Congress created a reserve system called the Federal Reserve System under their powers of government this is called an act of congress. The seven member Board of Governors united headquarters is in Washington D.C. There are twelve banks located in key cities all over the United States.
The Federal Reserve System is made up of several areas of government. The Board of Governors, Federal open market committee, Federal Reserve banks, Board of Directors, all make up the sometimes smoothly run system.
The Board of Governors
Appointments to the Board
The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is fourteen years. One term begins every two years, on February 1 of even-numbered years. A member who serves a full term may not be reappointed. A member who completes an unexpired portion of a term may be reappointed.
All terms end on their statutory date regardless of the date on which the member is sworn into office.
The Chairman and the Vice Chairman of the Board are named by the President from among the members and are confirmed by the Senate. They serve a term of four years. A member's term on the Board is not affected by his or her status as Chairman or Vice Chairman. The Current Members include Alan Greenspan Chairman, Roger Ferguson Jr., Vice Chairman, Edward Gramlich, Susan Schmidt Bies, Mark W. Olson, Ben S Bernanke, Donald L Kohn.
Only one member of the Board may be selected from any one of the twelve Federal Reserve Districts. The twelve cites Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco where the districts are located. In making appointments, the President...