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institutions, the US government, and other foreign financial institutions. They again play a majorrole in overseeing and operating the nations key payments systems.The role of the Federal Reserve chairman is the public face of the Federal Reserve Bank.I9n addition, the chairman leads the federal reserve toward a consensus in coming up with the
3COMPLEXITIES OF THE US FINANCIAL SYSTEMinterest rates (Baker, 2012). Also, the chairman guides the Federal Reserve’s powerful openmarket committee, which able to set the federal policy on interest rates.On the other hand, the responsibility of the board members is forming monetary policy.The board members constitute the Federal Open Market Committee (FOMC), is the group thatcomes up with the key decisions that affects the availability and cost of money and the economycredit. They also set the requirements of the reserves and share the responsibility together withthe Reserve banks for the discount rate policy. Additionally, the board has supervisory andregulatory responsibilities over the banks that are members of the system. They also carry out theresponsibility of administration and development for the regulations that implement major lawsof the federal that govern the consumer credit.