This paper examines the Federal Reserve Board, how it functions, and how its decisions affect the American economy. To most people in this country, the Federal Reserve Board is somewhat of a mysterious entity. While most people have heard of it, most have very little idea of what it does or how it works. One of the most important jobs of the Federal Reserve Board is adjusting interest rates nationwide. Since the terrorist attacks of September 11, 2001, the Federal Reserve Board has made numerous rate cuts with the purpose of bolstering a floundering economy. The overall effect of these rate cuts on the American economy is a subject of debate. This paper will explore that debate, while at the same time explaining how the Federal Reserve Board operates.
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