ABSTRACT

Introduction to Financial Services: The Federal Reserve [Updated January 6, 2020]   [open pdf - 520KB]

From the Document: "The Federal Reserve Act (12 U.S.C. 221 et seq.) created the Federal Reserved (Fed) as the nation's central bank in 1913. The Fed is composed of 12 regional Federal Reserve banks overseen by a Board of Governors in Washington, DC. [...] The board is composed of seven governors nominated by the President and confirmed by the Senate. The President selects (and the Senate confirms) a chair and two vice chairs from among the governors; one vice chair is responsible for supervision. The governors serve nonrenewable 14-year terms, but the chair and vice chairs serve renewable 4-year terms. Jerome Powell's term as chair began February 5, 2018. Board members are chosen without regard to political affiliation. Regional bank presidents are chosen by their boards, not by the President, with the approval of the Board of Governors."

Report Number:
CRS In Focus, IF10054
Author:
Publisher:
Date:
2020-01-06
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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