6 Fun Facts About the Chicago Fed
August 21, 2014
This year’s IABG conference takes place at the Federal Reserve Bank of Chicago. What better place to talk about asset building and financial stability.
Talking about money doesn’t always have to be serious business! Here are some fun facts about the Federal Reserve of Chicago:
- The Chicago Fed, as it is informally called, is one of 12 regional Reserve Banks, which makes up the United States Federal Reserve Bank System, which serves as the country’s central bank.
- The Federal Reserve Bank of Chicago’s district covers: all of Iowa, portions of Illinois, Wisconsin, Indiana and Michigan.
- The Federal Reserve Bank’s main purpose is to maintain stability in the country’s financial system. It does this by: creating monetary policy that balances maximizing employment while stabilizing prices and interest rates, supervising and regulating banks, and ensuring that current payment systems are secure.
- The Fed’s Money Museum showcases past currency. It includes a kiosk where visitors may take a photo with a million dollars in $100 bills. It is free and open to the public from 8:30am to 5pm on Mondays to Fridays. Take a virtual tour now!
- The Federal Reserve Bank of Chicago finished construction in 1922. According to the Chicago Fed’s website, “The 17-story building had the largest vaults ever constructed at the time and an innovative intercommunication system wired throughout the building.”
- The Chicago Fed put’s out important reports. A 2011 study by the Federal Reserve Bank of Chicago found that raising the minimum wage increases consumer spending, especially triggering car purchases. The authors examine 23 years of household spending data and find that for every dollar increase for a minimum wage worker results in $2,800 in new consumer spending by his or her household over the following year.
We can’t wait for you to join us at the Chicago Fed this October. Early-bird registration rates end September 5th! Register Here!