What is the Federal Reserve
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Cities of Reserve Banks
1.Boston 2.New York 3.Philadelphia 4.Cleveland 5.Richmond 6.Atlanta 7.Chicago 8.St. Louis 9.Minnealapolis 10. Kansas City 11.Dallas 12.San Fransisco
Who manages the Fed
A board of Governors
The Board of Governors
It consist of 7 presidential Appointess(each of whos serves 14 terms) They all are confirmed by the senate
Who leads the Board
The chair and the vice chair for four year terms
Reserve Banks
There are total of 12 regional Banks in majjor cities
Why was the Federal Reserve Invented
To Implement Monetary Policy. This is an independent entity, but is oversight by congress.