Federal Reserve Districts
How many districts is the federal reserve divided into across the U.S.?
12 districts
What does the Board of Governors do?
They're responsible for regulating bank activity, maintaining economic stability, and setting monetary policy for the U.S. .
How many voting members are in the FOMC?
12 voting members
What is the role of the 12 regional Federal Reserve Banks in the US
They implement monetary policy, supervising member banks, and providing financial services.
What district is Georgia located in?
District 6
Where is the Board of Governors headquartered?
Washington, D.C.
What financial institution is FOMC apart of
Federal Reserve System
How do commercial banks become members of the Federal Reserve Banks in the U.S economy
National Banks are required to join, while state-chartered banks can apply if they meet certain requirements
Where is the Federal Reserve Bank of Georgia located?
Atlanta
How does someone get appointed to the Board of Governors?
The President appoints a member and the Senate confirms them into position.
Who serves as the Chair of the FOMC?
Jerome Powell
What's the difference of a federal and commercial bank?
Federal Bank is a central banking institution that regulates and supports commercial banks, which are private that accept deposits and give loans
The FOMC meets this many times a year?
Eight times per year
What services do Federal Reserve Banks provide to member banks
They provide services like check clearing, electronic payments processing, distributing currency, and acting as a lender of last resort
The FOMC influences what key interest rate used between banks
Federal Funds Rate
Why are banks required too keep reserves with the Federal Reserve?
to ensure liquidity and stability in the banking system and to help the Fed control the money supply and interest rates