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Questions: Board of Governors
Main parts of federal reserve system?
Explanation: The Federal Reserve System has three main entities that work together as the central bank of the United States:
1. Board of Governors:
- The Board of Governors oversees the entire Federal Reserve System.
- It consists of seven members appointed by the President and confirmed by the Senate.
- The Board sets monetary policy, supervises banks, and promotes financial stability.
2. Federal Reserve Banks (Reserve Banks):
- There are 12 Reserve Banks located across the country.
- Each Reserve Bank serves a specific region and operates independently but under the supervision of the Board of Governors.
- They provide banking services to financial institutions, manage currency, and contribute to monetary policy decisions.
3. Federal Open Market Committee (FOMC):
- The FOMC is responsible for setting monetary policy.
- It consists of the seven members of the Board of Governors and five Reserve Bank presidents.
- The FOMC conducts open market operations to influence interest rates and stabilize the economy.
In summary, the Federal Reserve System comprises the Board of Governors, Reserve Banks, and the FOMC, all working together to promote economic health and financial stability in the U.S. 1,2, & 3
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Note: The original response was in English, so I've provided the translation in English as well. 1, 2, & 3
Source's:
(1) Structure of the Federal Reserve System
(2) The Fed's Structure | Federal Reserve
(3) Structure and Functions of the Federal Reserve System.
(4) Federal Reserve Board - The Fed Explained