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The Federal Reserve, also known as the Fed, is the leading bank of America. Almost 90% of currency trading is through the US dollar, thus allowing the Fed to have complete control over the valuation of currencies. This control makes the Fed the most powerful bank in the world.
The vision behind the Fed is to ensure the progression of the US economy with the public’s best interest in mind. The Fed plays five essential roles to improve monetary policy. Those roles are 1. financial stability, 2. the progress of the financial organizations, 3. safe payments, and 4. protection of consumers.
The Fed is consists of three groups:
The first group, The Board of Governors reports directly to Congress, which looks over the Fed. The board consists of seven members (Governors). The US President recommends these members of the board, and the US Senate confirms their appointment. Each board member work for the Federal Open Market Committee (FOMC). This board works independently of the USA government and is responsible for maintaining The Federal Revenue’s Visions.
The second group, The Fed oversees 12 regional banks of the Federal Reserve Banks. These regional banks are spread all over the US and are located in New York, Philadelphia, Cleveland, Boston, Kansas City, Dallas, Chicago, St. Louis, Minneapolis, Richmond, Atlanta, and San Francisco.
The Federal Open Market Committee consists of 12 board members. Those board members are the 12 presidents of the reserve banks.
The FOMC holds meetings eight times a year and the agenda of the meetings are related to:
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