Explain in detail the organization of the Federal Reserve System
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The Federal Reserve System is the central banking system of the United States. It was created in 1913 with the enactment of the Federal Reserve Act, largely in response to several financial panics. The roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. The Federal Reserve System is responsible for conducting the nation's monetary policy, supervise and regulate banks, maintain the stability of the financial system and provide financial services to depository institutions, the American government and foreign official institutions.
The Federal Reserve System is composed of the Federal Reserve Board also known as the Board of Governors(its members are appointed by the President), the Federal Open Market Committee, twelve regional Federal Reserve banks located in major cities throughout the nation, several privately owned U.S. member banks and ...
The organization of the Federal Reserve System is described in this solution.