ECONOMICS
MONETARY POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Board of Governors and the 12 District Bank Presidents
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The Council of Economic Advisors and Congressional Budget Office
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The Securities Exchange Commission and the Federal Trade Commission
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The Federal Reserve Bank and Congress
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Detailed explanation-1: -The Federal Open Market Committee (FOMC) consists of twelve members–the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis.
Detailed explanation-2: -The FOMC consists of 12 voting members–the seven members of the Board of Governors; the president of the Federal Reserve Bank of New York; and 4 of the remaining 11 Reserve Bank presidents, who serve one-year terms on a rotating basis.
Detailed explanation-3: -The quick answer to your first question is that the Districts were designed to provide central banking services on a regional basis through Reserve Banks headquartered in key financial centers. Even when they were set up in 1913, the Districts varied widely in the population and geographic areas they served.
Detailed explanation-4: -The Board of Governors–located in Washington, D.C.–is the governing body of the Federal Reserve System. It is run by seven members, or “governors, ” who are nominated by the President of the United States and confirmed in their positions by the U.S. Senate.
Detailed explanation-5: -Federal Reserve Bank of New York The New York Federal Reserve Bank serves the Second Federal Reserve District which consists of New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands.