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Politics & Government

How the Federal Reserve Bank is relevant to our lives and local economies

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Steve Carmody
/
Michigan Radio

Nearly every week you'll hear something about the Federal Reserve Bank. But how often do you think of the Fed and how it affects your local economy?

Neel Kashkari wants your answer to be "more often." He's the president and CEO of the Federal Reserve Bank of Minneapolis. It serves the ninth district.

There are twelve districts across the nation and Michigan's Upper Peninsula is in the ninth district. The Lower Peninsula is in the seventh district, which is served by the Chicago branch.

Kashkari will be in the Upper Peninsula next week for a sort-of town hall forum in Houghton. He joined Stateside today to explain why there is a Federal Reserve in the first place, and why these forums are important.

"Congress has charged the Fed with keeping an even economy – not too hot, not too cold – and a strong job market," Kashkari said. "And that’s what we’re trying to achieve. And even though some of these issues are complicated, people living in the U.P. will be able to tell me, ‘Hey, here’s how our job market is. Here’s what we’re seeing in prices,' and it’s important for me to hear directly from them.”

(Subscribe to the Stateside podcast on iTunes, Google Play, or with this RSS link)

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