Holding companies supervises the activities of

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Unformatted text preview: s operating in the U.S. Chairperson of the Board of Governors Advises the president on economic policy Testies in Congress Speaks for the Federal Reserve System to the media May represent the U.S. in negotiations with foreign governments on economic matters Federal Open Market Committee (FOMC) Meets eight times a year Consists of seven members of the Board of Governors, the president of the Federal Reserve Bank of New York and the presidents of four other Federal Reserve banks Chairperson of the Board of Governors is also chair of FOMC Issues directives to the trading desk at the Federal Reserve Bank of New York FOMC Meeting Report by the manager of system open market operations on foreign currency and domestic open market operations and other related issues Presentation of Board's sta national economic forecast Outline of dierent scenarios for monetary policy actions Presentation on relevant Congressional actions Public announcement about the outcome of the meeting Why the Chairperson Really Runs the Show Spokesperson for the Fed and negotiates with Congress and the President Sets the agenda for meetings Speaks and votes rst about monetary policy Supervises professional economists and advisers How Independent is the Fed? Instrument and goal independence. Independent revenue Fed's stru...
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