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The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. The Federal Reserve
- conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy;
- promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad;
- promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole;
- fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and
- promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.
Main Website Link (www.federalreserve.gov)
Internships: Yes
Research Assistants: Yes
Summer Law Clerks: Yes
Internships
The Federal Reserve Board’s Internship Program is designed to provide valuable work experience for undergraduate and graduate students considering careers in economics, finance and accounting, software development, law, and other areas. Managers will provide interns with syllabi that contain three learning objectives; interns will also have an opportunity to develop three learning objectives of their own. Additionally, interns will be assigned a mentor, have access to internal training classes, and get to participate in weekly intern-focused events. These events encompass speakers, professional development, as well as networking functions. The work is very hands-on in a collaborative and collegial environment. The Board believes that by combining academic endeavors with project-related work experience, qualified and capable college students can gain the practical knowledge needed in a competitive global job market.
Research Assistants
As a research assistant at the Federal Reserve Board, you will apply quantitative skills both to real-world policy issues and to high-level research projects. Each year, the Board hires a new cohort of college graduates to work as research assistants by attracting diverse backgrounds from universities across the country. Research assistants gain real-world experience by working alongside PhD economists to assist with original economic research and provide critical support for policy analysis. The research assistant position is a two-year program, and most research assistants leave the role well prepared to pursue a graduate degree, often in economics, or different careers at the Board or with other organizations. While at the Board, research assistants often become involved in a variety of other projects, including collaboration with various government agencies and Federal Reserve Banks, and participation in efforts to provide economic and financial literacy instruction to local high school students. Research assistants are encouraged to attend academic research seminars and presentations given by Board economists and visiting scholars.
Research assistants are hired in the following divisions: Reserve Bank Operations & Payment Systems, Supervision & Regulation, Consumer & Community Affairs, Research & Statistics, International Finance, Monetary Affairs, and Financial Stability.
Summer Law Clerks
The Legal Division has a structured program that provides summer law clerks with the opportunity to experience working as a junior staff attorney. Second year law students are eligible to apply for the Board’s paid summer program.