Question

How is the Federal Reserve structured?

Answer 1

Answer - The federal reserve is a dual structured organisation formed with the head office located in the city of Washington DC , and the other 12 regional reserve banks. There are 12 board of directors in the Federal reserve system. 7 of these are elected by the president , 1 chair is designated by the president himself and the remaining 4 are on the rotation basis. The 7 members are permanent in nature. The federal reserve structure is created by the Congress but works as the independent insitution. The Board of Directors , the 12 federal reserve banks along with FOMC , formulate and implement the monetary policies in US.