The Federal Reserve Board of Governors is the main governing body of the entire Federal Reserve System. Headquartered in Washington D.C., the Federal Reserve comprises three major entities: the board of governors, the 12 regional regional reserve banks, and the Federal Open Market Committee (FOMC). And the policies the Fed sets ultimately affect how easy or hard it is to qualify for a mortgage, the interest you'll pay on a loan, and how much money that savings account or CD will earn you. While it doesn't interact directly with individuals, it ensures they can deposit a check, use a debit card, and transfer funds safely and consistently. Ensuring that banks are offering quality products and following consumer protection lawsīy overseeing the nation's banks and influencing interest rates, the Fed impacts the economy and Americans' financial lives.Creating and monitoring rules for banks and financial systems.Maintaining banking payment and transaction systems.Managing the nation's money and money supply.The Federal Reserve's main responsibilities include: The Fed's mission is the same now as it was when it was established: To serve the public interest and provide the country with a safe and stable financial system.
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