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Explain in detail the organization of the Federal Reserve System.

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The solution explains the organization of the Federal Reserve System. References are also provided.

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The Federal Reserve System (known as the Fed) is an independent agency that reports to Congress. Their main responsibility is to keep watch over the banking and monetary system. The Fed is made up of a seven-member Board of Governors that is located in the nation's capital, Washington, D.C. Each of the seven members is appointed by the President of the United States, and approved by Senate. Each member serves a staggered ...

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