of the FDIC-insured banks are not members.

charter type	عدد البنوك	إجمالي الأصول
N	1574	7,944,563,337
SM	877	1,539,852,520
NM	4731	1,908,333,314
OI	11	19,415,230
SA	826	1,535,375,214
SB	419	305,590,834

Each charter type is defined as follows:

• N = commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC) – Dept of Treasury
• SM = commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
• NM = commercial bank, state charter and Fed nonmember, supervised by the FDIC
• OI = insured U.S. branch of a foreign chartered institution (IBA)
• SA = savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
• SB = savings banks, state charter, supervised by the FDIC

The N and SM are members of the system whereas the rest are not. While the OI, SA, and SB categories are not members of the system, they are sometimes treated as if they were members under certain circumstances.

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 فائدة الأموال الفدرالية ومعدل الخصم

للمزيد من المعلومات: فائدة الأموال الفدرالية و نافذة الخصم

The effective federal funds rate charted over fifty years.

 معيار المتغيرات الاقتصادية

 إجمالي ثروة الولايات المتحدة

Total wealth in the United States is published by the Federal Reserve in a report titled, Flow of Funds. At the end of fiscal year 2007, total wealth of all U.S. households and non-profit organizations was $57.718 trillion.

 المعروض النقدي

للمزيد من المعلومات: المعروض النقدي

Components of US money supply (currency, M1, M2, and M3) since 1959

The most common measures are named M0 (narrowest), M1, M2, and M3. In the United States they are defined by the Federal Reserve as follows:

• M0: The total of all physical currency, plus accounts at the central bank that can be exchanged for physical currency.
• M1: M0 + those portions of M0 held as reserves or vault cash + the amount in demand accounts ("checking" or "current" accounts).
• M2: M1 + most savings accounts, money market accounts, and small denomination time deposits (certificates of deposit of under $100,000).
• M3: M2 + all other CDs, deposits of eurodollars and repurchase agreements.

The Federal Reserve ceased publishing M3 statistics in March 2006, explaining that it cost a lot to collect the data but did not provide significantly useful information. The other three money supply measures continue to be provided in detail.

 مؤشر أسعار المستهلك

للمزيد من المعلومات: مؤشر أسعار المستهلك

مؤشر أسعار المستهلك 1913–2006.

 القيمة الخالصة

 جدول الموازنة

One of the keys to understanding the Federal Reserve is the Federal Reserve balance sheet (or balance statement). In accordance with Section 11 of the Federal Reserve Act, the Board of Governors of the Federal Reserve System publishes once each week the "Consolidated Statement of Condition of All Federal Reserve Banks" showing the condition of each Federal Reserve bank and a consolidated statement for all Federal Reserve banks.

Below is the balance sheet as of May 15, 2008 (in millions of dollars):

ASSETS: Gold certificate account 11,037 Special drawing rights certificate acct. 2,200 Coin 1,386 Securities, repurchase agreements, term auction credit, and other loans 768,561    Securities held outright 515,656       U.S. Treasury 515,656          Bills 49,610          Notes and bonds 421,816    Repurchase agreements 100,000    Term auction credit 125,000    Other loans 27,905 Items in process of collection 2,282 Bank premises 2,147 Other assets 93,139 Total Assets 880,752

LIABILITIES: Federal Reserve notes outstanding 982,744    Less: notes held by F.R. Banks 201,956       Federal Reserve notes, net 780,789 Reverse repurchase agreements 39,114 Deposits 14,959    Depository institutions 10,574    U.S. Treasury, general account 4,020    Foreign official 97    Other 268 Deferred availability cash items 2,629 Other liabilities and accrued    dividends 2,734 Total liabilities 840,224

CAPITAL (AKA Net Equity) Capital paid in 19,861 Surplus 18,479 Other capital 2,189 Total capital 40,528 MEMO (off-balance-sheet items) Marketable securities held in custody for foreign official and international accounts 2,278,674    U.S. Treasury 1,348,648    Federal agency 930,025 Securities lent to dealers 150,541    Overnight facility 12,452    Term facility 138,089

Total combined assets for all 12 Federal Reserve Banks. The changes in the composition of the assets reflects the changes in Federal Reserve policy in order to battle the subprime mortgage crisis and United States housing bubble.

Federal Reserve Notes and collateral
Federal Reserve notes outstanding		982,744
Less: Notes held by F.R. Banks		201,956
Federal Reserve notes to be collateralized		780,789
Collateral held against Federal Reserve notes		780,789
Gold certificate account		11,037
Special drawing rights certificate account		2,200
U.S. Treasury and agency securities pledged		576,601
Other assets pledged		190,951

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 انتقادات

Critics charge that a cult of personality المحيط بألان گرينسپان

 التضخم

CPI (بالنسبة إلى 1967) منذ 1800

رالف نادر، الناشط المدافع عن حقوق المستهلك والمرشح الرئاسي في عدة انتخابات، has criticized the inflation policies of the Federal Reserve for what he says ignores excessive inflation in stock prices and corporate welfare disbursements while showing consistent concern for a rise in ordinary people's wages. In an article he published on his own website in 1999, he stated:

And here he is (Alan Greenspan), widely known as a fierce watchdog against inflationary trends, yet he is remarkably selective in what kind of inflation he is against. For example, he now recognizes stock values along with housing values as mainstays of our economy. The prices of stocks have risen vastly more than the prices of housing over the past six years. Yet apart from some vague mumblings, he seems to be viewing prices of stocks as outside the realm of an inflationary trend. Other numbers are also going up but they are clearly outside the conventional definitions. Corporate welfare disbursements and preferences are proliferating in every direction at all three levels of government, totalling hundreds of billions of dollars a year. The percentage of the working poor that is under the poverty level is at a record high...More families are making less in inflation-adjusted income than families did in 1970...Nor is he above inflating one indicator -- interest rates -- in order to deflate other parts of the economy -- a maneuver that doesn't affect large corporations as it does consumers and small businesses. The Fed Chairman does show consistent concern about one inflationary indicator -- any rise in ordinary wages -- and he is regularly relieved to see that they have been "stable," even though labor's productivity has been up sharply recently. It is clear that he loses little sleep over workers not sharing in the massive profits that their companies are reaping.

Ralph Nader has suggested a solution to the transparency problems through an effort that would "democratize Federal Reserve transparency". He presented a 7-point program that he claims could help to democratize the Federal Reserve System as a whole. He compares the Federal Reserve to other parts of government by stating:

The steps to open government would really be “baby steps” for the Federal Reserve. After all, most of the Federal government must live by “open government” laws and rules, and bureaucrats with a grumble or two – still manage to survive.

 مرئيات

عائلة مورگان والاجتماع السري وتأسيس الاحتياطي الفيدرالي. البروفسور كاتاسونوف يروي القصة.

 انظر أيضا

• Austrian Theory of the Business Cycle
• Cash-out
• Core inflation
• البنك المركزي
• Discount window
• Divorce bill
• تقارير اقتصادية
• Executive Order 11110
• Federal funds
• Federal Reserve Act
• Federal Reserve Police
• Federal Reserve Statistical Release
• Fort Knox Bullion Depository
• Free banking

• Greenspan put
• Gold standard
• Government debt
• History of Federal Open Market Committee actions
• Inflation
• Monetary policy of the United States
• Money market
• Money supply
• Primary dealers
• Primary Dealers Credit Facility
• Repurchase agreement
• Term auction facility
• دولار أمريكي

 وصلات خارجية

 الموقع الرسمي والمعلوماتي لنظام الاحتياط الفدرالي

• The Federal Reserve in Plain English—An easy-to-read guide to the structure and functions of the Federal Reserve System
• ebook: The Federal Reserve System—Purposes and Functions
• Board of Governors of the Federal Reserve — Official website
• "The Federal Reserve System in Brief." — at the Federal Reserve Bank of San Francisco.
• Decision of the Reserve Bank Organization Committee Determining the Federal Reserve Districts and the Location of Federal Reserve Banks under the Federal Reserve Act Approved December 23, 1913, April 2, 1914; With Statement of the Committee in Relation Thereto, April 10, 1914. 27 pages. Government Printing Office, Washington, D.C., 1914.]
• Historical Beginnings ... The Federal Reserve by the Federal Reserve Bank of Boston
• Federal Reserve Districts and Banks
• Federal Reserve Education
• Federal Reserve Financial Services

Open Market Operations

• NY FED: Open Market Operations

Repurchase Agreements

• NY FED: Repurchase and Reverse Repurchase Transactions

Discount Window

• The Official FED Discount Window information website

Economic Indicators

• http://www.federalreserveeducation.org/fed101_html/policy/indicators_print.htm
• Consumer Price Index Calculator

Federal Reserve Publications

• Modern Money Mechanics (out of print)
• Publications Catalog

 Other websites describing the Federal Reserve

• "How 'The Fed' Works" — at HowStuffWorks.com
• "Federal Reserve Update" — money-rates.com
• Macroeconomic Effects of Interest Rate Cuts, by Jason Cawley, The Wolfram Demonstrations Project, 2007.

 مواقع ناقدة للاحتياط الفدرالي

• Ludwig von Mises Institute