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<p>[QUOTE="TheMont, post: 2699123, member: 80121"]The Federal Reserve System's structure is composed of the <a href="https://en.wikipedia.org/wiki/President_of_the_United_States" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/President_of_the_United_States" rel="nofollow">presidentially</a> appointed <a href="https://en.wikipedia.org/wiki/Federal_Reserve_Board_of_Governors" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Federal_Reserve_Board_of_Governors" rel="nofollow">Board of Governors</a> or Federal Reserve Board (FRB), partially presidentially appointed <a href="https://en.wikipedia.org/wiki/Federal_Open_Market_Committee" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Federal_Open_Market_Committee" rel="nofollow">Federal Open Market Committee</a> (FOMC), twelve regional <a href="https://en.wikipedia.org/wiki/Federal_Reserve_Bank" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Federal_Reserve_Bank" rel="nofollow">Federal Reserve Banks</a> located in major cities throughout the nation, numerous privately owned U.S. member banks, and various advisory councils.<a href="https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-15" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-15" rel="nofollow">[14]</a><a href="https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-16" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-16" rel="nofollow">[15]</a><a href="https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-17" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-17" rel="nofollow">[16]</a> The federal government sets the salaries of the board's seven governors. Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region, which entitles them to elect some of their board members. The FOMC sets monetary policy and consists of all seven members of the Board of Governors and the twelve regional bank presidents, though only five bank presidents vote at any given time: the president of the New York Fed and four others who rotate through one-year terms. Thus, the Federal Reserve System has both private and public components to serve the interests of the public and private banks.<a href="https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-pubpriv-22" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-pubpriv-22" rel="nofollow">[list 2]</a> The structure is considered unique among central banks. It is also unusual in that the <a href="https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury" rel="nofollow">United States Department of the Treasury</a>, an entity outside of the central bank, prints the <a href="https://en.wikipedia.org/wiki/Currency" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Currency" rel="nofollow">currency</a> used.<a href="https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-23" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-23" rel="nofollow">[21]</a> The Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms[/QUOTE]</p><p><br /></p>
[QUOTE="TheMont, post: 2699123, member: 80121"]The Federal Reserve System's structure is composed of the [URL='https://en.wikipedia.org/wiki/President_of_the_United_States']presidentially[/URL] appointed [URL='https://en.wikipedia.org/wiki/Federal_Reserve_Board_of_Governors']Board of Governors[/URL] or Federal Reserve Board (FRB), partially presidentially appointed [URL='https://en.wikipedia.org/wiki/Federal_Open_Market_Committee']Federal Open Market Committee[/URL] (FOMC), twelve regional [URL='https://en.wikipedia.org/wiki/Federal_Reserve_Bank']Federal Reserve Banks[/URL] located in major cities throughout the nation, numerous privately owned U.S. member banks, and various advisory councils.[URL='https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-15'][14][/URL][URL='https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-16'][15][/URL][URL='https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-17'][16][/URL] The federal government sets the salaries of the board's seven governors. Nationally chartered commercial banks are required to hold stock in the Federal Reserve Bank of their region, which entitles them to elect some of their board members. The FOMC sets monetary policy and consists of all seven members of the Board of Governors and the twelve regional bank presidents, though only five bank presidents vote at any given time: the president of the New York Fed and four others who rotate through one-year terms. Thus, the Federal Reserve System has both private and public components to serve the interests of the public and private banks.[URL='https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-pubpriv-22'][list 2][/URL] The structure is considered unique among central banks. It is also unusual in that the [URL='https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury']United States Department of the Treasury[/URL], an entity outside of the central bank, prints the [URL='https://en.wikipedia.org/wiki/Currency']currency[/URL] used.[URL='https://en.wikipedia.org/wiki/Federal_Reserve_System#cite_note-23'][21][/URL] The Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms[/QUOTE]
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