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Unformatted text preview: Click to edit Master subtitle style 4/12/11 Monetary Policy And the Federal Reserve 4/12/11 Federal Reserve created in 1913 under the Federal Reserve Act. The FED is a quasi-independent institution. The Fed is self-funded and generated a profit of $46 billion last year. 7 members of the Board of Governors are appointed by the President and confirmed by the Senate. The remaining Board includes the 12 Regional Bank Presidents. 4/12/11 There are 12 Regional Federal Reserve Banks: 4/12/11 Federal Reserve Responsibilities Conduct Monetary Policy Supervise and Regulate Banks Maintain Stability of the Banking System Provide Financial Services for Depository Institutions, U.S. Government, and Foreign Institutions. 4/12/11 The Federal Open Market Committee (FOMC) consists of 12 voting members: 7 Board of Governors appointed by the President. 5 rotating Regional Bank Presidents. The President of the New York Fed is always a voting member. Federal Open Market Committee meets approximately every 6 weeks and evaluates policies needed to achieve the goals of the Fed. The FOMC makes a formal one page statement at approximately 2:15PM (EST) the last day of the meeting. 4/12/11 How Does the FED inject money into the U.S. Economy?...
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