Asked by Patricia Czupryna on May 08, 2024
Verified
Compare the Board of Governors and the Federal Open Market Committee.
Board of Governors
A governing body or executive committee that oversees the policy-making, management, and proper conduct of an organization, institution, or central bank.
- Evaluate the framework and functions of the Federal Reserve System, highlighting its pivotal importance in the creation of economic policies.
Verified Answer
RW
Rosemaire WynterMay 12, 2024
Final Answer :
The Board of Governors runs the Federal Reserve. It has seven members who are appointed by the U.S. president with the advice and consent of the Senate. The voting members of the Federal Open Market Committee include the 7 members of the Board of Governors and 5 of the 12 regional bank presidents, rotated among the 12 regional presidents, but always including the president of the New York Fed. The chair of the BOG also serves as chair of the FOMC. The FOMC meets about every six weeks in Washington, D.C. to discuss the condition of the economy and to consider changes in monetary policy.
Learning Objectives
- Evaluate the framework and functions of the Federal Reserve System, highlighting its pivotal importance in the creation of economic policies.
Related questions
What Makes the New York Federal Reserve Regional Bank So ...
Which Two of the Ten Principles of Economics Imply That ...
Discuss Why the Fed Rarely Changes the Reserve Requirements
Designers of the Federal Reserve System Were Concerned That the ...
Banks That Receive Their Charters from the Federal Government Are ...