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Federal Reserve System Careers & Info

Current Chairman: Ben Bernanke

Status: Active

The Federal Reserve System was created on December 23, 1913. Established by the Federal Reserve Act, the central banking system was put in place as protection against the volatile economic pattern of the day. Today, the Federal Reserve serves a number of functions. The Fed conducts U.S. monetary policy, acts to ensure stability of the financial sector, oversees and regulates banking institutions, and provides financial services to foreign and domestic governments and other institutions.

Though originally confined to the task of maintaining financial stability, the Federal Reserve has steadily taken on a broader role in the economy. In addition to its original tasks, the Reserve now handles additional responsibilities, including:

Protecting consumer credit rights
Managing the national money supply
Establishing the relative value of U.S. currency
Minimizing unemployment
Controlling inflation and deflation

Because of its large and important role in the economy, working at Federal Reserve System can be a challenging but rewarding experience. Federal Reserve System careers include both research and professional roles, as well as internships and a Cooperative Education Program for students. The Fed generally offers open positions for economists, research assistants, attorneys, financial analysts, information technology professionals and others.

The Federal Reserve culture is largely one of inclusion and cooperation. The Fed has a significant and far-reaching impact on many sectors of the United States, and as a result, its employees tend to be helpful and supportive of each other in reaching common goals. An Open Communications Policy furthers this all-inclusive atmosphere, promoting open discussion between employees and their managers.

Federal Reserve benefits are competitive with virtually any other large organizations. The Reserve''s compensation package is designed to present the best value for employees, while allowing the flexibility to choose additional benefits if desired. The benefits offered by the Federal Reserve includes a 401(k) plan, retirement plan, medical, dental, vision, and prescription drug plans, flexible spending accounts, life insurance, disability insurance, and more. There are also a number of optional, employee-paid benefits, including home and auto insurance, group legal insurance, long term care insurance, personal accident insurance, and group universal life insurance.

In addition, the Federal Reserve offers employees several other services and programs, including a financial planning education program, a health care advocacy program, and a website providing easy access to all available benefits and resources. Finally, resources are available for those who have experienced extraordinary circumstances, such as the death of a spouse or family member, or the diagnosis of a life-threatening disease.