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Word Count: 281
The Federal Reserve System and Monetary Policy Serving as the central banking system and monetary authority of the United States The Federal Reserve System contains a great amount of importance in todays economy Founded by Congress in 1913 the system was made to provide a safer more flexible monetary and financial environment Acting as the nations financial institution the Federal Reserve System has provided the government and the society with an organized yet controlled way to deal with money The Federal Reserve System also known as the Fed is made up of twelve regional banks which are located in Atlanta Boston Chicago Cleveland Dallas Kansas City Minneapolis New York Philadelphia Richmond San Francisco and St Louis The system is also made up of seven members of a Federal Reserve Board of Governors which are appointed by the President and confirmed by the Senate to serve one 14-year term in the office A Chairman and Vice Chairman are chosen to serve a 4-year term and only one member from the twelve Federal Reserve Districts is chosen to take part as a board member Having many responsibilities the Board mainly regulates and supervises members of the System bank holding companies international banking facilities in the United States Edge Act and agreement corporations foreign activities of member banks and the US activities of foreign-owned banks Also being responsible for administration and development limits for credit vast payment systems the members usually have their hands full As they carry out their duties the Board still manages to have weekly meeting which are usually open to the public With the suggestions of their fellow members and the community they can easily help run a safe system
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