Class dates: Sept 8, 15, 29 and Oct 6, 20 (5 weeks)
Class time: 1:00 pm to 2:30 pm
Location: Assumption, Kennedy 119
T he Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act after a series of financial panics led to the desire for central control of the monetary system to alleviate financial crises. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank” because its monetary policy decisions do not have to be approved by the president or by anyone in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms.
The Federal Reserve Act of 1913 established the Federal Reserve System as the central bank of the United States to provide the nation with a safer, more flexible, and more stable monetary and financial system. The law sets out the purposes, structure, and functions of the System as well as outlines aspects of its operations and accountability. Congress has the power to amend the Federal Reserve Act, which it has done several times over the years. This course will introduce basic concepts related to current topics.
Recommended reading: The Fed Explained What the Central Bank Does; free using this link: Federal Reserve Board’s website: https://doi.org/10.17016/0199-9729.11 .
Instructor: Eddie Goodwin Bank Compliance and Bank Secrecy Act Anti Money Laundering Officer for domestic banks and an international division of a world-wide bank with subject matter expertise in bank regulatory compliance and financial crimes. The instructor administered, reviewed, instructed, and advised senior management on all federal or state bank compliance regulations and audits. The instructor directed Bank Secrecy Act and Anti Money Laundering efforts relative to financial crimes mitigation and reporting efforts with U.S. , state and local law enforcement and regulatory agencies. The instructor earned degrees at Northeastern University - MS Criminal Justice; Nichols College- MBA; and the College of the Holy Cross -BA; and American Bankers Association Certified Regulatory Compliance Manager designation.
