But first a quiz...
1. Who was on the first one dollar bill?
2. Who was on the first five dollar bill?
3. What material is paper money made of?
4. How much money does the Federal Reserve Bank shred on a
daily basis?
5. Why does the Federal Reserve Bank shred money?
6. What is the shredded money recycled into?
7. Who discontinued the $10,000 bill, the $5,000 bill and
the $500 bill
8. Why does the eagle on the printed bills face the olive branch?
9. During the Civil War, why was coin replaced by paper
money?
10. Are employees of the Federal Reserve Bank considered
federal employees?
Read below for all of the answers!
I had the opportunity to visit the LA Branch of the San
Francisco Federal Reserve Bank in June. It was really cool to see billions of
dollars and billions of coins but they wouldn't let me take any pictures so
you'll just have to use your imagination.
First it's important to understand what the Federal Reserve
Bank does. Basically the Federal Reserve Bank is the central bank of the
U.S and it controls access to the U.S dollar, so that means that they determine
how much money should be in circulation at any one time. The LA branch is the
2nd largest cash operation in the U.S, second to NY. There are 12 Federal
Reserve branches, one for each of the twelve Federal Reserve Districts. The
Federal Reserve Banks also is the bank for all banks. They hold at least %10 of
cash from all banks so this means billions of dollars. When banks need cash,
they contact the Federal Bank to make a withdraw.
Now that you understand what the Federal Reserve Bank does,
let's talk about the impotent stuff....jobs and internships! The Federal
Reserve Bank is independent from the U.S government; employees of the Federal
Reserve are not employees of the federal government. This means that you will
not have to go through USAjobs to find and apply for positions to the Federal
Reserve. You can simply find opportunities at all twelve branches at: http://www.federalreserve.gov/careers/.
For opportunities at the west-coast branches visit: http://www.frbsf.org/our-district/careers/.
The Federal a Reserve Bank recruits students from all
majors, not just accounting. For both their internship and full-time positions
they look for candidates who possess strong analytic and problem solving
skills, excellent oral and written communication skills, leadership experience,
presentation skills, and acumen for initiative. Their common full-time entry
level opportunities include Analyst positions, Associate Examiner positions, IT
Developer positions, and Audit positions. These positions are recruited for all
year long. The Gold Internship Program recruits 25-30 interns a year to the
west-coast branches in a variety of positions. Recruiting begins in late
October for the summer internship opportunities and all internships are paid!!!
Ok, I'll finally give you the answers but before I do, I
think you should seriously consider the opportunities at the Federal Reserve
Bank!
Answers:
1. Martha Washington
2. Chief Running Antelope
3. Cotton and linen
4. 15 million-100 million
5. It gets worn out
6. Roof shingles, insulation, fireplace logs, fertilizer,
and pet mattresses
7. President Nixon
8. Because our nation wants peace
9. Because metal was in short supply
10. Nope
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