1、 https:/crsreports.congress.gov Updated January 13, 2022Introduction to Financial Services: The Federal ReserveStructure of the Federal Reserve The Federal Reserve Act of 1913 (12 U.S.C. 221 et seq.) created the Federal Reserve (Fed) as the nations central bank. The Fed is composed of 12 regional Fe
2、deral Reserve banks overseen by a Board of Governors in Washington, DC. Figure 1 illustrates the city in which each bank is headquartered and the area of each banks jurisdiction. The board is composed of seven governors nominated by the President and confirmed by the Senate. The President selects (a
3、nd the Senate confirms) a chair and two vice chairs from among the governors, one of whom is responsible for supervision. The governors serve nonrenewable 14-year terms, but the chair and vice chairs serve renewable four-year terms. Jerome Powell has been nominated for a second term as chair beginni
4、ng in 2022. Board members are chosen without regard to political affiliation. Regional bank presidents are chosen by their boards with the approval of the Board of Governors. Figure 1. Federal Reserve Districts Source: Federal Reserve. In general, policy is formulated by the board and carried out by
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