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The Federal Reserve Bank is responsible for minting new coins.
Federal Reserve Banks fulfill the coin demand of the nation's depository institutions- which include commercial banks, savings and loan associations, and credit unions- by ordering new coins from the U.S. [ Mint and managing coins held in inventory at the Reserve Banks and in coin terminals. Reliably estimating the demand for coins and efficiently managing the inventory of circulated coins is
important to ensure that depository institutions have enough coins to meet the public's demand and to avoid unnecessary coin production costs. Since late 2006, rising metal prices have driven the costs of producing pennies and nickels above the face values of the coins. This report addresses (1) the Reserve Banks' process for ordering and distributing coins to the nation's depository institutions and (2) the extent to which this process meets depository institutions' demand for coins. GAO interviewed officials responsible for coin distribution at each of the 12 Reserve Banks and met with representatives of 4 large operators of Federal Reserve coin terminals, 2 banking associations, the U.S. Mint, and the nation's largest coin recycling company. GAO also analyzed Reserve Bank data for fiscal years 1993 through 2007. Federal Reserve and U.S. Mint officials generally agreed with GAO's findings in the report and provided technical comments, which were incorporated as appropriate. ]
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User: The Federal Reserve Bank is responsible for minting new coins.





Weegy: Federal Reserve Banks fulfill the coin demand of the nation's depository institutions- which include commercial banks, savings and loan associations, and credit unions- by ordering new coins from the U.S. [ Mint and managing coins held in inventory at the Reserve Banks and in coin terminals. Reliably estimating the demand for coins and efficiently managing the inventory of circulated coins is important to ensure that depository institutions have enough coins to meet the public's demand and to avoid unnecessary coin production costs. Since late 2006, rising metal prices have driven the costs of producing pennies and nickels above the face values of the coins. This report addresses (1) the Reserve Banks' process for ordering and distributing coins to the nation's depository institutions and (2) the extent to which this process meets depository institutions' demand for coins. GAO interviewed officials responsible for coin distribution at each of the 12 Reserve Banks and met with representatives of 4 large operators of Federal Reserve coin terminals, 2 banking associations, the U.S. Mint, and the nation's largest coin recycling company. GAO also analyzed Reserve Bank data for fiscal years 1993 through 2007. Federal Reserve and U.S. Mint officials generally agreed with GAO's findings in the report and provided technical comments, which were incorporated as appropriate. ]
Expert answered|petitemonde|Points 310|

User: The Federal Reserve a. is made up of 12 district banks and 25 branch banks. b. is made up of district banks that operate independently from one another. c. is managed by a 52-member board of directors. d. was established in 1930s.

Weegy: The Federal Reserve: A. is made up of 12 district banks and 25 branch banks.
Expert answered|andrewpallarca|Points 27519|

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Asked 315 days ago|11/19/2013 6:22:22 AM
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