Board of Governors of the Federal Reserve System

Monetary Affairs

The Division of Monetary Affairs supports the Board and the Federal Open Market Committee (FOMC) in their monetary policy deliberations by preparing research and analysis in the fields of finance, money and banking, and monetary policy design and implementation. The Division also assists the Board and FOMC in preparing policy communications, maintains records of FOMC deliberations and decisions, and produces monetary and financial data. In addition, the Division contributes to the Board’s supervisory, regulatory, and financial stability functions.

Financial Intermediaries Analysis

The Financial Intermediaries Analysis (FIA) section provides analysis to policymakers and engages in research projects on: the nexus between the evolving nature of financial intermediation, especially in the so-called shadow banking sector and the transmission channels of monetary policy; the provision of credit and leverage in dealer-intermediated markets and the interactions of dealers firms with financial institutions outside the traditional banking system, such as hedge funds, asset managers, and private equity firms; the conditions of financial institutions serving as Federal Reserve's counterparties in the implementation of monetary policy; the formulation of policy responses to systemic risk events involving nonbank financial institutions.