FINA 3330 (Rosenblum) – HMWKSarah DeVitoJan. 23, 2008The Federal Reserve The Federal Reserve is the United States central bank. It is composed of three major parts: the Federal Open Market Committee (FOMC), the Board of Governors (7 members appointed by U.S. president), and 12 regional Federal Reserve Banks. Almost 3600 member commercial banks make up a fourth part of the Fed. Although the Federal Reserve is a government institution, it has many similarities to other U.S. companies.First, because the Fed is the central banking system set up by the U.S. government, there are some differences between the way it and other U.S. companies operate. The Fed is generally considered extremely independent compared to other government agencies, but the legislation that controls its structure and functions is still susceptible to change by Congress. As a result of being a government agency, Congress has made it necessary for the Fed to release public statements explaining whythey
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