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)?