6/2 Journal

This morning I learned how to use the Len, Left, Right and & functions in excel. In
addition, I learned when and how to appropriately utilize the index and match functions. When given a
set a data that needs to be cleaned up, I learned that there are many different ways to present the data
to one’s superiors. I also learned that if data had been copied from another worksheet, then I can use
the data text to column button to ensure that the text on worksheet matches the other worksheet. I
also learned that when dealing with data and you would like to format the data or make it presentable
to your superiors I could utilize the paste special button and paste as a value, so as to ensure that the
formulas do not get copied over.
This afternoon Donald Bowers, the Vice President of Federal Reserve Bank of Dallas gave a
presentation on the purpose and functions of the Federal Reserve System. There are three main
purposes of the federal reserve. First, there is not enough presence of banks. Second, there is a lack of
diversity. Lastly, there are expanding access to banking. Mr. Bowers began his presentation by
explaining his background at the Federal Reserve Bank of Dallas and how the career of banking choose
him and not the other way around. When Mr. Bowers joined the Fed he was a research assistant. The
roles of the Central Banks Around the World include economic stability and financial stability. The role of
the Fed as it pertains to the economic stability is to establish and conduct monetary policy, and striving
for low and stable inflation. When it comes to financial stability the role of the central bank issues bank
notes, supervises financial institutions, ensures financial system functions properly, and preventing
financial panics. The Federal Reserve is made up of the seven board of governors, the FOMC, and the 12
regional banks. A key takeaway from his presentation is that monetary policy comes from regional
insight. Some industries that the Fed should always be worried about are energy, oil and gas,
petrochemical companies, the impact of alternative energy, healthcare, transportation, education
systems, and access to utilities. The four responsibilities of the Federal Reserve are monetary policy,
supervision and regulation, payments system oversight and consumer protection and community
development. The Fed conduct’s the nation’s monetary policy but increasing or decreasing
unemployment, inflation, and the federal funds rate. The relationship between unemployment,
inflation, and the federal funds rate is considered to be an inverse relationship. I learned that as of last
week there are about $2.2 trillion dollars in circulation. of the $2.2 trillion in circulation the majority is
minted in $100 bills, and more than 50% of it is in other forms of currency including foreign currency.
Something that I found to be interesting is that both former President Alvin Thomas and current
President Ruth Simmons help operate the Houston branch of the Federal Reserve Bank of Dallas.
President Ruth Simmons currently serves as the Director of the Fed. The only African American Fed
President so far is Raphael Bostic. He currently serves as the Atlanta Fed President.