Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Considers S. 3291, to amend the Federal Reserve Act to extend the authority of Federal Reserve banks to purchase U.S. Government securities directly from the Treasury Dept.