The federal reserve | Business & Finance homework help
The mission of the Federal Reserve is to promote the stability and sustainability of our nation’s economy by conducting monetary policy, supervising and regulating banking institutions, providing financial services for government entities, and promoting fairness and consumer protection. The Federal Reserve consists of 12 regional Banks located in each major city across the United States that are responsible for implementing policies set by a seven-member Board of Governors. Additionally, there are 24 member banks which act as representatives for private sector interests on the Federal Open Market Committee (FOMC), which sets U.S. monetary policy through open market operations such as buying and selling government securities to regulate money supply in the economy. The Board of Governors is appointed by the President with Senate approval while FOMC members are elected from among the directors at each district bank.