The 11th edition of The Fed Explained: What the Central Bank Does (formerly The Federal Reserve System Purposes & Functions) details the structure, responsibilities, and work of the U.S. central banking system. The Federal Reserve System performs five functions to promote the effective operation of the U.S. economy and, more generally, to serve the public interest. It includes three key entities: the Board of Governors, 12 Federal Reserve Banks, and the Federal Open Market Committee.

Thank you, Gigi and Scott, and thanks to everyone for your work in bringing us together today, particularly the Economic Education Group. Congratulations on the launch of Economic Education Month as well. We're very proud of this initiative and looking forward to what you have in store for us in October.

It's a pleasure to be here, albeit in a very different format than we're used to. The downside is that we don't get to connect in quite the same way as we do in person. The upside is that we're able to include a lot more people. And wear much more comfortable clothes.

Before I turn to your questions, I want to say a few words to recognize the incredibly powerful work you all do as teachers. It would be important to mention this in any year, but especially now, in the 17th month of our upended reality. At the Fed, we take the value and responsibility of public service pretty seriously, and there really is no greater contribution to the common good than...

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Federal Reserve Board Chair Jerome H. Powell will host a town hall with educators and students on August 17, 2021 at 1:30 p.m. EDT. During the event, Chair Powell will respond to questions asked by participants who will join the event virtually from across the country.

The event will be broadcast at federalreserve.gov and YouTube. Viewers can follow the Federal Reserve Board on Twitter at @FederalReserve, on Facebook, and join in on the discussion by using the hashtag: #FedTownHall.

Event contact: Laura Shipley -- economic-education@frb.gov

Media contact: Joe Pavel -- joe.pavel@frb.gov or 202-452-2955

Industrial production increased 0.9 percent in July after moving up 0.2 percent in June. In July, manufacturing output rose 1.4 percent. About half of the gain in factory output is attributable to a jump of 11.2 percent for motor vehicles and parts, as a number of vehicle manufacturers trimmed or canceled their typical July shutdowns. Despite the large increase last month, vehicle assemblies continued to be constrained by a persistent shortage of semiconductors; the production of motor vehicles and parts in July was about 3-1/2 percent below its recent peak in January 2021. The output of utilities decreased 2.1 percent in July, while the index for mining rose 1.2 percent.

At 101.1 percent of its 2017 average, total industrial production in July was 6.6 percent above its year-earlier level but 0.2 percent below its pre-pandemic (February 2020) level. Capacity utilization for the industrial sector rose...

Federal Reserve Board Chair Jerome H. Powell will host a town hall with educators and students on August 17, 2021 at 1:30 p.m. EDT. During the event, Chair Powell will respond to questions asked by participants who will join the event virtually from across the country.

The event will be broadcast at federalreserve.gov and YouTube. Viewers can follow the Federal Reserve Board on Twitter at @FederalReserve, on Facebook, and join in on the discussion by using the hashtag: #FedTownHall.

Event contact: Laura Shipley -- economic-education@frb.gov

Media contact: Joe Pavel -- joe.pavel@frb.gov or 202-452-2955

Federal Reserve Board Chair Jerome H. Powell will host a town hall with educators and students on August 17, 2021 at 1:30 p.m. EDT. During the event, Chair Powell will respond to questions asked by participants who will join the event virtually from across the country.

The event will be broadcast at federalreserve.gov and YouTube. Viewers can follow the Federal Reserve Board on Twitter at @FederalReserve, on Facebook, and join in on the discussion by using the hashtag: #FedTownHall.

Event contact: Laura Shipley -- economic-education@frb.gov

Media contact: Joe Pavel -- joe.pavel@frb.gov or 202-452-2955

DO NOT provide any personal financial information to the caller or in an email. You SHOULD verify the legitimacy of potential service providers before supplying personal financial information or entering into a business transaction. If you suspect that your personal financial information has been compromised, contact your financial institution and local law enforcement officials. To file a complaint about a suspected fraudulent email, contact the Federal Bureau of Investigation's Internet Crime Complaint Center at www.ic3.gov.

DO NOT provide any personal financial information to the caller or in an email. You SHOULD verify the legitimacy of potential service providers before supplying personal financial information or entering into a business transaction. If you suspect that your personal financial information has been compromised, contact your financial institution and local law enforcement officials. To file a complaint about a suspected fraudulent email, contact the Federal Bureau of Investigation's Internet Crime Complaint Center at www.ic3.gov.

Federal Reserve Board Chair Jerome H. Powell will host a town hall with educators and students on August 17, 2021 at 1:30 p.m. EDT. During the event, Chair Powell will respond to questions asked by participants who will join the event virtually from across the country.

The event will be broadcast at federalreserve.gov and YouTube. Viewers can follow the Federal Reserve Board on Twitter at @FederalReserve, on Facebook, and join in on the discussion by using the hashtag: #FedTownHall.

Event contact: Laura Shipley -- economic-education@frb.gov

Media contact: Joe Pavel -- joe.pavel@frb.gov or 202-452-2955

The Federal Reserve operates with a sizable balance sheet that includes a large number of distinct assets and liabilities. The Federal Reserve's balance sheet contains a great deal of information about the scale and scope of its operations. For decades, market participants have closely studied the evolution of the Federal Reserve's balance sheet to understand more clearly important details concerning the implementation of monetary policy. Over recent years, the development and implementation of a number of new lending facilities to address the financial crisis have both increased complexity of the Federal Reserve's balance sheet and has led to increased public interest in it.

Each week, the Federal Reserve publishes its balance sheet, typically on Thursday afternoon around 4:30 p.m. The balance sheet is included in the Federal Reserve's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve...

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

No. The Federal Reserve Banks provide financial services to banks and governmental entities only. Individuals cannot, by law, have accounts at the Federal Reserve.

A recent hoax circulating on the internet asserts that the Federal Reserve maintains accounts for individuals that are tied to the individual's Social Security number, and that individuals can access these accounts to pay bills and obtain money. These claims are false. The Federal Reserve does not maintain accounts for individuals, and individuals should not attempt to make payments using Federal Reserve Bank routing numbers or false routing numbers. Individuals who attempt to pay bills or conduct other transactions using a Federal Reserve Bank routing number may face penalty fees from the company they were attempting to pay, or the suspension or closure of their commercial bank or payment service provider accounts. Law enforcement, including the Federal Bureau of Investigation (FBI), is aware of this scheme,...

The Federal Reserve urges you to file a complaint if you think a bank has been unfair or misleading, discriminated against you in lending, or violated a federal consumer protection law or regulation. You can file a complaint online through the Federal Reserve's Consumer Complaint Form.

You can also call or email Federal Reserve Consumer Help, the System's central repository for consumer complaints and inquiries, and they will walk you through the process of filing a complaint and answer any questions you might have.

Although the Federal Reserve looks into every complaint that involves banks it regulates, it does not have the authority to resolve every problem. There are several federal agencies who handle complaints about banks and other financial institutions, so the Federal Reserve may connect you with or forward your complaint to another federal regulator.

Federal Reserve Board Chair Jerome H. Powell will host a town hall with educators and students on August 17, 2021 at 1:30 p.m. EDT. During the event, Chair Powell will respond to questions asked by participants who will join the event virtually from across the country.

The event will be broadcast at federalreserve.gov and YouTube. Viewers can follow the Federal Reserve Board on Twitter at @FederalReserve, on Facebook, and join in on the discussion by using the hashtag: #FedTownHall.

Event contact: Laura Shipley -- economic-education@frb.gov

Media contact: Joe Pavel -- joe.pavel@frb.gov or 202-452-2955