Question

What is the Fed? How is it structured? Who runs the Fed? How does someone

become a member of the Fed Board of Governors? What are the main
roles/functions of the Fed?

Answer 1

The Federal Reserve, created in 1913, is the central bank of the United States of America. The system is divided into 12 Federal Reserve Banks which cover the various regions of the country.

The Fed does not have a single responsible, but is managed by the Board of Governors. This is a collegiate body where 7 members, who last 14 years in office, guide the monetary policies of the nation.

Its main tasks are to regulate the monetary policy of the United States, through the control of the interest rates that banks offer, the regulation of the monetary issue and the custody of the reserves of private banks.