The Board of Governors
Where is it located?
Washington D.C.
Where is the 6 District Bank at?
Atlanta
What does the FOMC do?
sets U.S. monetary policy to promote maximum employment and stable prices by setting a target for the federal funds rate
What are the three main parts of the Federal Reserve System?
Board of Governors, the 12 regional Federal Reserve Banks, and the Federal Open Market Committee (FOMC)
How many members do they have?
7
Where is the 7 District Bank at?
Chicago
How many voting members does it have?
12
Which group makes key decisions about interest rates?
The Federal Open Market Committee (FOMC)
What does the Board of Governors do?
setting U.S. monetary policy, supervising and regulating banks, and maintaining financial stability
Where is the 5 District Bank at?
Richmond
What kinds of decisions does it make?
on the stance of U.S. monetary policy to promote maximum employment and stable prices
Why is it important for the Fed to be independent from the government?
to ensure that monetary policy is based on economic analysis rather than political expediency
How are the board of governors appointed?
Through a process where the President of the United States nominates candidates, and the Senate confirms them
Where is the 2 District Bank at?
New York
The FOMC controls who?
U.S. monetary policy
What would happen if we didn't have an Fed?
the United States would likely dissolve into multiple independent regional coalitions or 50 individual nations, leading to widespread chaos, economic collapse, and a loss of national security
How do they help us?
promoting a stable, healthy U.S. economy
Where is the 12 District Bank at?
San Francisco
How long is their meetings?
Two days
Who leads the Fed?
Jerome H. Powell