Federal Reserve System

The Federal Reserve System‍—‌also known as the Federal Reserve or simply as the Fed‍—‌is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded, and its structure has evolved. Events such as the Great Depression in the 1930s were major factors leading to changes in the system.

The U.S. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and as of 2009 also include supervising and regulating banks, maintaining the stability of the financial system and providing financial services to depository institutions, the U.S. government, and foreign official institutions. The Fed conducts research into the economy and releases numerous publications, such as the Beige Book.

Federal Open Market Committee

The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System (the Fed), is charged under United States law with overseeing the nation's open market operations (i.e., the Fed's buying and selling of United States Treasury securities). It is this Federal Reserve committee which makes key decisions about interest rates and the growth of the United States money supply.

The FOMC is the principal organ of United States national monetary policy. The Committee sets monetary policy by specifying the short-term objective for the Fed's open market operations, which is usually a target level for the federal funds rate (the rate that commercial banks charge between themselves for overnight loans).

The FOMC also directs operations undertaken by the Federal Reserve System in foreign exchange markets, although any intervention in foreign exchange markets is coordinated with the U.S. Treasury, which has responsibility for formulating U.S. policies regarding the exchange value of the dollar.

Press Conference (TV series)

Press Conference was a public-affairs television series aired in the United States in the mid-1950s.

Press Conference was similar in format and content to the long-running Meet the Press and was moderated by one of that program's creators, pioneering female journalist Martha Rountree. On the program, a current newsmaker, generally but not always a politician, was questioned by a panel of newspersons in a typical press conference format. As usually done in a traditional press conference, the subject was allowed to make an opening statement (although not all chose to do so) prior to fielding questions.

Press Conference was launched on NBC in July 1956, but that fall moved to ABC. Initially shown in prime time, the program drew only a minimal, public-affairs oriented audience running against two high-profile Sunday night variety series, The Ed Sullivan Show on CBS and The Steve Allen Show on NBC; however, its appearance helped ABC to meet the public-interest requirements imposed on U.S broadcasters by the Federal Communications Commission. Press Conference was moved to Sunday afternoon for three months in early 1957, prior to returning to prime time in April of that year under a new title, Martha Rountree's Press Conference. The program ended in July 1957.