Fed Officials
Fed officials are members of the Federal Reserve System, the central banking system of the United States. The Federal Reserve System is composed of a Board of Governors, 12 regional Federal Reserve Banks, and numerous other committees and advisory groups. Fed officials are responsible for setting monetary policy, regulating banks, and providing financial services to the public. They are also responsible for overseeing the nation’s money supply and ensuring the stability of the financial system.
History of Fed Officials
The Federal Reserve System was established in 1913 with the passage of the Federal Reserve Act. The Act created the Federal Reserve Board, which was composed of seven members appointed by the President and confirmed by the Senate. The Board was responsible for setting monetary policy and regulating banks. In 1935, the Federal Reserve Board was replaced by the Federal Reserve System, which included 12 regional Federal Reserve Banks. Each of these banks is overseen by a board of directors, which is composed of nine members, including three appointed by the President and confirmed by the Senate.
In addition to the Board of Governors and the regional Federal Reserve Banks, the Federal Reserve System also includes numerous other committees and advisory groups. These include the Federal Open Market Committee, which is responsible for setting monetary policy, and the Consumer Advisory Council, which provides advice on consumer protection issues.
Table of Comparisons
| Board of Governors | Regional Federal Reserve Banks |
|---|---|
| 7 members | 12 banks |
| Appointed by President | Board of Directors |
| Confirmed by Senate | 9 members, 3 appointed by President and confirmed by Senate |
Summary
Fed officials are members of the Federal Reserve System, the central banking system of the United States. The Federal Reserve System is composed of a Board of Governors, 12 regional Federal Reserve Banks, and numerous other committees and advisory groups. Fed officials are responsible for setting monetary policy, regulating banks, and providing financial services to the public. For more information about Fed officials, visit the Federal Reserve System’s website at https://www.federalreserve.gov/.
See Also
- Monetary Policy
- Federal Reserve Act
- Federal Open Market Committee
- Consumer Advisory Council
- Interest Rates
- Money Supply
- Financial Stability
- Banking Regulation
- Financial Services
- Central Banking System
