Economics 16.1

board of governors

the seven-member board that oversees the Federal Reserve System

monetary policy

the actions the Federal Reserve takes to influence the level of real GDP and the rate of inflation in the economy

Federal Reserve Districts

the twelve banking districts created by the Federal Reserve Act

Federal Advisory Council

the research arm of the Federal Reserve

Federal Open Market Committee

Federal Reserve committee that makes key decisions about interest rates and growth of the US money supply

1913

when did congress pass the federal reserve act?

1935

when was the Fed we know today created?

staggered 14 year terms

how are the terms of the board of governors members?

4

how many years is each term for the Chair of the Board of Governors?

Ben Bernanke

the current chair of the Board of Governors

12

how many Federal Reserve Districts does the Federal Reserve Act divide the US into?

Federal Reserve Bank

located in each of the twelve districts, and monitors and reports on economic and bank conditions in its district

9

how many directors are on the board in each Federal Reserve Bank?

8

how many times a year does the Federal Open Market Committee (FOMC) meet a year to discuss monetary policy?

Board of Governors (and) President of the Federal Reserve Bank of New York

who are permanent members of the FOMC?

reserve requirements

the amount of reserves that banks are required to keep on hand

National Monetary Commission (NMC)

created by Congress in 1908 to propose solutions to the nation's banking problems

12

how many members make up the Federal Advisory Council (FAC)?