Terms of Service

Last Modified: June 2, 2025

1. Acceptance of the Terms of Use

1. Federal Reserve Bank of St. Louis ("St. Louis Fed," "we," or "us") operates a website (the “Website”) available at www.federalreserveeducation.org and www.fre.org that, among other things, allows users to access and view educational content. The following terms and conditions (together with any additional terms incorporated herein, the "Terms of Use") govern your access to and use of the Website, whether as a guest or a registered user.
2. Please read the Terms of Use carefully before you use the Website. By using the Website, you accept and agree to be bound and abide by these Terms of Use and our Privacy Policy (as updated from time-to-time), which is incorporated herein by reference. If you do not agree to these Terms of Use or the Privacy Policy, you must not access or use the Website.

1. Changes to the Terms of Use

1. We may revise and update these Terms of Use from time to time in our sole discretion. All changes are effective immediately when we post them and apply to all access to and use of the Website thereafter. However, any changes to the dispute resolution provisions set forth in the Governing Law and Jurisdiction section will not apply to any disputes for which the parties have actual notice on or prior to the date the change is posted on the Website.
2. Your continued use of the Website following the posting of revised Terms of Use means that you accept and agree to the changes. You are expected to check this page each time you access this Website, so you are aware of any changes.

1. Accessing the Website and Account Security
2. Intellectual Property Rights

1. Subject to these Terms of Use and your compliance therewith, you are authorized to use the Website, and to reproduce and distribute educational content in their entirety, for non-commercial, research or other educational purposes, provided that (i) all copyright notices are kept intact, (ii) you do not modify the content in any way, (iii) your use of the educational content is not excessive, and (iv) you do not replicate, or attempt to replicate, the essential user experience of the Website.
2. We reserve the right to cease providing or amend this Website, and any service or content we provide on the Website, in our sole discretion without notice. We will not be liable if for any reason all or any part of the Website is unavailable at any time or for any period.
3. You are responsible for obtaining and maintaining any equipment and ancillary services needed to connect to, access or otherwise use the Website and for maintaining the security of the password for your Account.
4. To access certain portions or features of the Website, you may be asked to provide certain registration details or other information to create an account (an “Account”). It is a condition of your use of the Website that all the information you provide on the Website is correct, current and complete. You agree that all information you provide to us is governed by our Privacy Policy, and you consent to all actions we take with respect to your information consistent with our Privacy Policy.
5. Portions of the Website available to different Website visitors may vary. No Website user has access to all portions of the Website. You agree not to use or access, or attempt to use or access, any portion of the Website for which you are not intentionally given access to by us.
6. If you choose, or are provided with, a username, password or any other piece of information as part of our security procedures, you must treat such information as confidential, and you must not disclose it to any other person or entity. You agree to notify us immediately of any unauthorized access to or use of your username or password or any other breach of security. You also agree to ensure that you exit from your Account at the end of each session.
7. We have the right to disable any username, password or other identifier at any time in our sole discretion, including if, in our opinion, you have violated any provision of these Terms of Use.
8. We cannot and do not guarantee or warrant that content available for downloading from the Website will be free of viruses or other destructive code. You are responsible for implementing sufficient procedures and checkpoints to satisfy your requirements for anti-virus protection and accuracy of data input and output.
9. By registering an Account, you represent and warrant that you are eighteen (18) years of age or older, are an emancipated minor, or otherwise possess legal parental or guardian consent, and you have full power, capacity and authority to accept, abide by and comply with the Terms of Use, and that you have not been previously suspended or removed from an Account by the St. Louis Fed. In any event, you represent and warrant that you are over thirteen (13) years of age. Accounts are not intended for children under 13. Any registration by, use of or access to an Account by anyone under 13 is a violation of the Terms of Use.
10. You are solely and fully responsible for all use of your Account and for any actions that take place using your Account. You may be liable for the losses incurred by the St. Louis Fed or others due to any unauthorized use of your Account.
11. You agree not to create an Account for anyone other than yourself without permission; attempt to cloak or conceal your identity when registering for or using an Account; use an Account if you are located in a country embargoed by the U.S. or are on the U.S. Treasury department’s list of Specially Designated Nationals; share your password, let anyone else access your Account, or do anything else that might jeopardize the security of your Account; or create a false identity, impersonate another user, or falsely claim affiliation with any person or entity.
12. Your license to use an Account continues until it is terminated by either party. Upon termination, you lose access to those Website services and functions that require an Account. Your Account may be terminated as follows:
    1. You may request the St. Louis Fed terminate your FRE account by contacting economiceducation@stls.frb.org.
    2. The St. Louis Fed may terminate your Account, or your use of the services requiring an Account (or any part thereof) and remove and discard all or any part of your registration data, user profile, or user content at any time without prior notice for any or no reason and at its sole discretion.
    3. Your permission to use an Account terminate automatically if (i) you violate any of these Terms of Use, (ii) the St. Louis Fed notifies you of termination, or (iii) the St. Louis Fed disables your access to the Account.

1. The Website and its entire contents, features and functionality (including but not limited to all information, software, images, video and audio, and the design, selection and arrangement thereof), are owned by St. Louis Fed, its licensors, or other providers of such content and are protected by United States and international copyright and other intellectual property or proprietary rights laws.
2. You must not reproduce, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download, store, post or transmit any of the content on our Website, except as provided in these Terms of Use.
3. Unless you obtain St. Louis Fed’s prior written permission, you must not: (i) modify any content obtained from this Website; (ii) delete or alter any copyright, trademark or other proprietary rights notices from copies of content from this Website; (iii) frame or scrape any content from the Website; (iv) incorporate any Website content in any other database or compilation; (v) sell, in any form or by any means, in whole or in part, any portion of the Website content; or (vi) access or use for any commercial purposes any part of the Website or any services or content available through the Website.
4. If you print, copy, modify, download or otherwise use or provide any other person with access to any part of the Website in breach of the Terms of Use, your right to use the Website will cease immediately and you must, at our option, return or destroy any copies of the content you have made. No right, title or interest in or to the Website or any content on the Website is transferred to you, and all rights not expressly granted are reserved by St. Louis Fed and its licensors. Any use of the Website not expressly permitted by these Terms of Use is a breach of these Terms of Use and may violate copyright, trademark and other laws.
5. Nothing in these Terms of Use is intended to restrict any use of the Website content that is otherwise permitted under applicable United States law.

1. Trademarks

1. FEDERAL RESERVE BANK OF ST. LOUIS, FRE FEDERAL RESERVE EDUCATION and all related logos, designs and slogans are trademarks of St. Louis Fed or its licensors.
2. You must not use such marks without the prior written permission of St. Louis Fed, except as permitted by applicable law.
3. St. Louis Fed does not permit the use of its name in advertising, as an endorsement for any product or service, or for any other commercial purpose.

1. Prohibited Uses

1. You may use the Website only for lawful purposes and in accordance with these Terms of Use. You agree not to use the Website or any of its content: (i) in any way that violates any applicable law or regulation (including, without limitation, any laws regarding the export of data or software to and from the US or other countries); (ii) to impersonate or attempt to impersonate St. Louis Fed, a St. Louis Fed employee, another user or any other person or entity; or (iii) to engage in any other conduct that restricts or inhibits anyone's use or enjoyment of the Website, or which, as determined by us, may harm St. Louis Fed or users of the Website, or expose them to liability.
2. Additionally, you agree not to: (i) use the Website in any manner that could disable, overburden, damage, or impair the Website or interfere with any other party's use of the Website, including their ability to engage in real time activities through the Website; (ii) use any robot, spider or other automatic device, process or means to access the Website for any purpose, including monitoring or copying any of the material on the Website: (iii) use any manual process to monitor or copy any of the material on the Website, or for any other purpose not expressly authorized in these Terms of Use, without our prior written consent; (iv) use any device, software or routine that interferes with the proper working of the Website; (v) introduce any viruses, trojan horses, worms, logic bombs or other material which is malicious or technologically harmful; (vi) attempt to gain unauthorized access to, interfere with, damage or disrupt any parts of the Website, the server on which the Website is stored, or any server, computer or database connected to the Website; (vii) attack the Website via a denial-of-service attack or a distributed denial-of-service attack; or (viii) otherwise attempt to interfere with the proper working of the Website.

1. Monitoring and Enforcement; Termination. We have the right to (i) take appropriate legal action (including, without limitation, referral to law enforcement) for any illegal or unauthorized use of the Website; and (ii) terminate or suspend your access to all or part of the Website for any or no reason.
2. Reliance on and Changes to Website Content

1. The Website content is derived from sources that St. Louis Fed considers sufficiently reliable to justify inclusion; however, we cannot guarantee the completeness or accuracy of the content. The St. Louis Fed may periodically update the Website content but makes no commitment to do so. You acknowledge and agree that your use of the Website content is at your own risk and that neither St. Louis Fed nor any other content provider is liable for any loss, injury, claim, liability or damage of any kind resulting in any way from: (a) any errors in or omissions from the Website content; (b) the unavailability or delay of the Website content; (c) your use of the Website content or any conclusions you draw from it, regardless of whether you received any assistance from the Federal Reserve Bank of St. Louis or its employees with regard to the Website content; (d) your use of any equipment in connection with the Website or anything obtained from the Website; or (e) the content of the Website, including anything caused by any viruses, bugs or malfunctions. Opinions expressed in this Website do not necessarily reflect official positions of the St. Louis Fed or the Federal Reserve System.
2. The information presented on or through the Website is made available solely for informational purposes. We do not warrant the accuracy, completeness or usefulness of this information, or that the content is up to date. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such content by you or any other visitor to the Website, or by anyone who may be informed of any of its contents.’
3. This Website may include content provided by third parties, including content provided by third-party licensors. All statements and/or opinions expressed in this content are solely the opinions and the responsibility of the person or entity providing the content. The content does not necessarily reflect the opinion of St. Louis Fed. We are not responsible or liable to you or any third party for the content provided by any third parties, including the accuracy thereof.

1. Feedback. If you provide feedback regarding the Website (e.g., suggestions or recommended changes for the Website) (collectively “Feedback”), all such Feedback is and will be treated as non-confidential. You acknowledge that St. Louis Fed is free to use (without any attribution or compensation to you or any third party), any ideas, techniques, or other intellectual property rights contained in the Feedback, for any purpose whatsoever. For the avoidance of doubt, St. Louis Fed is not required to use any Feedback.
2. Information About You and Your Visits to the Website. All information we collect on this Website (including information we obtain by monitoring activity on the Website) is subject to our Privacy Policy. By using the Website, you consent to all actions taken by us with respect to such information in compliance with the Privacy Policy.
3. Linking to the Website and Social Media Features. You may link to our homepage and particular content on the Website, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it, but you must not establish a link in a way that suggests any form of association, approval or endorsement on our part. You agree to cooperate with us in causing any unauthorized framing or linking immediately to cease. We reserve the right to withdraw linking permission without notice.
4. Links from the Website. If the Website contains links to other sites and third-party content, these links are provided for your convenience only. We have no control over the content of those sites or resources and accept no responsibility for them or for any loss or damage that may arise from your use of them. If you decide to access any third-party websites linked to this Website, you do so entirely at your own risk and subject to the terms and conditions of use for such websites.
5. Geographic Restrictions. St. Louis Fed is based in the State of Missouri in the United States. We provide this Website for use only by persons located in the United States. We make no claims that the Website or any of its content are accessible or appropriate outside of the United States. Access to the Website may not be legal by certain persons or in certain countries. If you access the Website from outside the United States, you do so on your own initiative and are responsible for compliance with local laws.
6. Digital Millenium Copyright Act

1. The St. Louis Fed undertakes to obey all relevant copyright laws, and does not permit copyright infringing activities and infringement of intellectual property rights on its websites. The St. Louis Fed will review all claims of copyright infringement received and remove content deemed to have been posted or distributed in violation of any such laws.
2. The St. Louis Fed will promptly terminate without notice any registered user's access to the Website if that user is determined by the St. Louis Fed, in its sole discretion, to be a “repeat infringer.” The St. Louis Fed may also at its sole discretion prohibit site access of any user who infringes any intellectual property rights of others, whether or not there is any repeat infringement.
3. If you are a copyright owner or an agent thereof and believe that any user content or other content infringes upon your copyrights, you may submit a notification pursuant to the Digital Millennium Copyright Act (“DMCA”) by providing us with the following information in writing (see 17 U.S.C 512(c)(3) for further detail):
   1. A physical or electronic signature of the copyright owner or the person authorized to act on its behalf;
   2. A description of the copyrighted work claimed to have been infringed; or, if multiple copyrighted works at a single online site are covered by a single notification, a representative list of such works at that site;
   3. A description of the infringing material and information reasonably sufficient to permit the St. Louis Fed to locate the material;
   4. Your contact information, including your address, telephone number, and email;
   5. A statement by you that you have a good faith belief that use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law; and
   6. A statement that the information in the notification is accurate, and, under the pains and penalties of perjury, that you are authorized to act on behalf of the copyright owner.
4. If you believe that your user content that was removed (or to which access was disabled) is not infringing, or that you have the authorization from the copyright owner, the copyright owner's agent, or pursuant to the law, to post and use the content in your user content, you may send a counter-notice containing the following information:
   1. Your physical or electronic signature;
   2. Identification of the content that has been removed or to which access has been disabled and the location at which the content appeared before it was removed or disabled;
   3. A statement that you have a good faith belief that the content was removed or disabled as a result of mistake or a misidentification of the content; and
   4. Your name, address, telephone number, and e-mail address, a statement that you consent to the jurisdiction of the federal court in St. Louis, Missouri, and a statement that you will accept service of process from the person who provided notification of the alleged infringement.
5. If a counter-notice is received by the St. Louis Fed, the St. Louis Fed may send a copy of the counter-notice to the original complaining party informing that person that it may replace the removed content or cease disabling it in 10 business days. Unless the copyright owner files an action seeking a court order against the content provider, member or user, the removed content may be replaced, or access to it restored, in 10 to 14 business days or more after receipt of the counter-notice, at the St. Louis Fed’s sole discretion.
6. Claims and counter-notices can be sent to Webmaster@stls.frb.org or Corporate Communications Webmaster, Federal Reserve Bank of St. Louis, P.O. Box 442, St. Louis, MO 63166-0442. You acknowledge that if you fail to comply with all of the above requirements of this Section, your DMCA notice or counter-notice may not be valid.

1. Disclaimer of Warranties

1. YOUR USE OF THE WEBSITE, ITS CONTENT AND ANY SERVICES OR CONTENT OBTAINED THROUGH THE WEBSITE IS AT YOUR OWN RISK. THE WEBSITE, ITS CONTENT AND ANY SERVICES OBTAINED THROUGH THE WEBSITE ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. NEITHER ST. LOUIS FED NOR ANY PERSON OR ENTITY ASSOCIATED WITH ST. LOUIS FED MAKES ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY OR AVAILABILITY OF THE WEBSITE OR ITS CONTENT.
2. WITHOUT LIMITING THE FOREGOING, NEITHER ST. LOUIS FED NOR ANYONE ASSOCIATED WITH ST. LOUIS FED REPRESENTS OR WARRANTS THAT THE WEBSITE, ITS CONTENT OR ANY SERVICES OBTAINED THROUGH THE WEBSITE WILL BE ACCURATE, RELIABLE, ERROR-FREE OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT THE WEBSITE OR THE SERVER THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS OR THAT THE WEBSITE OR ANY SERVICES OR CONTENT OBTAINED THROUGH THE WEBSITE WILL OTHERWISE MEET YOUR NEEDS OR EXPECTATIONS.
3. ST. LOUIS FED HEREBY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR PARTICULAR PURPOSE.
4. THE FOREGOING DOES NOT AFFECT ANY WARRANTIES WHICH CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

1. Limitation on Liability

1. NEITHER THE ST. LOUIS FED NOR ANY OF ITS DIRECTORS, EMPLOYEES, LICENSORS, OR AFFILIATES SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION, OR ATTORNEYS' FEES) IN ANY WAY DUE TO, RESULTING FROM OR ARISING IN CONNECTION WITH THE USE OR PERFORMANCE OF, OR INABILITY TO USE INFORMATION, DATA OR MATERIALS AVAILABLE FROM THE WEBSITE, WHETHER IN AN ACTION OF CONTRACT, NEGLIGENCE OR OTHER TORTIOUS ACTION, AND REGARDLESS OF THE NEGLIGENCE OF THE ST. LOUIS FED OR ANY OF ITS DIRECTORS, EMPLOYEES, LICENSORS, OR AFFILIATES, EVEN IF ANY SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

1. Governing Law and Jurisdiction

1. All matters relating to the Website and these Terms of Use, and any dispute or claim arising therefrom or related thereto (in each case, including non-contractual disputes or claims), shall be governed by and construed in accordance with the internal laws of the State of Missouri without giving effect to any choice or conflict of law provision or rule (whether of the State of Missouri or any other jurisdiction).
2. Any legal suit, action or proceeding arising out of, or related to, these Terms of Use or the Website shall be instituted exclusively in the United States District Court for the Eastern District of Missouri or, if no federal jurisdiction exists, the courts of the State of Missouri located in the City of St. Louis. You waive any and all objections to the exercise of jurisdiction over you by such courts and to venue in such courts.

1. Limitation on Time to File Claims. ANY CAUSE OF ACTION OR CLAIM YOU MAY HAVE ARISING OUT OF OR RELATING TO THESE TERMS OF USE OR THE WEBSITE MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES; OTHERWISE, SUCH CAUSE OF ACTION OR CLAIM IS PERMANENTLY BARRED.
2. Waiver and Severability

1. No waiver by St. Louis Fed of any term or condition set forth in these Terms of Use shall be deemed a further or continuing waiver of such term or condition or a waiver of any other term or condition, and any failure of St. Louis Fed to assert a right or provision under these Terms of Use shall not constitute a waiver of such right or provision.
2. If any provision of these Terms of Use is held by a court or other tribunal of competent jurisdiction to be invalid, illegal or unenforceable for any reason, such provision shall be eliminated or limited to the minimum extent such that the remaining provisions of the Terms of Use will continue in full force and effect.

1. Entire Agreement. The Terms of Use and our Privacy Policy constitute the sole and entire agreement between you and St. Louis Fed with respect to the Website and supersede all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the Website.