Century of Enslavement: The History of The Federal Reserve

The Fed's Structure - Federal Reserve Structure and Functions - Federal Reserve Bank of Atlanta The Fed's unique structure helps insulate it from short-term political pressures and balance different interests–national and regional, public and private. It is an independent central bank in that neither the president nor Congress has to approve its monetary policy decisions. At the same time, the Federal Reserve works within the government in the sense that it formulates monetary policy to achieve overall goals that Congress and the president set. To limit the influence of day-to-day political considerations, the Fed operates on its own earnings rather than on congressional appropriations, and the members of its Board of Governors are appointed for long, staggered terms. The Board of Governors The Board of Governors, located in Washington, D.C., is an independent federal government agency that oversees the Federal Reserve System. Federal Reserve Banks The 12 Federal Reserve Banks are the decentralized element of the U.S. central bank. Directors serve staggered three-year terms.

Structure of the Federal Reserve System The Federal Reserve System is composed of five parts:[1][2] The presidentially appointed Board of Governors (or Federal Reserve Board), an independent federal government agency located in Washington, D.C.The Federal Open Market Committee (FOMC), composed of the seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank presidents, which oversees open market operations, the principal tool of U.S. monetary policy.Twelve regional Federal Reserve Banks located in major cities throughout the nation, which divide the nation into twelve Federal Reserve district. The Federal Reserve Banks act as fiscal agents for the U.S. Treasury, and each has its own nine-member board of directors.Numerous other private U.S. member banks, which own required amounts of non-transferable stock in their regional Federal Reserve Banks.Various advisory councils.[3] Independent within government[edit] Central bank independence versus inflation. Outline[edit] Whole[17] Board of Governors Notes