What is the Federal Reserve made up of?
the Board of Governors
The Federal Reserve is a federal sys- tem composed of a central, governmen- tal agency—the Board of Governors— and 12 regional Federal Reserve Banks. The Board of Governors, located in Washington, D.C., is made up of seven members appointed by the President of the United States and supported by a staff of about 2,100.
What is the Federal Reserve in the US?
The Federal Reserve System (“The Fed”) is the central bank and monetary authority of the United States. The Fed provides the country with a safe, flexible, and stable monetary and financial system.
What are the 5 parts of the Federal Reserve?
The Structure and Functions of the Federal Reserve System
- The Federal Reserve System is the central bank of the United States.
- Board of Governors.
- Federal Reserve Banks.
- Member Banks.
- Other Depository Institutions.
- Federal Open Market Committee.
- Advisory Councils.
What are the two bodies of the Federal Reserve?
The Federal Reserve is divided into two bodies: the Board of Governors and 12 regional districts.
How many districts are there in the Federal Reserve System?
Read more in the 10th edition of Federal Reserve System Purposes & Functions. In establishing the Federal Reserve System, the United States was divided geographically into 12 Districts, each with a separately incorporated Reserve Bank.
Where are the Federal Reserve Banks in the United States?
Federal Reserve Banks. They are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. The size of each district was set based upon the population distribution of the United States when the Federal Reserve Act was passed.
How much does the Federal Reserve Bank pay in dividends each year?
Expenses and dividends paid are typically a small fraction of a Federal Reserve Bank’s revenue each year. The banks may retain part of their earnings in their own surplus funds that are limited to $7.5 billion, system-wide.
Who are the members of the Federal Reserve Board?
The Board of Governors, an agency of the federal government that reports to and is directly accountable to Congress, provides general guidance for the System and oversees the 12 Reserve Banks.