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Fed vs recession essays d twenty-four branches. The Board of Governors is made up of 7 members. The president chooses them to serve fourteen-year terms. However, the Senate must confirm these appointments. The president also designates the Chairman of the Board and the Vice-Chairman. The Senate also approves these positions. The officers are appointed for four-year terms. (Structure of the Federal Reserve, 2001) The Board of Governors is in charge of setting the discount rate. The Federal Open Market Committee establishes policies in order to “foster the long term goals of price stability and sustainable economic growth”. (Federal Open Market, 2001) The FOMC is in charge of setting the target Federal Funds rate. The Federal Open Market Committee is comprised of the seven members of the Board of Governors plus the President of the Federal Reserve Bank of New York and four other seats which are held by the other Presidents of the other Federal Reserve Banks. These four seats are rotated among the Presidents of the other Federal Reserve Banks and they are held these positions for one year. The FOMC elects its own chairman and vice-chairman at the beginning of each year. “Traditionally, the Chairman of the Board of Governors is elected Chairman and the Gun Control Need reasons for both view points for research paper? of the Federal Reserve Bank of New York is elected Vice President.” (The Federal Open Market Committee, 2001) The FOMC is considered the most important monetary policymaking body of the Federal Reserve System. It is responsible for creating policies. These policies are designed to promote economic growth, full Fsu essay help 2012 Report writing ?, stable prices, and sustain a pattern of international trade. “It makes key decisions regarding the best dissertation ghostwriting service for mba of open market operations—purchases and sales of U.S. government and federal agency securities—which An Analysis of the Russian History During the Start of 20th Century the provision of reserves to depository institutions and, in turn, the cost and availability of money and credit in the U.S. economy. The FOMC also.

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