Structure of the Federal Reserve System

The Federal Reserve System is composed of five parts:

1. The presidentially appointed Board of Governors (or Federal Reserve Board), an independent federal government agency located in Washington, D.C.
2. The Federal Open Market Committee (FOMC), composed of the seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank presidents, which oversees open market operations, the principal tool of U.S. monetary policy.
3. Twelve regional Federal Reserve Banks located in major cities throughout the nation, which divide the nation into twelve Federal Reserve districts. The Federal Reserve Banks act as fiscal agents for the U.S. Treasury, and each has its own nine-member board of directors.

4. Numerous other private U.S. member banks, which own required amounts of non-transferable stock in their regional Federal Reserve Banks.

5. Various advisory councils.

Outline

Whole

• The nation's central bank,
• A regional structure with 12 districts,

Board of Governors

• Seven members serving staggered 14-year terms
  

Federal Reserve Banks

• 12 regional banks with 25 branches,
  
• Each independently incorporated with a nine member board of directors, with six of them elected by the member banks while the remaining three are designated by the Board of Governors.

The current members of the Board of Governors are as follows:

List of Federal Reserve Banks

source: wikipedia; federalreserve


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