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The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System.It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States.
The nine member board of directors of each district is made up of three classes, designated as classes A, B, and C. The directors serve a term of three years. The makeup of the boards of directors is outlined in U.S. Code, Title 12, Chapter 3, Subchapter 7: [32]
The Fed’s board has a powerful influence over interest rates and monetary policy. ... They also make up the majority of votes (7 of 12) on the FOMC.
Federal Reserve Chairs (left to right): Janet Yellen, Alan Greenspan, Ben Bernanke, and Paul Volcker.Photo taken 1 May 2014, when Yellen was Chair. As stipulated by the Banking Act of 1935, the Chairman is chosen by the president from among the sitting governors to serve four-year terms with the advice and consent of the Senate.
Securities held outright make up about 94 percent of the Fed’s total balance sheet. Nearly two-thirds are Treasury securities, including shorter-term Treasury bills, notes and bonds.
The Fed is expected to hold its benchmark rate steady on Wednesday at its current range between 4.25% to 4.5%, according to more than 9 in 10 economists polled by financial data site FactSet ...
New York Fed John Williams: Vice Chairman, Federal Open Market Committee (FOMC) [28] Permanent FOMC Member. San Francisco: San Francisco Fed Mary C. Daly: 2023 FOMC Alternate Member 2024 FOMC Member Atlanta: Atlanta Fed Raphael Bostic: 2023 FOMC Alternate Member 2024 FOMC Member Richmond: Richmond Fed Thomas Barkin: 2023 FOMC Alternate Member ...